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cm group (NASDAQ:CM(Partnered with Google Cloud)NASDAQ:GOG)(Nasdaq:Google) to develop a private cloud region and a new platform to support the global trading market for futures and options, the companies announced Wednesday.
The specialized platform, located in Aurora, Illinois, will enable a number of… “The benefits to CME Group clients include expanded flexibility, enhanced operational efficiencies, increased access to cloud services, and AI capabilities, all of which will deepen the value proposition for market users around the world.” He said.
The location of the facility will allow existing CME Group customers to choose between existing connectivity options or the new private cloud. Google’s data cloud products and Vertex AI, a machine learning platform, will enable users to experiment and test models and predictions created through generative AI. Construction is expected to begin this year.
“Through our collaboration, we are harnessing the best of cloud computing, data analytics and artificial intelligence, while respecting today’s custom hardware requirements of market participants to provide low-latency, deterministic and scalable trading environments for CME Group clients and the wider financial industry,” said Thomas Kurian, CEO of CME Group. Google Cloud: “Markets.”
CME Group said it will provide clients with 18 months’ notice before markets migrate to the new platform, and CME Group’s cash markets will continue to operate at its existing facilities.
The new platform will first be tested in Google Cloud’s Dallas district, which will later serve as a disaster recovery facility.