9780385543651

Flash Crash

by
  • ISBN13:

    9780385543651

  • ISBN10:

    0385543654

  • Format: Hardcover
  • Copyright: 2020-05-12
  • Publisher: Doubleday

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Summary

"[An] extraordinary tale"—Wall Street Journal
"Compelling [and] engaging"—Financial Times
"Magnificently detailed yet pacy...Think Trading Places meets Wall Street"—Sunday Times (UK)

The riveting story of a trading prodigy who amassed $70 million from his childhood bedroom—until the US government accused him of helping trigger an unprecedented market collapse

On May 6, 2010, financial markets around the world tumbled simultaneously and without warning. In the span of five minutes, a trillion dollars of valuation was lost. The Flash Crash, as it became known, represented what was then the fastest drop in market history. When share values rebounded less than half an hour later, experts around the globe were left perplexed. What had they just witnessed?

Navinder Singh Sarao hardly seemed like a man who would shake the world's financial markets to their core. Raised in a working-class neighborhood in West London, Nav was a preternaturally gifted trader who played the markets like a computer game. By the age of thirty, he had left behind London's "trading arcades," working instead out of his childhood home. For years the money poured in. But when lightning-fast electronic traders infiltrated markets and started eating into his profits, Nav built a system of his own to fight back. It worked—until 2015, when the FBI arrived at his door. Depending on whom you ask, Sarao was a scourge, a symbol of a financial system run horribly amok, or a folk hero who took on the tyranny of Wall Street and the high-frequency traders.

A real-life financial thriller, Flash Crash uncovers the remarkable, behind-the-scenes narrative of a mystifying market crash, a globe-spanning investigation into international fraud, and a man at the center of them both.

Author Biography

LIAM VAUGHAN is an investigative journalist for Bloomberg and Bloomberg Businessweek. He has been awarded the Gerald Loeb prize for excellence in business journalism and the Harold Wincott prize for financial journalism. He is coauthor of The Fix: How Bankers Lied, Cheated, and Colluded to Rig the World's Most Important Number. He lives in London.

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