The document discusses the Toronto Financial Services Cluster. It notes that Toronto is home to the headquarters of Canada's 5 largest banks and houses 80% of foreign bank headquarters. With over 1,700 financial firms, Toronto has the 3rd largest concentration of financial services employment in North America. The cluster benefits from partnerships with UofT and York University. While it has a large skilled labor pool and central location, weaknesses include high real estate costs and lack of national regulation. Competition comes from top-ranked London and New York, as well as Hong Kong which has a large banking presence. The document outlines details of the financial clusters in London, New York, and Hong Kong.