Pictured: The CME Group’s Chicago HQ
The Chicago Mercantile Exchange has embarked on a major migration to the cloud in one of the largest digital transformation initiatives of its kind. CME Group is the biggest financial derivatives exchange in the world, trading in asset classes ranging from currencies and energy to interest rates and crypto.
It has now agreed a 10-year strategic partnership with Google Cloud with the aim of accelerating its move to the cloud and transforming how global derivatives markets leverage next generation technology.
“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 with the organization. “To ensure a smooth transition, we will work closely with clients to implement a phased approach. This partnership will enable us 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.”
Under the agreement CME Group will migrate its technology infrastructure to Google Cloud, beginning next year with data and clearing services and ultimately moving all of its markets to the cloud.
“CME Group has a century-long track record of helping investors access new markets and is known for innovation in financial markets,” said Thomas Kurian, CEO, Google Cloud. “Bringing together CME Group’s best-in-class financial talent with Google Cloud’s deep engineering expertise will help accelerate technological innovation in capital markets infrastructure.”
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