JPEG XS is a standardization activity conducted by the Joint Photographic Experts Group (JPEG), formally known as ISO/IEC SC29 WG1 group that aims at standardizing a low-latency, lightweight and visually lossless video compression scheme. This codec is intended to be used in applications where image sequences would otherwise be transmitted or stored in uncompressed form, such as in live production (through SDI or IP transport), display links, or frame buffers. Support for compression ratios ranging from 2:1 to 6:1 allows significant bandwidth and power reduction for signal propagation. This paper describes the objective quality assessment procedures conducted as part of the JPEG XS standardization activity. Firstly, this paper discusses the objective part of the experiments that led to the technology selection during the 73th WG1 meeting in late 2016. This assessment consists of PSNR measurements after a single and multiple compression decompression cycles at various compression ratios. After this assessment phase, two proposals among the six responses to the CfP were selected and merged to form the first JPEG XS test model (XSM). Later, this paper describes the core experiments (CEs) conducted so far on the XSM. These experiments are intended to evaluate its performance in more challenging scenarios, such as insertion of picture overlays, robustness to frame editing, assess the impact of the different algorithmic choices, and also to measure the XSM performance using the HDR VDP metric.