High-Speed Trader To Pay $3.7M Over Market Manipulation

Law360, New York (July 22, 2013, 1:06 PM EDT) -- Regulators in the U.S. and U.K. on Monday ordered the owner of high-frequency trader Panther Energy Trading LLC to pay $3.7 million in fines and penalties for “spoofing” the market by quickly buying and canceling bids and offers in futures contracts.

The U.S. Commodity Futures Trading Commission said Panther Energy and its sole owner, Michael J. Coscia, of Rumson, N.J., who have agreed to settle the various actions against them, used a computer algorithm that was designed to illegally place and quickly cancel orders in exchange-traded...
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