2014 News & Media Releases
Doing Business Abroad Pays Dividends for Toronto's Financial Services Sector and Canada's Economy
Toronto is commonly ranked among the top financial centres in the world and its global presence remains strong, according to the Conference Board of Canada report, Performance and Potential: Toronto's Financial Services Sector 2014. In the companion report, Going Abroad: Examining the International Footprint of Canada's Financial Services Sector, also released today, close to 40 per cent of Toronto's financial institutions surveyed reported that one-quarter or more of their revenues comes from overseas; meanwhile, more than half of the survey respondents operate in 11 or more countries.
Mitacs and Centre of Excellence in Financial Services Education Address Labour Market Needs
Mitacs and the Centre of Excellence in Financial Services Education (CoE) are partnering to help financial service institutions firms bridge the gap between the supply and demand of talent for the sector. The partnership aims to increase the access to talent in Canada by linking top researchers enrolled in graduate and postdoctoral programs across Canada through Mitacs’ Accelerate and Elevate programs to Toronto’s financial services sector.
How P3s Plug Infrastructure Gaps
Whether it's the internationally recognized expertise of Infrastructure Ontario, the provincial government agency running P3 projects in health care and transportation; the global thought leadership of the Canadian Council for Public-Private Partnerships; or the growing international reputation of our major pension plans as savvy investors in infrastructure projects, we have an asset that we should leverage more for the benefit of not just Toronto, but for the country as well.
Janet Ecker at the Empire club on The Importance of P3's
Yuan trading-hub status a major win for Canada
'This is a significant development and a major win for Canadians, for our nation's financial industry and for Toronto, where the financial sector is headquartered. Why? Because China is one of the world's largest economies and our second largest trading partner. As it seeks to make its currency more international, it is looking for partners around the world. Its choice of Canada will now give Canadian companies, including our financial industry, a competitive advantage.'
TFSA Welcomes Agreement to Establish Canada as the Renminbi Hub for the Americas
The Toronto Financial Services Alliance (TFSA) welcomes and applauds the agreement announced today to establish Canada as the first trading hub in the Americas for the Chinese currency, the Renminbi (RMB). "We are very pleased that the federal government recognized the importance of this initiative to Canada's economy and worked with the financial industry to help make it happen," said Janet Ecker, President and CEO of the TFSA. The TFSA was instrumental in starting the initiative, almost two years ago, bringing together industry and government officials to explore its feasibility.
Taking Our Relationship with China to the Next Level by Establishing a Renminbi Trading Hub in Canada
The Canadian Chamber of Commerce released a report "Doing More Business with China: Why Canada Needs a Renminbi Hub." The report highlights four key advantages to the Canadian economy that could come from the establishment of an RMB trading hub.
GFCI 15 Published Today
The latest Global Financial Centres Index, GFCI 16, covering 80 financial centres, was published on September 22 by the London based Z/Yen Group. Toronto moved up three spots in the rankings, and remains one of only 11 financial centres judged by GFCI to be a "global leader," owing to the breadth and depth of its financial services industry. As a sub-sector, Toronto's investment management capabilities placed it among the top ten centres in the world, according to GFCI 14. GFCI joins The Banker, The Economist, Ernst & Young, KPMG and PwC in ranking Toronto highly as an international financial centre, a place to do business and a place to live.
Transportation infrastructure is key to attracting more financial services head offices to Toronto
Toronto should focus on improving its transportation infrastructure, including roads and transit, if it wants to keep growing as a centre for financial services headquarters, according to a Conference Board of Canada report released today.
TFSA welcomes ratification of Canada-China Foreign Investment Promotion and Protection Agreement (FIPA)
The Toronto Financial Services Alliance (TFSA) welcomes the federal government's decision to ratify the Canada-China Foreign Investment Promotion and Protection Agreement (FIPA)."Canada and China have a strong and growing economic relationship which includes the financial services sector," said Janet Ecker, President and CEO of the TFSA. "Some of our financial companies have been involved with China for literally decades and these business relationships are growing."
Canada seeks to become Renminbi (RMB) trading centre for the Americas
The Toronto Financial Services Alliance (TFSA) and AdvantageBC today announced they would work together, with officials from the federal, Ontario and BC governments, and the financial industry, to promote Canada as a trading hub for the Chinese currency, the Renminbi (RMB).
We Need your Assistance to Make Toronto a “Top Ten” Global Financial Centre
Twice a year the Global Financial Centres Index (GFCI), ranks the top global financial centres using both data analysis and survey responses from global financial executives. The process for the September ranking has just begun. Whilst Toronto has cracked the "top ten" in previous reports and did well in sections of the last report in March, overall it slipped to 14th slot - which we do not believe is a true reflection of the standing of Toronto's position as an International Finance Centre.A critical element of the GFCI is the survey so your opinions, and the opinions of your financial colleagues working around the world really can make a difference. We know from analysis that responses from executives who work offshore are given extra weight in the scoring, so can you please encourage your global financial colleagues, to participate. All it takes is for you and your global colleagues to take five minutes of your time to complete the survey.
Toronto Ranked as the Most Tax-Competitive Major City in the World
A report released last week by KPMG ranked Toronto as the world's most tax-competitive major city. The report, Competitive Alternatives 2014: Focus on Tax, ranked Toronto first overall among the 51 major international cities studied.
