Sarao was released on bail, banned from trading and placed under the care of his father. Sarao was later arrested and extradited to the United States, only the second person ever charged with spoofing. 2023 BBC. As of July 2011, only one theory on the causes of the flash crash was published by a Journal Citation Reports indexed, peer-reviewed scientific journal. [90], In a 2011 article that appeared on the Wall Street Journal on the eve of the anniversary of the 2010 "flash crash", it was reported that high-frequency traders were then less active in the stock market. T. . Both the U.S. Commodity Futures Trading Commission (CFTC) and the Department of Justice, in separate criminal and civil enforcement actions, brought charges of market manipulation and spoofing against Nav Sarao Futures Limited PLC (Sarao Futures) and Navinder Singh Sarao (Sarao) based on . [69], During extradition proceedings he was represented by Richard Egan[70] of Tuckers Solicitors. Vaughan says Saraos motivation had little to do with money, and refers again to it being like a game for him: He really just saw the dollar signs that were rising in his trading account as points. [27] As computerized high-frequency traders exited the stock market, the resulting lack of liquidity "caused shares of some prominent companies like Procter & Gamble and Accenture to trade down as low as a penny or as high as $100,000". Investigators focused on a number of possible causes, including a confluence of computer-automated trades, or possibly an error by human traders. In its sentencing recommendation published earlier this month, the DoJ said: [Saraos] only significant purchase was a 5,000 car. A recess was called to discuss the situation and the judge was satisfied Sarao would only be allowed to leave the house in a handful of circumstances. Nav has been living under the threat of a very long sentence for almost five years. The S&P 500 erased all losses within a week, but selling soon took over again and the indices reached lower depths within two weeks. Activities such as spoofing, layering and front running were banned by 2015. CFTC20096SaraoCMEE-mini SP 500 . David Leinweber, director of the Center for Innovative Financial Technology at Lawrence Berkeley National Laboratory, was invited by The Journal of Portfolio Management to write an editorial, in which he openly criticized the government's technological capabilities and inability to study today's markets. Saraos utter lack of significant personal expenditures or extravagance sheds light on the nature and circumstances of his offense because they strongly indicate that he was not motivated by any greed whatsoever, US prosecutors concluded. [43] After a short while, as market participants had "time to react and verify the integrity of their data and systems, buy-side and sell-side interest returned and an orderly price discovery process began to function", and by 3:00 p.m., most stocks "had reverted back to trading at prices reflecting true consensus values". The BBC is not responsible for the content of external sites. Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, Stock Traders Are Ignoring Blaring Bond Alarms, iPhone Maker Plans $700 Million India Plant in Shift From China, Russia Is Getting Around Sanctions to Secure Supply of Key Chips for War. ""201056229. In 2011 high-frequency trading firms became increasingly active in markets like futures and currencies, where volatility remains high. Using specially programmed, high-speed software, Mr Sarao placed thousands of orders that he did not intend to fulfil, creating the illusion of market demand. [4], The Commodity Futures Trading Commission (CFTC) investigation concluded that Sarao "was at least significantly responsible for the order imbalances" in the derivatives market which affected stock markets and exacerbated the flash crash. Most of those losses were regained in 20 minutes. A list of 'winners' and 'losers' created by this arbitrary measure has never been made public. Hed eventually outgrow the firm and strike out on his own, working from his childhood bedroom in his parents house. [2], SEC Chairwoman Mary Schapiro testified that "stub quotes" may have played a role in certain stocks that traded for 1 cent a share. AFP. Nifty 146.95. Navinder Singh Sarao helped send Dow on the wild,1,000-point ride that the world came to know as the flash crash. The 37-year-old British stock market trader of . 