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Financial Services Clusters

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Financial Services Clusters

Financial Services Clusters

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  • 1. Financial Services Clusters The Greater Toronto Area MRK625 Victoria George
  • 2. What is a Cluster?
    • A cluster is a geographic concentration of interconnected businesses, suppliers, and associated institutions in a particular field. Clusters increase the productivity of participating firms and drive innovation forward.
    • Cluster, also known as a business cluster, competitive cluster, or Porterian cluster, was introduced and the term cluster popularized by Michael Porter.
  • 3. What makes a cluster successful?
    • the availability of venture capital
    • critical mass
    • technical infrastructure
    • presence of higher education and research institutions;
    • entrepreneurial drive
    • influence of champions
    • network
    • quality of linkages
    • social capital
    • synergy
    • diversity
  • 4. About the Finance Cluster
    • The City of Toronto is recognized around the world as Canada’s national centre for financial services.
    • Toronto is home to the headquarters of Canada’s five largest banks and to approximately 80% of the headquarters of foreign banks operating in Canada.
    • The Toronto Stock Exchange is the largest exchange in Canada.
  • 5. About the Finance Cluster
    • Financial services contribute significantly to the nation’s total exports, GDP and employment.
    • Ontario is the only province with a trade surplus in financial services with inter-provincial trade expanding at an annual growth rate of 7% since 1992.
  • 6. Issues facing the Finance Cluster
    • The financial services sector is experiencing a period of instability as forces of change with respect to globalization, regulatory changes, consolidations, and advances in technology change the entire context of financial services throughout the world.
    • The cluster must push for global recognition.
  • 7. Areas in which to Grow
    • Strides toward improved post secondary options in financial services will help to sustain further cluster growth.
  • 8. Mississauga: Cluster Member
    • Mississauga, with strength in a broad range of business sectors, is home to one of Canada’s largest Finance, Insurance and Real Estate (FIRE) clusters.
    • Companies in the FIRE sector are attracted to Mississauga due to its culturally diverse labour force and vast pool of highly skilled and knowledgeable people; its well-developed transportation
    • net work; its state-of-the-art telecommunication infrastructure; and its
    • close proximity to Canada’s financial centre.
  • 9. Mississauga: Cluster Member cont.
    • These healthy economic factors have
    • contributed to the unprecedented growth in the FIRE sector.
    • • The City of Mississauga’s FIRE sector is the third largest in Canada
    • • Mississauga’s FIRE sector employs more than 23,500 people
    • • Direct GDP contribution to the Mississauga region was estimated at $5.9 billion (2002)
    • • Combined direct and indirect GDP contribution to the Mississauga region is
    • estimated at $10.5 billion (2002)
    • • Over 70% of all Canadian banks and insurance companies are headquartered in
    • the Greater Toronto Area (GTA)
    • • The FIRE sector is the single largest contributor to the Canadian economy
  • 10. London Financial Cluster
    • London has over 50 per cent of UK employment in management of financial markets, venture capital, security broking and trading, funds and management and bank HQs.
    • The financial cluster generates large scale demand for telecommunication services, consultancy, legal services, software, data processing and information
  • 11. New York Financial Cluster
    • The Financial Services cluster consists of firms in three major sub-clusters – banking, securities and insurance.
    • Financial services employment in New York was 500,899 in 2001, about 7.3% of New York’s private sector employment.
    • New York City had the greatest concentration of employment in financial services in New York State. Two-thirds of the state’s financial services employment is in New York City.
  • 12. Advantages of the Toronto Cluster
    • Toronto is a significant economic center with:
    • superb universities
    • leading arts,
    • entertainment design, and
    • culture industries
    • The most diverse population in the world
    • Like London, but unlike most major U.S. cities, Toronto offers schools that work, low crime, and safe streets. Unlike London — or New York, Los Angeles, and San Francisco — Toronto also remains reasonably affordable, which allows it to retain residents from a wide mix of social and economic classes.
  • 13. The End Thank you sources: Who’s Your City?: How the Creative Economy Is Making Where to Live the Most Important Decision of Your Life by Richard Florida http://www.berr.gov.uk/files/file21312.pdf http://www.omicc.ca/benefits-2.html http://www.toronto.ca/invest-in-toronto/clusteroverview.htm