Tags: United Kingdom

A high-frequency trader was arrested in the United Kingdom over his alleged role in the May 2010 "flash crash" that briefly wiped out nearly $1 trillion in market capitalization, the first time authorities have blamed manipulation for the market turbulence.

Tasneem Hussein was a soft-spoken university student in Khartoum when the transformation slowly began. After returning to Sudan from Britain to study pharmacology, she swapped her jeans for the head-to-toe niqab covering. But no one expected to hear reports of her abandoning her studies and a privileged life to help Islamic State wage jihad in Syria.

Britain's newest and most powerful financial regulator has pledged to introduce "meaningful" change this year to help new banks steal market share from the "Big Five" lenders who dominate in commercial and retail banking.