The Business Insider recently included Toronto on their list of "10 Emerging Financial Centers That Will Blindside New York and London." Toronto inclusion on the list was attributed to its role as a "hub" for the country's financial sector as well as its position as North America's fastest growing financial services center and its third largest stock exchange.
"The financial crisis slammed global banking hubs around the world. Were it not for government bailouts, Wall Street, The City and other banking hubs may never have recovered.The traditional financial powerhouses stand weakened, and others, long hungry to steal their business, are taking advantage. Around the world, regional banking centers like Toronto, Shanghai, Singapore and Zurich are poised for explosive growth and to become the new world financial leaders�"
"Toronto's financial sector has traditionally focused more on Canada than the world, but it's trying to change that. The city recently unveiled a plan to become "one of the two leading financial clusters in North America and one of the top five to seven global centres�.According to an October 2009 World Economic Forum global ranking, Canada "demonstrates consistent strength across all three financial intermediation pillars: banking financial services (8th), non-banking financial services (7th), and financial markets (12th)."
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Business Insider