[28], While some firms exited the market, firms that remained in the market exacerbated price declines because they "'escalated their aggressive selling' during the downdraft". document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. Still lacking sufficient demand from fundamental buyers or cross-market arbitrageurs, HFTs began to quickly buy and then resell contracts to each othergenerating a hot-potato volume effect as the same positions were rapidly passed back and forth. [43], The joint 2010 report "portrayed a market so fragmented and fragile that a single large trade could send stocks into a sudden spiral",[25] and detailed how a large mutual fund firm selling an unusually large number of E-Mini S&P contracts first exhausted available buyers, and then how high-frequency traders (HFT) started aggressively selling, accelerating the effect of the mutual fund's selling and contributing to the sharp price declines that day. The drop quickly rippled into other financial markets in the United States but also around the world. "NYSE Confirms Price Reporting Delays That Contributed to the Flash Crash", https://www.nytimes.com/2010/09/21/business/economy/21flash.html, https://www.sec.gov/news/speech/2010/spch101310geb.htm, "Findings Regarding the Market Events of May 6, 2010", "Report examines May's 'flash crash,' expresses concern over high-speed trading", "$4.1-billion trade set off Wall Street 'flash crash,' report finds", "U.S. probes computer algorithms after "flash crash", "Special report: Globally, the flash crash is no flash in the pan", "Flash Crash Report: Market 'Internalizers' Pressured Exchanges", "MarketBeat Word of the Day: Internalizer! Before passing sentence, Kendall told Sarao that his contrition doesnt impact the seriousness of what happened back in 2010. A stock market anomaly, the major market indexes dropped by over 9% (including a roughly 7% decline in a roughly 15-minute span at approximately 2:45 p.m., on May 6, 2010)[78][79] before a partial rebound. He began engaging in what is known as spoofing. He hired software developers to write programs that would allow him to place millions of dollars worth of orders, then after other traders had reacted to his potential trade abruptly cancel his order. [8][81][82] Procter & Gamble in particular dropped nearly 37% before rebounding, within minutes, back to near its original levels. Accenture for a Penny: MarketBeats Investigation Continues! They show that breakdowns in market quality (such as flash crashes) have occurred in every year they examined and that, apart from the financial crisis, such problems have declined since the introduction of Reg NMS. Nav was an irresistible character, and his was a really enticing human story, says Liam Vaughan, a business journalist and author of the recent book Flash Crash: A Trading Savant, a Global Manhunt, and the Most Mysterious Market Crash in History (Doubleday). Among the charges included was the use of spoofing algorithms; just prior to the flash crash, he placed orders for thousands of E-mini S&P 500 stock index futures contracts which he planned on cancelling later. A study of VPIN[61] by scientists from the Lawrence Berkeley National Laboratory cited the 2011 conclusions of Easley, Lopez de Prado and O'Hara for VPIN on S&P 500 futures[52] but provided no independent confirmation for the claim that VPIN reached its historical high one hour before the crash: The Chief Economist of the Commodity Futures Trading Commission and several academic economists published a working paper containing a review and empirical analysis of trade data from the Flash Crash. S7-10-04", "CFTC Fines Algorithmic Trader $2.8 Million For Spoofing In The First Market Abuse Case Brought By Dodd-Frank Act, And Imposes Ban | Finance Magnates", "After Stocks Blow Fuse, Circuit Breakers? Taking nearly five months to analyze the wildest ever five minutes of market data is unacceptable. . U.S. stock market crash lasting 36 minutes in May 6, 2010, Evidence of market manipulation and arrest, Joel Seligman, Rethinking Securities Markets, The Business Lawyer, Vol. Why Alex Murdaugh was spared the death penalty, Why Trudeau is facing calls for a public inquiry, The shocking legacy of the Dutch 'Hunger Winter'. Did a Big Bet Help Trigger 'Black Swan' Stock Swoon? If those program traders pulled back from the market, then big "buy" or "sell" orders could have led to sudden, big swings. The first circuit breakers were installed to only 5 of the S&P 500 companies on Friday, June 11, to experiment with the circuit breakers. Two years out of school, he landed a job at a low-rent financial firm, located above a supermarket, that basically rented desks to wannabe traders and took a cut of their profits. Criminal Charges: On November 9, 2016, Navinder Singh Sarao, 41, of Hounslow, United Kingdom . That means that none of the 6,438 trades were executed by hitting a bid. [59] They find that the value of TR-VPIN (BVC-VPIN) one hour before the crash "was surpassed on 71 (189) preceding days, constituting 11.7% (31.2%) of the pre-crash sample". 