Integrity begins in market design.
Shape the conditions in which participants act before misconduct becomes an enforcement problem.
Market integrity is produced by the interaction of access, information, incentives, execution, surveillance, settlement, governance, and consequences.
Access & conflicts
Define participant eligibility, permissions, conflicts, concentration, and the conditions of market access.
Information architecture
Determine which information is public, private, delayed, standardized, proprietary, or asymmetrically available.
Execution rules
Design order handling, auctions, matching, routing, priority, fees, and market-making incentives.
Surveillance
Connect observable market behavior to alerts, investigation workflows, evidence, escalation, and enforcement.
Settlement discipline
Use finality, collateral, margin, default rules, reconciliation, and custody to constrain hidden risk and opportunistic behavior.
Governance & review
Preserve accountability for rule changes, exceptions, operator conflicts, incidents, and participant complaints.