Commodity manipulating trader fined

A trader who made millions of US dollars by moving the price of commodities, ranging from oil to wheat, has been fined around 3.1 million US dollars (£2 million) by authorities in the UK and the US.

Michael Coscia wrote a computer program which placed and quickly cancelled bids to manipulate the price of commodities, an illegal process known as "layering" and "spoofing". Regulators also ordered US-based, high-frequency trader Coscia to repay about 2.7 million US dollars (£1.8 million) in profits.
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