His comments come in the week that Lloyd's announced its new 'plug-and-play' initiative Schematron.

This will help Lloyd's and London Market companies wishing to trade electronically to validate data.

It will use Acord standards as its bedrock allowing companies to incorporate trading level specifications for validation of Acord messages into their own systems.

Lloyd's head of the market reform programme office, Andy Brookes, said: "Schematron will be a significant contribution to market reform in London, helping firms to get electronic messages right.

"It will be used to support improvements in many areas: placing and contract certainty; accounting and settlement; and electronic claims."

Roy Laker, assistant vice president, Acord, said: "The Lloyd's Schematron initiative complements perfectly Acord's work on standards and will simplify implementation within the London Market considerably."

Lloyd's said the scheme also fits in with third-party trading platforms such as RI3K and the G6 group, which comprises Hiscox, Amlin, Beazley, Wellington, Kiln and Catlin.