mayoral mission to new york city
TRANSCRIPT
MISSION BOOKLET
MAYORAL MISSION TO NEW YORK CITYNOVEMBER 14, 2017
MAYORAL MISSION TO NEW YORK CITY | NOVEMBER 14, 2017
TABLE OF CONTENTS
Agenda 3
Overview 5
Delegates 6
Appendix A: Financial Services & Fintech Background 11
TABLE OF CONTENTS 2
MAYORAL MISSION TO NEW YORK CITY | NOVEMBER 14, 2017
AGENDA
TIME ITEM LOCATION
6:45 A.M. Departure from Toronto: Porter Airlines Flight PD121 Billy Bishop Toronto City Airport (YTZ)
8:15 A.M. Arrival in Newark, New Jersey Newark Liberty International Airport (EWR)
9:00 A.M. Ground transport pickup Met by driver in front of baggage claim area
9:00 A.M. Transit to Sidewalk Labs Met at entrance by Sidewalk Labs representative
10:00 A.M. Meeting with Sidewalk Labs 10 Hudson YardsNew York, NY 10001
26th Floor
11:00 A.M. Transit to Consulate General of Canada in New York
11:20 A.M. Briefing with Canadian Consul General Phyllis Yaffe 1251 Avenue of the Americas1251 6th AvenueNew York, NY 10020-1175
Concourse Level
11:50 A.M. Transit to JP Morgan Chase Luncheon Check in at security
12:00 P.M. Private Luncheon with JP Morgan Chase JPMorgan Chase Tower270 Park AvenueNew York, NY 10017
47th Floor, Conference Room E
1:45 P.M. Transit to BlackRock Check in at security
2:00 P.M. Private Meeting with BlackRock BlackRock Park Avenue Plaza55 East 52nd StreetNew York, NY 10055
7th floor, Conference Center 7J
AGENDA 3
TIME ITEM LOCATION
3:30 P.M. Transit to Grand Central Tech Met by Michelle Greenberg-Peng from MaRS Discovery District
4:00 P.M. Grand Central Tech / MaRS Discovery District Mayor’s Roundtable
Grand Central Tech335 Madison AvenueNew York, NY 10017
Microsoft Reactor Room, 4th Floor
5:00 P.M. Media One-on-Ones Grand Central Tech335 Madison AvenueNew York, NY 10017
Conference Room Breakouts, 4th Floor
6:00 P.M. Tech in Toronto Reception Grand Central Tech335 Madison AvenueNew York, NY 10017
Microsoft Reactor Room, 4th Floor
8:00 P.M. Transit to Private Dinner with Technology Founders
8:15 P.M. Private Dinner with Technology Founders The National Dining Rooms and Bar557 Lexington AvenueNew York, NY 10022
Reservation under Toronto Tech Reception
10:30 P.M. Transit to New York Marriott Downtown Hotel New York Marriott Downtown85 West StreetNew York, NY 10006
AGENDA 4
MAYORAL MISSION TO NEW YORK CITY | NOVEMBER 14, 2017
OVERVIEW
The primary mission objective of the November 14 program is to front-end Toronto Global’s dedicated investment attraction lead generation program for the wider region Mayor’s and Chair grouping on November 15 with a series of high-touch Toronto-focused engagements directly with top management in the financial services, fintech and venture-backed startup communities.
The mission’s program has been structured to include a blend of private meetings with senior executives of large financial services organizer (namely JPMorgan Chase and BlackRock) and wider-audience engagements with the tech and innovation community through Grand Central Tech, with whom MaRS Discovery District announced the launch of a partnership with on November 1.
OBJECTIVESThe main objectives of the mission are to:
• Visit Sidewalk Labs and learn more about the specific innovations they have made related to urban technology, as they partner with Waterfront Toronto on the Quayside development.
• Engage with top leadership and solicit investment in a 30-50 FTE blockchain / AI centre of excellence from JP Morgan Chase which on October 16, 2017, announced the deployment of a blockchain network with correspondent banking partners Royal Bank of Canada and Australia and New Zealand Banking Group.
• Engage with top leadership at BlackRock to gather views on how Toronto is perceived from a business competitiveness standpoint, including the review of a BlackRock case study on the firm’s site selection methodology.
• Raise the profile and create additional media opportunities related to the November 1, 2017 announcement of a Grand Central Tech—MaRS Discovery District partnership that creates reciprocal benefits for founder communities in both cities.
• Advance the growth and talent attraction narrative for Toronto through Mayor’s remarks at a reception for 125-150 Canadian expats and technology stakeholders and other invited guests, co-hosted by a group of top Toronto founders.
