Why did Wall Street brokers form the Buttonwood Agreement?

Wall Street brokers formed the Buttonwood Agreement in 1792 to create a formalized system for securities trading in New York City. Prior to this agreement, trading was chaotic and unregulated, leading to disputes and inefficiencies. By establishing a set of rules and a designated location for transactions, the brokers aimed to promote fairness, transparency, and stability in the burgeoning financial market. This agreement laid the foundation for what would eventually become the New York Stock Exchange.