A derivatives industry group is proposing new rules intended to mitigate conflicts of interest on a panel of bond dealers and investors that determines when traders are paid on contracts linked to defaulted borrowers.

The proposal from the International Swaps & Derivatives Association would require firms on its so-called determinations committee to implement policies that would limit who can be involved in making the decisions for the $15 trillion credit-default swaps market, according to a document obtained by Bloomberg News. It also seeks to prohibit members from discussing decisions among each other outside of committee meetings.

Members of the committee, which includes JPMorgan Chase & Co., Goldman Sachs Group Inc. and Pacific Investment Management Co., are set to vote on the proposals Thursday, according to a person with knowledge of the matter who asked not to be identified discussing a private meeting.