DELEGATION OVERVIEWThe Mayor's delegation will include:
• Jan De Silva, President & CEO, Toronto Region Board of Trade
• Siri Agrell, Director Strategic Initiatives, Office of the Mayor, City of Toronto
• Joshua Brown, Project Manager, World Trade Centre Toronto
• Vic Gupta, Principal Secretary, Office of the Mayor, City of Toronto
• Jeff Hindle, Managing Director, Fintech and Commerce, MaRS Discovery District
• Marcia Moffat, Managing Director, Head of Blackrock Canada
• Jennifer Reynolds, President & CEO, Toronto Financial Services Alliance
• David Rawlings, CEO, JP Morgan Chase Canada
• George Spezza, Director Business Growth Services, City of Toronto
OVERVIEW 5
MAYORAL MISSION TO NEW YORK CITY | NOVEMBER 14, 2017
DELEGATES
As the 65th Mayor of Toronto, John Tory has led the way in tackling traffic congestion and building transit.
Mayor Tory has taken action to reduce commute times while moving forward with Toronto’s first-ever network transit plan that will see subway lines extended through the northwest end of the city into Vaughan and east to Scarborough, a significant expansion of the LRT network, and much greater use of GO lines across the city as part of SmartTrack, the Mayor’s signature transit initiative.
Since being elected to office in 2014, he has been focused on ensuring Toronto remains a livable and affordable city, leading City Council in passing successive budgets that kept taxes at or below the rate of inflation while investing in priority services including housing, parks and student nutrition. He has worked to make the city government more modern and effective, to deliver better services at a more competitive price, and to be more open and accountable to the public.
Born and raised in Toronto, Mayor Tory has spent his career giving back to the city he loves working with organizations like the United Way, St. Michael’s Hospital and Civic Action. In office, he has been a constant champion for Toronto, securing billions of dollars from the provincial and federal governments for transit, housing and other vital infrastructure. He uses his experience leading organizations and businesses to promote Toronto on the world stage, attract jobs and investment, and secure the city’s future as a global capital.
Mayor Tory began his career practicing law in Toronto, and he was later elected as a managing partner of one of Canada’s biggest law firms. In the 1980s he served as Principal Secretary to Premier Bill Davis and as Associate Secretary of the Ontario Cabinet. He has served as Commissioner of the Canadian Football League and as CEO of Rogers, one of the country’s largest cable companies. His time in politics dates back to 2004 when he was chosen to lead the Progressive Conservative Party of Ontario, later serving as Leader of the Official Opposition at Queen’s Park.
Mayor Tory is a lifelong, and long-suffering, Toronto Maple Leafs fan – and is an avid supporter of all Toronto’s teams and attractions. Mayor Tory and his wife Barbara have been married for 39 years, have four children and five grandchildren.
ABOUT THE CITY OF TORONTOThe municipal government of Toronto, officially known as the City of Toronto, is a public corporation providing services to Toronto, Ontario, Canada. It is administered by 44 elected councillors (representing around 55,000 people each) who, along with the Mayor, make up the Toronto City Council. Torontonians elect a new council every four years, in October.
toronto.ca
MAYOR JOHN TORY City of Toronto
DELEGATES 6
Jan De Silva is a seasoned international business executive with a proven track record of excelling in on-the-ground leadership roles. As President & CEO of the Toronto Region Board of Trade, Jan is spearheading efforts to make Toronto one of the most competitive and sought after business regions in the world.
Prior to joining the Board, Jan was CEO of Sun Life Financial Hong Kong and co-founded Retail China Limited, which was acquired in 2010. She’s also served as Dean of Ivey Asia, part of Western University.
Highly respected for her business advocacy and government engagement efforts, Jan has been named one of Canada’s Top 100 Most Powerful Women, a Woman of our Time by Hong Kong’s South China Morning Post and made the Canadian Board Diversity Council’s inaugural Diversity 50 list. She currently sits on the boards of the Greater Toronto CivicAction Alliance, Intact Financial Corporation and Blue Umbrella Limited.
