Business
CME Group Signs 10-Year Partnership with Google Cloud to Transform Global Derivatives Markets Through Cloud Adoption
Companies to co-innovate to deliver expanded access, new products, and more efficiencies for all market participants Google also makes $1B equity investment
About this update from Cme Group Inc.
[{"type":"text","content":"Companies to co-innovate to deliver expanded access, new products, and more efficiencies for all market participants\n Google also makes $1B equity investment in CME Group\n\n\nCHICAGO and SUNNYVALE, Calif., Nov. 4, 2021 /PRNewswire/ -- CME Group and Google Cloud today announced a 10-year strategic partnership to accelerate CME Group's move to the cloud and transform how global derivatives markets operate with technology.\n\"Through this long-term partnership with Google Cloud, CME Group will transform derivatives markets through technology, expanding access and creating efficiencies for all market participants,\" said Terry Duffy, Chairman and Chief Executive Officer, 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.\"\nUnder 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 partnership will focus on delivering significant benefits to all market participants by:\nExpanding access: Using Google Cloud's fast, secure, global network, CME Group will be able to scale its infrastructure, while increasing access for more market participants, optimizing costs, and helping onboard new users more easily and quickly.Creating real-time data and analytics capabilities: Google Cloud's data analytics and machine learning solutions will help CME Group provide clients with on-demand information and toolkits for developing models, algorithms, and real-time risk management.Introducing new products and services: With Google Cloud's technology, CME Group will co-innovate new products, such as risk mitigation tools, analytics services, and user-centric platforms. The two companies will also continue to explore ways to work together on go-to-market initiatives that deliver new innovations for CME Group's customers.Increasing efficiencies: By moving to the cloud, CME Group will be able to streamline operations, optimize its IT infrastructure, and automate non-trading operations.Driving resiliency in the financial markets ecosystem: As CME Group's tr...