CME
Technique
Index and middle fingers opening and closing while moving across body. Click on "How-to" button above for illustration.
Origin
Cutting shears.
Brokerage - Shearson Lehman
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The ability to recognize all market participants was what made open outcry trading transparent and from this, signals were developed for the larger brokerages and for some large local traders. In cases where a more universal signal was never developed, their hand signal in the pit would simply be their three digit firm number