The agency brought him back to New York, where as a senior vice president he ran a number of international accounts.

The agency brought in computers and a better system for clearing trades.

"We liked the idea of having another agency bring in creative ideas," he said.

An agency costing £6 million a year to run could bring hundred-fold benefits.

They also note that the agency has not brought any new enforcement cases in the past two years.

Ms. Browner said her agency had brought about permanent change.

During the 1980's, the agency typically brought about 10 cases a year.

The agency under his leadership also brought cases against companies that regulators said had tried to use government regulations and industry standards to reduce competition.

Even so, the agency has recently brought a spate of enforcement actions.

From outside, the agency is bringing in David Jenkins, 37 years old.