diff --git a/cli/src/program.rs b/cli/src/program.rs
index 65bfcef83e..a93a3d7aa7 100644
--- a/cli/src/program.rs
+++ b/cli/src/program.rs
@@ -1991,7 +1991,7 @@ fn read_and_verify_elf(program_location: &str) -> Result<Vec<u8>, Box<dyn std::e
     let mut program_data = Vec::new();
     file.read_to_end(&mut program_data)
         .map_err(|err| format!("Unable to read program file: {}", err))?;
-    let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+    let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
     let mut invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
 
     // Verify the program
diff --git a/program-runtime/src/invoke_context.rs b/program-runtime/src/invoke_context.rs
index 6c9c0a1a24..8d1e6d9951 100644
--- a/program-runtime/src/invoke_context.rs
+++ b/program-runtime/src/invoke_context.rs
@@ -3,7 +3,6 @@ use {
         accounts_data_meter::AccountsDataMeter,
         compute_budget::ComputeBudget,
         ic_logger_msg, ic_msg,
-        instruction_recorder::InstructionRecorder,
         log_collector::LogCollector,
         native_loader::NativeLoader,
         pre_account::PreAccount,
@@ -192,7 +191,6 @@ pub struct InvokeContext<'a> {
     compute_meter: Rc<RefCell<ComputeMeter>>,
     accounts_data_meter: AccountsDataMeter,
     executors: Rc<RefCell<Executors>>,
-    pub instruction_recorder: Option<Rc<RefCell<InstructionRecorder>>>,
     pub feature_set: Arc<FeatureSet>,
     pub timings: ExecuteDetailsTimings,
     pub blockhash: Hash,
@@ -209,7 +207,6 @@ impl<'a> InvokeContext<'a> {
         log_collector: Option<Rc<RefCell<LogCollector>>>,
         compute_budget: ComputeBudget,
         executors: Rc<RefCell<Executors>>,
-        instruction_recorder: Option<Rc<RefCell<InstructionRecorder>>>,
         feature_set: Arc<FeatureSet>,
         blockhash: Hash,
         lamports_per_signature: u64,
@@ -228,7 +225,6 @@ impl<'a> InvokeContext<'a> {
             compute_meter: ComputeMeter::new_ref(compute_budget.max_units),
             accounts_data_meter: AccountsDataMeter::new(current_accounts_data_len),
             executors,
-            instruction_recorder,
             feature_set,
             timings: ExecuteDetailsTimings::default(),
             blockhash,
@@ -249,7 +245,6 @@ impl<'a> InvokeContext<'a> {
             Some(LogCollector::new_ref()),
             ComputeBudget::default(),
             Rc::new(RefCell::new(Executors::default())),
-            None,
             feature_set,
             Hash::default(),
             0,
@@ -269,7 +264,6 @@ impl<'a> InvokeContext<'a> {
             Some(LogCollector::new_ref()),
             ComputeBudget::default(),
             Rc::new(RefCell::new(Executors::default())),
-            None,
             Arc::new(FeatureSet::all_enabled()),
             Hash::default(),
             0,
@@ -811,11 +805,7 @@ impl<'a> InvokeContext<'a> {
             .transaction_context
             .get_instruction_context_stack_height()
             == 0;
-        if is_lowest_invocation_level {
-            if let Some(instruction_recorder) = &self.instruction_recorder {
-                instruction_recorder.borrow_mut().begin_next_recording();
-            }
-        } else {
+        if !is_lowest_invocation_level {
             // Verify the calling program hasn't misbehaved
             let mut verify_caller_time = Measure::start("verify_caller_time");
             let verify_caller_result = self.verify_and_update(instruction_accounts, true);
@@ -830,23 +820,19 @@ impl<'a> InvokeContext<'a> {
             verify_caller_result?;
 
