Montréal, Québec, Canada, October 29, 2014 – Finance Montréal, Québec’s financial services industry cluster, announced today that it supports the efforts undertaken by the Toronto Financial Services Alliance and AdvantageBC to achieve an agreement between Canada and the People’s Republic of China making Canada a RMB trading center for the Americas. Putting its weight behind a common national strategy, Québec’s financial services community is fully dedicated to work with business communities from Toronto and Vancouver along with Provincial and Federal Governments to develop an attractive and coherent business case for RMB trading in Canada.
From October 27 to October 31, an official delegation led by Québec Premier Philippe Couillard will be in China to strengthen political and economic relationships between Québec and China. Representatives of Québec’s financial services industry are part of this delegation. Various meetings are scheduled aimed at increasing collaboration, notably between Montréal and Shanghai, two sister cities that also share a partnership agreement in the financial sector.
According to Eric Lemieux, Chief Executive Officer of Finance Montréal and the International Financial Centre of Montréal, “Canada is probably the best place to deploy a RMB trading center across the Americas. What we offer our Chinese partners is a coherent national strategy, one in which each major Canadian financial center has a specific role to play. Our industry is sophisticated and tightly knit, which allows for a strategic plan of this nature to be efficiently deployed across a vast territory. The Canadian value proposition in RMB trading is sound and solid. The financial services industry leaders of Québec offer all their help to make this project happen seeking a win-win outcome for every party involved”.
Montréal’s financial community intends to work closely with its Canadian counterparts, along with the Chinese financial authorities to look at the possibility of developing new financial products such as foreign exchange futures on the Canadian Dollar and the Chinese RMB within an appropriate regulatory framework. While Toronto and Vancouver could host most of the currency trading and clearing activities, Montréal would be positioned to support currency derivatives trading on the Montréal Exchange, Canada’s derivatives exchange.
About Finance Montréal
Finance Montréal, Québec’s financial cluster, was created in 2010 by players in the financial services industry at the invitation of the Québec Government. Finance Montréal’s mission is to enhance Montréal’s reputation as a strong, innovative and world-class financial hub. The organization helps strengthen Québec’s financial sector by generating growth and supporting high value-added financial activities strategic to its development. Finance Montréal brings together 24 Governor Members, 13 Associate Members and close to 300 volunteer professionals. It fosters cooperation among a vast range of financial sector companies to watch over the industry’s common interests while raising awareness of the financial specializations found in Montréal. To learn more about Finance Montréal, visit www.finance-montreal.com.
– 30 –
For additional information, please contact:
Director of Communications
514-287-1540 ext. 227