In the financial world, the word terminal has a very specific meaning. It refers to a physical device that allows a trader to interface with a trading system. This system may be an electronic communications network (ECN), an exchange, or a broker. The terminal provides the trader with quotes, news, and other data that they need to make informed trading decisions. The term terminal can also refer to the software that is used to access these systems. This software is typically installed on a personal computer or laptop and provides the same functionality as a physical terminal. Many traders prefer to use software terminals because they offer greater flexibility and mobility.