             // Record instruction
-            if let Some(instruction_recorder) = &self.instruction_recorder {
-                let compiled_instruction = CompiledInstruction {
-                    program_id_index: self
-                        .transaction_context
-                        .find_index_of_account(&program_id)
-                        .unwrap_or(0) as u8,
-                    data: instruction_data.to_vec(),
-                    accounts: instruction_accounts
-                        .iter()
-                        .map(|instruction_account| instruction_account.index_in_transaction as u8)
-                        .collect(),
-                };
-
-                instruction_recorder
-                    .borrow_mut()
-                    .record_compiled_instruction(compiled_instruction);
-            }
+            let compiled_instruction = CompiledInstruction {
+                program_id_index: self
+                    .transaction_context
+                    .find_index_of_account(&program_id)
+                    .unwrap_or(0) as u8,
+                data: instruction_data.to_vec(),
+                accounts: instruction_accounts
+                    .iter()
+                    .map(|instruction_account| instruction_account.index_in_transaction as u8)
+                    .collect(),
+            };
+            self.transaction_context
+                .record_compiled_instruction(compiled_instruction);
         }
 
         let result = self
@@ -1075,6 +1061,7 @@ pub fn with_mock_invoke_context<R, F: FnMut(&mut InvokeContext) -> R>(
     let mut transaction_context = TransactionContext::new(
         preparation.transaction_accounts,
         ComputeBudget::default().max_invoke_depth.saturating_add(1),
+        1,
     );
     let mut invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
     invoke_context
@@ -1103,6 +1090,7 @@ pub fn mock_process_instruction_with_sysvars(
     let mut transaction_context = TransactionContext::new(
         preparation.transaction_accounts,
         ComputeBudget::default().max_invoke_depth.saturating_add(1),
+        1,
     );
     let mut invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
     invoke_context.sysvar_cache = Cow::Borrowed(sysvar_cache);
@@ -1351,7 +1339,7 @@ mod tests {
                 is_writable: false,
             });
         }
-        let mut transaction_context = TransactionContext::new(accounts, MAX_DEPTH);
+        let mut transaction_context = TransactionContext::new(accounts, MAX_DEPTH, 1);
         let mut invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
 
         // Check call depth increases and has a limit
@@ -1430,7 +1418,7 @@ mod tests {
         let accounts = vec![(solana_sdk::pubkey::new_rand(), AccountSharedData::default())];
         let instruction_accounts = vec![];
         let program_indices = vec![0];
-        let mut transaction_context = TransactionContext::new(accounts, 1);
+        let mut transaction_context = TransactionContext::new(accounts, 1, 1);
         let mut invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         invoke_context
             .push(&instruction_accounts, &program_indices, &[])
@@ -1474,7 +1462,7 @@ mod tests {
                 is_writable: index_in_transaction < 2,
             })
             .collect::<Vec<_>>();
-        let mut transaction_context = TransactionContext::new(accounts, 2);
+        let mut transaction_context = TransactionContext::new(accounts, 2, 8);
         let mut invoke_context =
             InvokeContext::new_mock(&mut transaction_context, builtin_programs);
 
@@ -1600,7 +1588,7 @@ mod tests {
         let mut feature_set = FeatureSet::all_enabled();
         feature_set.deactivate(&tx_wide_compute_cap::id());
         feature_set.deactivate(&requestable_heap_size::id());
-        let mut transaction_context = TransactionContext::new(accounts, 1);
+        let mut transaction_context = TransactionContext::new(accounts, 1, 3);
         let mut invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         invoke_context.feature_set = Arc::new(feature_set);
 
@@ -1652,7 +1640,7 @@ mod tests {
             process_instruction: mock_process_instruction,
         }];
 
-        let mut transaction_context = TransactionContext::new(accounts, 1);
+        let mut transaction_context = TransactionContext::new(accounts, 1, 3);
         let mut invoke_context =
             InvokeContext::new_mock(&mut transaction_context, &builtin_programs);
 
diff --git a/program-runtime/src/lib.rs b/program-runtime/src/lib.rs
index db911ab810..4404effa70 100644
--- a/program-runtime/src/lib.rs
+++ b/program-runtime/src/lib.rs
@@ -2,7 +2,6 @@
 
