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Navinder Singh Sarao- Flash Crash Trader

May 6 2010 was just another day in US stock market as the scare of 2009 was finally starting to get over. But that morning, the US stock market crashed(by 1000 points/1 trillion $) once again but only for 5 minutes. This incident has been names as a flash crash as the market rebounded almost immediately.

A UK based Indian, Navinder Singh Sarao and his investment company was behind this flash crash as they made 40M$ in a flash. How did Navinder do this?

By placing multiple, simultaneous, large-volume sell orders at different price points — a technique known as layering — Mr. Sarao created the appearance of substantial supply in the market.

Then he modified these orders frequently so that they remained close to the market price, and typically cancelled the orders without executing them.

When prices fell as a result of this activity, Mr. Sarao sold futures contracts only to buy them back at a lower price. And all this he did through his Algo Trading skills and his own programming machine called NAVTrader.

On 21 April 2015, Navinder Sarao was arrested and taken to a police station, where he was charged with 22 counts of fraud and market manipulation carrying a maximum sentence of 380 years.

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