Google to invest $ 1 billion in CME group, concludes cloud computing deal, IT News, ET CIO
Under the terms of the 10-year partnership between Google and CME, the Chicago-based exchange operator will begin moving its technology infrastructure to Google Cloud next year.
The deal with CME marks a big win for Google’s cloud business, which competes with Amazon.com Inc and Microsoft Corp for large and lucrative contracts with top Fortune 500 companies.
The deal also gives Google a place in the financial services industry, which is starting to invest a lot of money in cloud computing services.
Google’s $ 1 billion stock investment was in the form of CME’s convertible non-voting preferred stock, the companies added.
The partnership with Google would help CME provide easy access to more market players, optimize costs and streamline IT infrastructure and other operations, the companies said.
Last year, Amazon and two exchanges – Singapore Exchange SGX and London-based Aquis Exchange – launched a pilot program that they said showed moving stock trading to cloud computing from physical servers costly could save money and reduce the potential for breakdowns.