Chicago Mercantile Exchange CME Group has announced a strategic partnership with Google as part of its access expansion efforts. According to CEO and chair of CME Group Terry Duffy, the collaboration and investment will improve the company company’s chances of transforming derivatives markets through technology, while also creating efficiencies for all market participants.
Google Invests $1 Billion
According to an official announcement by CME Group on Nov. 4, Google has made an equity investment of $1 billion through its parent company Alphabet. In addition to the whopping investment, the exchange also announced a 10-year strategic collaboration with Google Cloud to investors. This partnership is aimed at facilitating CME Group’s move to the Cloud while also changing the mode of operation of global derivatives market.
Google reportedly made the investment through the company’s nonvoting convertible preferred stock.
Speaking about the long-term partnership with Google Cloud, CME Group chair and CEO Terry Duffy believes that the merger will help the company to bring new products and services to markets, relatively faster. He also believes that the partnership will help CME to change the face of derivatives markets using technology, all whilst expanding access and creating efficiencies for all market participants.
The CME Group
The Chicago Mercantile Exchange Group is well known for its wide range of crypto derivatives offerings and was behind the very first Bitcoin ( BTC ) futures contract launched in December 2017. Ever since that time, the exchange has showed no signs of slowing down, expanding its offerings of crypto derivatives to include micro BTC futures, micro Ether ( ETH ) futures, as well as BTC options.
Data made available from CME Group, suggests that the average daily volume in its Bitcoin futures reached 6,243 contracts as at Wednesday November 3.
Meanwhile as at the time of writing , the company’s market capitalization is $79.05 billion, establishing its foothold as a major player in the industry.
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