Arab Today, arab today uk flash crash trader granted bail
Last Updated : GMT 21:09:51
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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."

 

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