CME CEO Terry Duffy is poking holes in the government’s case against trader Navinder Singh Sarao’s arrest in London last week for his alleged role in the ‘Flash Crash’ of May 6, 2010.
On Opening Bell with Maria Bartiromo Duffy clarified some points of the case saying that the CME spoke with Sarao on the day of the crash, but called it “a matter of bad timing, and had nothing to do with that particular day.”
Following the arrest, in a statement the CME said the ‘Flash Crash’ “was not caused by the futures market." Duffy elaborated Tuesday saying the facts are important and the CME “looks forward to working with the CFTC and DOJ to understand their complaint more fully.”
Duffy added “the integrity of the market is of the utmost importance to the CME Group,” and “we will honor that with everything that we have in our arsenal to make sure the markets are policed properly.”
For more on this story, watch the full interview above.