Stock market architecture
Introduction
The Palacio de la Bolsa de Madrid is a neoclassical style palace located in the Plaza de la Lealtad in Madrid. The building was inaugurated in 1893 as the headquarters of the Madrid Stock Exchange.[1] Since 2001, the Palacio de la Bolsa is also the headquarters of Bolsas y Mercados Españoles (BME), a company that manages the four Spanish stock exchanges.[2].
In the past, trading in "Action (finance)" shares was carried out out loud on the stock market floor. This traditional trading system, called the bull market, was losing importance with the introduction of the electronic trading system and stopped operating definitively in 2009.[3] Currently BME has its operational headquarters in Las Rozas (Madrid) and the Palacio de la Bolsa is used to hold corporate events.[4].
Construction
In 1878, the construction of a definitive building was approved on land ceded by the State next to the site occupied by the El Dorado theater until 1903, "Teatro El Dorado (Madrid)"). But the works could not begin until the Board in charge of ensuring the viability of the project had managed to raise 200,000 pesetas. For this they charged 50 cents from each visitor.
In 1886 everything was ready to begin the construction of the building, whose design was the work of architect Enrique María Repullés y Vargas (at that time a member of the Board in charge of awarding it) who won for this purpose a competition called by the Board of Works of the Madrid Stock Exchange in 1884, presenting a project titled Comercium pacem firmat that took as a model the building of the Vienna Stock Exchange created by Theophil Edvard Freiherr von Hansen. The second prize goes to the project España, by Enrique Repullés Segarra and José de Aspiunza").[5][6] The works took place between January 1886 and 1893.[7].
The promoters tried, without success, to coincide the inauguration with the celebration of the IV Centennial of the Discovery of America. Finally, it opened its doors on May 7, 1893, the Stock Exchange Palace was inaugurated by the regent María Cristina.
With its initial budget being 1,250,000 pesetas and considered at first as one of the cheapest constructions of the moment, the work did not skimp on expenses or details and the total cost was more than double what was initially budgeted, 2,780,521.82 pesetas, while other sources speak of 2,963,047. The Board fulfilled the purpose that all the contractors were Spanish.