Google has invested $1 billion in CME Group and has established a separate partnership to migrate the futures exchange operator’s trading systems to the cloud, according to the announcements.
Google to invest $1B in CME Group
CME will shift its technology infrastructure to Google Cloud next year with a 10-year partnership deal agreed between two companies.
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It’s a big success for Google’s cloud business, which competes against Amazon.com Inc and Microsoft Corp. Google has also made its mark in the financial services industry, which is beginning to invest heavily in cloud computing technology.
CME Group and Google would collaborate to enhance market accessibility, reduce expenses, and optimize IT infrastructure and other operations, according to the firms.
Last year, Amazon, Aquis Exchange and Singapore Exchange SGX have worked on a pilot program. As a result of this project, moving share trading to the cloud from costly physical servers has enabled stakeholders to save money while minimizing downtime.
