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| Version 1 | Version 2 |
|---|---|
| 'Flash crash' trader loses US extradition battle | 'Flash crash' trader loses US extradition battle |
| (35 minutes later) | |
| The UK trader accused of contributing to the 2010 stock market "flash crash" has lost his battle against extradition to the US. | The UK trader accused of contributing to the 2010 stock market "flash crash" has lost his battle against extradition to the US. |
| The ruling means Navinder Sarao, 37, who traded from his parents' house in Hounslow, west London, will be sent to the US within 28 days. | The ruling means Navinder Sarao, 37, who traded from his parents' house in Hounslow, west London, will be sent to the US within 28 days. |
| Mr Sarao is accused of market manipulation that contributed to a 1,000 point fall on the Dow Jones index in New York on 6 May 2010. | Mr Sarao is accused of market manipulation that contributed to a 1,000 point fall on the Dow Jones index in New York on 6 May 2010. |
| He denies 22 charges. | He denies 22 charges. |
| The charges carry sentences that total a maximum of 380 years. | |
| Mr Sarao, who is on bail, did not attend the High Court ruling in London. | Mr Sarao, who is on bail, did not attend the High Court ruling in London. |
| Navinder Sarao: Who is the so-called 'flash crash' trader? | |
| US authorities allege that Mr Sarao is guilty of "spoofing" - the practice of placing large orders that manipulate the markets and then cancelling or changing them, allowing him to buy or sell at a profit. | |
| Mr Sarao's alleged spoofing netted him a profit of $40m (£28m), they argue. | Mr Sarao's alleged spoofing netted him a profit of $40m (£28m), they argue. |
| He was operating on the Chicago Mercantile Exchange, but his trades caused broader market instability, they allege. | |
| The flash crash on 6 May 2010 temporarily wiped nearly $1 trillion off the value of US shares. | The flash crash on 6 May 2010 temporarily wiped nearly $1 trillion off the value of US shares. |
| Mr Sarao's barrister James Lewis has previously attacked those claims, arguing that he could not, as the FBI allege, have "materially contributed" to the flash crash of 2010. | |
| Instead he alleges that the flash crash happened because of a giant sell order placed by a US hedge fund called Waddell & Read, a conclusion previously reached by the US regulator, the Commodities & Futures Trading Commission. |