‘The UK's pre-eminent chronicler of financial crime’ New Yorker
‘Not just a readable, pacey account of an extraordinary individual and his quixotic quest for money he didn’t even spend, but also a troubling exposé of the fragility of our entire financial system … I loved it’
Oliver Bullough, author of Moneyland
For fans of Bad Blood and Flash Boys, the 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 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 neighbourhood 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-an outsider 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 the man at the centre of them both.
“An elegant and fast-paced narrative about one of the more obscure and mysterious financial anomalies. Through meticulous reporting and a gripping story, Vaughan has filled in many of the missing pieces. You won’t be able to put it down.”
—William D. Cohan, author of Four Friends and House of Cards
“A fascinating journey through the heart of the financial markets and the battle between man and machine in the search for trading profits.” —Bradley Hope, co-author of Billion Dollar Whale
“The definitive account of one of the most mysterious events in the recent history of financial markets…Flash Crash tells the irresistible personal tale of the unlikely character—finance whiz, social misfit, brazen cheater, folk hero, fraud victim—who finds himself at the center of a vast global scandal.”
—David Enrich, author of Dark Towers and The Spider Network
“Flash Crash tells the dramatic tale of how a solitary trader managed to help bring global markets to their knees, but it also sheds much-needed light on the forces—and unlikely characters—that move today’s makets...eye-opening.” —Gregory Zuckerman, author of The Man Who Solved the Market
“A lively, engrossing tale that reveals just how corrupt, absurd, and vulnerable our financial system really is.” —Sheelah Kolhatkar, author of Black Edge