Clinton, who plans to release more details on her plan Thursday,  is calling for corporate fines for wrongdoing to come with penalties that hit individual workers’ bonuses and for extending the statute of limitations for major financial fraud to 10 years. Her tax proposal would punish trading firms that use computer formulas to constantly update the prices they offer to buy or sell securities.

Automated trading firms defend the practice, saying cancellations are part of managing risk and aren't manipulative. Orders are often canceled because the speed at which equity markets operate quickly makes many quotes stale, firms say. But James Angel, associate professor of finance at Georgetown University, said that too many cancellations are a burden on the stock market because of the increased messaging traffic and extra effort to process market data. At the same time, he said, market-makers need to cancel and re-enter their orders every time the the price of securities change. Angel speculated that if Clinton's proposal were to law, stock exchanges might respond by issuing new order types that let high-speed traders modify their orders without actually canceling them.

Ever since she launched her campaign earlier this year, Clinton has sounded a markedly populist note. "We also have to go beyond Dodd-Frank. Too many financial institutions are still too complex and too risky," she said in July. On Wednesday, she broke not only with the Obama administration that she served as secretary of state, but with the trade policies of her husband in rejecting TPP. President Bill Clinton signed the NAFTA pact which many union leaders blame for offshoring U.S. jobs.

Hillary Clinton has framed her push to get tough on Wall Street as part of a philosophy of “clear-eyed capitalism,” making sure that fairness for all is part of the equation. 

"I believe we have to build a growth and fairness economy. You can’t have one without the other," she said in July during her first major economic speech of the campaign, at the New School University in New York. "We can't create enough jobs and new businesses without more growth, and we can't build strong families and support our consumer economy without more fairness."

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