Buttonwood Agreement Signed: Wall Street Is Born
Twenty-four stockbrokers and merchants signed the Buttonwood Agreement on May 17, 1792, beneath a buttonwood (sycamore) tree at 68 Wall Street in New York City. The two-sentence agreement established fixed commission rates of 0.25% and a preference for trading among themselves. This informal pact was a response to a financial panic caused by the collapse of William Duer's speculative scheme. The signatories had been trading government bonds and bank stocks in coffeehouses and auction rooms. Their agreement created the exclusive club that evolved into the New York Stock Exchange, formally organized in 1817 when the brokers moved indoors to 40 Wall Street. The NYSE is now the world's largest stock exchange by market capitalization, with listed companies valued at over $25 trillion.
May 17, 1792
234 years ago
Key Figures & Places
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