By Jonathan Davies

The man accused of causing a 'flash crash' on Wall Street in 2010 has been denied bail by the High Court.

Navinder Sarao was told he had to raise just over £5 million to secure bail before being extradited to the US. Mr Sarao requested a £50,000 bail, but that was denied by the High Court, meaning he will now remain in custody while he fights extradition.

"There's no substantial reassurance that this applicant is not a flight risk," Judge Ross Cranston said.

The US Department of Justice (DoJ) accuses Mr Sarao of running an "automated trading program" to manipulate markets, illegally pocketing £26m ($40m) as a result.

He is believed to be behind the 'flash crash' on 6 May 2010 when $800bn was wiped of the value of the Dow Jones index on Wall Street, but it soon recovered.

Mr Sarao insists he "did nothing wrong" and will remain in custody.