Pinky and index finger extended downward as thumb, ring and middle fingers are tucked into palm.
Fingers form part of an M for the last name of the firm.
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