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Google invests $1 billion in CME Group as market moves to the Cloud

Google invests $1 billion in CME Group as market moves to the Cloud

Google has invested $1 billion in global derivatives exchange CME Group and struck a separate ten-year deal to move the market to the Cloud.

Under the agreement, CME Group will migrate its technology infrastructure to Google Cloud beginning next year with data and clearing services, and eventually moving all of its markets to the cloud.

The aim of the project is to expand access to the market, boost resilience, and speed time to market for new products using Google's data analytics and machine learning capabilities.

"CME Group will transform derivatives markets through technology, expanding access and creating efficiencies for all market participants," says Terry Duffy, chairman and CEO, CME Group. "To ensure a smooth transition, we will work closely with clients to implement a phased approach. This partnership will enable CME Group to bring new products and services to market faster - all in a flexible and scalable environment that will create a wide range of opportunities for the marketplace."

To oversee the cloud migration, Duffy has appointed senior MD Ken Vroman to a new role as chief transformation officer.

Google has also made a $1 billion equity investment in a new series of non-voting convertible preferred stock of CME Group.

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