Ep.43 - When Nav Sarao shook Wall Street
Update: 2024-10-16
Description
It’s 2.42 PM on May 6 2010. Navinder Sarao, a thirty-two year old British Indian and self-taught trader, plunges Wall Street into chaos. In just a few minutes, 750 billion euros disappear from the financial markets. All screens go black. It’s the stop logic function, put in place to avoid prices from crashing. After five long seconds, the orders slowly start up again, and the money reappears as well. But Sarao was able to take advantage of what will become known as the “flash crash”, and for a few moments human ingenuity managed to trump the domination of algorithms and models.
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