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(Bloomberg) -- Cboe Global Markets Inc. is working with Snowflake Inc. to shift its corporate data and analytics software to the cloud, as exchanges elect to offload certain technology functions to outside firms.

Cboe plans to integrate more capabilities through Snowflake’s service, and to use the technology firm as a security blanket to detect and respond to potential cybersecurity attacks, the Chicago-based exchange said. Snowflake’s platform can create a more seamless experience for users, said Eileen Smith, senior vice president of data and analytics at Cboe. 

“The cloud is elastic, expandable and global, allowing us to distribute data that is easily accessible to market participants” around the world, Eileen Smith said in an interview. 

The move its the latest among exchanges that have expand into cloud-based software and data analytics. Last year, Nasdaq Inc. and CME Group Inc. announced plans with Amazon.com Inc. and Alphabet Inc.’s Google to move their data and eventually trading services to the cloud. 

Cloud computing allows companies to outsource processing and data storage to the big tech firms rather than operating the systems in-house, and has been one of the fastest-growing areas of tech. Cloud providers have been pushing into financial services, an industry that has lagged other markets because banks and other financial firms face unique regulatory and security requirements.

“Exchanges collect a lot of data which they can modernize and monetize,” said Rinesh Patel, global head of financial services at Snowflake. “Data that moves physically creates a level of complexity. Moving to the cloud provides a better data experience and deepens the connection between market participants.”

Read More: Nasdaq’s Cloud Commits to New Jersey, Avoiding Big Trader Hassle

Cboe, previously known as the Chicago Board Options Exchange, launched its own cloud-based market data streaming service last year with the goal to increase distribution of real-time information around the world. The partnership with Bozeman, Montana-based Snowflake builds upon those efforts, and will focus specifically on enhancing Cboe’s internal data and analytics capabilities, executives said. 

The partnership is expected to improve Cboe’s capabilities so it can analyze data, derive analytics and “provide intelligence both internally and for customers,” the company said Thursday in a statement.

(Updates with statement in final paragraph.)

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