Advanced Authoring Format (Aaf)
"Advanced Authoring Format (Aaf) is a multimedia file format that enables content creators to easily exchange digital media and metadata across platforms." - AAF Association.
Aaf and Material eXchange Format (MXF) are the successors to Open Media Framework (Omf). The design of Aaf is based on lessons learned from Omf. It retains a refined and enhanced version of the "object model design" used in Omf and replaces Omf's container technology with Microsoft's Structured Storage (the same technology used by Word, Excel and other Microsoft applications).
Where Omf is a de facto standard, controlled by Avid, Aaf is administered by the AAF Association, making it a due-process standard. This means the industry can adopt it without concern about business or legal complications.
Mxf is closely related to Aaf. Mxf is used as a media container, or "wrapper", while Aaf is used for complex composition and metadata. Mxf and Aaf shares a similar internal object design to enhance their compatibility.