A U.K. trader is contesting extradition to the United States to face charges of being a key figure in bringing about the 2010 "flash crash" — when the Dow Jones Industrial Average plunged 600 points in five minutes.
Navinder Singh Sarao is accused of using lightning-fast software to manipulate the market for E-Mini S&P 500 futures contracts on the Chicago Mercantile Exchange.
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Sarao faces charges of wire fraud, commodities fraud and market manipulation. The trader who works out of his home in west London, appeared in court in a yellow sweatshirt and white track suit bottoms.
Asked at Westminster Magistrates' Court Wednesday if he consented to extradition, Sarao replied: "No."
The May 6, 2010, "flash crash" rattled investors and left many wondering if the stock market was rigged.