2014 Ontario Election Debate on Importance of Financial Services Sector
On June 6th, 2014, The Toronto Financial Services Alliance (TFSA), with eight other financial services industry associations, hosted a provincial election debate at Toronto City Hall. Representatives of the three major political parties expressed their views regarding the importance of the financial services sector to the regional economy. Representing the three parties were: Hon. Charles Sousa, the Ontario Minister of Finance and the Liberal candidate for Mississauga South, Vic Fedeli, the Progressive Conservative candidate for Nipissing, Michael Prue, the New Democratic Party candidate for Beaches -- East York.
Ontario Election Debate Discusses Importance of Financial Services Sector: Consensus and Divergent Views on Key Issues Highlighted
Toronto, June 6, 2014 - The Toronto Financial Services Alliance (TFSA), with eight other financial services industry associations, today hosted a provincial election all-candidates' debate at Toronto City Hall. Representatives of the three major political parties expressed their views regarding the importance of the financial services sector to the regional economy. View Video here: https://www.youtube.com/watch?v=KtmOP6p_DWw
TFSA Newsletter - May 2014
Check out our May newsletter for industry news and to see what we've been up to!
Toronto Financial Services Alliance Concerned Provincial Budget Not Meeting Deficit Targets; Welcomes Critical Infrastructure Investments
The Ontario Government announced today in its budget that it is adjusting deficit targets in the short term. The Toronto Financial Services Alliance (TFSA) is disappointed that original short term targets will not be met, although the government says it remains committed to balancing the budget by 2017-18.
TFSA Mourns Loss of Jim Flaherty
The Toronto Financial Services Alliance (TFSA) is greatly saddened by the news of former Finance Minister Jim Flaherty's passing. "Canada has lost one of its best finance ministers and the Toronto region's financial sector has lost a strong supporter," said Janet Ecker, President and CEO of the Toronto Financial Services Alliance at the news that the former minister passed away.
Why Canada's Stock Market is Among the Best in the World
Check out Kevan Cowan's, President, TSX Markets and Group Head of Equities, article in the Globe and Mail.
Excelian Increases Global Presence with New Office in Toronto
Janet Ecker, President of TFSA stated “We are pleased to welcome Excelian to our growing financial technology market here in Toronto. The financial services industry is facing many regulatory and economic pressures which technology solutions like this can address. This company is an excellent example of the kind of technology and business support we are attracting to support our financial sector.”
Janet Ecker on BNN
Janet talks about Jim Flaherty's legacy and his replacement, Joe Oliver.
Flaherty’s Departure a Great Loss for Canada and Toronto’s Financial Services Cluster
Toronto, March 18, 2014 - Canada has lost one of its best finance ministers and Toronto region has lost a strong advocate, said Janet Ecker, President and CEO of the Toronto Financial Services Alliance at the news that Canada's Finance Minister, Jim Flaherty has stepped down.
Runway Expansion Will Help Toronto Fly
The Billy Bishop Toronto City Airport has become a world-class gateway for Toronto and Ontario for both business and leisure travellers - particularly for the financial services industry, one of Toronto's most important economic drivers. The debate now swirls around a proposal to introduce jet service...
TFSA Podcast Series: Episode #5 Release
The Toronto Financial Services Alliance is pleased to release episode #5 of our new podcast series. CSI globalVcard: A Toronto Success Story with Dave Disque from CSI globalVcard. This podcast will focus on the reasons why CSI globalVcard decided to expand into Toronto.
Department of Finance of Canada : Minister of Finance Welcomes Findings of the IMF's Financial Sector Assessment Program and Staff Report Confirming Effectiveness of Canada's Economic Stewardship
The FSAP (Financial Sector Assessment Program) report, prepared every five years, lauds Canada's financial system for successfully navigating the global financial crisis, while remaining resilient in the face of outside risks. The report also points to the strength of the Canadian economy and fiscal position, a well-functioning and collaborative financial sector regulatory infrastructure, effective and efficient supervision, and well-capitalized and profitable financial institutions as key to the sector's ongoing success.
2014 Federal Pre-Budget Submission
Toronto Financial Services Alliance
Save The Date! Seminar on Business Opportunities in the U.S. Financial Technologies Market
For Canadian Financial Technology (FinTech) companies: Join this luncheon seminar to learn more about business development opportunities in the U.S.Featured speakers to include David Furlonger of Gartner and other Financial Technology industry leaders from Canada and the U.S. Key areas of focus will include security, compliance, mobile, risk, wealth management and analytics.
Check out our new Success Story! globalVcard Inc
When CSI Enterprises began planning for expansion into Canada, it didn't take long to identify Toronto as a prime location for its Canadian office.
Province Expanding Opportunities in South American Market
Ontario is opening its newest International Marketing Centre (IMC) in São Paulo, Brazil. The new office fulfils a key commitment of Ontario's Going Global Trade Strategy and the official opening will be marked during a business mission to Brazil led by Dr. Eric Hoskins, Minister of Economic Development, Trade and Employment, from January 22-24. Ontario's network of 11 International Marketing Centres provide an on-the-ground presence in high-potential markets, helping Ontario firms to grow their exports while promoting the province as a destination for investment.
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