6, No. ', SEC Chairman Admits: Were Outgunned By Market Supercomputers, SEC Testimony Concerning the Severe Market Disruption on May 6, 2010, Senators Seek Regulators' Report On Causes Of Market Volatility, "Six Mega Drops of the Flash Crash; Sam Adams Goes Flat", "Dow average sees biggest fall in 15 months". On this Wikipedia the language links are at the top of the page across from the article title. By Tuesday, June 15, the number had grown to 223, and by Wednesday, June 16, all 404 companies had circuit breakers installed. No fine or restitution was ordered. Furthermore, he concluded that by April 2015, traders can still manipulate and impact markets in spite of regulators and banks' new, improved monitoring of automated trade systems. On March 1, 2011, cocoa futures prices dropped 13% in less than a minute on the Intercontinental Exchange. Mr Sarao saw his trades as a way to "fight fire with fire", Mr Burlingame added. E-mini S&P 500 stock index futures contracts, United States Securities and Exchange Commission, International Organization of Securities Commissions, Video of the S&P500 futures during the flash crash, U.S. Congressional House Subcommittee on Capital Markets and Government-Sponsored Enterprises, Interactive Intraday Chart of the SP500 Index on May 6, 2010, "Nasdaq: Here's Our Timeline of the Flash Crash", "The Work-From-Home Trader Who Shook Global Markets", "Post Flash Crash, Regulators Still Use Bicycles To Catch Ferraris: Blaming the Flash Crash on a UK man who lives with his parents is like blaming lightning for starting a fire", "Dow Takes a Harrowing 1,010.14-Point Trip", "Should You Fear the ETF? cookies He was extradited to the US in 2016 and all but two charges were eventually dropped but Sarao, 41, had faced between six and a half and eight years imprisonment, according to US sentencing guidelines, in addition to any fines and restitution the court might have imposed. When a market makers liquidity has been exhausted, or if it is unwilling to provide liquidity, it may at that time submit what is called a stub quotefor example, an offer to buy a given stock at a penny. US prosecutors as well as his own legal team had called for leniency. Nav was an irresistible character, and his was a really enticing human story, says Liam Vaughan, a business journalist and author of the recent book Flash Crash: A Trading Savant, a Global Manhunt, and the Most Mysterious Market Crash in History (Doubleday). When a market order is seeking liquidity and the only liquidity available is a penny-priced stub quote, the market order, by its terms, will execute against the stub quote. During that period, the participant hedging its portfolio represented less than 5% of the total volume of sales in the market. He was arrested in 2015 for . The Dow Jones Industrial Average on May 6, 2010 Source-Wikipedia. Navinder Singh Sarao Spoofing. The orders amounted to about $200 million worth of bets that the market . Sarao, however, phoned the authorities and told them to kiss my ass.. It would have increased the probability of surprise distortions, as in the equity markets, according to a professional investor. Mr Sarao has a diagnosis of severe Asperger's - one of many interesting aspects to this case. Taking nearly five months to analyze the wildest ever five minutes of market data is unacceptable. Jan. 28, 2020 5:38 pm ET. Another article in the journal said trades by high-frequency traders had decreased to 53% of stock-market trading volume, from 61% in 2009. 1 reference. Sarao, now 41, ultimately cooperated with the authorities and all but two charges against him were dropped. How the 'Hound of Hounslow' helped trigger a $1tn crash, Street fighting in Bakhmut but Russia not in control, Saving Private Ryan actor Tom Sizemore dies at 61, Alex Murdaugh's legal troubles are far from over, The children left behind in Cuba's mass exodus, Xi Jinping's power grab - and why it matters, Snow, Fire and Lights: Photos of the Week. I was just shocked at every turn, he adds. Three erroneous NYSE Arca trades were said to have been the cause of the share price jump. He lived in a modest West London suburb, the son of immigrants. The Journal of Trading, Vol. 2, pp. According to Schapiro:[85]. As they withdraw, liquidity disappears, which increases even more the concentration of toxic flow in the overall volume, which triggers a feedback mechanism that forces even more market makers out. The report says that this was an unusually large position and that the computer algorithm the trader used to trade the position was set to "target an execution rate set to 9% of the trading volume calculated over the previous minute, but without regard to price or time". By Monday, June 14, 44 had them. his face inches from his screens, in what appeared to be a catatonic state, Vaughan writes. At 2:42 p.m., with the Dow down more than 300 points for the day, the equity market began to fall rapidly, dropping an additional 600 points in 5 minutes for a loss of nearly 1,000 points for the day by 2:47 p.m. Twenty minutes later, by 3:07 p.m., the market had regained most of the 600-point drop. Updated: April 23, 2015 6:31 pm IST. Flash Crash de 2010. A U.S. judge on Tuesday, Jan. 28, 2020, sentenced Navinder Singh Sarao, a socially awkward math whiz-turned-futures trader who helped trigger a U.S. stock market "flash crash" from his