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A US trader has become the first to be found guilty of “spoofing” some of the world’s largest commodity futures markets in a landmark criminal case for authorities attempting to clamp down on deceptive trading driven by computers.
一名美国交易员成为因在全球一些最大的大宗期货商品市场上实施“诱骗”而被定罪的第一人。这是美国当局试图打压通过计算机执行欺骗性交易的一个里程碑式案件。
A jury in Chicago on Tuesday found Michael Coscia, 53, guilty on 12 counts, including intending to defraud other traders by flooding gold, corn, soyabeans, foreign exchange and crude oil futures markets with small orders with the intent of cancelling them.
周二，芝加哥一个陪审团裁定，今年53岁的迈克尔科夏(Michael Coscia)被指控的12项罪名成立，其中包括在黄金、玉米、大豆、外汇和原油的期货市场投下打算随后取消的海量小额订单，借以欺骗其他交易员。
The criminal case was a test of authorities’ attempts to stamp out computer-driven misleading trading on the some of the world’s most active markets.
这起刑事案是对美国当局的一次检验，看看他们在打击全球一些最活跃市场里以计算机驱动的误导性交易方面表现得如何。
Spoofing is rapidly placing orders with the intent to cancel them before they trade in order to trick other investors by creating the illusion of demand. While long prohibited by authorities and exchanges, it was explicitly banned under the US Dodd-Frank financial reforms of 2010.
诱骗是指快速投下打算在交易执行前取消的订单，通过创造需求幻像来欺骗其他投资者。尽管这一做法长期以来被当局和交易所禁止，但是2010年的多德-弗兰克(Dodd-Frank)金融改革才明令取缔。
The tactic has risen to prominence in futures markets with the emergence of electronic trading that has taken the place of face-to-face trading.
随着电子化交易的出现取代了面对面交易，这一策略在期货市场已成为了主流。
Coscia faces a maximum sentence of 25 years and a $25,000 fine on each of the six counts of commodities fraud and 10 years and a $1m fine on each of the six counts of spoofing. Judge Harry Leinenweber set sentencing for March next year.
在6项大宗商品欺诈罪名的每一项上，科夏都面临最高25年监禁和2.5万美元罚款，在6项诱骗罪名的每一项上，他面临着10年监禁和100万美元罚款。法官哈里莱宁韦伯(Harry Leinenweber)定于明年3月宣判。
“We’re disappointed by the verdict,” said Mr Coscia’s lawyer Steven Peikin of Sullivan and Cromwell. “We believe this case presents many novel and complex issues, and Mr Coscia intends to pursue all of his legal options.”
“我们对上述罪名感到失望，”科夏的律师、苏利文与克伦威尔律师事务所(Sullivan & Cromwell)的史蒂文椠金(Steven Peikin)说，“我们认为，这个案子提出了许多新鲜、复杂的问题，科夏先生打算使用所有的法律途径。”
The jury deliberated for about one hour before reaching a verdict after a seven-day trial.
经过7天的庭审，陪审团在商议约1小时之后做出了有罪认定。
Federal prosecutors alleged Mr Coscia made $1.4m in three months of 2011 at Panther Energy Trading with an algorithm custom-designed to spoof designed to “bait and switch” investors.
联邦检察官指控称，2011年，科夏在Panther Energy Trading使用一种专门设计的、用来对投资者进行“上钩掉包”的算法，在3个月内赚到140万美元。
Prosecutors alleged that on occasion, Mr Coscia’s Panther Trading was the largest participant in the market in spite of only having seven traders.
检察官们称，有时科夏旗下的Panther Trading是市场上最大的参与者，尽管该公司总共只有7名交易员。
Mr Coscia’s attorneys argued the law under which he was charged was hopelessly vague.
科夏的辩护律师辩称，指控他时依据的法律在规定上极其含糊不清。
