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Stronger Together: The Strengths of Canada’s Four Global Financial Centres

The Conference Board of Canada, 90 pages, July 12, 2016
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This report identifies the key strengths of four financial centres—Calgary, Montréal, Toronto, and Vancouver—and considers the role each plays in growing the international presence of the Canadian financial services sector.

Document Highlights

The financial services sector is one of the most important to the Canadian economy. The sector directly accounted for 4.4 per cent of employment and 7 per cent of GDP in Canada in 2015, and it has been a key source of growth for the Canadian economy over the past decade. Financial services activities act as the lubricant that enables all business activity in the economy to operate smoothly. Without these services, the Canadian economy would not be able to perform as effectively or participate as fully in the global economy.

Stronger Together: The Strengths of Canada’s Four Global Financial Centres identifies the key strengths in the financial services sector for each of Canada’s four financial centres—Calgary, Montréal, Vancouver, and Toronto. To do this, we assess three broad groupings within the sector: banking activities, securities and asset management, and insurance.

Table of Contents

Executive Summary

Chapter 1—Introduction

Chapter 2—Banking

  • Personal and Commercial Banking
  • Credit Unions
  • Corporate and Institutional Banking
  • Other Banking and Support Services

Chapter 3—Securities and Asset Management

  • Wealth Management and Investment Advice
  • Fund Management
  • Securities

Chapter 4—Insurance

  • Life and Health Insurance
  • Property and Casualty Insurance
  • Reinsurance
  • Insurance Agents, Brokers, and Adjusters

Chapter 5—Ancillary Services

  • Professional Services
  • Information Technology
  • Financial Technology

Chapter 6—Conclusion

  • Some Activities Are More Likely to Be Clustered in the Four Cities
  • Each of the Four Cities Has Unique Strengths
  • Better Together

Appendix A—Bibliography

Appendix B—Survey Methodology and Results

Appendix C—Additional Data Tables

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