FCA fines high frequency trader £600k for market abuse

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...