A UK futures trader has been accused by US authorities of contributing to the 2010 'flash crash' which saw the Dow Jones plunge 600 points in five minutes.
Navinder Singh Sarao was arrested yesterday at his London home on fraud and manipulation charges relating to the 6 May 2010 flash crash. The slump saw the US index shed 600 points in a few minutes, before quickly rebounding, a move which was initially blamed on high frequency traders. In a statement, the US Department of Justice (DoJ) alleged Sarao used an automated trading programme to manipulate US futures markets, earning him "significant profits" between 2010 and 2014, and contributing to the flash crash. The DoJ is now seeking to have Sarao extradited to face the charges. T...
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