⁣THE BUTTONWOOD AGREEMENT
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The Buttonwood Agreement" We the Subscribers, Brokers for the Purchase and Sale of Public Stock, do hereby solemnly promise and pledge ourselves to each other, that we will not buy or sell from this day for any person whatsoever, any kind of Public Stock ,at a less rate than one quarter per cent Commission on the Specie value of and that we will give a preference to each other in our Negotiations. In Testimony whereof we have set our hands this 17th day of May of New York 1792."
The Buttonwood Agreement of May 17, 1792, established the basis of the modern New York Stock Exchange. The Brokers wrote this agreement and signed it to create trust in the system thru: 1) Brokers would only deal with each other, eliminating auctioneers and speculators and 2) Commissions would be standardized at .25% of special value.
In establishing a standardized closed, members only financial exchange Trading Desk, the marketplace in the United States began to switch from Philadelphia to New York City. The Consumer trust between investors and brokers, investors, and the BUS grew as investors knew the valuation was accurate and the currency was valid. In 1817 the number of brokers had grown, and they named their Trading Desk the New York Stock Exchange Board.
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