High-frequency trading firm Panther Energy fined in ‘spoofing’ case

High-frequency trading firm Panther Energy fined in ‘spoofing’ case

A high-speed trading firm in New Jersey and its owner agreed to pay $2.8 million to settle federal charges that they used a disruptive market trading practice that was banned by Congress when it passed a major financial overhaul measure three years ago.

The Commodity Futures Trading Commission announced the deal Monday with Panther Energy Trading and Michael J. Coscia, who allegedly used sophisticated computer algorithms to illegally place and quickly cancel bids, a method known as “spoofing.” The CFTC action, which awaits court approval, marks the first time that federal authorities have used an enforcement tool granted them by the 2010 Dodd-Frank financial regulation law, which banned spoofing.

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