ticker tape parade

from the GNU version of the Collaborative International Dictionary of English.

• A parade to honor a person or persons, held in New York City, during which people in the tall buildings of Manhattan throw large quantities of paper, confetti, paper ribbons, or the like onto the parading group. The name comes form the ticker tape originally thrown onto the parade when it passed stockbrokers' offices in lower Manhattan, before stock tickers became obsolete; in subsequent years other types of waste paper were used to serve the honorary function, as well as paper tape distributed specifically for the purpose of being thrown in such a parade.

from Wiktionary, Creative Commons Attribution/Share-Alike License.

• noun A ceremony in which a person or persons are honored by being showered with ticker tape while parading through the streets of a city (generally Manhattan).