ABOUT THE TORONTO REGION BOARD OF TRADEThe Toronto Region Board of Trade is one of the largest and most influential chambers of commerce in North America. Our constant flow of ideas, people and introductions to city-builders and government officials firmly roots us as connectors for—and with—the business community. We act as catalysts for the region’s growth agenda. Backed by more than 12,000 members, we advocate on your behalf for policy change that drives the growth and competitiveness of the Toronto region. We want Toronto to be recognized as one of the most competitive and sought-after business regions in the world, and we believe this reputation starts with our businesses.
bot.com
JAN DE SILVAPresident & CEO, Toronto Board of Trade
Siri Agrell is the Director of Strategic Initiative in the Office of the Mayor of Toronto. She was previously Vice President at Pilot MMR, a boutique communications strategy firm that specializes in brand development and story design and, before that, Deputy Director of Communications for Ontario Premier Kathleen Wynne. Siri has also been Senior Communications Advisor to the Ontario Minister of Municipal Affairs and Housing and Minister of Aboriginal Affairs as well as an Urban Affairs Reporter for The Globe and Mail, a major Canadian newspaper.
SIRI AGRELLDirector, Strategic Initiatives, City of Toronto
DELEGATES 7
As Project Manager, Joshua is responsible for program managing the World Trade Centre Toronto’s partnership with the city, which includes the implementation of a city-sponsored priority sectors, priority markets strategy through both the Trade Accelerator and Market Activation Program. Joshua comes to the role from nearly a decade working in high-growth emerging markets in Africa and Asia where he has held various roles including at an industry-government group for high technology in the Malaysian Prime Minister’s Department and as a consulting manager and country lead in Myanmar and then Singapore. Joshua continues to serve on the management committee of the Canada ASEAN Business Council as Canada Chair and previously served on the Executive Committee of the American Chamber of Commerce in Myanmar. Joshua holds a Bachelor of Arts from Bishop’s University in Quebec and is currently working towards an Executive Master of Business Administrator at the Ivey School at Business at Western University.
ABOUT WORLD TRADE CENTRE TORONTOThe World Trade Centre Toronto (WTC-T) is the trade services arm of the Toronto Region Board of Trade. As a member of the World Trade Centers Association, WTC-T creates unparalleled global access for the Toronto region’s business community with its connection to 317 branded properties and trade services associations in 88 countries. WTC-T provides targeted international trade advisory services and expertise through comprehensive research, trade education, strategy building workshops, outbound and inbound trade missions and valuable connections to experts and networks. WTC-T has created three programs to provide end-to-end knowledge and support for businesses interested in expanding their global reach: International Trade 101, Canada’s Trade Accelerator Program (TAP) and a Market Activation Program (MAP).
wtctoronto.com
JOSHUA BROWN Project Manager, International Trade Development, World Trade Centre Toronto
Jeff leads the MaRS Finance & Commerce sector in helping local ventures become global leaders who innovate across all aspects of financial services, including payments, regulation, inclusion, identification and settlement.
Prior to joining MaRS, Jeff was Global Principal at Mastercard International where he provided thought leadership on card, Automated Clearing House (ACH) and instant payments; digital financial services (customer journey and experience); financial inclusion; security; digital identity; and countrywide strategy.
JEFF HINDLE Managing Director, Finance & Commerce, MaRS Discovery District
DELEGATES 8
Jennifer Reynolds is the President & CEO of the Toronto Financial Services Alliance, a public-private partnership whose mandate is to support the growth and competitiveness of Toronto's financial services industry and to enhance its global reputation as an international financial centre.
Jennifer’s 20-year career in the financial services industry has included senior roles in investment banking, venture capital, and global risk management. Prior to joining TFSA, Jennifer was the President & CEO of Women in Capital Markets (WCM), Canada’s largest industry association and advocacy group for women in the financial sector.
Jennifer is a Director on the Board of the Canada Development Investment Corporation (CDEV), Director on the Board of Women’s College Hospital Foundation, and is a former Member of the Ontario Venture Capital Fund Advisory Committee, former Chair of the Board of Advisors of the Microskills Business Incubator, and former Director on the Board of Studio 180, an independent, Toronto based theatre company. In 2015, she was named a Women's Executive Network (WXN) Canada's Most Powerful Women: Top 100 Award Winner.
Jennifer is a graduate of the Harvard Business School Women's Leadership program, and she received her MBA from McGill University, as well as a Bachelor of Arts with a double major in Economics and Political Science from McGill University. Jennifer also holds the Institute of Corporate Directors Designation, ICD.D.
ABOUT THE TORONTO FINANCIAL SERVICES ALLIANCEThe Toronto Financial Services Alliance (TFSA) is a unique, public–private partnership dedicated to growing Toronto region’s financial services cluster and building it as a “top ten” global financial services centre. Established in 2001, TFSA is a collaboration involving three levels of government, the financial services industry and academia.