2009 through April 2014), Navinder Sarao was a futures trader who operated from his residence in the United Kingdom and who traded primarily through his company Navinder Sarao Futures Limited. [92], In 2011 high-frequency traders moved away from the stock market as there had been lower volatility and volume. This story has been shared 145,343 times. Court Reporter Contact Information: Gayle A. McGuigan, CSR, RMR, CRR, Gayle_McGuigan@ilnd.uscourts.gov, (312) 435-6047.IMPORTANT: The transcript may be viewed at the court's public terminal or . Over a period of two hours starting in the early afternoon New York time, when the Dow was down by more than 300 points, Sarao allegedly traded more than 62,000 E-mini contracts worth $3.5 billion . [45], The New York Times then noted, "Automatic computerized traders on the stock market shut down as they detected the sharp rise in buying and selling". The self-taught UK trader who made millions in bogus trades and contributed to a brief 2010 crash in the US stock market has been sentenced to a year of home confinement. Text. What's the least amount of exercise we can get away with? They have photographic evidence to prove itthe highest-tech background that The New York Times (on September 21, 2010) could find for a photo of Gregg Berman, the SECs point man on the flash, was a corner with five PCs, a Bloomberg, a printer, a fax, and three TVs on the wall with several large clocks. London trader Navinder Sarao's "Robin Hood" maneuvers triggered a 9 percent descent in the Dow on May 6, 2010. Navinder Singh Sarao, a 37-year-old Indian-origin futures trader could be extradited to the US to face trial for his role in the May . Vaughan says Saraos motivation had little to do with money, and refers again to it being like a game for him: He really just saw the dollar signs that were rising in his trading account as points. 0 references. Nav has been living under the threat of a very long sentence for almost five years. A U.S. judge on Tuesday, Jan. 28, 2020, sentenced Navinder Singh Sarao, a socially awkward math whiz-turned-futures trader who helped trigger a U.S. stock market "flash crash" from his parents' suburban London home to time served and a year's home confinement, sparing him imprisonment after prosecutors praised his cooperation and said his . [5][6][8][9] The prices of stocks, stock index futures, options and exchange-traded funds (ETFs) were volatile, thus trading volume spiked. "I have made the majority of my net worth in I would say no more than 20 days . A few years after he joined the office, Sarao was regularly pulling down $25,000 on a good day. Now 42, Navinder Sarao is a self-taught stock market trader who helped cause panic in US markets in 2010 from a bedroom in his parents' home in Hounslow, West London. Navinder Sarao didn't . Navinder Singh Sarao is a London-based trader who was arrested on April 21, 2015 on charges his firm, Nav Sarao Futures Limited PLC, contributed to the May 2010 "Flash Crash" in which the Dow Jones Industrial Average fell 600 points in five minutes.UK authorities charged him with wire fraud, manipulation and commodities fraud, using illegal trading strategies such as spoofing. They said the judge should consider his "extraordinary cooperation" with the government and diagnosis with autism. Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, Stock Traders Are Ignoring Blaring Bond Alarms, iPhone Maker Plans $700 Million India Plant in Shift From China, Russia Is Getting Around Sanctions to Secure Supply of Key Chips for War. On Wall Street, innovation never stops, Vaughan says. Investigation: Navinder Singh Sarao, 36. Mr Burlingame said that Mr Sarao almost believed he was playing a highly sophisticated and complicated video game and he affectively found the best "cheat" to win the game. But because of what prosecutors termed the defendants extraordinary cooperation with the government which included spells testifying in other cases when the anxiety caused Sarao days of insomnia it was recommended earlier this month that he serve no further prison time. Im not giving him leave to go to the gym, said Judge Virginia Kendall of the northern district of Illinois. He liked that he was getting one over on his opponents.. NSE Gainer-Large Cap . A stub quote is essentially a place holder quote because that quote would neverit is thoughtbe reached. Available at SSRN: Easley, D., M. Lopez de Prado, and