Eliot Spitzer, the New York State attorney general, is to join forces with the Securities and Exchange Commission (SEC) and other regulators in drawing up a new template for reform on Wall Street.

The SEC, the National Association of Securities Dealers, the New York Stock Exchange and Spitzer will co-ordinate their campaigns to toughen up and enforce regulation of investment banks. All four have been investigating conflicts of interest at investment banks, but there has been little co-ordination, especially between Spitzer and the SEC.