Series 14: 2.3.3.3. Consolidated Tape

2.3.3.3. Consolidated Tape

When an exchange-listed equity security is traded, it is generally reported to the consolidated tape. It is called the “consolidated” tape because it consolidates trade information for most listed securities from every exchange in the country. The particular exchange where the trade took place is not recorded on the tape.

Trades on the floor of an exchange must be reported as soon as they are executed. The tape continually displays last transaction information in the following manner:

(number of round lots) (ticker symbol) (transaction price)

For example, 20s WMT 54.08 would mean the last transaction was 20 round lots, or 2,000 shares, of Walmart, sold for $54.08 per share. When there is no number ahead of the ticker symbol, you can assume that one round lot of 100 shares was sold. Trades over 10,000 shares and stocks trading at a price greater than $175 show the number of shares, not the number of round lots.

NYSE Rule 127

Consolidated Abbreviations
s	Round lots (the number before the “s” tells how many round lots)
SLD	Out of sequence (an order is being reported late)
OPD	The stock opened late (perhaps due