Twelve of the world's biggest commercial and investment banks are expected to unveil voluntary guidelines today for managing investment risk in capital markets.

The group-led by E. Gerald Corrigan of Goldman, Sachs & Co. and Stephen G. Thieke of J.P. Morgan & Co.-was formed in January on the heels of the $3.6 billion bailout of the hedge fund Long-Term Capital Management.

The Counterparty Risk Management Policy Group had promised a report by spring for banking, securities, and other companies hedging risks that would promote best practices and provide direction on what types of information should be reported to regulators.

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