SMPG was created in July 1998 and since its inception has established a local presence in more than 30 countries through National Market Practice Groups (NMPG). These groups are comprised of broker/dealers, investment managers, custodian banks, central securities depositories and regulators. SMPG has been extremely successful in creating globally agreed harmonised market practices which, integrated with ISO standards has brought the securities industry closer to achieving Straight Through Processing (STP). The SMPG is focused on enhancing the current securities industry practices. This group realizes the benefit of industry utilities and other industry groups in dictating conformance to standards and market practices. As such, there is active dialogue between the SMPG and other industry groups/organizations (i.e. ECSDA, ACSDA, ISITC, ISSA, etc). Market Practice Rules for existing securities messaging standards, have been historically defined after industry participants have implemented the standards. To further complicate industry information flows, each industry participant defined these rules separately and differently. This has resulted in an inefficient exchange of information, whereby standards and their associated market practice rules have been interpreted and implemented differently by every industry participant in each geographic market. This inefficient exchange of information within and across different markets has limited Straight-Through-Processing (STP) in the securities industry.