In Porto, an unusual Swiss coat of arms stands out in the Stock Exchange Palace

Palace of the Porto Stock Exchange, Portugal. Francesco Cerea

In the Courtyard of Nations at the Palácio da Bolsa, a white cross on a red background immediately catches the eye. The Swiss coat of arms is a 19th-century tribute to the trade relations between the Swiss Confederation and the Kingdom of Portugal.

Beyond its economic significance, these commercial ties also have historical and artistic importance, as illustrated by this landmark building in the heart of the Portuguese city of Porto.

The Stock Exchange Palace is an imposing neoclassical structure from the 19th century, located within a UNESCO World Heritage Site. Among its most famous rooms are the Arabian Hall and the former courtroom.

Detail of the Swiss coat of arms next to the date August 2, 1834. Francesco Cerea

A symbol of trade relations

On August 2, 1834, a commercial court was established in Porto to adjudicate trade disputes. The date is engraved next to the Swiss coat of arms in the Courtyard of Nations (Pátio das Nações). The courtyard serves as a central passageway to the palace’s various rooms and is topped by a large skylight. Its lower walls are decorated with the coats of arms of Portugal and of countries with which the Bragança monarchy maintained trade relations in the 19th century.

Detail of the Swiss Coat of Arms in the Porto Stock Exchange Building. Francesco Cerea

This explains the presence of the Swiss coat of arms alongside those of royal families and states that no longer exist.

Heraldic details

From a heraldic perspective, the Swiss shield is particularly distinctive. In addition to the familiar white cross on a red background, it features two clasped hands in front of a sun above the cross – likely an allusion to the Federal Pact – while the lower section shows two crossed palm branches, symbols of victory and triumph.

Another striking detail is the presence of 22 stars within the white cross, representing the number of cantons at the time, when the Swiss Confederation was still relatively young.

A palace of commerce

Of all Portugal’s chambers of commerce, Porto’s is the only one housed in such a lavish setting. The building reflects the prestige of its past through an elaborate decorative programme dating from the 19th and early 20th centuries. Since 1842, it has been the headquarters of the Associação Comercial do Porto.

Palace of the Stock Exchange, interior details Francesco Cerea

The decorative and symbolic elements were intended to represent the main economic activities – those seen as ennobling both individuals and society. They pay tribute to the industrious bourgeoisie of northern Portugal, values that were also appreciated by the Swiss at the time.

It is no coincidence that Switzerland opened a second consulate in Porto in 1896, following the one established in Lisbon in 1817, two years after Portugal recognised Swiss neutrality. Diplomatic relations were not elevated to embassy level until 1959, highlighting a contrast between institutional caution and the pragmatism of the business world.

A visual celebration of trade

The Stock Exchange Palace stands as one of the clearest expressions of Porto’s commercial identity. Its artistic language is rich in allegorical paintings, dates and coats of arms. Throughout the building – particularly in the most prominent public spaces – the emblem or monogram of the Associação Comercial do Porto appears repeatedly, alongside the winged serpent, often referred to as the “dragon”.

Other recurring motifs reference trade and navigation: the caduceus, the god Mercury, packaged goods, anchors, ships and docks – clear allusions to commerce and the merchant navy.

Together, these elements form a palace conceived almost as a temple to trade – a visual celebration of commerce as a source of prosperity and civic pride.