High-frequency trader fined $3.1 million for market manipulation
CFTC, CME and FCA fine Michael Coscia and Panther Energy Trading in first case of its kind
A high-frequency trader and his firm have been fined $3.1 million by US and UK authorities for manipulating commodities markets in the first case of its kind.
Michael Coscia and his US-based firm Panther Energy Trading were fined $1.4 million by the US Commodity Futures Trading Commission (CFTC) and $800,000 by the Chicago Mercantile Exchange (CME). The UK's Financial Conduct Authority (FCA) fined Coscia $903,176.
The CFTC found Coscia used a computer algorithm to illegally place and quickly
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