According to Terry Duffy, Chairman and CEO of CME Group, moving to the cloud becomes significantly less expensive.

On Episode 350 of the Inside ICE House Podcast with Josh King, he stated that cybersecurity is the most pressing issue facing the globe today.

When it pertains to cloud security against hackers, he believes that cloud service providers have a more robust infrastructure than proprietary systems.

“Unfortunately, the bad folks are considerably better than the good people. Thus, I believe this is another characteristic that will attract more and more individuals,” he added.

He believes that ICE has a distinct perspective on this issue due to their acquisition of IDC for their data business and technological requirements, as well as their possession of other proprietary technologies similar to CME’s.

“The cost of all this stuff continues to rise, and I’m a firm believer in the umbrella theory, which states that when it rains, you should get a larger umbrella so that two people can fit underneath it. My argument is that costs are increasing,” Duffy stated.

In 2022, CME Group built developed its cloud platform and successfully transferred its first applications to the cloud.

Duffy said in its Q4 2022 Earnings Call that 2022 was a pivotal year for its cooperation with Google.

According to Duffy, in 2023 we will accelerate our application migration, including the launch of cloud-based data solutions.

He stated, “We have an ambitious migration strategy for ’23 and look forward to reporting our successes throughout the year.”

Duffy stated on the Inside ICE House Podcast, “When I want to bring items to market, I can do so substantially more quickly than I could do it in-house, and that is the goal for the future.”

He stated that there are several advantages to this.

“They were willing to invest in me, which they did, and I felt it demonstrated a great deal of commitment by Google to recognize that finance will play a significant role in the cloud company,” he stated.

“I appreciate the direction it’s heading. Duffy continued, “Furthermore, the reason I stated it would take a decade is because I don’t want to force it into something until it’s ready.”

Duffy also expressed his pride in the industry’s development.

“I believe that’s an effective way to put it. It is the market. Not only CME,” he stated.

The entire sector, according to Duffy, has grown by leaps and bounds, but it is challenging for those who cannot adapt to change.

“I believe there are many sectors that transition from one thing to another, but people can’t keep up with the technology, don’t want to keep up with the technology, or don’t believe in it, and they believe it’s inferior to what technology can offer,” he continued.

According to Duffy, there are people who are displaced along the road, which is sad to witness, but the business’s development is astounding.

“When I entered the office in 2002 to file for an IPO, our average daily volume was less than one million contracts. Currently, our average contract volume exceeds 23 million,” he added.

Duffy noted that the distribution of products across the world is so much more extensive today, which makes the markets deeper, more liquid, and more efficient for risk management.

“Thus, I believe the entire industry should be pleased with its progress,” he emphasized.

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