With the addition of new modifiers (e.g., S and H), proposed enhancements for Treasuries (see Regulatory Notice 20-43), and proposals to expand into other debt securities (see Regulatory Notice 19-25), FINRA has made it clear that firms should expect both the scope and complexity of TRACE Reporting to grow for many years to come. Another trend expecting to continue is FINRAʼs enforcement activity against firms for TRACE Reporting violations, exhibited by a steady stream of disciplinary actions and hefty fines over the past year, particularly for recidivist firms. In addition, an SEC Enforcement Action last September involving only fixed income Blue Sheets highlighted the continued importance and increasing scrutiny of Blue Sheets for debt securities – particularly given that debt securities are not currently in scope for CAT or Blue Sheets retirement.