Panther Energy Trading, a high-speed trading firm, was fined by regulators for alleged manipulative trading in commodity markets, in the commodities regulator's first case under new enforcement powers it got in the Dodd-Frank law.

The Commodity Futures Trading Commission alleged Monday that the firm and owner Michael J. Coscia used algorithmic trading to engage in "spoofing," placing bids and offers with the intent to cancel them before execution, for over two months in 2011.