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Cloud Businesses Google The Almighty Buck

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."
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Google Cloud Goes Deep Into Financial Services With $1 Billion CME Deal

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  • autonomous trades are good for the 1% and fuck over the working man

  • by suss ( 158993 )

    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...

    • I was interpreting it as "Currently Meets Expectations" which manages to be one of the worst way you can say, "you did exactly what we paid you to do" I can imagine on a performance review.
  • 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

    • by jbengt ( 874751 )

      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 1000+ times. I.e. using just $100 capital, they could lend out $10,000 to $100,000 because those were loans from other banks which will share profits from the interests.

      Google CME Group. There are not a consumer-facing company. They are a clearinghouse for trades in commodities, options, futures, and the like.

  • 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.

    • by jbengt ( 874751 )

      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?

      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?

      • 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

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