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Indian-origin ‘flash crash’ trader pleads guilty in US court
An Indian-origin futures trader, who was extradited to the US after being arrested in the UK for his alleged role in the 2010 Wall Street ‘Flash Crash’ which wiped nearly USD 1 trillion off the value of American shares in minutes, pleaded guilty in a court here.
By
migrator
migrator
Chicago
Sarao was extradited to the US on November 7 and made his first court appearance on Wednesday. The charges against him include his role in the May 6, 2010 ‘Flash Crash’ when the Dow Jones Industrial Average plunged 600 points in five minutes, the US Assistant Attorney General Leslie R Caldwell said. As part of his guilty plea, Sarao admitted that he used an automated trading programme, along with other techniques, to manipulate the market for E-mini Standard & Poor’s (S&P) 500 futures contracts (E-minis), stock market index futures contracts based on the S&P 500 index, through the Chicago Mercantile Exchange (CME).
The E-mini S&P 500 is considered among the most widely traded financial products in the world.
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