- Key milestone paves the way for CME Group to migrate
to Google Cloud's industry-first specialized platform for capital
markets
CHICAGO and SUNNYVALE, Calif., June 26,
2024 /PRNewswire/ -- Reaching a significant milestone
in the companies' transformational partnership, CME Group and
Google Cloud today announced plans to build a new private Google
Cloud region, and a co-location facility, in Aurora, Illinois.
The private Google Cloud region will host Google Cloud's new,
industry-first specialized platform designed to support global
trading of CME Group's futures and options markets, and offer
derivatives traders cloud-based, ultra-low-latency networking, and
high-performance computing.
Locating the platform in the new private Google Cloud region in
the Chicago area will allow CME
Group's clients to utilize existing connectivity options and access
points to other global markets. Additionally, CME Group's clients
can choose between self-managed infrastructure in the co-location
facility or Google Cloud's specialized infrastructure-as-a-service
offering, both with equal network latency to the exchange.
The new specialized platform will enable a number of benefits
for CME Group's clients, including expanded flexibility,
strengthened operational efficiencies, and increased access to
cloud services, and artificial intelligence (AI) capabilities, all
of which will deepen the value proposition for market users around
the globe. For example, CME Group clients will be enabled to
rapidly experiment, test, and deploy new strategies without
impacting their production trading environments.
"This is a significant step forward in our partnership with
Google Cloud that is revolutionizing our industry," said CME Group
Chairman and Chief Executive Officer Terry
Duffy. "Located within close proximity to our current data
center campus, and with disaster recovery facilities in
Dallas, Texas, Google Cloud's new
specialized platform will extend the benefits we can provide to our
clients through next-generation cloud technology, expanded access
and efficiencies, a broader range of customized connectivity
options, and faster product development, with minimal disruption to
their current operations."
In addition to the capabilities offered through the new
platform, market participants that migrate to the cloud can benefit
from Google Cloud's global network and innovative AI and data
capabilities. With Google Cloud's data cloud products like BigQuery
and AlloyDB, and its AI and machine learning platform, Vertex AI,
financial institutions will be able to experiment with new modeling
techniques such as time-series forecasting and simplify access to
insights with generative AI. All of this is backed by Google
Cloud's expanding number of regions, planet-scale network, and
AI-powered security.
"Our latest milestone with CME Group builds on our shared goal
to accelerate CME's move to the cloud and innovate capital markets
infrastructure worldwide," said Thomas
Kurian, CEO, Google Cloud. "Through our collaboration, we're
harnessing the best of cloud computing, data analytics, and AI,
while respecting the existing custom hardware requirements of
market participants to bring low latency, deterministic, and
scalable trading environments to CME Group customers and the
broader financial markets."
Development of the specialized platform is underway, starting
with key capabilities available for customer testing in the Dallas
Google Cloud region, which will eventually become the disaster
recovery facility. Construction of the private Google Cloud region
in Aurora is scheduled to begin
this year. CME Group expects to provide clients with at least 18
months advance notice before CME Group markets move to the new
platform. CME Group cash markets will continue to operate in their
current facilities as they do today.
Since announcing their partnership in 2021, CME Group and Google
Cloud continue to execute on key initiatives, including recent
enhancements to CME Group's cloud-based data platform and migration
of critical clearing applications to the cloud. Both firms are
focused on delivering significant benefits to all market
participants by expanding access, creating real-time,
customer-centric data and analytics capabilities, bringing new
products and services to market, and increasing efficiencies.
About CME Group
As the world's leading 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 is a trademark of
BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The
S&P 500 Index is a product of S&P Dow Jones Indices LLC
("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500
and The 500 are trademarks of Standard & Poor's Financial
Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average
are service and/or trademarks of Dow Jones Trademark Holdings LLC.
These trademarks have been licensed for use by Chicago Mercantile
Exchange Inc. Futures contracts based on the S&P 500 Index are
not sponsored, endorsed, marketed, or promoted by S&P DJI, and
S&P DJI makes no representation regarding the advisability of
investing in such products. All other trademarks are the property
of their respective owners.
About Google Cloud
Google Cloud is the new way to the cloud, providing AI,
infrastructure, developer, data, security, and collaboration tools
built for today and tomorrow. Google Cloud offers a powerful, fully
integrated and optimized AI stack with its own planet-scale
infrastructure, custom-built chips, generative AI models and
development platform, as well as AI-powered applications, to help
organizations transform. Customers in more than 200 countries and
territories turn to Google Cloud as their trusted technology
partner.
CME-G
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SOURCE CME Group; Google Cloud