Tech Industry

Google invests $ 1 billion in CME to partner with cloud trading system

US Alphabet subsidiary Google has invested $ 1 billion in CME Group, a major futures exchange operator, and has signed a partnership agreement to shift the CME trading system to the cloud system. Both companies announced on the 4th.

The partnership will last for 10 years, and CME will begin moving its technology infrastructure to the “Google Cloud” next year. $ 1 billion will go to CME’s non-voting, convertible preferred stock.

This partnership with CME is a major achievement for Google’s cloud business, which is fiercely competing with Amazon.com and Microsoft for the acquisition of customers by excellent companies. It also means building a foothold in the financial services sector, which has begun large-scale investment in the cloud space.

On the other hand, CME will also be able to access market participants more easily by partnering with Google, optimize costs, and streamline business operations such as IT infrastructure.

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