parents' suburban London home to time served and a year's home confinement, sparing him imprisonment after prosecutors praised his cooperation and said his . It was a reflection of computer-driven traders passing securities back and forth between day-trading hedge funds. We've received your submission. Such software allowed traders to [8][81][82] Procter & Gamble in particular dropped nearly 37% before rebounding, within minutes, back to near its original levels. [72], Sarao pleaded guilty to one count of electronic fraud and one count of spoofing. Navinder Singh Sarao faces extradition to the US over claims he caused an $800bn (565bn) "flash crash" in the US stock market from his parents' house in west London. A stub quote is essentially a place holder quote because that quote would neverit is thoughtbe reached. These hedging orders were entered in relatively small quantities and in a manner designed to dynamically adapt to market liquidity by participating in a target percentage of 9% of the volume executed in the market. ntk20211104532. Musk Made a Mess at Twitter. [11] Sarao began his alleged market manipulation in 2009 with commercially available trading software whose code he modified "so he could rapidly place and cancel orders automatically". The case against Mr Sarao, filed in federal court in Chicago, drew intense interest in the UK, where he was dubbed the "Hound of Hounslow" in reference to the "Wolf of Wall Street" and location of his parents' home in West London. . Sarao and his company, Nav Sarao Futures Limited, allegedly made more than $40 million in profit from trading from 2009 to 2015. "NYSE Confirms Price Reporting Delays That Contributed to the Flash Crash", https://www.nytimes.com/2010/09/21/business/economy/21flash.html, https://www.sec.gov/news/speech/2010/spch101310geb.htm, "Findings Regarding the Market Events of May 6, 2010", "Report examines May's 'flash crash,' expresses concern over high-speed trading", "$4.1-billion trade set off Wall Street 'flash crash,' report finds", "U.S. probes computer algorithms after "flash crash", "Special report: Globally, the flash crash is no flash in the pan", "Flash Crash Report: Market 'Internalizers' Pressured Exchanges", "MarketBeat Word of the Day: Internalizer! Navinder Singh Sarao, the British trader blamed for helping cause the 2010 Flash Crash from his bedroom, should serve no additional jail time, U.S. authorities said in a recommendation before his Jan. 28 sentencing in Chicago. Navinder SINGH SARAO. [13]:1 At the time of the flash crash, in May 2010, high-frequency traders were taking advantage of unintended consequences of the consolidation of the U.S. financial regulations into Regulation NMS,[4][14] designed to modernize and strengthen the United States National Market System for equity securities. Court Reporter Contact Information: Gayle A. McGuigan, CSR, RMR, CRR, Gayle_McGuigan@ilnd.uscourts.gov, (312) 435-6047.IMPORTANT: The transcript may be viewed at the court's public terminal or . The story of the British day trader charged with triggering a trillion-dollar flash crash that caused havoc on Wall Street in 2010 ended where it began on Tuesday with a judge sentencing him to one year of home incarceration at his parents house. The computer systems used by most high-frequency trading firms to keep track of market activity decided to pause trading, and those firms then scaled back their trading or withdrew from the markets altogether. The orders were then replaced or modified 19,000 . Friday 05 June 2020 1:21 pm . Of his remaining trading profits, the defendant lost over 40m to three apparently fraudulent investment schemes. The DoJ alleged that Sarao earned more than 45m ($70m) in trading profits from his scheme of which at least $12.8m was attributable to his fraud and spoofing scheme. [44][25], The SEC and CFTC joint 2010 report itself says that "May 6 started as an unusually turbulent day for the markets" and that by the early afternoon "broadly negative market sentiment was already affecting an increase in the price volatility of some individual securities". In the end, Navinder was let off with time served and was placed under house arrest for a year. He had alerted authorities about what he believed - that many traders were cheating on the futures markets - six months before he was arrested. Over a period of two hours starting in the early afternoon New York time, when the Dow was down by more than 300 points, Sarao allegedly traded more than 62,000 E-mini contracts worth $3.5 billion . The activity - known as "spoofing" - contributed to market instability that led to the May 2010 "flash crash", when the Dow Jones index fell almost 1,000 points in a matter of minutes. Consequently, we believe, that irrespective of technology, markets can become fragile when imbalances arise as a result of large traders seeking to buy or sell quantities larger than intermediaries are willing to temporarily hold, and simultaneously long-term suppliers of liquidity are not forthcoming even if significant price concessions are offered. At 2:32 p.m. (EDT), against a "backdrop of unusually high volatility and thinning liquidity" that day, a large fundamental trader (known to be Waddell & Reed Financial Inc.