New York Stock and Exchange Board Constitution Adopted
By the early nineteenth century, New York had emerged as a growing commercial hub in the young United States, with securities trading conducted informally under the 1792 Buttonwood Agreement among twenty-four brokers. On March 8, 1817, these brokers formally adopted a constitution that reorganized their group into the New York Stock and Exchange Board, establishing rules to curb manipulative trading and creating governance structures modeled partly on Philadelphia’s exchange. The new organization rented dedicated space for trading, moving away from coffeehouses, and set minimum commission rates along with procedures for settling transactions. This step professionalized the market at a time when the United States was recovering from the War of 1812 and expanding westward trade. The immediate result was greater...