Market Practice Groups
The Best Practice for Market Practice
The Importance of Market Practice Groups
Years before the existence of MyStandards, senior professionals have started to gather and agree how to support specific business processes in specific markets. The collective intelligence of these experts has been captured in a series of recommendations managed by Market Practice Groups (MPGs). The Market Practice Groups exist at the local level (National Market Practice Groups) as well as at the Global level with groups like the Securities Market Practice Group (SMPG) or the Payments Market Practice Group (PMPG).
All of these harmonisation efforts have been and continue to be instrumental in increasing the amount of Straight-Through-Processing (STP) across the industry. They also contribue to the establishment of best practices and in general contribute to increasing the industry understanding of the main B2B business processes.
Making Market Practice More Consumable
One of the challenges of Market Practice Groups is to make it as simple as possible for the market to understand the market practice recommendations and to be able to implement them in their respective organisations.
What Mystandards offers in this respect are the three following elements of value:
- Harmonisation in the way market practice is defined
- Increased consumability of market practice content
- A distribution mechanism for the market practice.
In practice, this means that Market Practice Groups can use MyStandards to define their recommendations in a clear and unambiguous way. They can use the distribution features of the platform to reach their target audience very eficiently. Last but not least, the multiple documentation formats and analysis features simplify the work of organisations that need to consume and implement the market practice recommendations.
The Market Practice Group License
MyStandards as an industry-wide initiative recognises the importance of Market Practice Groups and is promoting adoption by offering the service for free to Market Practice Groups under certain conditions and restrictions. There are over 35 MPGs on MyStandards defining their specifications under this specific license.
Please contact us to see if your group is eligible for a Market Practice Group License.