[25]) "initiated a sell program to sell a total of 75,000 E-Mini S&P contracts (valued at approximately $4.1 billion) as a hedge to an existing equity position". The DoJ initially charged Sarao with 22 counts of fraud, including spoofing or placing fake trades, in a five-year scheme that included his role in the 6 May 2010 flash crash, when the Dow Jones Industrial Average plunged 600 points in five minutes. with somewhere in the region of $200bn worth of trades each day. The S&P shed 5 percent of its value in just four minutes. Saraos lawyer, Dechert partner Roger Burlingame, said: We are grateful to the judge for her decision and the government for its recommendation. Navinder Sarao didn't . Harrods chief shrugs off recession fears because rich get richer, FCA regulator blamed for Arms decision to shun London listing, Argentina diary: Come armed with $100 bills, There are no domestic equity investors: why companies are fleeing Londons stock market, Clutching Warrens letter, Im still positive on stocks, The Murdaugh trial: a southern gothic tale that gripped the nation, Humanity is sleepwalking into a neurotech disaster, Who to fire? Instead of greed, the trader seems to have been motivated by viewing trading through the prism of his autism, which was described as both a disability and a talent. When he cancelled or changed his bids, he was able to profit. [89], On May 6, the markets only broke trades that were more than 60 percent away from the reference price in a process that was not transparent to market participants. [11] Traders Magazine journalist, John Bates, argued that blaming a 36-year-old small-time trader who worked from his parents' modest stucco house in suburban west London[11] for sparking a trillion-dollar stock market crash is "a little bit like blaming lightning for starting a fire" and that the investigation was lengthened because regulators used "bicycles to try and catch Ferraris". If those program traders pulled back from the market, then big "buy" or "sell" orders could have led to sudden, big swings. Navinder Sarao, who traded from a bedroom in his parents west London home, was arrested in 2015 and pleaded guilty to illegally manipulating the stock markets with trades that led to one of the most dramatic crashes in history. He was ordered to pay $38.4 million to the CFTC and the Justice Department, which determined that, of the money he made by day trading, only $12.8 million came from cheating the market. Several plausible theories were put forward to explain the plunge. These circuit breakers would halt trading for five minutes on any S&P 500 stock that rises or falls more than 10 percent in a five-minute period. That means that none of the 6,438 trades were executed by hitting a bid. I think justice was done because the message was out there that someone shouldnt be thinking about doing what Nav was doing, the author says. Bloomberg via Getty Images. He pedaled a bike around his suburban London neighborhood and would show up to important meetings munching on a McDonalds Filet-O-Fish. Text. [91] Former Delaware senator Edward E. Kaufman and Michigan senator Carl Levin published a 2011 op-ed in The New York Times a year after the Flash Crash, sharply critical of what they perceived to be the SEC's apparent lack of action to prevent a recurrence. Available at SSRN: Andersen, Torben G. and Bondarenko, Oleg, Assessing VPIN Measurement of Order Flow Toxicity via Perfect Trade Classification (May 10, 2013). By the first weekend, regulators had discounted the possibility of trader error and focused on automated trades conducted on exchanges other than the NYSE. Government prosecutors and defense lawyers described the 41-year-old Navinder Singh Sarao as autistic in memos filed before sentencing in Chicago federal court. Read about our approach to external linking. "I have made the majority of my net worth in I would say no more than 20 days trading, that's how I . [12], On May 6, 2010, U.S. stock markets opened and the Dow was down, and trended that way for most of the day on worries about the debt crisis in Greece. [2] NASDAQ's timeline indicates that NYSE Arca may have played an early role and that the Chicago Board Options Exchange sent a message saying that NYSE Arca was "out of NBBO" (National best bid and offer). Recent research on dynamical complex networks published in Nature Physics (2013) suggests that the 2010 Flash Crash may be an example of the "avoided transition" phenomenon in network systems with critical behavior. [15]:641 The Reg NMS, promulgated and described by the United States Securities and Exchange Commission, was intended to assure that investors received the best price executions for their orders by encouraging competition in the marketplace, created attractive new opportunities for high-frequency-traders. Criminal Charges: On November 9, 2016, Navinder Singh Sarao, 41, of Hounslow, United Kingdom . The mystery over the May 6, 2010 Flash Crash took a turn on Tuesday when the Department of Justice said it arrested a little known U.K.