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Royal Exchange (London)
From Wikipedia, the free encyclopedia
| This article needs additional citations for verification. Please help improve this article by adding reliable references. Unsourced material may be challenged and removed. (June 2007) |
The Royal Exchange in the City of London was founded in 1565 by Sir Thomas Gresham to act as a centre of commerce for the city. The site was provided by the Corporation of London and the Worshipful Company of Mercers, and is roughly triangular, formed by the converging streets of Cornhill and Threadneedle Street. The design was inspired by a bourse Gresham had seen in Antwerp.
The Royal Exchange was officially opened by Queen Elizabeth I who awarded the building its Royal title, on January 23, 1571.
Gresham's original building was destroyed in the Great Fire of London in 1666. A second exchange was built on the site, designed by Edward Jerman, which opened in 1669, and which was destroyed by fire in January 1838.
During the 17th century, stockbrokers were not allowed in the Royal Exchange due to their rude manners, hence they had to operate from other establishments in the vicinity, like Jonathan's Coffee-House.
The third Royal Exchange building still stands on the site and adheres to the original layout - consisting of a four-sided structure surrounding a central courtyard where merchants and tradesmen could do business. This building was designed by Sir William Tite, features pediment sculptures by Richard Westmacott (the younger), and was opened by Queen Victoria on October 28, 1844, though trading did not commence until January 1, 1845.
The Royal Exchange ceased to act as a centre of commerce in 1939, although it was for a few years in the 1980s, home to the London International Financial Futures Exchange, LIFFE. It is now a luxurious shopping centre.
Shops in the Royal Exchange include Hermès, Molton Brown, Paul Smith, Haines & Bonner, Tiffany and Jo Malone.
The big Gresham Grasshopper can be seen on the Royal Exchange's weathervane. This commemorates the founder, Sir Thomas Gresham, whose crest it was. The device was later borrowed by Shem Drowne atop the famous Faneuil Hall in Boston, Massachusetts, in imitation of the Royal Exchange.
Categories: Articles needing additional references from June 2007 | Buildings and structures in the City of London | Grade I listed buildings in London | Grade I listed markets and exchanges | Economy of the City of London | History of the City of London | Low and mid rise commercial buildings in London | 1565 establishments