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Toronto the second most competitive financial centre in North America

Toronto the second most competitive financial centre in North America

Posted by PanamericanWorld on November 02, 2015

According to the 18th edition of the Global Financial Centres Index (GFCI), Toronto is second to only New York City in financial centre competitiveness among North American cities, jumping ahead of Chicago, Boston and San Francisco while moving into the top ten globally (at eighth place). Authors of the report stipulate that leads of less than 20 points indicate 'relative parity.' This means Toronto, which received a rating of 714 points, is on par with Tokyo, Seoul and Zurich, which placed fifth, sixth and seventh with 225 points, 724 points and 715 points, respectively. Two additional Canadian cities ranked in the top twenty, Vancouver (17th) and Montreal (18th).

Published semi-annually, the GFCI is based upon research of 98 financial centres, which takes into account five broad areas of competitiveness including business environment, financial sector development and infrastructure, human capital and reputational and general factors. In all, 105 factors determined the ranking of the GFCI, obtained from a range of external sources that include the United Nations, World Economic Forum and the World Wide Web Foundation.

"The GFCI draws on two separate data sources – instrumental factors or indexes and responses from international financial executives to an online survey," said Janet L. Ecker, President of the Toronto Financial Services Alliance (TFSA). "The basis for this [Toronto's] jump seems to be our strength in business environment, talent and reputation rankings, which are three of the five key instrumental factors used in this index. It also appears to be due to favourable survey responses from North American respondents outside Canada."

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