-based trader, Navinder Singh Sarao of Sarao Futures, for . Journal of Financial Markets, forthcoming. Liam Vaughan's account of maths prodigy Navinder Sarao is a cautionary tale on modern finance. Navinder Singh Sarao, who has been dubbed the "Hound of Hounslow", used his ability to spot numerical patterns in split seconds to influence the market, making himself more than 9 million ($12 . Mr Burlingame said that Mr Sarao almost believed he was playing a highly sophisticated and complicated video game and he affectively found the best "cheat" to win the game. 200.45. . Dressed in a black suit and brown shoes, Sarao told the court he had been addicted to trading and that while he made more money than I could ever have imagined that it didnt make me happy. US Department of Justice (DoJ) lawyers called Sarao who has been diagnosed with Aspergers syndrome, a form of autism a rare, even unique case and individual. The first circuit breakers were installed to only 5 of the S&P 500 companies on Friday, June 11, to experiment with the circuit breakers. Based on interviews and our own independent matching of the 6,438 W&R executions to the 147,577 CME executions during that time, we know for certain that the algorithm used by W&R never took nor required liquidity. Ben Morgan. A preternaturally gifted trader with a penchant for . 23 April 2015. Navinder Singh Sarao, a British trader charged over his role in the 2010 U.S. flash crash, leaves Westminster Magistrates' Court after losing a bid to delay extradition proceedings in London, U.K . The cheating has just become more sophisticated., The Dow Jones dramatic 9 percent dip on May 6, 2010. Based on our analysis, we believe that High Frequency Traders exhibit trading patterns inconsistent with the traditional definition of market making. tobin james the blend 2017 ; real estate marketing solutions; navinder singh sarao net worth 2020; lassi kefalonia shops navinder singh sarao net worth 2020 Navinder Sarao, who had traded from a bedroom in his parents' west London home, briefly caused havoc on Wall Street in 2010. . The heads of the SEC and CFTC often point out that they are running an IT museum. much of their net worth vaporize--and wondered just how their mind-bending formulas and . We use [5] : 1. Can Shell close the valuation gap with US rivals? [88] On June 16, 2010, trading in the Washington Post Company's shares were halted for five minutes after it became the first stock to trigger the new circuit breakers. Navinder Singh Sarao" 22 . Navinder "Nav" Sarao, an "insomniac" who said traded S&P futures using the click of a mouse, . U.S. regulators estimated that Sarao reaped $879,018 in net profits from his trading on the day of the flash crash alone. A study of VPIN[61] by scientists from the Lawrence Berkeley National Laboratory cited the 2011 conclusions of Easley, Lopez de Prado and O'Hara for VPIN on S&P 500 futures[52] but provided no independent confirmation for the claim that VPIN reached its historical high one hour before the crash: The Chief Economist of the Commodity Futures Trading Commission and several academic economists published a working paper containing a review and empirical analysis of trade data from the Flash Crash. The sentence was relatively lenient, as a result of prosecutors' emphasis on how much Sarao had cooperated with them, that he was not motivated by greed and his diagnosis of Asperger syndrome.[74][75][76][77]. Navinder Singh Sarao was born in Hounslow, west London, in 1979. In this respect, automated trading systems will follow their coded logic regardless of outcome, while human involvement likely would have prevented these orders from executing at absurd prices. London: In the end, the Navinder Sarao story got the Hollywood ending it deserved. [63], In April 2015, Navinder Singh Sarao, an autistic[64][65] London-based point-and-click trader,[66] was arrested for his alleged role in the flash crash. 