The Financial Conduct Authority (FCA) has fined a US-based oil trader £600,000 for market manipulation.
Between 6 September and 18 October 2011, high-frequency trader Michael Coscia used an algorithmic programme to run an "abusive" trading strategy known as "layering", making a profit of £183,000 in the process. Coscia placed thousands of false orders for oil futures on the UK's ICE Futures Europe exchange, manipulating prices and defrauding other high-frequency traders, the FCA said. The case is the first time the FCA has taken action against a high-frequency trader. FCA director of enforcement Tracey Coscia was "cheating the market and other participants." "High-frequency tradin...
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