Managing speculative execution via groups of one or more actions corresponding to atomic traces enables efficient processing of flag-related actions, as atomic traces advantageously enable single checkpoints of flag values at atomic trace boundaries. Checkpointing flags during atomic trace renaming in a processor system uses a flag checkpoint table to store a plurality of flag checkpoints, each corresponding to an atomic trace. The table is selectively accessed to provide flag information to restore speculative flags when an atomic trace is aborted. A corresponding flag checkpoint is stored when an atomic trace is renamed. An action that updates flags updates all entries in the table corresponding to younger atomic traces. If the atomic trace is aborted, then the corresponding flag checkpoint is used for restoration of flag state.