The Quebec government will soon launch a new organization that will be responsible for promoting Montreal’s financial sector. Finance Minister Raymond Bachand made the announcement from the sidelines of an event organized by the Autorité des marchés financiers (AMF).

The organization is Montreal’s answer to the Toronto Financial Services Alliance, which seeks to attract financial services firms to Toronto.

The province will invest $1 million over five years in the initiative, which was announced in the budget last March. So far, Jacques Girard, president of the Montreal International Financial Centre, has convinced 11 companies to participate in the project, with each pledging to spend $100,000 over the next two years.

Supporters include the Caisse de dépôt et placement du Québec, the Mouvement Desjardins, CGI Group, Standard Life, the Montreal Exchange, the AMF and several banks.

The finance industry employs about 140,000 people in Quebec.

Financial regulation
In addition, the Superintendent of Securities Markets at the AMF, Louis Morisset, warned Monday that tighter regulations adopted in the wake of the financial crisis would not necessarily be a panacea.

“We must always remain vigilant to ensure that the regulatory framework follows market developments and thus changes accordingly,” he said.

“We will develop new processes for tracking and analysis of market participants (in order) to identify and mitigate systemic risk. We will also make better use of our databases current and develop new ones to better understand some aspects of the market that we are little known or completely unknown.”

(11/02/10)

Originally published on Advisor.ca