 pub mod accounts_data_meter;
 pub mod compute_budget;
-pub mod instruction_recorder;
 pub mod invoke_context;
 pub mod log_collector;
 pub mod native_loader;
diff --git a/programs/bpf_loader/benches/serialization.rs b/programs/bpf_loader/benches/serialization.rs
index 900f39df8e..703a32bc35 100644
--- a/programs/bpf_loader/benches/serialization.rs
+++ b/programs/bpf_loader/benches/serialization.rs
@@ -100,7 +100,7 @@ fn create_inputs() -> TransactionContext {
             },
         )
         .collect::<Vec<_>>();
-    let mut transaction_context = TransactionContext::new(transaction_accounts, 1);
+    let mut transaction_context = TransactionContext::new(transaction_accounts, 1, 1);
     let instruction_data = vec![1u8, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11];
     transaction_context
         .push(&[0], &instruction_accounts, &instruction_data)
diff --git a/programs/bpf_loader/src/serialization.rs b/programs/bpf_loader/src/serialization.rs
index 26af36e1d8..9cf3485a4d 100644
--- a/programs/bpf_loader/src/serialization.rs
+++ b/programs/bpf_loader/src/serialization.rs
@@ -456,7 +456,8 @@ mod tests {
             instruction_accounts,
             &program_indices,
         );
-        let mut transaction_context = TransactionContext::new(preparation.transaction_accounts, 1);
+        let mut transaction_context =
+            TransactionContext::new(preparation.transaction_accounts, 1, 1);
         let mut invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         invoke_context
             .push(
diff --git a/programs/bpf_loader/src/syscalls.rs b/programs/bpf_loader/src/syscalls.rs
index de40f1dec7..0c66c321e3 100644
--- a/programs/bpf_loader/src/syscalls.rs
+++ b/programs/bpf_loader/src/syscalls.rs
@@ -3285,6 +3285,7 @@ mod tests {
         let mut transaction_context = TransactionContext::new(
             vec![(program_id, AccountSharedData::new(0, 0, &bpf_loader::id()))],
             1,
+            1,
         );
         let mut invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         invoke_context.push(&[], &[0], &[]).unwrap();
@@ -3358,6 +3359,7 @@ mod tests {
         let mut transaction_context = TransactionContext::new(
             vec![(program_id, AccountSharedData::new(0, 0, &bpf_loader::id()))],
             1,
+            1,
         );
         let mut invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         invoke_context.push(&[], &[0], &[]).unwrap();
@@ -3458,6 +3460,7 @@ mod tests {
         let mut transaction_context = TransactionContext::new(
             vec![(program_id, AccountSharedData::new(0, 0, &bpf_loader::id()))],
             1,
+            1,
         );
         let mut invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         invoke_context.push(&[], &[0], &[]).unwrap();
@@ -3496,6 +3499,7 @@ mod tests {
         let mut transaction_context = TransactionContext::new(
             vec![(program_id, AccountSharedData::new(0, 0, &bpf_loader::id()))],
             1,
+            1,
         );
         let mut invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         invoke_context.push(&[], &[0], &[]).unwrap();
@@ -3707,6 +3711,7 @@ mod tests {
                 AccountSharedData::new(0, 0, &bpf_loader_deprecated::id()),
             )],
             1,
+            1,
         );
         let mut invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         invoke_context.push(&[], &[0], &[]).unwrap();
@@ -3864,6 +3869,7 @@ mod tests {
         let mut transaction_context = TransactionContext::new(
             vec![(program_id, AccountSharedData::new(0, 0, &bpf_loader::id()))],
             1,
+            1,
         );
         let mut invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         invoke_context.sysvar_cache = Cow::Owned(sysvar_cache);
@@ -4114,6 +4120,7 @@ mod tests {
         let mut transaction_context = TransactionContext::new(
             vec![(program_id, AccountSharedData::new(0, 0, &bpf_loader::id()))],
             1,
+            1,
         );
         let mut invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         invoke_context.push(&[], &[0], &[]).unwrap();
@@ -4226,6 +4233,7 @@ mod tests {
         let mut transaction_context = TransactionContext::new(
             vec![(program_id, AccountSharedData::new(0, 0, &bpf_loader::id()))],
             1,
+            1,
         );
         let mut invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         invoke_context.push(&[], &[0], &[]).unwrap();
diff --git a/programs/stake/src/stake_state.rs b/programs/stake/src/stake_state.rs
index b2c591122b..f8baa600ec 100644
--- a/programs/stake/src/stake_state.rs
+++ b/programs/stake/src/stake_state.rs
@@ -4999,7 +4999,7 @@ mod tests {
 
