By Jonathan Davies

A British financial trader who is accused of contributing to the Wall Street "flash crash" in 2010 has been given another week to raise £5.05 million in bail.

Navinder Singh Sarao last week opposed extradition to the US in Westminster Magistrates' Court.

He has been charged by the US Department of Justice with wire fraud, commodities fraud and market manipulation.

Mr Sarao is accused of illegally making £26 million ($40m) through his trading firm Nav Sarao Futures. The DoJ says he used an "automated trading programme" to manipulate financial markets - it is said that the programme contributed to the "flash crash" which caused the Dow Jones market to lose 700 point, or $800bn, of its value in a matter of minutes.

In a statement, the DoJ said: "Sarao's alleged manipulation earned him significant profits and contributed to a major drop in the US stock market on May 6, 2010".

It added: "By allegedly placing multiple, simultaneous, large-volume sell orders at different price points - a technique known as 'layering' - Sarao created the appearance of substantial supply in the market."