The Commodity Futures Trading Commission, the U.K. Financial Conduct Authority and CME Group have fined Panther Energy Trading and owner Michael Coscia $4.5 million to settle allegations that they manipulated commodity markets via algorithms for high-frequency trading. Panther and Coscia also face a one-year ban on trading, imposed by the CFTC. Under the Dodd-Frank Act, the CFTC received power to combat "spoofing." This is the first time that authority has been used.

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