1. Have FINRA fines for TRACE reporting violations been effective to achieve TRACE's objectives that bond transactions be publicly reported and transaction data be reasonably available to the public? Explain the grounds of your answer. 2. Which other kinds of penalty could be more effective than the FINRA fines to achieve TRACE's objectives? Identify the penalty and explain how it could help to achieve TRACE's objectives. 1. Have FINRA fines for TRACE reporting violations been effective to achieve TRACE's objectives that bond transactions be publicly reported and transaction data be reasonably available to the public? Explain the grounds of your answer. 2. Which other kinds of penalty could be more effective than the FINRA fines to achieve TRACE's objectives? Identify the penalty and explain how it could help to achieve TRACE's objectives