Regulators yesterday started a series of detailed meetings with potential providers of a clearing house for the thus-far unregulated credit derivatives market. The move is part of efforts to kickstart implementation of this crucial risk-reduction plan by next month.

The meetings, held in New York and likely to continue for several days, are being attended by representatives from the Federal Reserve, the Securities and Exchange Commission and the Commodity Futures Trading Commission. The regulators have decided to work closely together to ensure that a clearing house meets all of their requirements, according to people involved in the discussions.