Chief Correspondent M&A and investment banking
Douwe's Feed
Apr 24, 2015

Insight – Flash crash charges garner increasing skepticism in high-speed world

WASHINGTON (Reuters) – The notion that one man trading from his parents’ house in a working class London suburb had a material role in the 2010 Wall Street flash crash has aroused increasing skepticism from investors and traders since charges were brought on Tuesday.

    The U.S. has asked UK authorities to hand over Navinder Singh Sarao, 36, after his arrest this week on charges that he manipulated markets over several years in a fraudulent scheme that helped cause the stock market rout.

Apr 24, 2015

Flash crash charges garner increasing skepticism in high-speed world

WASHINGTON, April 24 (Reuters) – The notion that one man
trading from his parents’ house in a working class London suburb
had a material role in the 2010 Wall Street flash crash has
aroused increasing skepticism from investors and traders since
charges were brought on Tuesday.

The U.S. has asked UK authorities to hand over Navinder
Singh Sarao, 36, after his arrest this week on charges that he
manipulated markets over several years in a fraudulent scheme
that helped cause the stock market rout.

Apr 23, 2015

Analysis: Delayed flash crash arrest may herald future spoofing detection woes

By Douwe Miedema and Ann Saphir

WASHINGTON/SAN FRANCISCO(Reuters) – The five years it took
regulators to bring high-profile charges against a UK trader
underscore how hard it is to spot wrongdoing in fast-developing
markets, and may herald problems in detecting future mishaps.

Navinder Singh Sarao, 36, was arrested in London on Tuesday,
charged with market manipulation and wire fraud. Authorities
sought to link his activities to the May 6, 2010, so-called
flash crash when about $1 trillion was temporarily wiped out
from U.S. stock markets in a matter of minutes.

Apr 23, 2015

Delayed flash crash arrest may herald future spoofing detection woes

WASHINGTON/SAN FRANCISCO (Reuters) – The five years it took regulators to bring high-profile charges against a UK trader underscore how hard it is to spot wrongdoing in fast-developing markets, and may herald problems in detecting future mishaps.

Navinder Singh Sarao, 36, was arrested in London on Tuesday, charged with market manipulation and wire fraud. Authorities sought to link his activities to the May 6, 2010, so-called flash crash when about $1 trillion was temporarily wiped out from U.S. stock markets in a matter of minutes.

Apr 22, 2015

UK speed trader arrested over role in 2010 ‘flash crash’

WASHINGTON (Reuters) – A high-frequency trader was arrested in London over his alleged role in the May 2010 “flash crash” that briefly wiped out nearly $1 trillion in market value, the first time authorities have blamed manipulation for the turbulence.

The U.S. Justice Department said on Tuesday that it had criminally charged Navinder Singh Sarao, 36, of London, with wire fraud, commodities fraud and manipulation.

Apr 21, 2015

U.K. speed trader arrested over role in 2010 U.S. ‘flash crash’

WASHINGTON, April 21 (Reuters) – A high-frequency trader was
arrested in the United Kingdom over his alleged role in the May
2010 “flash crash” that briefly wiped out nearly $1 trillion in
market capitalization, the first time authorities have blamed
manipulation for the market turbulence.

Navinder Singh Sarao, 36, of Hounslow, a suburb of London,
was criminally charged with wire fraud, commodities fraud and
manipulation, the U.S. Justice Department said on Tuesday.

Apr 21, 2015

U.K. trader charged with role in sparking 2010 ‘flash crash’

WASHINGTON (Reuters) – A high-frequency trader in the United Kingdom has been criminally charged with manipulating the futures market and helping spark the infamous May 2010 “flash crash,” the Justice Department said.

Navinder Singh Sarao, 37, of Hounslow, United Kingdom, was arrested on Tuesday in the United Kingdom on charges of wire fraud, commodities fraud and manipulation.

Apr 21, 2015

U.S. regulator wants better deposit data from big banks

WASHINGTON (Reuters) – The largest U.S. and foreign banks would need to keep track of deposits better under a plan launched by the Federal Deposit Insurance Corporation on Tuesday, as many lenders have grown and become more complex.

Under the plan, banks with more than 2 million or so accounts would be required to enhance their record keeping and be able to calculate the amounts for each depositor by the end of any business day, the agency said.

Apr 20, 2015

Volcker calls for U.S. financial regulation shakeup

WASHINGTON (Reuters) – The U.S. financial regulatory system is outdated and riddled with loopholes, former Federal Reserve Chairman Paul Volcker said on Monday as he offered an overhaul plan to make watchdogs more effective.

The rise of the shadow banking sector – companies that provide credit but are not regulated as banks – demonstrates the urgency of regulatory reform, which failed to take root after the 2007-09 financial crisis, he said.

Apr 15, 2015

U.S. regulator Hoenig urges exemption of some bank rules

WASHINGTON (Reuters) – Traditional banks shying away from risky trading activities should be exempted from some of the new rules put in place to prevent a repeat of the credit crisis, a top U.S. regulator said on Wednesday.

Such lenders could be freed up from having to meet the Basel III capital rules and from a number of intrusive reporting requirements, Federal Deposit Insurance Corp Vice Chairman Tom Hoenig said at a conference.

    • About Douwe

      "I head up the Financial Services team in London. We're 20 journalists, covering M&A, IPOs, restructuring, banking, real estate, investment management, hedge funds and private equity. I've worked for Reuters in Zurich, Frankfurt and Amsterdam."
    • More from Douwe

    • Follow Douwe