A group of U.S.-based companies calling itself TickLab Partners has told the Securities and Exchange Commission that it can create "a fully functional, consolidated audit trail" of capital markets activity for less than $100 million upfront and $100 million a year.

The group, which includes Noetic Partners of New York, XtremeData of Schaumburg, IL., and Activ Financial Systems of Chicago, said its answer to the SEC's search for an audit trail could be implemented in months, not years, in a letter to the SEC dated August 3.

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