57, Feb. 2002, CME statement on the SEC-CFT Report on the Flash Crash. When the judge proposed a year of home incarceration initially, she was told that sentence might not be enforceable outside of the US. Mr Burlingame added that Mr Sarao was "overjoyed" to put the matter behind him, after "living under threat of a very long sentence" for almost five years. Testimony Concerning the Severe Market Disruption on May 6, 2010, Six-month test period for US trading curbs-sources, Rules to Limit Stock Trading Amid Market Volatility, CNBC.com NYSE Says Circuit Breaker Will Be Finished Next Week, "Washington Post Co. stock first to trigger SEC's new circuit breakers", "SEC Approves Rules Expanding Stock-by-Stock Circuit Breakers and Clarifying Process for Breaking Erroneous Trades", "SEC Approves New Rule Requiring Consolidated Audit Trail to Monitor and Analyze Trading Activity", "The Fear Index by Robert Harris review", "Dev Patel to Star in 'Flash Crash' for New Regency and See-Saw (Exclusive)", "The Wild $50M Ride of the Flash Crash Trader", Preliminary Findings Regarding the Market Events of May 6, 2010, Findings Regarding the Market Events of May 6, 2010, The Microstructure of the Flash Crash: Flow Toxicity, Liquidity Crashes and the Probability of Informed Trading, The Flash Crash: The Impact of High Frequency Trading on an Electronic Market, Regulatory Issues Raised by the Impact of Technological Changes on Market Integrity and Efficiency, An Agent-Based Model of the Flash Crash of May 6, 2010, with Policy Implications, 17 CFR 242.606 - Disclosure of order routing information, SEC FAQs re Reg NMS Rule 610 and 611 - April 4, 2008 Update, Reg NMS Marketing Fact Sheet, from Nasdaq, Reg NMS - Securities Lawyer's Deskbook by The University of Cincinnati College of Law, Office of Federal Housing Enterprise Oversight, ChinaJapanSouth Korea trilateral summit, DoddFrank Wall Street Reform and Consumer Protection Act, Emergency Economic Stabilization Act of 2008, Term Asset-Backed Securities Loan Facility, American Recovery and Reinvestment Act of 2009, Fraud Enforcement and Recovery Act of 2009, Housing and Economic Recovery Act of 2008, National fiscal policy response to the Great Recession, List of banks acquired or bankrupted during the Great Recession, Effects of the Great Recession on museums, Acquired or bankrupt banks in the late 2000s financial crisis, Federal takeover of Fannie Mae and Freddie Mac, Homeowners Affordability and Stability Plan, PublicPrivate Investment Program for Legacy Assets, 2009 Supervisory Capital Assessment Program, https://en.wikipedia.org/w/index.php?title=2010_flash_crash&oldid=1142073841, History of stock exchanges in the United States, Short description is different from Wikidata, Articles with unsourced statements from September 2013, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 28 February 2023, at 10:40. . The stocks of eight major companies in the S&P 500 fell to one cent per share for a short time, including Accenture, CenterPoint Energy and Exelon; while other stocks, including Sotheby's, Apple Inc. and Hewlett-Packard, increased in value to over $100,000 in price. The combined selling pressure from the sell algorithm, HFTs, and other traders drove the price of the E-Mini S&P 500 down approximately 3% in just four minutes from the beginning of 2:41 p.m. through the end of 2:44 p.m. During this same time cross-market arbitrageurs who did buy the E-Mini S&P 500, simultaneously sold equivalent amounts in the equities markets, driving the price of SPY (an exchange-traded fund which represents the S&P 500 index) also down approximately 3%. The following year, in the middle of a trial in Chicago, prosecutors dropped charges against a computer programmer who developed the spoofing tool used by Navinder Singh Sarao, a key figure in the 2010 stock market Flash Crash that briefly wiped almost $1 trillion from the value of U.S. equities. The Chicago Board Options Exchange, NASDAQ, NASDAQ OMX BX and BATS Exchange all declared self-help against NYSE Arca. If the order imbalance becomes too toxic, market makers are forced out of the market. The five stocks were EOG Resources, Genuine Parts, Harley Davidson, Ryder System and Zimmer Holdings. Navinder Singh Sarao, the British trader blamed for helping cause the 2010 Flash Crash from his bedroom, should serve no additional jail time, U.S. authorities said in a recommendation before his . Navinder Singh Sarao, the subject of my forthcoming book Flash Crash, learned to trade in an out-of-town arcade above a supermarket in England after applying to an advert in a newspaper. Recommends No Jail Time for Flash Crash Trader, "A British trader who caused a 'flash crash' that sent stock market into dive 10 years ago avoids more prison time at Chicago sentencing. [26][27][28], The joint report continued: "At 2:45:28 p.m., trading on the E-Mini was paused for five seconds when the Chicago Mercantile Exchange ('CME') Stop Logic Functionality was triggered in order to prevent a cascade of further price declines. To block out the world, he wore a pair of red, heavy-duty ear [plugs] of the type favored by road workers. On Tuesday a Chicago court sentenced him to one year of home incarceration, returning him to the childhood home in Hounslow where the crimes were committed and where he still lives with his parents.
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