# Market integrity

`kaal:entity:market-integrity`

**Status.** derived

This node is assembled mechanically from the 3 claims that carry the concept tag `market-integrity`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

3 claims across 3 works, 2012 to 2021.

**2012**

- [1998455-035](https://wulfkaal.github.io/claims/1998455-035) [empirical/argued] -- Treating the price of contingent capital securities as an indicator of how much people care about market integrity and moral hazard would require altruistic motives on the part of purchasers, and the author doubts this: the nascent market appears to have been built on investors' expectation of above average returns.
  > This would imply, however, altruistic motives of CCS purchasers. It is unclear if altruism in CCS purchases would be realistic. The nascent market in CCS seems to have been built on investors' expectation of above- average returns.
  Wulf A. Kaal, Initial Reflections on the Possible Application of Contingent Capital in Corporate Governance (2012). SSRN: https://ssrn.com/abstract=1998455

**2021**

- [3782216-022](https://wulfkaal.github.io/claims/3782216-022) [failure/argued] *(failure mode)* -- The code that constitutes a decentralized exchange can create new risks to market integrity, because automation removes the human backstop in compliance, back office and settlement.
  > The code may also create new risks to market integrity because of its automation and lack of a human backstop in compliance, back office, and settlement.
  Craig Calcaterra, Wulf A. Kaal, Decentralized Finance (DeFi) (2021). SSRN: https://ssrn.com/abstract=3782216
- [3808852-028](https://wulfkaal.github.io/claims/3808852-028) [failure/evidenced] *(failure mode)* -- Decentralized exchanges may fail to ensure market integrity, because the code that creates a DEX can allow asymmetric distribution of trading information based on user status.
  > the code that creates a DEX may also allow the asymmetric distribution of trading information based on user status.19
  Wulf A. Kaal, Decentralization and Feedback Effects (2021). SSRN: https://ssrn.com/abstract=3808852

## Verify

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/market-integrity.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.