Google ($GOOGL@US), now a division of Alphabet Inc, is planning to spend around $1 billion on CME Group, part of a deal that will move the exchange’s trading system to the cloud. As part of the deal, the Google Cloud unit will power the markets that handle trillions of dollars in trades every day. This is a 10-year partnership that allows CME to bring in new users much faster than before. The move to the cloud will also streamline the company’s operations, develop new trading tools, use AI technology and even monitor the market for potential risks. Other firms like Amazon ($AMZN@US) and Microsoft ($MSFT@US) are also looking for market share in this sector, leading to stiff competition for contracts such as this. With a market capitalization of $79.2 billion, CME is the world’s most valuable exchange operator. The company operates out of Chicago, managing a range of markets for crude oil, gold, futures, and more. For its part, Google Cloud is the 4th-largest provider in the world, managing about 6.1% of the world’s cloud infrastructure. The $1 billion investment is an equity investment in nonvoting convertible preferred CME stock. Google Cloud Chief Executive Thomas Kurian said this investment is “a reflection of our commitment to the transformation of the financial system, not just to one company’s infrastructure.” Alphabet stock rose a quarter of a percent in early trading.