Working collaboratively with industry and government, we build international awareness of the advantages offered by the Toronto region and we work with financial services companies from around the world that are exploring business opportunities in Toronto.
tfsa.ca
JENNIFER REYNOLDS President & CEO, Toronto Financial Services Alliance
Jeff’s 20 years of leadership experience spans three startups and four Fortune 100 firms in the communications, technology and financial service industries. His management responsibilities have crossed 30 countries, covering marketing, segment management, product development, information security, application development, manufacturing, service delivery and strategic planning.
ABOUT MARS DISCOVERY DISTRICTLocated in the heart of Canada’s largest and the world’s most diverse city, MaRS is uniquely placed to lead change. We bring together educators, researchers, social scientists, entrepreneurs and business experts under one roof. Founded by civic leaders, we have a mission that is equal parts public and private—an entrepreneurial venture designed to bridge the gap between what people need and what governments can provide.
marsdd.com
DELEGATES 9
George Spezza is the Director Business Growth Services for the City of Toronto Economic Development and Culture division. George is responsible for leading the largest economic development and tax incentive program in Canada and the delivery of a broad range of services including Entrepreneurship and Incubation, Business Retention and Expansion, Sector Development, Business Improvement Areas and International Alliances.
George began his career in the public service in 1986 and has developed extensive relationships with the Toronto and international business community. Responsible for the City’s international trade strategy he has been a catalyst in driving the City of Toronto’s trade agenda and negotiating partnership agreements with major cities and trade organizations around the world to enhance Toronto’s global presence in promoting City building and bilateral trade. He has also been successful in developing and implementing award-winning Programs and strategies to support business growth and job creation.
George studied economics at York University and is a graduate of the University of Waterloo Economic Development Program. He holds professional designations from the Economic Developers Association of Canada and the International Economic Development Council and is an active member of various organizations including the Toronto Regional Board of Trade and the World Trade Centre.
GEORGE SPEZZA, CECD ECD Director, Business Growth Services, City of Toronto
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MAYORAL MISSION TO NEW YORK CITY | NOVEMBER 14, 2017
APPENDIX A
FINANCIAL SERVICES & FINTECH BACKGROUNDWith input from the Toronto Financial Services Alliance (TFSA)
IMPORTANCE OF FINANCIAL SERVICES SECTOR TO CANADA
• Financial services have been a major source of growth for the Canadian economy over the past decade. The sector’s employment, financial results, and international trade and investment performance outpaced the average for all sectors.
• The financial services sector is a critical part of the Canadian economy. The sector directly accounted for 4.4 per cent of Canadian employment in 2015 (almost 800,000) and for 7 per cent of Canadian GDP. Also, the sector has been a source of growth for Canada in recent years. For example, sector employment has risen by 11.3 per cent since 2005.
TORONTO AS A NATIONAL AND GLOBAL FINANCIAL CENTRE
• Toronto accounts for a growing share of Canada’s financial services sector. Toronto’s share of the sector’s employment rose from 28.2 per cent in 2004 to 31.7 per cent in 2015. Toronto accounts for 43 per cent of the sector’s headquarters employment.
• Toronto’s status as a top-ten global financial services centre is reinforced by global rankings such as The Banker magazine and the Global Financial Centres Index (GFCI).
• Toronto is the second largest financial centre in North America by employment.
• Financial services directly employed more than 250,000 people in Toronto in 2015. This represents almost 8 per cent of the metro area’s total employment, up from 7.1 per cent in 2004. In addition, the sector indirectly employed another 106,042 people in the metro area. Nationally, Toronto’s financial sector directly and indirectly supported almost 460,000 jobs across Canada.
• With financial services accounting for almost 8 per cent of the metro area’s employment, Toronto’s proportional reliance on financial services is even higher than that in major global financial centres such as London and New York.
• While all major Canadian centres have posted significant increases in employment since 2005, Toronto’s financial services sector increased by 21 per cent, generating more than 43,000 new financial services positions. Conversely, the major U.S. financial centres have all seen their employment shrink.
APPENDIX A 11
GENERAL KEY MESSAGES ON FINTECH
• Toronto is the second largest ICT cluster in North America.
• The Toronto region is one of the fastest growing fintech hubs in the world, with an investment rate exceeding that of Silicon Valley, NYC and London in the last 6 years.
• A recent survey done by a UK think tank ranked Toronto as the fourth leading fintech centre of the future.
• Key emerging technologies include: mobile technology; Cybersecurity; integrated ecosystems, AI & Blockchain.
• We are a key hub for cybersecurity innovation. Canada is actually the fourth most active country for cybersecurity deals behind only Israel, the US and the UK.
• Toronto’s fintech hub is also fueled by a strong talent pipeline of graduating students in ICT programs. The University of Waterloo operates the largest post secondary co-op program in the world with almost 20,000 students and 6,700 employers.
