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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.