The LMP Programme Office expects to announce details of interoperational standards for London Market repositories next month.
The interoperational standards will facilitate communication between the various repositories used by insurers and brokers in the London Market.
Once the standards have been finalised, it is anticipated that a series of pilots will be run with leading players in the market. Aon, Marsh, Benfield, Faraday and Xchanging Ins-sure Services (XIS) could be among those involved in the first pilots.
The LMP Programme Office is developing the standards in conjunction with the Association for Cooperative Operations Research and Development (ACORD).
ACORD implementation support specialist Rien van Keulem said:
"We expect to have the first specification of the repositories' interoperational standards by the middle of October."
Van Keulem said the new standards would not impact on the way in which current market repositories function.
"The existing repository environment will continue to be used," he said.
"The interoperational standards will be a standard for communication between repositories."