     #[test]
     fn test_merge() {
-        let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+        let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
         let invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         let stake_pubkey = solana_sdk::pubkey::new_rand();
         let source_stake_pubkey = solana_sdk::pubkey::new_rand();
@@ -5110,7 +5110,7 @@ mod tests {
 
     #[test]
     fn test_merge_self_fails() {
-        let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+        let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
         let invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         let stake_address = Pubkey::new_unique();
         let authority_pubkey = Pubkey::new_unique();
@@ -5156,7 +5156,7 @@ mod tests {
 
     #[test]
     fn test_merge_incorrect_authorized_staker() {
-        let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+        let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
         let invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         let stake_pubkey = solana_sdk::pubkey::new_rand();
         let source_stake_pubkey = solana_sdk::pubkey::new_rand();
@@ -5226,7 +5226,7 @@ mod tests {
 
     #[test]
     fn test_merge_invalid_account_data() {
-        let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+        let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
         let invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         let stake_pubkey = solana_sdk::pubkey::new_rand();
         let source_stake_pubkey = solana_sdk::pubkey::new_rand();
@@ -5277,7 +5277,7 @@ mod tests {
 
     #[test]
     fn test_merge_fake_stake_source() {
-        let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+        let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
         let invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         let stake_pubkey = solana_sdk::pubkey::new_rand();
         let source_stake_pubkey = solana_sdk::pubkey::new_rand();
@@ -5320,7 +5320,7 @@ mod tests {
 
     #[test]
     fn test_merge_active_stake() {
-        let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+        let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
         let invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         let base_lamports = 4242424242;
         let stake_address = Pubkey::new_unique();
@@ -5943,7 +5943,7 @@ mod tests {
 
     #[test]
     fn test_things_can_merge() {
-        let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+        let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
         let invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         let good_stake = Stake {
             credits_observed: 4242,
@@ -6042,7 +6042,7 @@ mod tests {
 
     #[test]
     fn test_metas_can_merge_pre_v4() {
-        let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+        let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
         let invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         // Identical Metas can merge
         assert!(MergeKind::metas_can_merge(
@@ -6129,7 +6129,7 @@ mod tests {
 
     #[test]
     fn test_metas_can_merge_v4() {
-        let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+        let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
         let invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         // Identical Metas can merge
         assert!(MergeKind::metas_can_merge(
@@ -6276,7 +6276,7 @@ mod tests {
 
     #[test]
     fn test_merge_kind_get_if_mergeable() {
-        let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+        let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
         let invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         let authority_pubkey = Pubkey::new_unique();
         let initial_lamports = 4242424242;
@@ -6509,7 +6509,7 @@ mod tests {
 
     #[test]
     fn test_merge_kind_merge() {
-        let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+        let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
         let invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         let lamports = 424242;
         let meta = Meta {
@@ -6588,7 +6588,7 @@ mod tests {
 
     #[test]
     fn test_active_stake_merge() {
-        let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+        let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
         let invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         let delegation_a = 4_242_424_242u64;
         let delegation_b = 6_200_000_000u64;
diff --git a/programs/vote/benches/process_vote.rs b/programs/vote/benches/process_vote.rs
index 16454ddea9..e101e63cda 100644
--- a/programs/vote/benches/process_vote.rs
+++ b/programs/vote/benches/process_vote.rs
@@ -139,6 +139,7 @@ fn do_bench(bencher: &mut Bencher, feature: Option<Pubkey>) {
                 (solana_vote_program::id(), AccountSharedData::default()),
             ],
             1,
+            1,
         );
 
