Upticks and Downticks

Even with the stress and strain within Exchange floor personnel, caused by the continued growth of electronic order flow,there is still enough energy left to continue the long tradition of playing tricks on new and old personnel.

For the uninitiated, an uptick is a description of a stock trading higher from the last trade. A downtick is a trade lower that the previous trade. They are both descriptions of an event and not physical things that can be touched.

A young and new employee of a floor operation was asked to go up to the firms office and pick up a box of upticks and carry it to another exchange. When he arrived at the office he was given a large box that was quite heavy. To hold the box together, the office personnel had taped the carrying handles down with duct tape so that they could not be used. The young person was forced to lift the box with his arms stretched almost straight out in front of him. He dutifully toted the box to the other exchange which was roughly 3 blocks away. It was a warm November day. Upon arrival at the second exchange he was directed to another employee of the firm. This person took one look at the box and proceeded to chew the box toter out. In large letters on the side of the box was a description that the box contained Upticks for the first exchange from which the young person had started. Again he struggled back to the first exchange and was asked by security to open the box for inspection. He was surprised to discover that the box was full of scrap paper and only then realized that he had been had. His reaction was first surprise and then anger-not even a grin.

Suffice it to say he will now be sent on other voyages-to retrieve a box of downticks or even to get the keys to the clearing house. An “oh shit” and a grin would have cut his mileage substantially.