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in Change Alley (Exchange Alley
Exchange Alley or Change Alley is a narrow alleyway connecting shops and coffeehouses in an old neighbourhood of the City of London in England, bounded by Lombard Street, Cornhill and Birchin Lane. It served as a convenient shortcut from the Royal Exchange to the Post Office...
) is famous as the original site of the London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
. The Coffee-House was founded by Jonathan Miles, in Exchange Alley, around 1680.
In 1696, several patrons were implicated in a plot to assassinate William III
William III & II was a sovereign Prince of Orange of the House of Orange-Nassau by birth. From 1672 he governed as Stadtholder William III of Orange over Holland, Zeeland, Utrecht, Guelders, and Overijssel of the Dutch Republic. From 1689 he reigned as William III over England and Ireland...
, and it was thought to be associated with the Popish Plot
The Popish Plot was a fictitious conspiracy concocted by Titus Oates that gripped England, Wales and Scotland in Anti-Catholic hysteria between 1678 and 1681. Oates alleged that there existed an extensive Catholic conspiracy to assassinate Charles II, accusations that led to the execution of at...
In 1698, it was used by John Castaing to post the prices of stocks and commodities, the first evidence of systematic exchange of securities in London, England. That year, other dealers expelled from the Royal Exchange
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 City of London Corporation and the Worshipful Company of Mercers, and is trapezoidal, flanked by the converging streets of Cornhill and...
for rowdiness migrated to Jonathan's (along with Garraway's Coffee-House).
It was the scene of a number of critical events in the history of share trading, including the South Sea Bubble and the panic of 1745. It was destroyed by fire in 1748, and rebuilt. In 1761 a club of 150 brokers and jobbers was formed to trade stocks. The club built its own building in 1773 in Sweeting's Alley, which was dubbed the New Jonathan's
, but was renamed the Stock Exchange.
The original Jonathan's served as the home of a lottery office after until it was destroyed by fire in 1778.