The tape
Definition · Level 6 · Desk language
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The consolidated feed of every reported trade in a security, from all venues, in time order.
Example
“What’s on the tape?” — “400,000 at 20.05, a minute ago.”
Where Tradecraft teaches it
Level 6 · Desk language, in the lesson “Venues, big orders and the tape”: Dark pools, blocks, icebergs, sweeps and auctions: where big orders trade and how they show on the tape.
Related terms
- Block tradeA single very large transaction, far bigger than normal screen size, usually negotiated privately and done off the order book, often at a discount…
- Closing auctionThe end-of-day single-price cross on the listing exchange that sets the official closing price.
- Dark poolA trading venue with no displayed quotes: orders match unseen, often at the NBBO midpoint, and trades are reported to the tape afterwards.
- Iceberg orderA large order that displays only a small visible slice; each time that slice fills, a fresh one appears from the hidden reserve.
- PrintA trade that has been reported and appears on the consolidated tape, with its price, size and time.
- SweepAn aggressive order split across many exchanges or price levels at once to take all available offers (or bids): a sign of urgency.