This Day In Market History: The NYSE Is Born Under A Buttonwood

Each day, Benzinga takes a look back at a notable market-related moment that happened on this date.

What Happened: On May 17, 1792, the signing of the Buttonwood Agreement laid the groundwork for the New York Stock Exchange.

Where Was The Market: The Dow and S&P 500 weren’t introduced for another 104 and 131 years, respectively.

What Else Was Going On In The World: The U.S. had recently created the postal service and passed the Presidential Succession Act. Across the Atlantic, the French Revolution raged.

See Also: NYSE Or NASDAQ? Here's Why Stocks Get Listed

Buttonwood Agreement Bears NYSE: Under the shade of a Wall Street buttonwood, 24 stockbrokers and merchants signed an agreement establishing a centralized securities exchange, obviating the roles of auctioneers and setting a commission rate.

Just five securities traded at the time, with the Bank of New York the first to debut.

Nearly 25 years later, the organization became the New York Stock & Exchange Board. After a series of mergers and acquisitions, the exchange is now operated by Intercontinental Exchange (NYSE: ICE).