On its western side, two streets lead north and south: Bollhusgränd and Baggensgatan respectively.

Instead, when it first appeared in historical records on a map dated 1733 as Kiöpmanne T., it was named after its location on the eastern end of Köpmangatan, the street leading to Stortorget, the square which used to be the main market place in Stockholm for centuries.

Before 1685, the two blocks north and south of the square were united and on the location was a vault (Köpmanvalvet) during the Middle Ages forming one of the city gates (Köpmanporten).

The penultimate name referring to the square appears in historical records as late as 1728 in the form Kiöpmans Hwalwet.

[1] In 1912, the bronze sculpture Saint George and the Dragon, a replica of Bernt Notke's original, was placed in the square.