A ticker-tape parade is a parade event, held in a downtown urban setting, allowing the jettison of large amounts of shredded paper products from nearby office buildings onto the parade route, creating a triumphal effect by the snowstorm-like flurry.
The term originated in New York City after a spontaneous celebration held on October 29, 1886 during the dedication of the Statue of Liberty, and is still most closely associated with New York City. The term ticker-tape referred originally to the use of the paper output of ticker tape machines, which were remotely-driven devices used in brokerages to provide updated stock market quotes. Nowadays, the paper products are largely waste office paper that have been cut using conventional shredders.
In New York City, ticker-tape parades are not annual events but are reserved for special occasions. Soon after the first such parade in 1886, city officials realized the utility of such events and began to hold them on triumphal occasions, at first only for extraordinary events, such as the return of Theodore Roosevelt from his safari in Africa [1], and Charles Lindbergh's trans-Atlantic flight. Following World War II several ticker tape parades were given in honor of victorious generals and admirals including Eisenhower and Nimitz. However, the largest ticker tape parade of all, was given for World War II and Korean War General Douglas MacArthur in 1951.
Up through the 1950s, they were commonly given to any visiting head of state, such as Habib Bourguiba representing the fight over colonalisation, but in the 1960s, following the assassination of John F. Kennedy, they became increasingly rare. They are generally reserved now for space exploration triumphs, military honors and sports championships. The section of lower Broadway through the Financial District that serves as the parade route for these events is colloquially called the "Canyon of Heroes". Lower Broadway in New York City has plaques in the sidewalk at regular intervals to celebrate each of the city's ticker-tape parades.

Trivia

Jenny Owen Youngs mentions confetti and a ticker-tape parade in her song 'Lightning Rod' from her album Batten the Hatches.
Regina Spektor mentions a ticker-tape parade toward the end of her song 'Pavlov's Daughter' from her album 11:11.