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Finance Dictionary and Glossary of Investment Terms
tape is late
When trading volume in a stock is so heavy that real-time quotes are delayed because the tape can't keep up with them. The phrase comes from an era when physical ticker tapes were used and often weren't able to print trades as fast as they happened.
When the trading volume is so heavy that trades appear on the tape more than a minute behind the timer they actually take place.
A situation on the trading floor where the trading on a stock is so heavy that the real-time ticker quotes are delayed by a minute or two.