High Frequency Trading Cases Built On Concept Of Algorithmic Intent

On Tuesday, when high frequency trader Michael Coscia received a three-year prison sentence for a financial crime, it got industry practitioner attention. A clear message was sent amid a more nuanced approach the US Attorneys in Chicago are taking to combat acts that destabilize US markets.

Tough HFT prosecution designed to send a message to deter future market destabilizing acts

At a higher level, the DoJ isn’t looking at the Coscia case in the rear view mirror. There is a clear message being sent to end a lucrative practice critics had charged had become rampant: the practice of market manipulation.

“Traders contemplating sophisticated scams will think twice if they know that there are more significant consequences than a civil lawsuit or...