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. Securities and Exchange Commission is investigating how the International Business Machines Corp. recognized revenue for certain deals in the United States, Britain and Ireland, IBM said on Tuesday, news that sent its shares down 4%.
U.S. government regulators puzzling over what to do about frugalities in the increasingly electronic bond markets said on Tuesday reforms may be needed that emphasize stability over what one called the "never-ending competition for more speed."
Commodity Futures Trading Commission fined Morgan Stanley $300,000 for not maintaining enough USD in segregated accounts for U.S. clients, as well as ordered the bank to improve compliance with cleared swaps customer collateral, Market Watch reported.
On June 30 Greece missed a payment of €1.6 billion ($1.78 billion) owed to the International Monetary Fund. Greece has been negotiating with the IMF, European Central Bank and various European leaders on a package of fiscal reforms they are demanding before extending further credit to Greece.
Goldman Sachs Group Inc. will pay $7 million to resolve U.S. Securities and Exchange Commission charges stemming from a programming error that caused the stock options market to be flooded with erroneous orders, roiling traders and prices.