CHICAGO and SUNNYVALE,
Calif., Nov. 4, 2021
/PRNewswire/ -- CME Group and Google Cloud today
announced a 10-year strategic partnership to accelerate CME Group's
move to the cloud and transform how global derivatives markets
operate with technology.
"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."
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. The partnership will focus on delivering significant
benefits to all market participants by:
- Expanding access: Using Google Cloud's fast, secure,
global network, CME Group will be able to scale its infrastructure,
while increasing access for more market participants, optimizing
costs, and helping onboard new users more easily and quickly.
- Creating real-time data and analytics capabilities:
Google Cloud's data analytics and machine learning solutions will
help CME Group provide clients with on-demand information and
toolkits for developing models, algorithms, and real-time risk
management.
- Introducing new products and services: With Google
Cloud's technology, CME Group will co-innovate new products, such
as risk mitigation tools, analytics services, and user-centric
platforms. The two companies will also continue to explore ways to
work together on go-to-market initiatives that deliver new
innovations for CME Group's customers.
- Increasing efficiencies: By moving to the cloud, CME
Group will be able to streamline operations, optimize its IT
infrastructure, and automate non-trading operations.
- Driving resiliency in the financial markets ecosystem:
As CME Group's trusted cloud provider, Google Cloud will deliver
open source technology standards and enhanced cybersecurity
protection, underpinned by a global network.
"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."
To help facilitate the cloud migration for CME Group, Duffy has
appointed Ken Vroman to a new role
as Chief Transformation Officer.
Google has also made a $1 billion
equity investment in a new series of non-voting convertible
preferred stock of CME Group.
About CME Group
As the world's leading and most diverse derivatives marketplace,
CME Group (www.cmegroup.com) enables clients to trade futures,
options, cash and OTC markets, optimize portfolios, and analyze
data – empowering market participants worldwide to efficiently
manage risk and capture opportunities. CME Group exchanges offer
the widest range of global benchmark products across all major
asset classes based on interest rates, equity
indexes, foreign exchange, energy, agricultural
products and metals. The company offers futures and
options on futures trading through the CME Globex® platform, fixed
income trading via BrokerTec and foreign exchange trading on the
EBS platform. In addition, it operates one of the world's
leading central counterparty clearing providers, CME
Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange,
Globex, and, E-mini are trademarks of Chicago Mercantile
Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board
of Trade of the City of Chicago,
Inc. NYMEX, New York Mercantile Exchange and ClearPort are
trademarks of New York Mercantile Exchange, Inc. COMEX is a
trademark of Commodity Exchange, Inc. BrokerTec and EBS are
trademarks of BrokerTec Europe LTD and EBS Group LTD,
respectively. Dow Jones, Dow Jones Industrial Average,
S&P 500 and S&P are service and/or trademarks of Dow Jones
Trademark Holdings LLC, Standard & Poor's Financial Services
LLC and S&P/Dow Jones Indices LLC, as the case may be, and have
been licensed for use by Chicago Mercantile Exchange Inc. All
other trademarks are the property of their respective
owners.
About Google Cloud
Google Cloud accelerates organizations' ability to digitally
transform their business with the best infrastructure, platform,
industry solutions and expertise. We deliver enterprise-grade
solutions that leverage Google's cutting-edge technology – all on
the cleanest cloud in the industry. Customers in more than 200
countries and territories turn to Google Cloud as their trusted
partner to enable growth and solve their most critical business
problems.
CME Group Forward Looking Statements
Statements in this press release that are not historical
facts are forward-looking statements. These statements are not
guarantees of future performance and involve risks, uncertainties
and assumptions that are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed
or implied in any forward-looking statements. We caution you not to
place undue reliance on any forward-looking statements. We
undertake no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events
or otherwise. For a detailed discussion and additional information
concerning the factors that might affect CME Group's performance
and that could cause actual results to differ materially from those
in the forward-looking statement, see our recent periodic and
current reports filed with the Securities and Exchange Commission,
including the disclosure under the heading "Risk Factors" in our
Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and
Exchange Commission on February 26,
2021.
CME-G
View original
content:https://www.prnewswire.com/news-releases/cme-group-signs-10-year-partnership-with-google-cloud-to-transform-global-derivatives-markets-through-cloud-adoption-301416554.html
SOURCE CME Group; Google Cloud