It is one of the most expensive pieces of real estate in Switzerland and has become synonymous with wealth and the Swiss banks, being the location of the headquarters of both UBS and Credit Suisse.

In the block to the north, which is bounded by Talacker to the west, Bahnhofstrasse to the east and Paradeplatz to the south, is the home of Credit Suisse,[1] amongst other businesses.

The hotel Baur en Ville (now Mandarin Oriental Savoy), on the eastern end of the square, opened in 1838.

The square is one of the main nodal points of the Zürich tram network operated by VBZ.

The site of the square once lay outside of the medieval city walls, and was incorporated into the town with the construction of the new ramparts in 1642.