TorontoFinancial Services Cluster

Done by Claudia Carvajal

A cluster is a concentration of companies and industries in the same geographic region which are interconnected in different levels such as:

Markets servedProducts producedSuppliersTrade associationsEducational institutions

What is a cluster?

Strong Skill base

Innovation and R & D capacity

Presence of networks and partnerships

Clusters’ key success factors

IncubatorConvergence CentreAcceleratorInnovation CentreCentre of Excellence

Cluster structures

GTA Financial Services Cluster

Banks

Insurance Companies

Securities Services

Investment Funds

Risk Capital Providers

Computer & Communication Service

Providers

Information Providers

Outsourced Services

Research Organizations

Toronto has a concentration of 1,700 financial services firms.

3rd largest financial centre in North America

The financial services sector employs approximately 130,000 workers

GTA Financial Services Cluster

New York: Ranks # 1London: Ranks # 2

Emerging clustersDubaiHong Kong

Competing Clusters

Employs nearly 515,000 workers in New York

The insurance region has the largest share of regional financial services employment

This cluster is comprised on four major sub-clusters:

-Banking and Credit Activities -Securities and Investment Activities -Insurance -Funds

NY Financial Services Cluster

London is Europe’s financial capital

Approximately 2,000 headquartered companies listed on the London markets

London is the leader of foreign direct investment

Helps with the development of other clusters such as advertising, legal services, and accounting

London Financial Services Cluster

Centennial College: first institution to offer Islamic Finance

CIBC: first bank in Canada to offer mobile banking

CFSI Innovators Roundtable (March 10, 2010)

Mobile Financial Services Summit (Singapore)

GTA News and Events

Banks will upgrade their ATMs’ operating systems to Microsoft

Codes on Credit Cards to avoid fraud

Remote-Deposit Capture

Cluster Innovations

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