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Dickinson pushes green button at the TSX

Curtis Dickinson, the Minister of Finance, fourth from right, opening the Toronto Stock Exchange with a Bermuda delegation (Photograph supplied)

Curtis Dickinson, the Minister of Finance, had the honour of opening the Toronto Stock Exchange, accompanied by a delegation from the island, this week.

The group is in Toronto for a multi-industry forum, hosted today at The Ritz-Carlton by the Bermuda Business Development Agency, along with related meetings with Canadian investors, civic leaders, and business groups.

On Tuesday Mr Dickinson pushed a ceremonial green button to launch the day of trading on Canada’s largest exchange. The TSX is owned and managed by TMX Group. The ritual took place at the TSX Broadcast Centre in the Exchange Tower in the heart of Toronto’s downtown business district.

There’s been a longstanding history and relationship between Bermuda and Canada, so it was our privilege to host the minister during his visit,” said Luc Fortin, president and chief executive officer of the Montreal Exchange and global head of trading with TMX Group. “It’s a sign of mutual respect to have the ability to open Canada’s financial markets.”

“TSX is a valued partner with Bermuda in capital-markets activity,” Mr Dickinson said. “They gave us the distinct honour of hosting us to open the exchange. It came on the first business day after the Raptors won the World Championship, so it was a terrific honour for us to be received that way.”

Accompanying the minister were assistant financial secretary Stephen Gift, BDA director and EY Bermuda partner Jessel Mendes, BDA CEO Andy Burrows, and Isabelle Ramsay-Brackstone, the Honorary Consul of Canada in Bermuda, and other BDA representatives. The group is in Toronto to highlight Bermuda’s close links to Canada and opportunities for bilateral trade and investment.

Today’s BDA forum features moderated panel discussions, thought-leadership sessions, and networking opportunities for investors and businesses interested in learning more about the island. The first in Canada, it is the sixth in a series of overseas multi-industry showcases, following successful events in London, New York and Miami over the past two years.

Canada is one of Bermuda’s most significant economic partners, with two-way trade between the two nations amounting to $2.6 billion in 2017, and $37 billion in mutual assets and investments. Bermuda supports an estimated 25,000 jobs in Canada, including 15,000 from multinational companies in Bermuda and their Canadian affiliates and represents Canada’s fifth-largest export market in trade and services; only the United States, United Kingdom, Germany and France are greater Canadian export markets.