Google Cloud Goes Deep Into Financial Services With $1 Billion CME Deal (fortune.com) 12
CME Group announced a 10-year-partnership with Google Cloud this morning, with Google saying it would also invest $1 billion in the exchange giant -- currently the world's most valuable. Fortune reports: Prima facie, it's an odd deal: A search giant is investing in a financial services company that had its start well over a century ago. Despite the age difference, what is perhaps more surprising is that this kind of a deal -- investing in a customer -- within the cloud giants is not that rare. Microsoft for instance invested in the $2 billion funding round of autonomous car company, Cruise, becoming an investor and a vendor for the startup's cloud needs. [...] And now, with the CME deal, Google seems intent on honing in on the financial services industry, which has historically shied away from cloud migration over regulatory and privacy concerns. In an interview with the Wall Street Journal (paywalled), Google Cloud CEO Thomas Kurian called the investment "a reflection of our commitment to the transformation of the financial system, not just to one company's infrastructure."
autonomous trades are good for the 1% and fuck (Score:2)
autonomous trades are good for the 1% and fuck over the working man
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And that why this [u.today] is happening.
The process of CME shifting its infrastructure to Google Cloud will take place in 2022. The core trading systems will migrate first, then CME's data and clearing services will follow suit.
In the end, all CME markets will be shifted to Google Cloud. The chief of CME, Terrence Duffy, has called the deal with the cloud giant "a marriage made in heaven."
Ultimately it's about not being left behind, just like Amazon and LEO Broadband.
CME (Score:2)
Google is teaming up with a Coronal Mass Ejection?
I'm not even surprised, they're probably trying to out-evil facebook.
No, i didn't read the summary or the article, but who does...
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Ant 2.0? (Score:2)
Is Google taking a page from Alibaba's Ant Financial? Even though Ant's IPO was stopped, it was obvious that if you combine big data on a large number of users and consumer loan, you could effectively enslave a lot of youngsters in their twenties with consumer loans, they will effectively slave away month after month just to make enough to pay your loan interests.
More than that, Google could take another page from Ant to "outsource" these loans to banks so they can effectively leverage up to 100s or even 1
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Google CME Group. There are not a consumer-facing company. They are a clearinghouse for trades in commodities, options, futures, and the like.
Follow the money (Score:1)
Is Google paying to migrate part of the CME to GC? (Score:2)
I wonder if the money is to migrate everything which isn't the matching engine to Google Cloud as well as potentially moving the matching engine to a carrier neutral data centre near a large Google data centre?
At that point, CME would need to spend another billion to seperate from the Google Cloud platform.
Anyone who wants to integrate with CME can run all their stuff in the same data centre / region as CME on Google Cloud.
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Interesting. Currently CME Group provides a globally-distributed trading platform and offers co-location services. There might be a lot of work involved to go over to Google, or could Google just take over existing infrastructure?
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What Google would run for a DC and what CME would run for a DC would like *entirely* different. Different switches, cabling standards, servers, everything.
Google's control platform for GCP wouldn't connect to anything that CME has either, it might have once and they might have some old code around to support commodity hardware, but I doubt they have an engineer in there that knows the code and will support it. Google would re-write the integration and deprecate it as soon as it's handed over :-) Or potentia