In recent years world markets have increasingly turned to ecommerce and online trading to expand their sales channels, service offerings, and customer base. In a recent world financial conference, bankers and corporate executives from across the globe discussed business practices that would facilitate internet based trading and the use of electronic data to facilitate intra-bank and cross-market trades. In response to these changes and the rise of new players in the marketplace, the FSM expressed their desire for a standardized exchange platform. According to participants in the conference, a number of challenges still exist for a standard platform such as an ecommerce site to successfully compete with the established players in the global marketplace and to remain competitive.

World Markets

One challenge the World Markets group identified was the lack of industry specific training for site owners, developers, and operators on the basic functions and processes of running a fully integrated electronic trading platform. According to participants in the meeting, they had begun looking into developing a standardized site platform to run the electronic components necessary to allow users in the world markets to start and grow businesses within their own time constraints. The group identified three key issues that they believed were critical to the success of a standard site: market share information, accurate and timely pricing and availability of services and products, and integrated communications and analytics.

Based on this information, the World Markets group has developed a series of six topics, known as the World Markets Business Model. Each topic defines one important aspect of a modern ecommerce site, and provides criteria to determine whether a site meets the criteria for inclusion in the World Markets. This information can be downloaded for free, and will be used to determine the best parameters to use in the development of a site to enable access to multiple global markets and the ability to start and grow businesses based on current and real time trends. The World Markets does not believe in one size fits all solutions. It is up to the site owner and the developer to meet the needs of their customers, and develop sites that are compatible with the needs of the millions of consumers surfing the World Wide Web each day.