NEWS
High-Speed Trading Firm Fined
Mon Jul 22, 2013 12:21 PM CDT

(Dow Jones) -- Panther Energy Trading LLC, a high-speed trading firm, was fined by regulators for manipulative trading in commodity markets, in the first case using new enforcement powers the agency was given in the Dodd-Frank financial law.

The Commodity Futures Trading Commission said Monday that the firm and owner Michael J. Coscia used algorithmic trading to engage in "spoofing," placing bids and offers with the intent to cancel them before execution, for over two months in 2011.

Panther Energy agreed to a $2.8 million fine and a one-year trading ban, without admitting or denying wrongdoing.

The fine marks regulators' ...

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