         let mut invoke_context = InvokeContext::new_mock_with_sysvars_and_features(
diff --git a/rbpf-cli/src/main.rs b/rbpf-cli/src/main.rs
index ed9575198a..98a2951ba2 100644
--- a/rbpf-cli/src/main.rs
+++ b/rbpf-cli/src/main.rs
@@ -212,7 +212,7 @@ native machine code before execting it in the virtual machine.",
     let program_indices = [0, 1];
     let preparation =
         prepare_mock_invoke_context(transaction_accounts, instruction_accounts, &program_indices);
-    let mut transaction_context = TransactionContext::new(preparation.transaction_accounts, 1);
+    let mut transaction_context = TransactionContext::new(preparation.transaction_accounts, 1, 1);
     let mut invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
     invoke_context
         .push(
diff --git a/runtime/src/bank.rs b/runtime/src/bank.rs
index 2537778873..5a04f6417d 100644
--- a/runtime/src/bank.rs
+++ b/runtime/src/bank.rs
@@ -75,7 +75,6 @@ use {
     solana_metrics::{inc_new_counter_debug, inc_new_counter_info},
     solana_program_runtime::{
         compute_budget::ComputeBudget,
-        instruction_recorder::InstructionRecorder,
         invoke_context::{
             BuiltinProgram, Executor, Executors, ProcessInstructionWithContext, TransactionExecutor,
         },
@@ -3661,19 +3660,12 @@ impl Bank {
         let mut transaction_context = TransactionContext::new(
             transaction_accounts,
             compute_budget.max_invoke_depth.saturating_add(1),
+            tx.message().instructions().len(),
         );
 
         let pre_account_state_info =
             self.get_transaction_account_state_info(&transaction_context, tx.message());
 
-        let instruction_recorder = if enable_cpi_recording {
-            Some(InstructionRecorder::new_ref(
-                tx.message().instructions().len(),
-            ))
-        } else {
-            None
-        };
-
         let log_collector = if enable_log_recording {
             Some(LogCollector::new_ref())
         } else {
@@ -3691,7 +3683,6 @@ impl Bank {
             self.rent_collector.rent,
             log_collector.clone(),
             executors.clone(),
-            instruction_recorder.clone(),
             self.feature_set.clone(),
             compute_budget,
             timings,
@@ -3747,16 +3738,17 @@ impl Bank {
                     .ok()
             });
 
-        let inner_instructions = instruction_recorder
-            .and_then(|instruction_recorder| Rc::try_unwrap(instruction_recorder).ok())
-            .map(|instruction_recorder| instruction_recorder.into_inner().deconstruct());
-
-        loaded_transaction.accounts = transaction_context.deconstruct();
+        let (accounts, instruction_trace) = transaction_context.deconstruct();
+        loaded_transaction.accounts = accounts;
 
         TransactionExecutionResult::Executed(TransactionExecutionDetails {
             status,
             log_messages,
-            inner_instructions,
+            inner_instructions: if enable_cpi_recording {
+                Some(instruction_trace)
+            } else {
+                None
+            },
             durable_nonce_fee,
         })
     }
@@ -15657,6 +15649,7 @@ pub(crate) mod tests {
             sol_to_lamports(1.),
             bank.last_blockhash(),
         );
+        let number_of_instructions_at_transaction_level = tx.message().instructions.len();
         let num_accounts = tx.message().account_keys.len();
         let sanitized_tx = SanitizedTransaction::try_from_legacy_transaction(tx).unwrap();
         let mut error_counters = ErrorCounters::default();
@@ -15674,6 +15667,7 @@ pub(crate) mod tests {
         let transaction_context = TransactionContext::new(
             loaded_txs[0].0.as_ref().unwrap().accounts.clone(),
             compute_budget.max_invoke_depth.saturating_add(1),
+            number_of_instructions_at_transaction_level,
         );
 
