US authorities are clamping down hard on a practice that has become widespread
Chicago prosecutors have launched the first ever criminal
prosecution of a high-speed trader in the latest crack-down by
authorities on high frequency trading (HFT).
Michael Coscia, former owner of HFT firm Panther Trading, is
accused of "spoofing", an illegal tactic where traders use
computers to place and cancel trades within milliseconds to
manipulate commodity markets.
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