Navinder Sarao, who has been accused of destabilising and manipulating financial markets by placing huge volumes of spoof trade orders for personal gain, has lost his extradition case. The judge stressed that this hearing was not a trial of ‘guilt or innocence’ but was a ruling on whether the United States could extradite Mr. Sarao. The defendant argued that the crimes which he was accused of were not offences in the UK, and that if a trial was necessary, it was in the interests of justice for it to occur in this jurisdiction. He also argued that the extradition would infringe ECHR, art 8 and that the US request was an abuse of process, because it was premised on a materially misleading factual basis. The Home Secretary will now determine the extradition request. Mark Summers QC and Aaron Watkins represented the US authorities in this case.