         assert_eq!(
diff --git a/runtime/src/message_processor.rs b/runtime/src/message_processor.rs
index cb7aee2f59..df8f8e82d4 100644
--- a/runtime/src/message_processor.rs
+++ b/runtime/src/message_processor.rs
@@ -3,7 +3,6 @@ use {
     solana_measure::measure::Measure,
     solana_program_runtime::{
         compute_budget::ComputeBudget,
-        instruction_recorder::InstructionRecorder,
         invoke_context::{BuiltinProgram, Executors, InvokeContext},
         log_collector::LogCollector,
         sysvar_cache::SysvarCache,
@@ -58,7 +57,6 @@ impl MessageProcessor {
         rent: Rent,
         log_collector: Option<Rc<RefCell<LogCollector>>>,
         executors: Rc<RefCell<Executors>>,
-        instruction_recorder: Option<Rc<RefCell<InstructionRecorder>>>,
         feature_set: Arc<FeatureSet>,
         compute_budget: ComputeBudget,
         timings: &mut ExecuteTimings,
@@ -75,7 +73,6 @@ impl MessageProcessor {
             log_collector,
             compute_budget,
             executors,
-            instruction_recorder,
             feature_set,
             blockhash,
             lamports_per_signature,
@@ -242,7 +239,7 @@ mod tests {
                 create_loadable_account_for_test("mock_system_program"),
             ),
         ];
-        let mut transaction_context = TransactionContext::new(accounts, 1);
+        let mut transaction_context = TransactionContext::new(accounts, 1, 3);
         let program_indices = vec![vec![2]];
         let executors = Rc::new(RefCell::new(Executors::default()));
         let account_metas = vec![
@@ -267,7 +264,6 @@ mod tests {
             rent_collector.rent,
             None,
             executors.clone(),
-            None,
             Arc::new(FeatureSet::all_enabled()),
             ComputeBudget::new(),
             &mut ExecuteTimings::default(),
@@ -308,7 +304,6 @@ mod tests {
             rent_collector.rent,
             None,
             executors.clone(),
-            None,
             Arc::new(FeatureSet::all_enabled()),
             ComputeBudget::new(),
             &mut ExecuteTimings::default(),
@@ -341,7 +336,6 @@ mod tests {
             rent_collector.rent,
             None,
             executors,
-            None,
             Arc::new(FeatureSet::all_enabled()),
             ComputeBudget::new(),
             &mut ExecuteTimings::default(),
@@ -441,7 +435,7 @@ mod tests {
                 create_loadable_account_for_test("mock_system_program"),
             ),
         ];
-        let mut transaction_context = TransactionContext::new(accounts, 1);
+        let mut transaction_context = TransactionContext::new(accounts, 1, 3);
         let program_indices = vec![vec![2]];
         let executors = Rc::new(RefCell::new(Executors::default()));
         let account_metas = vec![
@@ -468,7 +462,6 @@ mod tests {
             rent_collector.rent,
             None,
             executors.clone(),
-            None,
             Arc::new(FeatureSet::all_enabled()),
             ComputeBudget::new(),
             &mut ExecuteTimings::default(),
@@ -502,7 +495,6 @@ mod tests {
             rent_collector.rent,
             None,
             executors.clone(),
-            None,
             Arc::new(FeatureSet::all_enabled()),
             ComputeBudget::new(),
             &mut ExecuteTimings::default(),
@@ -533,7 +525,6 @@ mod tests {
             rent_collector.rent,
             None,
             executors,
-            None,
             Arc::new(FeatureSet::all_enabled()),
             ComputeBudget::new(),
             &mut ExecuteTimings::default(),
@@ -586,7 +577,7 @@ mod tests {
             (secp256k1_program::id(), secp256k1_account),
             (mock_program_id, mock_program_account),
         ];
-        let mut transaction_context = TransactionContext::new(accounts, 1);
+        let mut transaction_context = TransactionContext::new(accounts, 1, 1);
 
         let message = SanitizedMessage::Legacy(Message::new(
             &[
@@ -607,7 +598,6 @@ mod tests {
             RentCollector::default().rent,
             None,
             Rc::new(RefCell::new(Executors::default())),
-            None,
             Arc::new(FeatureSet::all_enabled()),
             ComputeBudget::new(),
             &mut ExecuteTimings::default(),
diff --git a/runtime/src/nonce_keyed_account.rs b/runtime/src/nonce_keyed_account.rs
index 591db87635..181c7e7d4b 100644
--- a/runtime/src/nonce_keyed_account.rs
+++ b/runtime/src/nonce_keyed_account.rs
@@ -334,7 +334,7 @@ mod test {
     where
         F: FnMut(&mut InvokeContext, &KeyedAccount),
     {
-        let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+        let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
         let mut invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         let pubkey = Pubkey::new_unique();
         let account = create_account(lamports);
diff --git a/runtime/src/system_instruction_processor.rs b/runtime/src/system_instruction_processor.rs
index 0126e2d6b4..0e1fa88250 100644
--- a/runtime/src/system_instruction_processor.rs
+++ b/runtime/src/system_instruction_processor.rs
@@ -661,7 +661,7 @@ mod tests {
 
