term-delimiter-argument-list

term-delimiter-argument-list is a variable defined in `term.el'.
Its value is

nil

Documentation:
List of characters to recognize as separate arguments in input.
Strings comprising a character in this list will separate the arguments
surrounding them, and also be regarded as arguments in their own right
(unlike whitespace). See `term-arguments'.
Defaults to the empty list.

For shells, a good value is (?\| ?& ?< ?> ?\( ?\) ?\;).

This is a good thing to set in mode hooks.