M. O'Hara, The Exchange of Flow Toxicity (January 17, 2011). [11] These orders amounting to about "$200 million worth of bets that the market would fall" were "replaced or modified 19,000 times" before they were cancelled. What had they just witnessed? Journal of Financial Markets, forthcoming. The S&P 500 erased all losses within a week, but selling soon took over again and the indices reached lower depths within two weeks. The sentence means Sarao will have served no prison time beyond the four months he spent in UK prison in 2015 before his release on bail. The Dow lost 9percent in a few minutes and most other indices took a historic hit before rebounding around a half-hour later. At conservative gathering, Trump is still the favourite. Most of those losses were regained in 20 minutes. Of his remaining trading profits, the defendant lost over 40m to three apparently fraudulent investment schemes. For that purpose, they developed the Volume-Synchronized Probability of Informed Trading (VPIN) Flow Toxicity metric, which delivered a real-time estimate of the conditions under which liquidity is being provided. Liam Vaughan 2020-05-12 "[An] extraordinary tale"Wall Street Journal "Compelling [and] engaging"Financial Times . [52] It was reported in 2011 that one hour before its collapse in 2010, the stock market registered the highest reading of "toxic order imbalance" in previous history. Navinder Singh Sarao helped send Dow on the wild,1,000-point ride that the world came to know as the flash crash. The sell program must be referring to a different algo, or Kirilenko's analysis is fundamentally flawed, because the paper incorrectly identifies trades that hit the bid as executions by the W&R algo. ', SEC Chairman Admits: Were Outgunned By Market Supercomputers, SEC Testimony Concerning the Severe Market Disruption on May 6, 2010, Senators Seek Regulators' Report On Causes Of Market Volatility, "Six Mega Drops of the Flash Crash; Sam Adams Goes Flat", "Dow average sees biggest fall in 15 months". "He'slooking forward to getting back to living his life.". By the first weekend, regulators had discounted the possibility of trader error and focused on automated trades conducted on exchanges other than the NYSE. On this Wikipedia the language links are at the top of the page across from the article title. Text. In that short period of time, sell-side pressure in the E-Mini was partly alleviated and buy-side interest increased. subject named as. 34-50870; File No. Certainly, Saraos path to riches was unusual. [94] By April 2015, despite support for the CAT from SEC Chair Mary Jo White and members of Congress, work to finish the project continued to face delays.[95]. The following year, in the middle of a trial in Chicago, prosecutors dropped charges against a computer programmer who developed the spoofing tool used by Navinder Singh Sarao, a key figure in the 2010 stock market Flash Crash that briefly wiped almost $1 trillion from the value of U.S. equities. . Nanex, a leading firm specialized in the analysis of high-frequency data, also pointed out to several inconsistencies in the CFTC study:[51]. During that period, the participant hedging its portfolio represented less than 5% of the total volume of sales in the market. Navinder Singh Sarao, a British trader charged over his role in the 2010 U.S. flash crash, leaves Westminster Magistrates' Court after losing a bid to delay extradition proceedings in London, U.K . On April 21, 2015, almost five years after the incident, the US Department of Justice charged Navinder Singh Sarao, a British . Three erroneous NYSE Arca trades were said to have been the cause of the share price jump. 'We're incredibly grateful', says Navinder Singh Sarao's lawyer, "We're incredibly grateful," Mr Sarao's attorney Roger Burlingame told the BBC. Similarly, the value of TR-VPIN (BVC-VPIN) at the start of the crash was "topped on 26 (49) preceding days, or 4.3% (8.1%) of the pre-crash sample". [15]:641 The Reg NMS, promulgated and described by the United States Securities and Exchange Commission, was intended to assure that investors received the best price executions for their orders by encouraging competition in the marketplace, created attractive new opportunities for high-frequency-traders. David Leinweber, director of the Center for Innovative Financial Technology at Lawrence Berkeley National Laboratory, was invited by The Journal of Portfolio Management to write an editorial, in which he openly criticized the government's technological capabilities and inability to study today's markets. The mystery over the May 6, 2010 Flash Crash took a turn on Tuesday when the Department of Justice said it arrested a little known U.K.