CME Group

The CME Group manages several exchanges that are used to trade various types of financial instruments, in particular futures, which are contracts tied to assets such as agricultural products and metals. The group includes the Chicago Mercantile Exchange, the Chicago Chamber of Commerce, and the New York Mercantile Exchange.

2021

Raising $1 billion from Google

In early November 2021, it was announced that Google had invested $1 billion in the largest futures exchange corporation CME Group, and agreed to transfer the company's main trading systems to Google Cloud cloud storage.

The exchange operator set several goals for the transition to Google Cloud. CME Group seeks to expand its information technology infrastructure, as well as automate its non-trading activities in every way, including optimizing other parts of its work. The goals of the CME Group also include increasing access for more market participants, more efficient connection of new users and reducing the cost of these operations.

Google bought a stake worth $1 billion in the owner company of the Chicago Exchange

CME Group has a century of experience in helping investors gain access to new markets and the company is known for its innovations in financial markets. Combining the best-in-class financial specialists of the CME Group with the deep engineering experience of Google Cloud will help accelerate technological innovations in the infrastructure of capital markets, "said Google Cloud Executive Director Thomas Kurian.

To achieve the goals of the initiative, the CME Group will implement several different technology projects using Google. At the beginning of the project, the exchange operator will transfer the systems used for clearing to the Google Cloud. Clearing is the process by which a newly sold financial instrument is transferred to the buyer and funds are sent to the seller of the instrument. In the future, the CME Group will transfer all its exchanges to Google data centers.

To ensure a smooth transition, we will work closely with customers to implement a phased approach. This partnership will allow CME Group to quickly bring new products and services to the market, all of which will be in a flexible and scalable environment that will create a wide range of opportunities for the market, "said CME Group Chief Executive Officer Terry Duffy.

As part of another initiative, CME Group engineers will use Google Cloud's analytics and artificial intelligence (AI) services to create new resources for their customers. According to the exchange operator, the company intends to provide customers with information and tools that they can use to develop new financial algorithms, as well as other types of software ( software ). CME Group said it plans joint innovations with Google to support the development of new offerings. Companies have left open the possibility that they will collaborate not only in product development, but also in business initiatives. Since the beginning of 2021, Google has added more and more features to its public cloud for the financial sector, the company also offers vertical opportunities for organizations in other areas, for example, in healthcare.^[1]

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