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Alphabet Inc.’s
GOOG,
Google has invested $1 billion in futures-exchange giant CME
CME,
Group Inc. and struck a deal to move the company’s core trading systems to the cloud.
Under the deal, the technology giant’s Google Cloud unit would eventually power markets that handle trillions of dollars in trades each day.
The companies said Thursday that their 10-year partnership would allow CME to bring on new users faster, streamline operations and develop new tools with Google technology, such as artificial-intelligence software for monitoring market risks.
In cloud computing, companies outsource computer processing and data storage to technology firms, rather than trying to run such systems themselves.
An expanded version of this article appears on WSJ.com.
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