-based trader, Navinder Singh Sarao of Sarao Futures, for . The absurd result of valuable stocks being executed for a penny likely was attributable to the use of a practice called "stub quoting." (v) Navinder Sarao for instant purposes traded, albeit with some losses, making a very substantial profit of approximately $40 m and on the sample counts $8.1 m. (vi) Emails sent by Navinder Sarao to his various programmers provide a powerful basis for concluding, absent any contradiction, that active market manipulation, including that [67][68] In August 2015, Sarao was released on a 50,000 bail with a full extradition hearing scheduled for September with the US Department of Justice. Order Number: 37641. When a market makers liquidity has been exhausted, or if it is unwilling to provide liquidity, it may at that time submit what is called a stub quotefor example, an offer to buy a given stock at a penny. Futures and options markets are hedging and risk transfer markets. Using specially programmed, high-speed software, Mr Sarao placed thousands of orders that he did not intend to fulfil, creating the illusion of market demand. [52] The authors of this 2011 paper apply widely accepted market microstructure models to understand the behavior of prices in the minutes and hours prior to the crash. AFP. "I hope that this is a lesson to you," she reportedly said. [4], The Commodity Futures Trading Commission (CFTC) investigation concluded that Sarao "was at least significantly responsible for the order imbalances" in the derivatives market which affected stock markets and exacerbated the flash crash. On Tuesday a Chicago court sentenced him to one year of home incarceration, returning him to the childhood home in Hounslow where the crimes were committed and where he still lives with his parents. ""201056229. Testimony Concerning the Severe Market Disruption on May 6, 2010, Six-month test period for US trading curbs-sources, Rules to Limit Stock Trading Amid Market Volatility, CNBC.com NYSE Says Circuit Breaker Will Be Finished Next Week, "Washington Post Co. stock first to trigger SEC's new circuit breakers", "SEC Approves Rules Expanding Stock-by-Stock Circuit Breakers and Clarifying Process for Breaking Erroneous Trades", "SEC Approves New Rule Requiring Consolidated Audit Trail to Monitor and Analyze Trading Activity", "The Fear Index by Robert Harris review", "Dev Patel to Star in 'Flash Crash' for New Regency and See-Saw (Exclusive)", "The Wild $50M Ride of the Flash Crash Trader", Preliminary Findings Regarding the Market Events of May 6, 2010, Findings Regarding the Market Events of May 6, 2010, The Microstructure of the Flash Crash: Flow Toxicity, Liquidity Crashes and the Probability of Informed Trading, The Flash Crash: The Impact of High Frequency Trading on an Electronic Market, Regulatory Issues Raised by the Impact of Technological Changes on Market Integrity and Efficiency, An Agent-Based Model of the Flash Crash of May 6, 2010, with Policy Implications, 17 CFR 242.606 - Disclosure of order routing information, SEC FAQs re Reg NMS Rule 610 and 611 - April 4, 2008 Update, Reg NMS Marketing Fact Sheet, from Nasdaq, Reg NMS - Securities Lawyer's Deskbook by The University of Cincinnati College of Law, Office of Federal Housing Enterprise Oversight, ChinaJapanSouth Korea trilateral summit, DoddFrank Wall Street Reform and Consumer Protection Act, Emergency Economic Stabilization Act of 2008, Term Asset-Backed Securities Loan Facility, American Recovery and Reinvestment Act of 2009, Fraud Enforcement and Recovery Act of 2009, Housing and Economic Recovery Act of 2008, National fiscal policy response to the Great Recession, List of banks acquired or bankrupted during the Great Recession, Effects of the Great Recession on museums, Acquired or bankrupt banks in the late 2000s financial crisis, Federal takeover of Fannie Mae and Freddie Mac, Homeowners Affordability and Stability Plan, PublicPrivate Investment Program for Legacy Assets, 2009 Supervisory Capital Assessment Program, https://en.wikipedia.org/w/index.php?title=2010_flash_crash&oldid=1142073841, History of stock exchanges in the United States, Short description is different from Wikidata, Articles with unsourced statements from September 2013, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 28 February 2023, at 10:40. When the judge proposed a year of home incarceration initially, she was told that sentence might not be enforceable outside of the US. He spent four months in a London jail, and the Justice Department said an additional term term wouldnt deter other traders, and would pose serious risks to the 41-year-olds mental health. In January, he was sentenced to one year of house arrest. If the order imbalance becomes too toxic, market makers are forced out of the