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1.Market Observations, 2.share trading

25 Mar 2016 (TheAge) – British ‘Flash Crash’ trader may be extradited to US, judge rules

[COMMENT: This news story includes some information to explain possible causes of a share market “flash crash” as was seen on 6th May 2010.]

(The Age, BusinessDay, p25, Kaja Whitehouse)

‘New York:  Navinder Sarao, the 36-year-old trader whose allegedly bogus trades contributed to the 2010 “flash crash” can be extradited to the US to stand trial, a British judge has ruled. Sarao, who allegedly made millions from illegal trading from his parent’s house near London’s Heathrow Airport, should be sent to the US in the “interests of justice”, Judge Quentin Purdy of Britain’s Westminster Magistrates’ Court said in a 15-page judgement on Wednesday. Sarao faces federal criminal charges in Chicago for fraud, commodities manipulation and spoofing — or the practice of placing orders but not executing on them in an effort to manipulate prices. Prosecutors said Sarao illegally spoofed futures contracts on the Chicago Mercantile Exchange (CME) for years, including on May 6, 2010, or the day of the infamous ‘flash crash’. ‘

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