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| 'Flash crash' trader freed on bail | 'Flash crash' trader freed on bail |
| (35 minutes later) | |
| A UK trader accused of contributing to the 2010 US "flash crash" will be freed on bail after his conditions were changed. | |
| Navinder Singh Sarao argued he couldn't put up £5.05m for bail because his assets had been frozen. | Navinder Singh Sarao argued he couldn't put up £5.05m for bail because his assets had been frozen. |
| The US Justice Department (DoJ) wants him extradited on wire and commodities fraud and market manipulation charges. | The US Justice Department (DoJ) wants him extradited on wire and commodities fraud and market manipulation charges. |
| The US authorities have said he can be freed if he agrees to come up with the money in the coming weeks. | The US authorities have said he can be freed if he agrees to come up with the money in the coming weeks. |
| He also had to say where his money was. The court was told that he had funds of more than £30m, £25.5m of it in Swiss accounts. | He also had to say where his money was. The court was told that he had funds of more than £30m, £25.5m of it in Swiss accounts. |
| Mr Sarao told an earlier hearing at Westminster Magistrates' Court that he had not "done anything wrong apart from being good at my job". | Mr Sarao told an earlier hearing at Westminster Magistrates' Court that he had not "done anything wrong apart from being good at my job". |
| The other bail conditions are that he must stay at his parents' address in Hounslow, west London, each night, and cannot travel internationally or use the internet. | The other bail conditions are that he must stay at his parents' address in Hounslow, west London, each night, and cannot travel internationally or use the internet. |
| The court was also told that Mr Sarao has been diagnosed with severe Asperger's syndrome. | The court was also told that Mr Sarao has been diagnosed with severe Asperger's syndrome. |
| A full extradition hearing is scheduled for 24-25 September. | A full extradition hearing is scheduled for 24-25 September. |
| The DoJ claims that Mr Sarao and his firm, Nav Sarao Futures, made £26m ($40m) illegally over five years. | The DoJ claims that Mr Sarao and his firm, Nav Sarao Futures, made £26m ($40m) illegally over five years. |
| He has been accused of using an "automated trading program" to manipulate markets, and of contributing to the flash crash of 6 May 2010. On that day, the Dow Jones index lost 700 points in a matter of minutes - wiping about $800bn off the value of US shares - before recovering just as quickly. | He has been accused of using an "automated trading program" to manipulate markets, and of contributing to the flash crash of 6 May 2010. On that day, the Dow Jones index lost 700 points in a matter of minutes - wiping about $800bn off the value of US shares - before recovering just as quickly. |