CME and Google launch private cloud region for market

Posted in The Stream | Tags: AI, CME Group, colocation, data, derivatives, Google Cloud, latencyPosted by Colin Lambert. Last updated on June 27, 2024

CME Group and Google Cloud unveiled the next phase of their three-year partnership, announcing plans to build a private Google Cloud region and colocation facility in Aurora, Illinois to support the CME market.

The new facility will provide derivatives traders with a cloud-based, ultra-low latency network and high-performance computing, the company said, adding that locating the platform in the Chicago area will allow CME customers to take advantage of existing connectivity options and access points to other global markets. Customers can choose between self-managed infrastructure in a colocation facility or Google Cloud's specialized infrastructure as a service, both of which offer the same network latency to the exchange.

CME said the new platform will offer greater flexibility, enhanced operational efficiencies, improved access to cloud services and artificial intelligence (AI) capabilities, all of which will deepen the value proposition to market users around the world. For example, it noted that clients will be able to experiment, test and deploy new strategies without impacting the live trading environment.

Market participants moving to the cloud will have access to Google Cloud's network, AI and data capabilities, including products such as BigQuery and AlloyDB, as well as its AI and machine learning platform, Vertex AI. CME said this will enable financial institutions to experiment with new modeling techniques such as time series forecasting and simplify access to insights through generative AI.

“This is a major step forward in our industry-revolutionizing partnership with Google Cloud,” said Terry Duffy, chairman and CEO, CME Group. “Google Cloud's new purpose-built platform, located in close proximity to our current data center campus, including our disaster recovery facility in Dallas, Texas, will enable us to deliver even more benefits to our customers, including next-generation cloud technologies, expanded access and efficiency, a wider range of customized connectivity options, and faster product development, all with minimal disruption to our current operations.”

Thomas Kurian, CEO of Google Cloud, added: “Our latest milestone with CME Group builds on our shared goal of accelerating CME's transition to the cloud and innovating capital markets infrastructure around the world. Through this collaboration, we will leverage the best of cloud computing, data analytics and AI while respecting market participants' existing custom hardware requirements to deliver a low-latency, deterministic and scalable trading environment for CME Group customers and the financial markets as a whole.”

The company said development of the platform is ongoing, starting with capabilities available for customer testing in a Google Cloud region in Dallas and eventually a disaster recovery facility. Construction on the Aurora private cloud region is expected to begin later this year, and CMNE said it plans to provide customers with at least 18 months' notice before CME Group's markets move to the new platform. CME Group's spot markets will continue to operate in their current facilities as they do today.

Sources 1/ https://Google.com/ 2/ https://thefullfx.com/cme-and-google-launch-private-cloud-region-for-markets/ The mention sources can contact us to remove/changing this article

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