Toronto Stock ExchangeThe Toronto Stock Exchange (TSX) is one of the world's largest stock exchanges.

Toronto is the leading Canadian financial services centre. With more than 251,000 people working in the sector, it is also the second largest North American financial hub after New York. A globally prominent centre, Toronto ranks 4th in the 2014 PwC Cities of Opportunities Study; 6th of 56 international financial centres in the 2014 Banker IFC rankings; and 8th of 84 cities in the 2015 Global Financial Centres Index (GFCI).

ExpandQuick Facts About Toronto's Financial Services Sector

  • Headquarters for 5 of the nation's largest banks and the majority of foreign banks/ subsidiaries/branches in Canada. In aggregate, our banks manage approximately $3.7 trillion of the nation's assets (CBA 2014). The top 5 control approximately of 80% of domestic assets.
  • The majority of pension funds, including 4 of the country's largest Public Pension Plans with combined assets exceeding $450 billion, are located here.
  • Home to TMX Group, which owns and operates Canada’s leading public equities markets, Toronto Stock Exchange (TSX) and TSX Venture Exchanges (TSXV). Based on market capitalization, the Exchanges are the 3rd largest in North America and 8th largest in the world (Source: World Federation of Exchanges, 2014).TSX and TSXV, on a combined basis, have the largest number of listed companies globally in the oil and gas, mining, and clean technology and renewable energy sectors. In 2014, nearly $58 billion of equity capital was raised on TSX and TSXV, which places them 6th among global stock exchanges.
  • The locus of a vibrant startup ecosystem that helps entrepreneurs grow and succeed. It's where the vast majority of Canada's venture capital and private equity firms are located. In 2014 venture capital and private equity disbursements in Canada totalled over $40 billion.
  • More than 55% of registered investment dealers are in Toronto (Source: Investment Industry Regulatory Organization of Canada (IIROC) website)
  • Almost 80% of Canada's mutual fund industry, representing over C$1.22 trillion in Assets Under Management (AUM), as well as $77 billion in Exchange Traded Funds (ETFs), and the majority of the $35 billion hedge fund industry (Source: IFIC, AIMA and CETFA, 2014) is located in Toronto.
  • Headquarters for 38 federally regulated life insurance companies and 5 fraternal societies, two of which rank among the largest 50 global life insurers (Source: OSFI 2015)
  • Headquarters for 63% of federally regulated Property & Casualty Insurance companies – including two of the three largest in Canada (Source: OSFI 2015)
  • The leading asset servicing companies have a Toronto presence, including Citco, CIBC Mellon, Commonwealth, Harmonic, IFDS, RBC Investor Services, SGGG, and State Street
  • A robust and critical concentration of supporting service industries can be found in Toronto, including the top legal, accounting, consulting, academic and technology providers and their related and ever-growing technology accelerator and incubator networks.

ExpandTalent Advantage

Toronto boasts an exceptionally skilled and diverse workforce that supports the finance sector. The Toronto region's financial services sector employs 251,000 people, which represents 66% of Ontario's and 31% of Canada’s sector employment. (Source: Statistics Canada, Labour Force Survey, 2014).

Financial services is an equally significant contributor to the local economy, accounting for about 8% of the Toronto region's (CMA) direct employment and about 14% of its GDP. This figure is even higher for the city of Toronto, where the financial services sector accounts for about 19% of GDP. Employment within Toronto CMA's financial services sector is dominated by the banking sector, which accounts for just over half of sector employment (Source: Statistics Canada, Labour Force Survey, 2014).

ExpandHighly Educated Workforce

Toronto CMA's financial services sector has a sophisticated and highly educated workforce - about 84% of the workforce has post-secondary accreditation in addition to industry-specific designations.

ExpandLarge Number of Qualified Professionals

The skill levels of the workforce are also reflected in the high number of employees with professional designations in the Toronto region.

Toronto boasts the 2nd largest CFA Society globally, based on membership, after London UK.

ExpandTop of the Class

Toronto is home to 4 universities and 4 colleges, with a further 10 post-secondary institutions in the Toronto region which provide a growing supply of qualified labour. Three of Toronto's universities also have internationally recognized business schools which offer undergraduate, graduate and doctoral programs in business, finance and commerce, including full-time, part-time and executive MBA programs. York University’s Schulich School of Business has ranked among the top 10 business schools globally by both The Economist and Business Week; while the University of Toronto’s Rotman School of Management's MBA program is ranked in the top 15 in North America by the Financial Times magazine.

Toronto-based Universities, Colleges and Training Associations



Industry Training Organizations

ExpandIndustry Associations


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ExpandSector Regulation

In Canada, the financial sector is regulated at both the federal and provincial level. Learn more about the different types of financial services businesses and the primary regulators that oversee the establishment and operation of each type of business.