Finance
As the business and financial capital of the country, and one of the world's largest financial centres as per the British Global Financial Centres Index, Toronto hosts the Toronto Stock Exchange (TSX), the third largest stock exchange in the Americas by market capitalization and seventh in the world (see List of stock exchanges for complete rankings) (as of Dec 31, 2011). The TSX has led North American exchanges by being the second to trade electronically and the first to become listed publicly. In the last decade, it outperformed many other stock exchanges worldwide. The financial district in Toronto centres on Bay Street, the equivalent to Wall Street in New York. Toronto is the second largest financial centre in North America, after New York City, with approximately 205,000 staff in the Canada's biggest banks and brokerages. In 2008, Forbes Magazine named Toronto the 10th most economically powerful city in the world, ahead of Madrid, Philadelphia and Mexico City.
The city's budget for the fiscal year 2008 was $8.170 billion and is funded primarily by property taxes (the net budget) totaling $3.322 billion.
Read more about this topic: Economy Of Toronto
Famous quotes containing the word finance:
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