Craig Slist, a Level $1$ CFA candidate, is a trader on the fixed income desk at a large financial institution. He has observed that one of the salesmen on the desk has been reallocating some trades at the end of the day, giving better execution to a large client at the expense of several smaller clients, a practice Slist suspects is illegal. The salesmen tells Slist this is a common practice and that the firm's senior management is aware of it$.$ If Slist makes a personal record of the activity, takes it home for his personal files, and subsequently reveals it to regulatory authorities, he would: