A jury on Tuesday convicted high-frequency trader Michael Coscia of commodities fraud and "spoofing," in the U.S. government's first criminal prosecution of the banned trading practice. The verdict may energize prosecutors to pursue market manipulation cases and spur some high-speed traders to review their strategies, in which orders are sometimes executed or canceled within milliseconds after they are entered.
The U.S. government will square off in a Chicago courtroom on Monday against a high-frequency trader accused of using computer algorithms to move market prices, as prosecutors test their ability to enforce a new "anti-spoofing" law.
Last week featured two relatively important central bank meetings, with both the Bank of Canada and the European Central bank coming off as relatively dovish relative to the market’s expectations. As we look ahead to central bank action in the coming week, the Federal Reserve and Bank of Japan are looking increasingly likely to sing a similar tune.
Environmental Financial Products LLC (EFP) and CBOE Holdings Inc. (CBOE) announced plans to launch the American Financial Exchange (AFX), an electronic marketplace for small and mid-sized banks to lend and borrow short-term funds.
Contemplating the growing threat of a cyber attack on Wall Street, brokers and exchanges, the first thing to look at is the main technology software and service providers. Most of those stocks can be found as holdings in the PureFunds ISE Cyber Security ETF
CME Group and FTSE Russell, a leading global index provider, announced that they have entered into a licensing agreement establishing CME Group as a global partner for futures, options on futures and OTC cleared products on FTSE Russell.