The Toronto Financial Services Alliance (TFSA) and TheCityUK, two associations promoting the financial services industry in their respective jurisdictions, have signed a Memorandum of Understanding in a move that will bring the two financial hubs closer together.
The brief for both the TFSA and TheCityUK is to identify and facilitate practitioners interested in expanding internationally. Support will include sharing research and information, introducing like-minded companies, along with staging seminars, workshops and conferences on the benefits and practicalities of locating in either jurisdiction.
Commenting on the initiative, TFSA President Janet Ecker said, “While Canada’s financial linkages with the City of London pre-date the founding of Canada, there has been significant expansion of ties in recent years as Canadian financial institutions grow their presence in the UK and throughout Europe. Increasing the volume of business between our two financial hubs is a win-win proposition that will lead to more jobs in Toronto and more jobs in London.”
TheCityUK Chief Executive Chris Cummings said that Toronto has a deserved reputation as a successful financial centre and has an appetite for encouraging competitive regulation and promoting choice. "This agreement will further strengthen our relationship and provide export opportunities for businesses in both nations. As a leading hub, Toronto will also help to open up opportunities for businesses across the whole of North America,” said Cummings.
Since 2008, Canadian banks and insurance companies have expanded their operations in the City. Several pension funds and the TMX Group have opened offices in the UK capital for the first time. Similarly, both associations confirm that major UK financial companies are recognising Toronto’s growing stature as a global financial hub and are looking to expand operations there.
Toronto is the latest financial hub to join TheCityUK's expanding network of international financial centres, which already includes Dubai and Moscow.
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