Regulators need help from hedge funds to make sure a bank failure in the future doesn’t roil markets the way Lehman Brothers Holdings Inc. did. The problem is that hedge funds don’t see what’s in it for them.

The Federal Reserve, Federal Deposit Insurance Corp. (FDIC), and Bank of England have met with representatives for firms such as Citadel LLC, D.E. Shaw & Co., BlackRock Inc., and Pacific Investment Management Co. (Pimco), to try to persuade them to wait before canceling contracts with a collapsing lender, said three people with knowledge of the matter.

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