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Choi to the World: When a Foreign Securities Transaction Becomes Domestic: Choi v. Tower Research
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By David C. Franceski, Jr.

*Under the Commodities Exchange Act, futures trades which are “matched” in the United States create irrevocable liability sufficient to constitute a “domestic transaction.” **Unjust enrichment under the common law of New York includes market manipulation which directly harms market participants and enriches the wrongdoer with funds which in equity and good conscience they ought not to retain.

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Class Action Claims Securities Exchanges Are Rigged for High-Frequency Trading Firms: City of Providence v. BATS Global Markets, Inc.
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By Noah D. Sorkin

*Federal courts have jurisdiction over private suits alleging that securities exchanges violated §10(b) of the Securities Exchange Act.

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Gone in a Flash: Securities Manipulation Suit Falters: CP Stone Fort Holdings, LLC v. Doe
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By James L. Komie

Allegations of flash trading that involve a pattern of orders placed and then canceled milliseconds later are not enough,

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Ruling Rejects Retroactivity of Dodd-Frank Expanded Industry Bar: Koch v. SEC
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By Pete S. Michaels

The SEC may not apply its expanded authority to bar an investment adviser from certain associations in the securities industry under the Dodd-Frank Act on the basis of the investment adviser’s conduct before the adoption of the Act,

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Spoofing Is Serious, When It Comes to Commodities Trading: USA v. Coscia
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By James L. Komie

The “Anti-spoofing” provision of the Commodity Exchange Act, which imposes criminal liability for a knowing violation,

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Clearing Firm May Be Liable for Its Role in Manipulative Trades, Court Concludes: Overstock.com, Inc. vs. Goldman Sachs & Co.
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Section 25400 of California’s securities laws prohibits the “effecting” of manipulative trades (and Sec. 25500 supplies the remedy); the term “effect” extends liability beyond those who buy and sell to those involved in any aspect of executing,

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