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| 'Flash crash' trader loses bail appeal | 'Flash crash' trader loses bail appeal |
| (35 minutes later) | |
| The High Court has turned down an application to vary the £5m bail conditions imposed on Navinder Sarao, the trader accused of helping cause the stock market "flash crash". | The High Court has turned down an application to vary the £5m bail conditions imposed on Navinder Sarao, the trader accused of helping cause the stock market "flash crash". |
| The decision means Mr Sarao will remain in custody while fighting his extradition to the United States. | The decision means Mr Sarao will remain in custody while fighting his extradition to the United States. |
| Mr Sarao had requested that his bail conditions be relaxed, as his assets had been frozen. | Mr Sarao had requested that his bail conditions be relaxed, as his assets had been frozen. |
| But Judge Ross Cranston turned down his application. | But Judge Ross Cranston turned down his application. |
| "There's no substantial reassurance that this applicant is not a flight risk," he said. | "There's no substantial reassurance that this applicant is not a flight risk," he said. |
| Mr Sarao, 36, was arrested on a US extradition warrant on 21 April after being charged with wire fraud, commodities fraud and market manipulation by the US Department of Justice (DoJ). | |
| In a bail hearing earlier this month, Mr Sarao said that he "did nothing wrong". | |
| High-frequency trades | |
| However, the DoJ claims that Mr Sarao and his firm, Nav Sarao Futures, made £26m ($40m) illegally over five years. | |
| Mr Sarao ran the business from his parents' home in Hounslow, west London. | |
| The DoJ accuses him 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. | |
| Regulators blamed high-frequency traders placing multiple sell orders for the crash. | |
| High-speed trading is where share dealers use computer algorithms to buy and sell stocks in milliseconds. |