Royal Exchange, London
The Royal Exchange in 2014
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| Location |
London, EC3 United Kingdom |
|---|---|
| Opening date | 23 January 1571 (original structure) 28 October 1844 (current structure) |
| Owner | Oxford Properties Group Inc (since 2013) |
| No. of stores and services | 33 stores; 5 restaurants and cafes |
| Parking | None |
| Public transit access |
  Bank-Monument
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| Website | theroyalexchange |
The Royal Exchange in London was founded in the 16th century by the merchant Thomas Gresham on the suggestion of his factor Richard Clough to act as a centre of commerce for the City of London. The site was provided by the City of London Corporation and the Worshipful Company of Mercers, who still jointly own the freehold. It is trapezoidal in shape and is flanked by Cornhill and Threadneedle Street, which converge at Bank junction in the heart of the City. The design was inspired by a bourse Gresham had seen in Antwerp and was Britain's first specialist commercial building.
It has twice been destroyed by fire and subsequently rebuilt. The present building was designed by William Tite in the 1840s. The site was notably occupied by the Lloyd's insurance market for nearly 150 years. Today the Royal Exchange contains offices, luxury shops, and restaurants.
Traditionally, the steps of the Royal Exchange is the place where Royal Proclamations (such as the dissolution of Parliament) are read out by either a herald or a crier.
Richard Clough initially suggested building the exchange in 1562, and oversaw the exporting of some of the materials from Antwerp: stone, slate, wainscot and glass, for which he paid thousands of pounds himself. The Royal Exchange was officially opened on 23 January 1571 by Queen Elizabeth I who awarded the building its royal title and a licence to sell alcohol. Only the exchange of goods took place until the 17th century. were not allowed into the Royal Exchange because of their rude manners, hence they had to operate from other establishments in the vicinity, such as Jonathan's Coffee-House. Gresham's original building was destroyed in the Great Fire of London in 1666. A second complex was built on the site, designed by Edward Jarman and opened in 1669, but that also burned down, on 10 January 1838. It had been used by the Lloyd's insurance market, which was forced to move temporarily to South Sea House following the 1838 fire.
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