Toronto ranks as number one among all other international cities in terms of lowest average operating costs. This provides great incentives for financial clusters to further develop and expand their concentration. The chart below indicates just how much cheaper it is for financial service compnaies to start up in Toronto in comparison to other top international cities.

 Financial Services – Total Annual Operating Costs Compared:Toronto vs. Select International Cities

City	Total Operating Costs
Toronto	9,273
Sydney	9,376
Chicago	9,559
New York	10,312
London	13,791
Frankfurt	14,361
Tokyo (Yokohama)	14,903

Banks in particular are key contibutors to this statistic as they bring in an abundance of revenue to the city. Here is a list of the top banks in Toronto:

Top 5 Toronto-based Banks

Company	2004 Revenues ($000s)
RBC Financial Group	25,204,000
CIBC	16,705,000
Scotiabank	16,497,000
TD Bank Financial Group	16,015,000
BMO Financial Group	13,208,000

Other interested statistics that further explains the important significance of the financial cluster in Toronto is :

Home-base for the TSX Group – the third-largest stock exchange in North American and seventh largest in the world based on market capitalization – is the world leader in mining sector listings.

The centre for over 10 per cent of all Canadian economic activity with a population of 2.6 million and $123 billion.

Links:

http://www.toronto.ca/invest-in-toronto/finance.htm