“Financial regulators in the UK and US have fined a high frequency trader and his firm more than $3m (£1.95m) for manipulating commodities markets. The UK’s Financial Conduct Authority (FCA) fined Michael Coscia $903,176, while two US regulators levied the rest on him and his company, Panther Energy. Between 6 September 2011 and 18 October 2011, US-based Mr Coscia used algorithmic programs that he developed to create false orders for oil and gas on trading exchanges in the US and UK. A computer program placed and quickly cancelled trades to manipulate the price of commodities, an illegal process known as ‘layering’ and ‘spoofing’.”