market. Flash Crash de 2010. The U.S. dollar tumbled against the yen on March 16, 2011, falling 5% in minutes, one of its biggest moves ever. Most prominent of all, the CME issued within 24 hours a rare press release in which it argued against the SEC/CFTC explanation:[49]. The Chicago Board Options Exchange, NASDAQ, NASDAQ OMX BX and BATS Exchange all declared self-help against NYSE Arca. The stocks of eight major companies in the S&P 500 fell to one cent per share for a short time, including Accenture, CenterPoint Energy and Exelon; while other stocks, including Sotheby's, Apple Inc. and Hewlett-Packard, increased in value to over $100,000 in price. CFTC Chair Gensler specifically blamed the delay on the enormous effort to collect and analyze data. A gifted mathematician with a photographic memory and a passion for gaming, Sarao mastered a frenetic form of trading known as 'scalping,' going on to earn . [72], Sarao pleaded guilty to one count of electronic fraud and one count of spoofing. Saraos lawyer, Dechert partner Roger Burlingame, said: We are grateful to the judge for her decision and the government for its recommendation. [citation needed] In February 2011, the sugar market took a dive of 6% in just one second. [25] High-frequency firms during the crisis, like other firms, were net sellers, contributing to the crash. A $12.8 million order of forfeiture was incorporated as part of the judgment. Navinder Sarao, who had traded from a bedroom in his parents west London home, briefly caused havoc on Wall Street in 2010. Will His AI Plans Be Any Different? [63], In April 2015, Navinder Singh Sarao, an autistic[64][65] London-based point-and-click trader,[66] was arrested for his alleged role in the flash crash. The S&P shed 5 percent of its value in just four minutes. [5] The Dow Jones Industrial Average had its second biggest intraday point decline (from the opening) up to that point,[5] plunging 998.5 points (about 9%), most within minutes, only to recover a large part of the loss. Officials announced that new trading curbs, also known as circuit breakers, would be tested during a six-month trial period ending on December 10, 2010. Benchmarks . Procter & Gamble, General Electric and other blue chips dropped 10 percent or more. Navinder Sarao, who traded from a bedroom in his parents west London home, was arrested in 2015 and pleaded guilty to illegally manipulating the stock markets with trades that led to one of the most dramatic crashes in history. [27] As computerized high-frequency traders exited the stock market, the resulting lack of liquidity "caused shares of some prominent companies like Procter & Gamble and Accenture to trade down as low as a penny or as high as $100,000". He told Kendall that he had found God and would never do anything illegal again. [27] These extreme prices also resulted from "market internalizers",[46][47][48] firms that usually trade with customer orders from their own inventory instead of sending those orders to exchanges, "routing 'most, if not all,' retail orders to the public marketsa flood of unusual selling pressure that sucked up more dwindling liquidity". Save. Additionally, the most precipitous period of market decline in the E-Mini S&P 500 futures on May 6 occurred during the 3 minute period immediately preceding the market bottom that was established at 13:45:28. Navinder Sarao will be extremely relieved not be spending another day behind bars. Flash Crash the trading savant who crashed the US stock market. File photo of Navinder Sarao arriving at Westminster Magistrates' Court for an extradition hearing in London (Reuters) - A Chicago-based U.S. federal district court judge on Tuesday sentenced Navinder Sarao, a London-based trader accused of contributing to Wall Street's 2010 "flash crash", to time already served in jail of four months, with a . Musk Made a Mess at Twitter. Saraos utter lack of significant personal expenditures or extravagance sheds light on the nature and circumstances of his offense because they strongly indicate that he was not motivated by any greed whatsoever, US prosecutors concluded. Can Shell close the valuation gap with US rivals? whistleblower@hbsslaw.com. