Accused Spoofing Trader Claims Orders Helped Market
- Panther Energy's Coscia says he intended to trade every order
- Trial is first under Dodd-Frank's ban on trader spoofing
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The first trader to be tried on charges of spoofing told Chicago jurors that commodities orders he placed “improved the market for everyone” and that he tried to promote trading activity.
Michael Coscia, the head of Panther Energy Trading LLC, said repeatedly under questioning by prosecutors Friday that he intended to trade every order he placed in late 2011, even though more than 460,000 large orders he placed on CME Group Inc. exchanges were canceled.