EC Regulation 178/2002 introduced mandatory traceability for all food operators, but they can choose the level of traceability. We propose a model incorporating three indices of traceability – breadth, depth and precision – that affect costs and benefits. We empirically test the model by regression analyses, using data collected on a sample of Italian fish processors. While higher precision corresponds with larger perceived benefits, an increasing traceability breadth raises costs. A measure of the extent of the discrepancy between expected and actual costs and benefits is also established. Implications are discussed in light of future uptake of continuously advancing traceability technologies.