Google and the Chicago Mercantile Exchange Group (CME Group) today announced that they have reached a 10-year cooperation agreement. According to the agreement, Google will help CME transfer all of its business to the cloud. The two companies said in a statement that as part of the agreement, Google also made a $1 billion investment in CME’s convertible preferred shares (without voting rights).
CME’s Chief Executive Officer (CEO) Terry Duffy said in a statement: “This partnership will enable CME to bring new products and services to the market faster.”
CME also said that it will transfer its technical infrastructure to Google Cloud. Starting next year, data and clearing services will be the first to go to the cloud. In the end, CME moved all of its business to the cloud.
The two companies also stated in the statement that they will explore other ways of cooperation to innovate for CME Group’s customers.
.