This ` not an operator. It works at the lexical level (for example, quotation marks for strings) and turns the next character into a "polymorphic variant". See Link given by @Edgar Aroutiounian:
http://caml.inria.fr/pub/docs/manual-ocaml-4.00/manual006.html#toc36
Update
In fact, it is scanned as a separate character, as indicated by @gsg. Thus, a polymorphic variant, such as ` Abc , is a syntax construct. I would still argue that this is not an operator in the usual sense.
(Edit: changed to Abc. I never knew that they should be capitalized. For example, the lablgl interface seems to use lowercase sequentially.)
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