Trade exchange Manchester, dealing in spun yarn and finished goods throughout the world. The first exchange opened in 1729 but closed by the end of the century. The new exchange was built at the junction of Market Street and Exchange Street and opened in 1809. The extension was completed in 1849. This building was replaced by a third, constructed between 1867 and 1874, and extended from 1914 and 1931 to form the largest trading hall in England. The building was seriously damaged during the Manchester Blitz in December 1940.

Trading ceased in 1968, and the building was threatened with demolition until being taken over by a theatre company in 1973.