Dealers in the troubled correlation markets, in which banks and hedge funds speculate on the risk of companies defaulting at the same time, are voting this week on a series of changes that will bring liquidity back to the market, crucial to restoring investor confidence in structured credit products.

The proposal, which is being co-ordinated by inter-dealer broker GFI, one of the most active in the credit markets, involves changing the ad hoc nature of the contracts to a more standardised system.