Google plans to invest $1 billion in financial derivatives exchange company CME Group.

In return, the group will shift to Google's cloud over the next decade - starting in 2022.

The world's largest financial derivatives exchange, the Chicago Mercantile Exchange has significant infrastructure requirements. The company built its own core and backup data centers in the US, and hosted with Equinix in Europe from 2013.

Then in 2016, it sold off its main data center to CyrusOne in a $130m deal - which included a 15-year leaseback, where the exchange would continue to host its primary electronic trading platform CME Globex and other services from the data center.

Two years later, CyrusOne built a 350ft telecommunications tower near the data center to support high-frequency traders trying to reach the exchange.

Now, CME Group plans to move its entire IT infrastructure to Google Cloud in several phases over a decade.

"Through this long-term partnership with Google Cloud, CME Group will transform derivatives markets through technology, expanding access and creating efficiencies for all market participants," said Terry Duffy, chairman and chief executive officer, CME Group.

"This partnership will enable CME Group to bring new products and services to market faster – all in a flexible and scalable environment that will create a wide range of opportunities for the marketplace."

Thomas Kurian, Google Cloud CEO, added: "Bringing together CME Group's best-in-class financial talent with Google Cloud's deep engineering expertise will help accelerate technological innovation in capital markets infrastructure."

Google will purchase non-voting convertible preferred stock. This week parent company Alphabet briefly passed a valuation of $2 trillion, before dipping slightly.