     #[test]
     fn test_address_create_with_seed_mismatch() {
-        let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+        let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
         let invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         let from = Pubkey::new_unique();
         let seed = "dull boy";
@@ -676,7 +676,7 @@ mod tests {
 
     #[test]
     fn test_create_account_with_seed_missing_sig() {
-        let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+        let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
         let invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         let new_owner = Pubkey::new(&[9; 32]);
         let from = Pubkey::new_unique();
@@ -707,7 +707,7 @@ mod tests {
 
     #[test]
     fn test_create_with_zero_lamports() {
-        let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+        let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
         let invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         // create account with zero lamports transferred
         let new_owner = Pubkey::new(&[9; 32]);
@@ -742,7 +742,7 @@ mod tests {
 
     #[test]
     fn test_create_negative_lamports() {
-        let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+        let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
         let invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         // Attempt to create account with more lamports than remaining in from_account
         let new_owner = Pubkey::new(&[9; 32]);
@@ -767,7 +767,7 @@ mod tests {
 
     #[test]
     fn test_request_more_than_allowed_data_length() {
-        let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+        let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
         let invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         let from_account = RefCell::new(AccountSharedData::new(100, 0, &system_program::id()));
         let from = Pubkey::new_unique();
@@ -815,7 +815,7 @@ mod tests {
 
     #[test]
     fn test_create_already_in_use() {
-        let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+        let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
         let invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         // Attempt to create system account in account already owned by another program
         let new_owner = Pubkey::new(&[9; 32]);
@@ -884,7 +884,7 @@ mod tests {
 
     #[test]
     fn test_create_unsigned() {
-        let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+        let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
         let invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         // Attempt to create an account without signing the transfer
         let new_owner = Pubkey::new(&[9; 32]);
@@ -940,7 +940,7 @@ mod tests {
 
     #[test]
     fn test_create_sysvar_invalid_id_with_feature() {
-        let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+        let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
         let invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         // Attempt to create system account in account already owned by another program
         let from = Pubkey::new_unique();
@@ -968,7 +968,7 @@ mod tests {
 
     #[test]
     fn test_create_data_populated() {
-        let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+        let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
         let invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         // Attempt to create system account in account with populated data
         let new_owner = Pubkey::new(&[9; 32]);
@@ -1002,7 +1002,7 @@ mod tests {
 
     #[test]
     fn test_create_from_account_is_nonce_fail() {
-        let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+        let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
         let invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         let nonce = Pubkey::new_unique();
         let nonce_account = RefCell::new(
@@ -1041,7 +1041,7 @@ mod tests {
 
     #[test]
     fn test_assign() {
-        let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+        let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
         let invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         let new_owner = Pubkey::new(&[9; 32]);
         let pubkey = Pubkey::new_unique();
@@ -1084,7 +1084,7 @@ mod tests {
 
     #[test]
     fn test_assign_to_sysvar_with_feature() {
-        let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+        let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
         let invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         let new_owner = sysvar::id();
         let from = Pubkey::new_unique();
@@ -1135,7 +1135,7 @@ mod tests {
 
     #[test]
     fn test_transfer_lamports() {
-        let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+        let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
         let invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         let from = Pubkey::new_unique();
         let from_account = RefCell::new(AccountSharedData::new(100, 0, &Pubkey::new(&[2; 32]))); // account owner should not matter
@@ -1174,7 +1174,7 @@ mod tests {
 
     #[test]
     fn test_transfer_with_seed() {
-        let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+        let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
         let invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         let base = Pubkey::new_unique();
         let base_account = RefCell::new(AccountSharedData::new(100, 0, &Pubkey::new(&[2; 32]))); // account owner should not matter
@@ -1235,7 +1235,7 @@ mod tests {
 
