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STM, the International Association of Scientific, Technical and Medical Publishers, has recognised a need to identify and standardise definitions and terminology in peer review practices in order to help align nomenclature as more publishers user open peer review models. A peer review taxonomy that is used across publishers will help make the peer review process for articles and journals more transparent, and will enable the community to better assess and compare peer review practices between different journals. With this background, STM has set up a working group to develop such standardised definitions and associated best practice recommendations.