Arab Today, arab today uk flash crash trader granted bail
Last Updated : GMT 03:57:31
Arab Today, arab today
Arab Today, arab today

UK 'Flash Crash' trader granted bail

Arab Today, arab today

Arab Today, arab today UK 'Flash Crash' trader granted bail

A semi-detached house (R)
London - AFP

A British trader accused of helping trigger a US stock market crash through a company registered at his modest London home was granted bail Friday and free to leave prison.

Navinder Singh Sarao, 36, was arrested in London in April at the request of US authorities, and has been behind bars since failing to stump up the £5 million (7 million euros, $7.5 million) security initially imposed by London's Westminster Magistrates' Court.

But the amount of his bail was on Friday reduced to £50,000, which the court said had been taken.

Sarao stands accused of making millions in high-frequency trading. He has vowed to fight extradition to the United States.

As part of his bail conditions, Sarao must remain within the bounds of the M25 motorway, which forms a loop around outer London, and adhere to restrictions on using the Internet for financial purposes.

The original bail sum was the amount Sarao allegedly had in his trading account, but the suspect said he was unable to access sufficient funds.

US officials allege his trades contributed to the May 2010 "Flash Crash," when US stocks plunged 600 points in five minutes.

His opposition to extradition paves the way for a protracted legal battle, which could last years.

Sarao's company, Nav Sarao Futures Ltd, is headquartered in a suburban house in Hounslow, west London, which is also the home that he shares with his parents.

Between 2009 and 2014, Sarao is accused of placing orders for futures contracts -- agreements to buy or sell a specific product or financial instrument in the future -- before cancelling them abruptly.

The goal of the practice -- known as "spoofing" -- is to manipulate the market price, which the trader can then exploit by simultaneously executing other, real trades using automated trading software.

He faces one charge of wire fraud, 10 counts of commodities fraud, 10 counts of commodities manipulation, and one count of "spoofing."

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today uk flash crash trader granted bail Arab Today, arab today uk flash crash trader granted bail

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives Algerian heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives Algerian heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday