In short, the agreement had two provisions: 1) brokers had to behave only with each other, thus eliminating the incense, and 2) the commissions had to be 0.25%. It reads: Participants in the New York outdoor market had long wanted to systematize their actions. In the midst of the tumult of the market crash of 1792, 24 of them gathered under a wood at 68 Wall Street, as legend has it, and promised to deal first with each other and meet minimum commission rates.2 The agreement created confidence in the system in which brokers and traders act only with each other while they represented the interests of the public. By closing the system, participants would be assured that they can trust each other and that the payments are rewarded and that the investments are legitimate. In March 1792, 24 major New York traders met secretly at the Corre`s Hotel to discuss ways to get the securities business in order. Two months later, on May 17, 1792, these men signed a document called the Buttonwood Agreement, named after their traditional meeting point under a button tree. The agreement stated that they would only trade securities between themselves, that they were merely collecting commissions and that they would not participate in the auction. Long before the One World Trade Center overlooked Lower Manhattan, an American sycamore or woodwood on Wall Street was the highest thing in the area and the mall. 225 years ago, on May 17, 1792, 24 brokers and traders under the same tree signed the so-called Buttonwood Agreement, which set the trading parameters in the first incarnation of the New York Stock Exchange. The Buttonwood Agreement is the founding document of today`s New York Stock Exchange and one of the most important financial documents in U.S. history.
 The agreement organized securities trading in New York and was signed on May 17, 1792 between 24 brokers outside 68 Wall Street. According to legend, the signature took place under a platanus occidentalis, a wood tree, but this tree may never have existed.  The New York Stock Exchange celebrated the signing of this agreement on May 17, 1792 as its creation.  The agreement was an attempt to establish some rules after the financial panic of 1792, at that time there were no rules or guarantees, and many transactions were refused. The panic had been caused by the actions of speculator William Duer, who borrowed loans to do business until he realized he could no longer borrow. The Buttonwood Agreement was signed in 1792 between 24 Wall Street brokers and traders in New York to create a stock exchange. Rumor has it that the deal happened under a button tree marked the beginnings of the Wall Street investment community. Until 1793, too many brokers were involved to meet under a tree. They took their place in an elaborate structure at the corner of Wall and Water streets, called Tontine Coffee House. Their new project was to become the largest investment market in the country – the New York Stock Exchange, which is only a few blocks from where the old button tree once grew.
The Economist, a London-based weekly, called its financial market columns under the deal. The Buttonwood Agreement was a reaction to the financial panic of 1792, which failed to keep its financial commitments and raised fears that companies would not remain solvent. As a result, there were panic sales until the government got involved and panicked. The Buttonwood deal was an attempt to restore confidence in the market, and it is believed to be the precursor to the New York Stock Exchange. This document is now part of the new York Stock Exchange`s archival collection.  (2) The role of the Buttonwood Accords as a precursor to the New York Stock Exchange has been called into question.