stock market

“The history of the New York Stock Exchange begins with the signing of the Buttonwood Agreement by twenty-four New York City stockbrokers and merchants on May 17, 1792, outside at 68 Wall Street under a Buttonwood tree.” (1) This agreement was named after a huge sycamore tree that the brokers would gather under to trade.(2) The first listed company on the New York Stock Exchange was the Bank of New York in which there were originally five securities traded.(1) There were twenty four members who signed the agreement and became the original members of the New York Stock Exchange. (1) These members included:
Leonard Bleecker Hugh Smith
Armstrong & BarnewallSamuel March
Bernard Hart Alexander Zuntz
Andrew D. Barclay Sutton & Hardy
Benjamin SeixasJohn Henry
John A. Hardenbrook Samuel Beebe
Benjamin Winthrop John Ferrers
Ephraim Hart Isaac M. Gomez
Gulian McEversAugustine H. Lawrence
G. N. Bleecker John Bush
Peter AnspachCharles McEvers, Jr.
David Reedy Robinson & Hartshorne
This agreement created a closed club in which members agreed to trade only with each other and to abide by a 0.25% commission rate. (2) Dealings took place outside the first year and then the members moved into the Tontine Coffee House, but would still trade outside unless the weather was really bad. (2) “Historically the New York Stock Exchange had 1,366 exchange members.” (4) Commission brokers are the largest number registered in the New York Stock Exchange with about 500 members. (4) The commission brokers are responsible for executing customer orders to buy and sell stocks, while making sure they get the best possible price. (4) Next, is the number of specialists that are New York Stock Exchange members, they act as assigned dealers for a small set of securities. Specialists are also “obligated to maintain a fair, orderly market for the securities assigned to them.” (4) Third, are the exchange members who are known as floor brokers, they are used by