When the Buttonwood Agreement that laid the foundations of the New York Stock Exchange was signed in 1817, it had just two provisions: that brokers dealt only with each other and that no one undercut the others on commission.

  • 梧桐树协议(buttonwood agreement)奠定了纽约证交所(new york stock exchange)的基础,这项协议于1817年签署时仅有两项条款:经纪人只与经纪人打交道,不能降低佣金来抢别人的生意。

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