What is taking a report?
Take a report is an industry phrase that was most commonly used on physical trading floors prior to the 2010s. The phrase was uttered by a floor trader, employee, or market maker and was used to indicate the execution of a trade order and to report its details (also known as filling).
Over time, the expression also acquired the less used connotation of “you’re done” or “get lost.”
- Taking a report was used as business jargon for “that’s it” and to report the details of the execution of a trade.
- The phrase used to be more common among open business floors where merchants worked in the same physical space.
- The phrase has a story associated with a once famous blog of the same name that was shut down in 2007.
Understanding how to report
Traders and other Wall Street professionals have developed their own particular set of jargon terms that outsiders often don’t understand. This pattern is often repeated in groups of people who share particular experiences and stressors that outsiders do not or may not appreciate. Taking a report still has the meaning of a trade order being executed, but its use in ordinary conversations to indicate the more colloquial “get out of my face” or “that’s it” is going backwards. Even its use in a more official capacity is likely to be compromised by the increasing automation of business execution.
This ebb and flow of jargon terms used in finance is normal; And every few years, a new set of jargon terms enters the commercial vernacular, often generating summary articles that serve to translate the terms for your uninitiated readers. Entire books have been written for the purpose of cataloging the latest financial buzzwords. Often times these expressions have a limited lifespan, or they come in and are back in fashion.
The unsophisticated origins of Take a Report
The expression “take a report” is not exactly a fancy pun, although the meaning of the phrase may not be obvious when taken out of a business context. This is true of many examples of business jargon. In fact, a lack of sophistication is a hallmark of merchant lingo, as many merchants consider themselves smart and no-nonsense individuals who pride themselves more on native intelligence than on a series of accumulated elite business titles. schools.
In comparison, the jargon or jargon associated with futures trading, as opposed to options trading, is relatively more cerebral in nature. Futures trading was for many years a way for those with blueprint experience to enter the world of white-collar finance. This dynamic has all but disappeared with the emergence of increasingly sophisticated business technology and the elimination of many manual jobs on the trading floor.
Take a report is posted online
Although commonly used in open spaces of protest, this rather innocuous phrase reached an unusual level of notoriety between 2006 and 2007 when a blogger began posting anonymously on the website takeareport.com (which is no longer used). The website was very popular for its humor among industry readers who were able to relate to its anecdotes. However, much of the humor was crude and found offensive by some.
Although the author was anonymous, the notoriety the blog brought earned him an invitation to deliver the keynote address, using his pen name “Large,” at the Dallas Security Traders annual convention. Unmasked, Michael J. McCarthy, who was a Citibank executive at the time, quickly found himself fired from his position at Citibank. The events and the story elevated the blog to legendary status for a time.