The function of the building was to act as the Dublin Stock Exchange and to provide a meeting place for Dublin's businessmen. It was also close to the then Customs House that stood on the site of today's Clarence Hotel, making it convenient for overseas merchants. The cost of building the exchange was met by the Parliament of Ireland, and this is reflected by the initials "SPQH", standing for "Senatus PopulusQue Hibernicus", meaning "The senate and people of Ireland" (an Irish version of SPQR).