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, This Week in Crypto: Ukraine War, Marathon Digital, FTX. However, he seemed to care little for the money maintaining an extremely frugal existence revolving around a childlike bedroom that includes multiple stuffed animals in his parents home in Hounslow, travelling to work late so that he could buy off-peak tickets and using coupons to buy food from McDonalds. I think that he was a gamer and, for him, markets were honestly the ultimate form of game, Vaughan says. [11] Sarao began his alleged market manipulation in 2009 with commercially available trading software whose code he modified "so he could rapidly place and cancel orders automatically". [5]:1, New regulations put in place following the 2010 flash crash[10] proved to be inadequate to protect investors in the August 24, 2015, flash crash "when the price of many ETFs appeared to come unhinged from their underlying value"[10] and ETFs were subsequently put under greater scrutiny by regulators and investors. As of July 2011, only one theory on the causes of the flash crash was published by a Journal Citation Reports indexed, peer-reviewed scientific journal. DOJ cited extraordinary cooperation and autism diagnosis, British trader to be sentenced in Chicago on January 28. articles a month for anyone to read, even non-subscribers! I was just shocked at every turn, he adds. Sarao was later arrested and extradited to the United States, only the second person ever charged with spoofing. In its sentencing recommendation published earlier this month, the DoJ said: [Saraos] only significant purchase was a 5,000 car. He spent little of his profits, much of which he lost in investment scams. Like the SEC/CFTC report described earlier, the authors call this cascade of selling "hot potato trading",[53] as high-frequency firms rapidly acquired and then liquidated positions among themselves at steadily declining prices. Mr Sarao has a diagnosis of severe Asperger's - one of many interesting aspects to this case. Navinder Sarao, who had traded from a bedroom in his parents' west London home, briefly caused havoc on Wall Street in 2010. . Recent research on dynamical complex networks published in Nature Physics (2013) suggests that the 2010 Flash Crash may be an example of the "avoided transition" phenomenon in network systems with critical behavior. 2023 NYP Holdings, Inc. All Rights Reserved, Flash Crash: A Trading Savant, a Global Manhunt, and the Most Mysterious Market Crash in History, Dow drops 400 points as hot inflation data fuels rate-hike worries, Dow plunges nearly 700 points as Walmart, Home Depot forecasts disappoint, Abigail Spanberger, Chip Roy push Congress stock trade ban, Chinese billionaire and tech banker mysteriously vanishes. ETFs are scaring regulators and investors: Here are the dangersreal and perceived", "How a Mystery Trader with an Algorithm May Have Caused the Flash Crash", "Proposed Rule: Regulation NMS; Release No. The report says that this was an unusually large position and that the computer algorithm the trader used to trade the position was set to "target an execution rate set to 9% of the trading volume calculated over the previous minute, but without regard to price or time". Even as a young boy, he had a photographic memory and was a whiz with numbers. 8-13, Spring 2011; Available at SSRN: Easley, David and Lopez de Prado, Marcos and O'Hara, Maureen, Flow Toxicity and Volatility in a High Frequency World. Navinder Singh Sarao had helped spark a trillion-dollar market crash. In the final two hours before he logged off at 7:40p.m. London time, the trader had bought and sold 62,077 e-mini contracts with a combined value of $3.4 billion. Andersen, Torben G. and Bondarenko, Oleg, VPIN and the Flash Crash. Sharp movements in stock prices, which were frequent during the period from 2008 to the first half of 2010, were in a decline in the Chicago Board Options Exchange volatility index, the VIX, which fell to its lowest level in April 2011 since July 2007. The 37-year-old British stock market trader of . He pedaled a bike around his suburban London neighborhood and would show up to important meetings munching on a McDonalds Filet-O-Fish. Available at SSRN: Andersen, Torben G. and Bondarenko, Oleg, Reflecting on the VPIN Dispute. The flash crash exposed this phantom liquidity. [93], These volumes of trading activity in 2011, to some degree, were regarded as more natural levels than during the financial crisis and its aftermath. This activity comprises a large percentage of total trading volume, but does not result in a significant accumulation of inventory. Some argued that those lofty levels of trading activity were never an accurate picture of demand among investors. A public benefits recipient, Sarao lives on $336 a month, yet his lifestyle is "identical" to the years when his net worth exceeded $70 million, according to the filing by his attorneys. The 75,000 contracts represented 1.3% of the total E-Mini S&P 500 volume of 5.7 million contracts on May 6 and less than 9% of the volume during the time period in which the orders were executed. Soon, Sarao was reading everything he could find on financial theory and the markets. which dream smp member would adopt you,
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