CME Group and Google Cloud have announced that they are introducing tokenisation technology, focused on “significant efficiencies” through the use of Google Cloud’s Universal Ledger (GCUL) as the industry continues to confront the reality of overnight trading.
Terry Duffy
The established partnership is piloting solutions for the seamless and secure wholesale payments and tokenisation of assets, with direct testing with market participants planned for later this year.
Speaking about the need to fortify in the face of imminent round-the-clock trading, Terry Duffy, chair and chief executive of CME Group, said: “Google Cloud Universal Ledger has the potential to deliver significant efficiencies for collateral, margin, settlement and fee payments as the world moves toward 24/7 trading.”
CME confirmed that the firm has already successfully completed the first phase of integration and testing of GCUL.
The move follows instructions from the new US administration which “encouraged congress to create landmark legislation for common-sense market structure,” explained Duffy.
“We are pleased to partner with Google Cloud to enable innovative solutions for low-cost, digital transfer of value.”
GCUL aims to simplify the management of accounts and assets through facilitating transfers on a both private and permissioned network.
Rohit Bhat, general manager, financial services at Google Cloud, said: “Our core mission is to provide our partners with the most advanced infrastructure, empowering them to accelerate innovation, drive efficiencies, and overcome the complexities inherent in today’s financial systems.”
Read more: Fireside Friday with… Google’s Rohit Bhat
CME Group and Google Cloud are expected to launch the new services in 2026, following the direct testing with market participants.