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