'Flash crash' trader Sarao's case heads for High Court

Navinder Singh Sarao, the trader accused of playing a role in the "flash crash" of 2010, is set to go before the High Court next Wednesday as he fights to be released on bail.

Mr Sarao, 36, who is fighting an attempt by the US authorities to extradite him to trial in Chicago, has been in custody for the past month after he failed to provide £5.05m as part of bail conditions set by Westminster magistrates following his arrest.

The trader earlier this month lost an application to vary his bail conditions. His legal team had argued he could not raise the £5m because his funds had been frozen by US authorities. They said he should be granted bail without the £5m security, but with £50,000 provided by his father and two brothers.

However, District Judge Elizabeth Roscoe refused to vary the bail conditions and Mr Sarao remains in custody. His lawyers now want to appeal her decision to the High Court.

Joel Smith, representing Mr Sarao, told the magistrates court on Wednesday a date had been set at the High Court for next week. He added that Mr Sarao had been granted legal aid.

Mr Sarao, dressed in a grey tracksuit and canary yellow T-shirt, appeared in the dock but was silent except to confirm his name and date of birth. Last week he said that he had "done nothing wrong" and "I am just good at my job".

A full extradition hearing is due to be held on September 24 and 25.

Mr Sarao, who traded from his parents' modest home close to Heathrow airport, has been charged by the US Justice Department with wire fraud, commodities fraud and market manipulation over a period of several years.

He is facing 22 charges which carry sentences totalling a maximum of 380 years in prison. The Justice Department alleges he made £26m illegally over five years.

Mr Sarao, a former Brunel University graduate and bank worker, had already said in court that he would fight extradition.

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