Research Note
Market integrity is infrastructure.
Conduct emerges from the market system before it appears in an enforcement file.
Market integrity depends on the design of participation, information, incentives, execution, surveillance, settlement, and accountability.
Enforcement matters, but architecture determines how easy manipulation is, who sees what information, how conflicts are exposed, whether participants can exit or substitute providers, how obligations become final, and whether exceptions are visible.
Integrity therefore belongs inside market design rather than being treated exclusively as a compliance layer added afterward.