The market was located approximately where the modern Farringdon Street stands today, to the west of the Smithfield livestock market.

Work began in 1734 to arch over the River Fleet, as it had become an open sewer; and to remove the considerable expense of clearing the river of rubbish and filth.

The centre was marked by a clock tower; and the south was adjacent to the Fleet Prison.

By 1829, the market was dilapidated and considered an obstacle to the increasing volume of traffic; and was cleared for the construction of Farringdon Road.

Farringdon Market was constructed to replace it, but was never successful.