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Market Standards

Market Standards

Overview

The Data Council’s consultation on the proposed changes to the Market Reform Contract (MRC) to create the iMRC is now closed. We would like to thank everyone who took the time to review the proposed change and submit feedback.

A total of 66 organisations (over 80% of those that nominated a point of contact) supplied 2577 comments. All of this is now being reviewed.

The finalised iMRC will promote a single ACORD data standard that enables the extraction of the Core Data Record (CDR) and strengthens data quality across the London market.

The proposed changes to the MRC (click here for existing guidance) are designed to make extracting data accurate, reliable and consistent.

For those interested in the everyday benefits for market participants, Sheila Cameron, Chair of the London Market Group’s Data Council, talks through what to expect.

Video:(1) Benefits of the intelligent Market Reform Contract (iMRC) – YouTube