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Buttonwood Agreement

   Also found in: Wikipedia 0.04 sec.
Buttonwood Agreement
The agreement between 24 of United States' first and most prominent brokers. Rumored to have occurred under a "Buttonwood" tree, this marked the beginnings of the investment community of Wall Street.

Notes:
The brokers based the US system upon existing European trading systems. In fact, the Spanish practice of dividing the silver dollar into eighths was largely responsible for the prevalence of fractions when describing stock values.

Buttonwood Agreement
A historical 1792 agreement among 24 New York brokers to band together into an investment group. The name stemmed from the buttonwood tree that served as the Wall Street meeting place for members of the group.
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We need to be particularly careful, however, not to unintentionally and unnecessarily undermine sources of the extraordinary franchise values that have been built in to our equity markets, a process beginning with the Buttonwood Agreement of 1792, which founded what became the New York Stock Exchange.
Statements to the Congress by Federal Reserve Bulletin
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