What is a Consolidated Tape?
Consolidated tapes are electronic systems that allow for the real time transmission of the current prices and volume activity of all stocks currently listed on various exchanges. The system functions in online access and the traditional ticker tape approach used by many stock exchanges. Because consolidated tape allows widespread access to the latest trading activity, many investors make use of the Internet to keep up with their investments via the consolidated tape feed. The use of consolidated tape as the resource for reporting on trading conditions is very common. Cable networks that provide updates on stock activity make use of consolidated tape as their source of information. Web sites that provide tips and advice for investors in like manner often make use of the consolidated tape as a means of offering up to the minute stock reports. This makes it possible to keep up with trading volume utilizing several different portals to reach the information carried by a consolidated tape.
The “consolidated tape” is a high-speed, electronic system that constantly reports the latest price and volume data on sales of exchange-listed stocks. The data reflected on the consolidated tape derives from various market centers, including all securities exchanges, electronic communications networks (ECNs), and third-market broker-dealers. The Nasdaq Stock Market runs a similar tape for its securities. If you tune into financial news television programs or log on to Internet sites that provide updated market information, you may have seen trade reports from the consolidated tape running across your screen. If you consult the consolidated tape for Nasdaq securities any time after 4:00 p.m., you may see the letter “T” next to some of the prices. The “T” designates those trades that occurred in after-hours trading. Prices on trades tagged with a “T” do not affect the regular session closing price (or the regular session high and low prices) for the stock. The consolidated tape for exch
