The Academy uses a building now known as the Stockholm Stock Exchange Building. The bottom floor was used as a trading exchange (which became the stock exchange) and the upper floor was used for dances, New Years Eve parties, etc. In 1786, the ballroom was the biggest room in Stockholm that could be heated and be used in the winter. The king asked if he could use it. The Academy has met there every year since. In 1914 the Academy gained the right to use the upper floor as their own forever. This is where they meet and, amongst other business, choose the Nobel Prize winners. Because of this, the Academy is one of the most important literary groups in the world. The Swedish Academy is one of the Royal Academies of Sweden.