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WHAT IS THE NAME OF THE NEW YORK STOCK EXCHANGE’S FOUNDING DOCUMENT?
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The Buttonwood Agreement is a founding document of the New York Stock Exchange (NYSE), which is one of the world’s largest and most influential financial markets. The agreement was signed on May 17, 1792, by 24 New York City stockbrokers who met under a buttonwood tree on Wall Street. The agreement established rules and regulations for trading securities and laid the foundation for the modern stock market.
The Buttonwood Agreement was named after the buttonwood tree under which the brokers met. According to legend, the buttonwood tree was a popular meeting place for traders, who would gather under its shade to buy and sell securities. The tree became a symbol of the early days of the stock market, and it is still commemorated today with a plaque on Wall Street.
The agreement itself was a simple document, consisting of just five paragraphs. It established a framework for trading securities, including rules for commissions, fees, and the settlement of trades. It also established the precedent of using a central location, or “exchange,” for trading securities, which helped to increase transparency and reduce fraud.
The Buttonwood Agreement was a significant milestone in the development of the modern stock market. Prior to its signing, securities trading was largely unregulated and conducted on an ad hoc basis. The agreement helped to establish a more organized and efficient system for trading securities, which paved the way for the growth of the stock market in the United States and around the world.
the NYSE is one of the most important financial institutions in the world, with a market capitalization of over $30 trillion. The Buttonwood Agreement remains an important historical document, symbolizing the origins of the modern stock market and the principles of transparency, integrity, and fairness that continue to guide it today.