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posted by martyb on Sunday October 16 2016, @12:53PM   Printer-friendly
from the where-were-the-air-bags? dept.

Navinder Sarao has lost his appeal and is set to be extradited to the USA, where he faces charges with a possible maximum sentence of 380 years. He is accused of causing the "flash crash" in 2010, when the Dow Jones index dropped by 1000 points. He ran his trading from his bedroom in his parents' house and it is claimed that he made more than £30M (approximately $40M) in 5 years. His parents had no idea what he was doing, nor the scale of his income. He is accused of placing trades that he never intended to fill, so, to this naive person, it's hard to distinguish what he did from that of the large high-speed trading firms.


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  • (Score: 5, Interesting) by HiThere on Sunday October 16 2016, @07:45PM

    by HiThere (866) Subscriber Badge on Sunday October 16 2016, @07:45PM (#414929) Journal

    No. You just have a small tax on each transaction, and a large tax on each cancellation. 0.001% of the value for each transaction should be ok, but cancellation should be about 2% of the value. No limits on the number of cancellations would seem to be necessary.

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