MPEG, sometimes called MPG, is a video file format popular for distributing content over the internet. It is the sister format to MP4 and MP3 because they share the same developer – Moving Picture Expert Group. MPG format uses either MPEG-2 or MPEG-1 compression, depending on the circumstance. Opening it is usually easy on any OS platform.
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MXF (Materia Exchange Format) is an audiovisual container format developed by SMPTE. It contains full metadata and timecode support and is considered as the future standard for audio and video applications. Theoretically, MXF can streamline data between different platforms, like servers and digital cameras.
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SMPTE (Society of Motion Pictures and Television Engineers)