Toronto – globally connected and growing.
In the post-2008 global business environment, Toronto has emerged as the second largest financial centre in North America and ranks as a ‘Top Ten’ global financial centre.
The annual ranking of international financial centres by the U.K.-based The Banker magazine (2016) places Toronto second among North American centres and eighth in the world.
Canada’s financial centre.
The Toronto region is the hub of the Canadian financial industry – banks, investment firms, pension funds and insurance companies.
Toronto is home to the head offices of Canada’s five largest banks, three of which rank among the world’s largest 30 banks by market capitalization. In 2016, for the ninth year in a row, the World Economic Forum ranked Canadian banks as one of the soundest in the world. Toronto also is the Canadian headquarters for the vast majority of foreign banks operating in Canada, including four of the world’s largest banks.
The Toronto region is home to:
- Over 40 per cent of all financial services headquarters employment in Canada
- 2 of the world’s largest life insurers
- 7 of the 10 largest global hedge fund administrators
- 3 of the top 60 global pension funds
- headquarters for 9 of Canada’s top 10 mutual fund companies, based on assets under management.
The Toronto Stock Exchange is the third largest equity exchange in North America and tenth largest in the world by market capitalization. In terms of number of listed companies, the Toronto Stock Exchange and the TSX Venture Exchange are the second largest overall and are global leaders in mining, oil and gas and clean tech.
Supporting the sector is a vibrant eco-system that includes many of Canada’s top lawyers, accountants, administrators, technology firms and academic institutions.
A centre for in-depth expertise.
Within the diversity and breadth of Toronto’s financial sector are a number of areas of specialized expertise that have developed over time.
Growth momentum bucks global trend.
Toronto’s growth as an international financial centre has outpaced many of its peers.
Financial services employment in Toronto has risen by 21 per cent since 2005 while other major U.S. financial centres such as New York City and Chicago have seen decreases.
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