The Royal Exchange in London was founded in the 16th century by the merchant Sir 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. The original foundation was ceremonially opened by Queen Elizabeth I who granted it its "royal" title. The current neoclassical building has a trapezoidal floor plan and is flanked by Cornhill and Threadneedle Street, which converge at Bank junction in the heart of the city. It lies in the Ward of Cornhill.