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Federal prosecutors have filed the first-ever indictment of an individual financial professional for manipulating markets through high-speed trading. By using a Michael Coscia used the high-tech trading platform at a commodities trading company that he runs, Michael Coscia placed and then cancelled dozens of large purchases in less than a second. The result was that he tricked the electronic marketplaces that determine the commodities prices.

1. How much was Mr. Coscia able to pocket with this scheme over a three-month period?
2. What is the commodities market? Explain and give examples.
3. How does the article propose that a Financial Transactions Tax (FTT) would limit damage to consumers as investors? Discuss after you watch the video.


Pyke, A.(2014) This Is The First High-Frequency Trader To Be Criminally Charged With Rigging The Market., Oct. 3 (Retrievable online at

YouTube (2014). Wall Street Tax Briefing. Public Citizen, Sep. 26 (Retrievable online at

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