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.
Navinder Sarao, the British trader accused of helping provoke the 2010 Wall Street "flash crash," is due to appear in a London court on Wednesday after failing to raise the bail needed to secure his release from custody, a court official said.
The five years it took regulators to bring high-profile charges against a UK trader underscore how hard it is to spot wrongdoing in fast-developing markets, and may herald problems in detecting future mishaps.
For now the energy markets are stuck in a relatively tight range which can tend to lull some to sleep and potentially trick traders into taking risks that are maybe not especially wise for these markets.
Despite the fact that the end of floor trading was an industry-wide known inevitability, the announcement came as surprise to those still making a living on the floor who argue it was more personal vendetta than sound business decision.