Google puts $1bn into CME Group, agrees move to cloud

Alphabet's main division Google has put $1bn into futures exchange operator CME Group, and reached an agreement to move its systems onto cloud servers.

Reuters reported that the two firms struck a 10-year partnership deal, with the Chicago-based exchange company set to move its trading infrastructure onto the Google Cloud platform next year.

It said the $1bn investment came in the form of non-voting convertible preferred stock.

The deal comes as internet giants seek lucrative tie-ups with exchange operators, after the Singapore Exchange and London’s Aquis Exchange went through a pilot with Amazon last year.