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Navinder Sarao, 37, who traded on the Chicago Mercantile
Exchange (CME) from his parents' home near London's Heathrow
Airport, is wanted in the United States to face trial on 22
criminal counts. He denies any wrongdoing.
"We are very disappointed," Sarao's lawyer Richard Egan told
reporters immediately after the ruling by judge Quentin Purdy at
Westminster Magistrates' Court. "We think we have still got a
strong argument and we will be appealing this decision," he
added.
The ruling has to be approved by Home Secretary (interior
minister) Theresa May before the extradition can go ahead.
U.S. authorities argue Sarao's actions contributed to market
instability which spread from the CME and led to the May 6, 2010
flash crash when the Dow Jones Industrial Average briefly
plunged more than 1,000 points, temporarily wiping out nearly $1
trillion in market value.
His spoofing netted him a profit of $40 million, they say.
In a two-day hearing in February, Sarao's lawyers had argued
that the trader was operating a legitimate strategy, had only a
"gossamer thin" link to the 2010 market plunge and that the
offences for which he is accused are not crimes in Britain.
They said Sarao had placed genuine orders which exposed him to
risk had they been executed.
Sarao remains on bail pending the appeal. The maximum U.S.
sentences for the charges he faces amount to more than 350 years
in prison.
(Writing by Michael Holden and Estelle Shirbon; Editing by
Stephen Addison)
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