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anticipation of new regulations which will soon govern the activities of U.S. and European financial institutions, Montreal, provides a less restrictive legislation to position itself as a major international financial center.
Canada benefited from a sound financial system
Fearing the return of the financial meltdown of 2008, many governments in Europe and the U.S. authorities provide various measures and regulations in the direction of their financial institutions. Thus, U.S. banks will soon prohibit all financial transactions for their own profit. Spared by the crisis with a banking system in very good health, Canada can spare such drastic resolutions and plans to promote the financial activities that will soon be prohibited elsewhere. Stated goal: to make Montreal an international financial center. Recall that the Canadian city has been the latest worldwide financial centers, good reputation, from the 26th to 20th place, ahead of Paris arriving 24th.
Montreal convince foreign institutionsSociete Generale, one of the largest French banks would already interested to transfer some of its activities threatened illegal in Europe, in the words of Pierre Matuszewski, number one group in Canada. Celebrating its 25th anniversary this year 2012, the International Financial Centre of Montreal will therefore tackle attract foreign institutions and can certainly count on the federal Finance Minister Jim Flaherty who recently traveled to New York to defend the place in Toronto. Convinced of the advantages possessed by the privileged Montreal as an international financial center, Societe Generale plans to start these new activities in the month of June.
source: lapresseaffaires
