Navinder Singh Sarao, 36, the British financial trader accused of helping trigger a multibillion-dollar US stock market crash, has lost his High Court bid for bail while he fights extradition to America.
Today, Mr Justice Cranston, sitting in London, refused Mr Sarao's renewed application for bail, saying there was "a clear risk" of him taking flight.
A British trader will appear in court today in connection with the stock market "Flash Crash" in the US five years ago.
The US is requesting the extradition of Navinder Singh Sarao, 36, of Hounslow, west London, for alleged fraud.
He is accused of using an "automated trading programme" to manipulate the market for E-Mini S&P 500 futures contracts (E-Minis) on the Chicago Mercantile Exchange. E-Minis are stock market index futures contracts based on the Standard & Poor's 500 Index.
This is said to have earned him significant profits and contributed to a major crash in the US stock market in May 2010.
It caused the Dow Jones Industrial Average fell by about 600 points in five minutes, following a drop in the price of E-Minis, the Justice Department said.
Sarao faces one count of wire fraud, 10 counts of commodities fraud, 10 counts of commodities manipulation, and one count of "spoofing", a practice of bidding or offering with the intent to cancel the bid or offer before execution.
He will before Westminster Magistrates Court in London this morning.
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