Financial market regulators will this week raise the bar for banks involved in the $12 trillion (€10 trillion) credit derivatives market after they met initial targets for cutting the backlog of unconfirmed trades.

The Federal Reserve Bank of New York, the UK's Financial Services Authority and other international securities market regulators will meet 14 of the largest banks involved in the credit derivatives sector in New York on Thursday to discuss progress and set fresh targets for improving efficiency since a first meeting on the issue in September.