March 29, 2018 / 2:24 PM / 4 months ago

Tower Research must face Korean 'spoofing' claims-US court

NEW YORK, March 29 (Reuters) - A U.S. appeals court on Thursday revived a lawsuit by five Korean traders accusing the high-frequency trading firm Tower Research Capital LLC and its founder Mark Gorton of conducting illegal “spoofing” transactions on the Korea Exchange “night market.”

The 2nd U.S. Circuit Court of Appeals in New York said it was plausible the trades at issue qualified as “domestic transactions,” and that a lower court judge erred in concluding that U.S. law did not cover the alleged wrongful conduct. (Reporting by Jonathan Stempel in New York)

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