Navinder Sarao, the British trader who was accused by the U.S. of manipulating the market and contributing to the 2010 Wall Street "flash crash" was denied the postponement of his extradition hearing, according to a report from Reuters.
The full hearing of his extradition case will remain on schedule, which is on September 25, 2015.
James Lewis, Sarao's defense lawyer, requested for the postponement of his extradition hearing, stating that they needed more time to gather expert evidence about trading and how the market works, according to Reuters.
This evidence will be used to address the issue whether Sarao's trading activity made false representations.
The Wall Street Journal adds Lewis asked to postpone the hearing from September to November to have more time to Sarao being in custody until he was able to post bail.
"We need a proper opportunity to consult experts," he said.
Reuters adds that District Judge Quentin Purdy rejected the request of Lewis saying that he thinks the expert evidence would not be relevant to what he needs to decide upon.
The judge was supposed to decide whether the U.S. charges would also be considered as offences under the British Law and not the facts of the case.
Sarao was accused of manipulating the market using an automated program to generate large sell orders and fake the market into going short, according to Reuters.
He then cancelled the sell orders and bought the contracts at lower prices.
Reuters adds that the U.S. authorities allege that he profited $40 million during the flash crash, which saw the Dow Jones Industrial Average drop more than 1,000 points on May 6, 2010, that temporarily wiped out about $1 trillion in market value.
Sarao was arrested in April by British police under a U.S. extradition warrant.
Reuters adds that Sarao has denied wrongdoings, saying that he hasn't "done anything wrong apart from being good" at his job.
Sarao spent four months in prison before posting bail on August 14.