• Half of all fintech workers in Canada are in Toronto.
• Toronto also offers a unique IT cost advantage when compared to other financial hubs due to low business costs and broad-based R&D tax credits.
INTERNATIONAL FOOTPRINT/FDI/EXPORTS
• Canadian firms’ share of the global financial services landscape, at 4.5 percent, is now almost twice the share of Canada’s GDP in the global economy, which sits at 2.5 percent. This is all the more remarkable given the substantial drop in the share of the value of financial services firms headquartered in other G7 economies.
• 53 per cent of Canada’s stock of outward foreign direct investments (FDI) is attributable to the financial services sector, up from 46 per cent in 2005.
• At $537 billion in 2015, Canada’s stock of financial services outward FDI more than doubled since 2005.
• Foreign affiliates are the principal avenue by which Canadian financial institutions provide financial services to overseas customers. Foreign affiliate sales are eight times greater than the size of exports.
• Since 2001, Canadian financial services exports, as a share of total exports, increased more than two-fold.
• Canadian exports of financial services have more than doubled since 2005. In fact, financial services are Canada’s largest and fastest-growing source of services exports.
• In large part, growth has been driven by the significant increase in exports of “other financial services,” which include items such as securities issuance and trading and asset management services.
• The great expansion of FDI has enabled Canadian financial institutions to extend their international footprint. For example:
• In 2015, more than a third of the revenues from Canada’s five largest banks combined was from the U.S. and other international markets. International assets of large Canadian banks have grown by 43 percent since 2010.
• International assets belonging to Canada’s three largest life insurers rose by 42 percent between 2009 and 2014. Large life insurers have broadened the number of markets and business lines they participate in abroad, with 50 percent of their total assets residing in foreign jurisdictions.
• Manulife Financial and Sun Life Financial generated 70 and 55 per cent of their revenues from countries other than Canada.
• Canada has some of the largest pension funds in the world, with the Canada Pension Plan Investment Board (9th) and Ontario Teachers’ Pension Plan (18th) ranked among the top 50 largest pension funds in terms of assets under management.
APPENDIX A 12
• Canada’s pension funds continue to expand their international presence. Foreign investments accounted for 31.8 per cent of the total portfolio in 2015, up from 18.8 per cent in 2000.
• TMX Group also has a significant foreign presence, with about 28 per cent of revenues coming from international business.
OTHER ECONOMIC/FISCAL IMPACTS
• The sector directly accounts for 13.1 per cent of metro Toronto’s GDP. Only the public services sector is larger.
• In addition to the direct impacts on Toronto’s economy, the financial services sector generates secondary (or indirect) impacts, as well as fiscal impacts.
• For example, the sector supports another 208,890 indirect jobs, with 106,042 of those occurring in Toronto and the rest occurring elsewhere in Canada.
• Key industries that indirectly benefit Toronto include consulting, accounting, legal services, and computer services.
• Toronto’s financial services sector generated a combined $16.1 billion in fiscal benefits in 2015 for the Canadian, Ontario, and City of Toronto governments.
• In Ontario, the sector’s average weekly earnings per employee in 2015 were $1,260, versus the overall industrial average of $963.
FINANCIAL SECTOR AS A SOURCE OF CAPITAL
• Canada ranks:
• Third in the world in terms of public listings of domestic companies.
• Third in terms of venture capital investment relative to GDP.
• Fourth in terms of private equity investments relative to GDP.
• In terms of debt, growth in business credit has outpaced growth in both the economy and business investment in recent years, suggesting that access to credit is not a restraint on business activity.
COMMUNITY INVESTMENTS BY FINANCIAL SECTOR
• A report by the Conference Board of Canada showed that community investment contributions reported by 30 institutions in the financial services sector totaled $5 billion over the last decade and increased by 33 per cent in real terms between 2006 and 2015.
• The report also noted that in 2013, the financial services sector was the largest overall contributor to community investment of all sectors reviewed.
APPENDIX A 13
Join our online conversation:@WTC_TO@TorontoRBOT@TorontoComms@TFSAweb
The World Trade Centre Toronto (WTC-T) is the trade services arm of the Toronto Region Board of Trade. As a member of the World Trade Centers Association, WTC-T creates unparalleled global access for the Toronto region’s business community with its connection to 317 branded properties and trade services associations in 88 countries. WTC-T provides targeted international trade advisory services and expertise through comprehensive research, trade education, strategy building workshops, outbound and inbound trade missions and valuable connections to experts and networks.
KEY CONTACTS
World Trade Centre Toronto
Joshua [email protected]