A supplier of risk management software to bulge bracket firms on Wall Street has proposed that the Securities and Exchange Commission rely on real-time data stored in a nationwide cloud of computing power and networks to create an effective audit trail of stock market activity.

FTEN, which provides risk management, routing, surveillance, compliance and market data services to market participants, proposed in a letter sent Monday to the SEC look to "already deployed and commercially available" systems that "capture order and execution data in real-time" from stock exchanges, electronic communication networks, alternative trading systems and dark pools to start creating the trail.

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