Market View

The proximity of Canada to the U.S. provides some unique opportunities. While the Canadian market is far smaller than the U.S., it’s probably the most like the U.S. of any market in the world. Specifically, with respect to corporate trade, many of our clients are headquartered in the U.S. and have Canadian subsidiaries that work with us. Others are Canadian subsidiaries of global companies. We do cross-border transactions with about 40 percent of our customers.

Similarly, Mexico enjoys the benefit of proximity and strong business collaboration with the U.S. Even though cultural differences may be greater, corporate trade is accepted widely and has grown to be significant in this marketplace.

Brazil presents unique opportunities for our business. As the seventh largest economy in the world, the Brazilian market has embraced corporate trade as a valuable tool and we see this market continuing to grow. We are also exploring a number of other marketplaces in South America and expect to see significant growth for our business in this region.•