Beijing time on the evening of November 4th, according to reports, Google and the Chicago Mercantile Exchange Group (CME Group) announced today that the two sides have reached a 10-year cooperation agreement. Under the agreement, Google will help CME move all of its operations to the cloud.
As part of the agreement, Google also made a $1 billion investment in CME’s convertible preferred stock (non-voting), the companies said in a statement.
“This partnership will enable CME to bring new products and services to market faster,” CME Chief Executive Officer (CEO) Terry Duffy said in a statement.
CME also said it would move its technical infrastructure to Google Cloud. Starting next year, data and clearing services will be the first to go to the cloud. Eventually, CME moved all of its operations to the cloud.
The companies also said in the statement that they would explore other ways to collaborate to innovate for CME Group’s customers.
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