A running record of all trades that are executed on an exchange. It shows the sale prices and the time of trade in addition to the transaction size. For example, if an investor has an order to buy at $4 and later finds out the asking price on “time and sales” moved below this level, say, to $3.9, then there must be something wrong (because the asking price will not fall to $3.9 unless all buyers at $4 were filled). In this case, the investor could inform his broker and the order must be filled. It may happen, sometimes, that an investor is not sure of the execution of a trade. Here, the broker can double check the time and sales report to ascertain the exact time and price of its execution. Many direct access trading platforms have a time and sales window.

Times and sales is the modern equivalent of the ticker tape.