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Toronto Solidifies Reputation as a Global Financial Centre

The 18th edition of the Global Financial Centres Index (GFCI) indicates that Toronto is second to only New York City in financial centre competitiveness among North American cities.  Toronto moved ahead of Chicago, Boston and San Francisco from the previous ranking and also moved into the global “top 10” at eighth place.

Authors of the report stipulate that leads of less than 20 points indicate 'relative parity.' This means Toronto, the capital of Ontario, is on par with Tokyo, Seoul and Zurich, which placed fifth, sixth and respectively. In addition to Toronto, both Vancouver (17th) and Montreal (18th) ranked in the top 20.

Published twice annually by Long Finance, the GFCI is based upon research of 98 financial centres around the world.  It examines five broad areas of competitiveness including business environment, financial sector development and infrastructure, human capital and reputational and general factors. The 105 factors which determine the GFCI rankings are obtained from a range of external sources, such as the United Nations and World Economic Forum.

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