Toronto Remains A Strong Centre Despite Exodus By Foreign Banks

BANKS

Toronto, the site of this year's annual ACI: The Financial Markets Association Forex '97 congress, experienced the consolidation in the forex industry earlier than many major regional centres.

A number of foreign banks exited the city several years ago, shifting their North American trading operations to New York, while leaving behind a sales presence; however, market participants point out that while most foreign banks have reduced their presence in Toronto, the major Canadian banks have co