Buttonwood Agreement

About Buttonwood Agreement

The founding document of the New York Stock Exchange. On May 17, 1792, 24 stockbrokers signed an agreement under a buttonwood tree at 68 Wall Street. They agreed to trade only with each other and to charge a fixed commission rate of 0.25 percent. The agreement created a monopoly on securities trading in New York. The NYSE grew from this humble beginning to become the largest stock exchange in the world. The buttonwood tree became a symbol of American capitalism. The original document is preserved at the NYSE museum.