How computerized trading in the hands of a nobody in Britain allegedly crashed the stock market

April 22, 2015 8:08 AM

61 0

How computerized trading in the hands of a nobody in Britain allegedly crashed the stock market

But the May 6, 2010 “flash crash,” where the Dow Jones Industrial Average plunged wildly by 600 points, and then shot back up in a matter of minutes, wasn’t the result of tectonic forces — just one guy sitting in his house in Britain while a computer program boldly manipulated the market for him.

That’s according to U.S. prosecutors, who filed criminal charges Tuesday against 36-year-old British trader Navinder Singh Sarao alleging that he “spoofed” the markets on more than 400 occasions, including May 6.

Read more

To category page

Loading...