“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’.”
http://www.bbc.co.uk/news/business-23405925
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Tip Freedomwat.ch Staff with Bitcoin
Related posts:
German minister wants to ban sale of Swiss banking data
Late Marc Rich’s Swiss mansions for sale
This Chart Explains Why Politicians Aren't Like The Rest of Us
Georgia rebuilds Stalin monuments
Syria Resolution Intentionally Vague, Obama Can Put Boots On The Ground
Hundreds of fast food workers strike in New York for a 'living wage'
China central bank suggests faster tempo for freeing yuan
Russian ‘mobile malware’ industry could spread to other countries
Were Snowden's Actions Justified? Ellsberg, Mukasey Debate
German Constitutional Court Rejects Calls to Block ESM Fund
Nobel laureates urge end to Syria hospital attacks
Parents now face hard consequences for leaving kids in car
Iran offers state assets to foreigners in investment drive
Is Bitcoin Ready for Primetime Usage?
Scientists Develop Nanoparticle Which Completely Destroys Hepatitis C