Can stock markets police themselves?
It took five years to track and arrest the man alleged to have had a role in 2010 flash crash that rocked Wall Street.
Navinder Singh Sarao is a self-employed UK trader. He stands accused of manipulating futures markets so much that he contributed to the five-minute, 1,000-point plunge in the Dow Jones Industrial Average on May 6, 2010.
Now, he is wanted in the US after he was charged by the Justice Department there with wire fraud, commodities fraud and manipulation.
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But why did it take so long to track a rogue trader? And what does it take for stock markets worldwide to protect themselves?
Presenter: Martine Dennis
Guests:
Nick Leeson – The original rogue trader, who was formerly with Barings Bank
Michael Hewson – Chief Market Analyst for CMC Markets
Andrew Schiff – Investment consultant and co-author of “How an Economy Grows and Why it Crashes”
Published On 23 Apr 2015