Financial Services Clusters Critical drivers of prosperity increasing industry globalization strength is measured by banking, insurance, investments, security dealers and risk capital. attract leading firms, suppliers, and related industries to build their advantages over other regions Successful clusters derive from highly qualified workers and managers, excellent infrastructure, supportive economic conditions and innovative rivals

Critical drivers of prosperity increasing industry globalization

strength is measured by banking, insurance, investments, security dealers and risk capital.

attract leading firms, suppliers, and related industries to build their advantages over other regions

Successful clusters derive from highly qualified workers and managers, excellent infrastructure, supportive economic conditions and innovative rivals

Financial Services Clusters New York Dubai Toronto

New York

Dubai

Toronto

Factor Conditions Proportion of employment Number of industry-certified workers Adequate specialized graduate university programs

Proportion of employment

Number of industry-certified workers

Adequate specialized graduate university programs

Firm Strategy, Structure, and Rivalry Strong rivalry between major banks Abundance of small securities firms Local & foreign competition e.g. Dubai vs. Singapore Toronto vs. New York

Strong rivalry between major banks

Abundance of small securities firms

Local & foreign competition

e.g. Dubai vs. Singapore

Toronto vs. New York

Related and Supporting Industries Business and IT services are concentrated in the Cities Developed university and research systems and facilities

Business and IT services are concentrated in the Cities

Developed university and research systems and facilities

Demand Conditions Highly-developed capital markets Strong stock market

Highly-developed capital markets

Strong stock market

Innovation Stock Market-Online trading Bank Services-Online banking, expanded ATM Network Networking online & satellite connections with cluster members

Stock Market-Online trading

Bank Services-Online banking, expanded ATM Network

Networking online & satellite connections with cluster members