In 1792 what did the Buttonwood agreement accomplish?

The Buttonwood Agreement was written by 24 stockbrokers and merchants on Wall Street in New York City and formed the foundations of the New York Stock Exchange. The agreement was signed under a buttonwood tree, according to historical lore. The rules set under the Buttonwood Agreement were based on existing European trading systems of the time. The agreement aimed to create trust in the system whereby the brokers and merchants would only trade with each other and charge a set commission for their services.

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