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Clinton Aims Party’s ‘Wall Street’ Tax at Flash Boys, Not Banks

  • Presumptive Democratic nominee wants tax on canceled orders
  • Party platform expresses support for financial-transaction tax
Democratic presidential candidate Hillary Clinton waves on July 12, 2016, in New York City.

Democratic presidential candidate Hillary Clinton waves on July 12, 2016, in New York City.

Photographer: Yana Paskova/Getty Images

The Democratic Party’s proposed 2016 platform supports “a financial transaction tax on Wall Street” -- but presumptive nominee Hillary Clinton is focused on a narrower approach that isn’t likely to target big banks.

Clinton and her advisers propose taxing some high-frequency traders who spam markets with thousands of orders they later cancel. That levy would affect a comparatively small number of firms -- none of them household names -- and Clinton isn’t likely to expand it into a tax on all trades of stocks, bonds and derivatives, according to senior policy analysts familiar with her campaign.