Google Cloud, part of Alphabet, has made an investment of $1 billion in derivates marketplace CME Group (CME). The companies have also inked a cloud agreement, as part of a ten-year partnership.

Under the agreement, CME will migrate its technology infrastructure to Google Cloud beginning next year with data and clearing services, and eventually moving all of its markets to the cloud.

CME is expected to use its data analytics and machine learning solutions, says Google Cloud. The company’s also plan on co-innovating new products, such as risk mitigation tools, analytics services, and user-centric platforms, and work together on go-to-market initiatives, says Google Cloud. Google Cloud will deliver open source technology standards and enhanced cybersecurity protection, as well.

CME has appointed Ken Vroman to a new role as chief transformation officer to work on the cloud migration.

[Image courtesy: Google Cloud]