Alphabet Inc (GOOGL.O) Google has signed an agreement with CME Group (CME.0) that sees the Chicago -based trading company move their upcoming exchange -traded trading system into cloud storage, Google Cloud under the terms of a 10 -day partnership years.
The partnership enables CME to provide easy access to greater market participation, optimize costs and streamline IT infrastructure as well as other operations.
According to sources, Google’s equity has made a $ 1 billion investment in the form of convertible preferred stock without a CME vote.
In addition, the outcome of the agreement also opens up opportunities for Google to gain a foothold in the financial services sector where they have begun to invest large sums of money in cloud computing services (cloud computing).
The outcome of the deal saw Google win big in the cloud business competition between Amazon.com Inc (AMZN.O) and Microsoft Corp (MSTF.O) to grab a contract from a Fortune 500 luxury company.
Last year, Amazon as well as two stock exchanges, Singapore Exchange SGX and Aquis Exchange in London launched a program that they said could transfer stock trading to cloud computing from a physical server which is more economical and reduces the potential for disruption.
