The aim of the project is to expand access to the market, boost resilience, and speed time to market for new products using Google’s data analytics and machine learning capabilities.
“CME Group will transform derivatives markets through technology, expanding access and creating efficiencies for all market participants,” says Terry Duffy, chairman and CEO, 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.”
To oversee the cloud migration, Duffy has appointed senior MD 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.