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 exchange-listed securities has implementied a similar feature.
http://www.sec.gov/answers/consolt.htm
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