Toronto is the only logical location for the head office of the new national securities regulator being promoted by the federal government, a senior Ontario government official said Tuesday.
“From a securities standpoint, this is the economic centre of gravity,” said Peter Wallace, Deputy Minister of Finance in Ontario.
“It makes complete sense to do the work here.”
Mr. Wallace made his strong pitch to win the head office for Ontario in remarks to a business audience at an Ontario Securities Commission conference in Toronto. He said he was delivering his remarks on behalf of Ontario Finance Minister Dwight Duncan, who was scheduled to speak but was unable to attend.
He said most of Canada's biggest banks, insurers and investors are based in Toronto, and the national regulator's head office needs to be close to the action.
“When you have a clear centre of the capital markets, that's where the regulator needs to land,” he said.
© The Globe and Mail