     #[test]
     fn test_transfer_lamports_from_nonce_account_fail() {
-        let mut transaction_context = TransactionContext::new(Vec::new(), 1);
+        let mut transaction_context = TransactionContext::new(Vec::new(), 1, 1);
         let invoke_context = InvokeContext::new_mock(&mut transaction_context, &[]);
         let from = Pubkey::new_unique();
         let from_account = RefCell::new(
diff --git a/sdk/src/transaction_context.rs b/sdk/src/transaction_context.rs
index 318c6e1fc7..bef162d96f 100644
--- a/sdk/src/transaction_context.rs
+++ b/sdk/src/transaction_context.rs
@@ -2,7 +2,7 @@
 
 use crate::{
     account::{AccountSharedData, ReadableAccount, WritableAccount},
-    instruction::InstructionError,
+    instruction::{CompiledInstruction, InstructionError},
     lamports::LamportsError,
     pubkey::Pubkey,
 };
@@ -31,6 +31,8 @@ pub struct TransactionContext {
     accounts: Pin<Box<[RefCell<AccountSharedData>]>>,
     instruction_context_capacity: usize,
     instruction_context_stack: Vec<InstructionContext>,
+    number_of_instructions_at_transaction_level: usize,
+    instruction_trace: Vec<Vec<CompiledInstruction>>,
     return_data: (Pubkey, Vec<u8>),
 }
 
@@ -39,6 +41,7 @@ impl TransactionContext {
     pub fn new(
         transaction_accounts: Vec<TransactionAccount>,
         instruction_context_capacity: usize,
+        number_of_instructions_at_transaction_level: usize,
     ) -> Self {
         let (account_keys, accounts): (Vec<Pubkey>, Vec<RefCell<AccountSharedData>>) =
             transaction_accounts
@@ -50,20 +53,25 @@ impl TransactionContext {
             accounts: Pin::new(accounts.into_boxed_slice()),
             instruction_context_capacity,
             instruction_context_stack: Vec::with_capacity(instruction_context_capacity),
+            number_of_instructions_at_transaction_level,
+            instruction_trace: Vec::with_capacity(number_of_instructions_at_transaction_level),
             return_data: (Pubkey::default(), Vec::new()),
         }
     }
 
-    /// Used by the bank in the runtime to write back the processed accounts
-    pub fn deconstruct(self) -> Vec<TransactionAccount> {
-        Vec::from(Pin::into_inner(self.account_keys))
-            .into_iter()
-            .zip(
-                Vec::from(Pin::into_inner(self.accounts))
-                    .into_iter()
-                    .map(|account| account.into_inner()),
-            )
-            .collect()
+    /// Used by the bank in the runtime to write back the processed accounts and recorded instructions
+    pub fn deconstruct(self) -> (Vec<TransactionAccount>, Vec<Vec<CompiledInstruction>>) {
+        (
+            Vec::from(Pin::into_inner(self.account_keys))
+                .into_iter()
+                .zip(
+                    Vec::from(Pin::into_inner(self.accounts))
+                        .into_iter()
+                        .map(|account| account.into_inner()),
+                )
+                .collect(),
+            self.instruction_trace,
+        )
     }
 
     /// Used in mock_process_instruction
@@ -143,6 +151,12 @@ impl TransactionContext {
         if self.instruction_context_stack.len() >= self.instruction_context_capacity {
             return Err(InstructionError::CallDepth);
         }
+        if self.instruction_context_stack.is_empty() {
+            debug_assert!(
+                self.instruction_trace.len() < self.number_of_instructions_at_transaction_level
+            );
+            self.instruction_trace.push(Vec::new());
+        }
         self.instruction_context_stack.push(InstructionContext {
             program_accounts: program_accounts.to_vec(),
             instruction_accounts: instruction_accounts.to_vec(),
@@ -188,6 +202,13 @@ impl TransactionContext {
         self.return_data = (program_id, data);
         Ok(())
     }
+
+    /// Used by the runtime when a new CPI instruction begins
+    pub fn record_compiled_instruction(&mut self, instruction: CompiledInstruction) {
+        if let Some(records) = self.instruction_trace.last_mut() {
+            records.push(instruction);
+        }
+    }
 }
 
 /// Loaded instruction shared between runtime and programs.