Fourteen US and European investment banks have met a set of targets to cut credit derivative backlogs in a move that could dissuade supervisors from stepping in to regulate the $12 trillion (€10.1 trillion) market.

The banks, Barclays Capital, Bank of America, Bear Stearns, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan Chase, Lehman Brothers, Merrill Lynch, Morgan Stanley, UBS and Wachovia, told regulators at a meeting in New York yesterday that they surpassed commitments agreed in October.