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The building is on the former site of the Baltic Exchange building, the headquarters of a global marketplace for ship sales and shipping information. On 10 April 1992 the Provisional IRA detonated a bomb close to the Exchange, severely damaging the historic Exchange building and neighbouring structures. The UK government's statutory adviser on the historic environment, English Heritage, and the City of London governing body, the City of London Corporation, were keen that any redevelopment must restore the building's old façade onto St Mary Axe. The Exchange Hall was a celebrated fixture of the ship trading company.