The FSA and the Market Reform Group (MRG) met last week to agree the path to achieving contract certainty.
The group has set the following targets for all firms: 30% of monthly volume in the London market must be contract certain by end 2005, 60% by June 2006 and 85% by end of 2006.
The MRG also said 81% of London firms have now registered their contract certainty project details with the Programme Office.
The FSA said in a formal 'stocktake' in December 2005, it will determine whether sufficient progress has been made to meet the December 2006 challenge.
The next meeting will take place in November 2005.
