April 21st, 2013A Practitioners LandscapeBanking in the NAFTA Region

Ian Graham DirectorTreasury & Risk ManagementSaxon Energy Services

Aaron MartinPayments and Cash ManagementSenior Sales ManagerHSBC Bank Canada

Rebecca MccullochPayments and Cash ManagementSenior Sales ManagerHSBC Bank USA

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Agenda

Learning Objectives NAFTA Overview Saxon Introduction Economic Comparison Banking Landscape Liquidity Clearing Systems Future Payment Trends Key Learnings Q&A

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ereBanking in the NAFTA Region

Learning Objectives

Understand key differences among banking systems across the NAFTA region

Understand the strengths of each system in order to enhance the effectiveness of your cross-border treasury operations

Recognize the impact of future changes to cross-border banking services

Understand best practices and identify opportunities to optimize

cross-border operations

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NAFTA Overview

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History and Background

Did you know?Did you know?

NAFTA went into effect on January 1, 1994.

NAFTA created the world's largest free trade area.

NAFTA links 450 million people producing $17 trillion worth of goods and services.

Approximately $462.3 billion in trade between Canada and the USA during the same time frame. This is ahead of China, which is at $389.7 billion and Mexico, with $369.5 billion.

NAFTA went into effect on January 1, 1994.

NAFTA created the world's largest free trade area.

NAFTA links 450 million people producing $17 trillion worth of goods and services.

Approximately $462.3 billion in trade between Canada and the USA during the same time frame. This is ahead of China, which is at $389.7 billion and Mexico, with $369.5 billion.

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Facts about Canada

Did you know?Did you know?

Canada is the leading exporter of natural resources, resource-based technology and knowledge.

Home to the second biggest oil reserve and thriving mining sector.

Canada is the second-largest country in the world, behind Russia.

As of 2013, Toronto is fourth-largest city in N.A. after Mexico City, New York and Los Angeles

Canada has the fourth lowest population density in the world, averaging three people per square kilometre.

Canada is the leading exporter of natural resources, resource-based technology and knowledge.

Home to the second biggest oil reserve and thriving mining sector.

Canada is the second-largest country in the world, behind Russia.

As of 2013, Toronto is fourth-largest city in N.A. after Mexico City, New York and Los Angeles

Canada has the fourth lowest population density in the world, averaging three people per square kilometre.

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Overview of Banking Sector

There are currently 49 commercial banks (25 domestic banks and 24 foreign bank subsidiaries) which offer whole sale and retail banking services, 27 branches of foreign banks and 6 federally regulated cooperative credit associations in Canada.

Canada's domestic banking sector is dominated by five commercial banks: Royal Bank of Canada (RBC), TD Bank Financial Group (TD), Scotiabank Group, BMO Financial Group and CIBC (Canadian Imperial Bank of Commerce). These banks account for around 90% of the Canadian banking sector's total assets.

Many of Canada's leading banks have expanded in the US. Royal Bank of Canada, BMO Financial Group, TD Bank Financial Group and HSBC Bank Canada have banking affiliates among the top 50 US banks.

7 Largest Banks in Canada by asset size (C$ BN as at Oct 2012):o Royal Bank of Canada $825o TD Bank $811o Scotiabank $668o BMO $525o CIBC $393o National Bank of Canada $184o HSBC Bank Canada* $81 (as at Dec, 31, 2012)

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Facts about Mexico

Did you know?Did you know?

Mexico is the twelfth-largest economy in the world in terms of GDP and second largest in Latin America (Latam).

Mexico’s President is elected every 6 years and cannot be re-elected.

Mexico is the 2nd most liquid exchange in Latin America, behind Brazil.

The Mexican stock exchange is highly concentrated, with the top five stocks accounting for 63% of the market universe and the top 10 for 81% (May 2012).

Mexico has hosted the FIFASoccer World Cup in 1970 and 1986 and the Summer Olympics in 1968.

Mexico is the twelfth-largest economy in the world in terms of GDP and second largest in Latin America (Latam).

Mexico’s President is elected every 6 years and cannot be re-elected.

Mexico is the 2nd most liquid exchange in Latin America, behind Brazil.

The Mexican stock exchange is highly concentrated, with the top five stocks accounting for 63% of the market universe and the top 10 for 81% (May 2012).

Mexico has hosted the FIFASoccer World Cup in 1970 and 1986 and the Summer Olympics in 1968.

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Overview of Banking Sector

There are currently 26 financial groups, 43 multiple banks, six development banks, 22 financial companies with limited operations and 81 representative offices of foreign banks operating in Mexico.

Legislation passed in Dec 1998 allowing foreign investment in Mexico's leading banks.

Following extensive privatization and consolidation, approximately 75% of total banking assets, and five of the six largest banks in Mexico are now foreign owned.

7 Largest Banks in Mexico by asset size (USD BN July 2012):o BBVA Bancomer (Spain) $102o Banamex (US) $92o Banorte (Mexico) $ 67o Santander (Spain) $ 63o HSBC (UK) $ 38o Inbursa (Mexico) $ 25o Scotiabank Inverlat (Canada) $ 16

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Saxon Overview

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Company Overview

Saxon is a land based drilling and workover service company providing services to oil and gas exploration and production companies Specialized “Fit For Project” rigs Worldwide fleet of drilling and work over rigs – footprint extends across four continents Contracts with National Oil Companies (“NOCs”) and International Oil Companies (“IOCs”)

Fleet Overview Revenue Breakout by Geography

Saxon’s fleet includes 94 Drilling and Workover rigs Saxon supports an additional 30+ rigs through various

Operational and Technical Services Agreements (TSAs) – all TSA rigs are owned partially or fully by Schlumberger

Drilling Rigs (76) Emphasis on modular and highly mobile drilling equipment Focus on drilling intensive, large scale development projects

Workover Rigs (18) Small but growing fleet Focus on large scale development projects

AUS: 14%

NAM: 14%

MEX: 15%

COL: 20%

ECU: 3%PER: 2%

VEN: 13%

OMN: 10%

PAK: 5% TSA: 4%

2012 Forecast Revenue %

TSA – TurkeyPAK – Pakistan

OMN – Oman VEN – Venezuela

PER – PeruECU – Ecuador

COL – ColombiaMEX – Mexico

NAM – North AmericaAUS - Australia

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Diverse Geographic Footprint (94 Drilling & Workover Rigs)

Canada (10)

5 x 700-850 HP Rigs

2 x 660 HP Rigs3 x 400-450 HP

Rigs

USA (10)

5 x 1150 HP Rigs1 x 1000 HP Rigs4 x 700-750 HP

Rigs

Colombia (14)

1 x 2000 HP Rigs4 x 1500 HP Rigs1 x 865 HP Rigs6 x 750 HP Rigs1 x 650 HP Rigs1 x Workover Rig

Ecuador (7)

7 x Workover Rigs

Peru (2)

2 x 2000 HP Heli Rigs

Venezuela (8)

1 x 3000 HP Rigs2 x 2000 HP Rigs1 x 1500 HP Rigs1 x 1000 HP Rigs3 x Workover Rigs

Oman (7)

5 x 2000 HP Rigs2 x 1000 HP Rigs

Australia (16)

4 x ATS 600 HP Rigs

4 x ATS 1250 HP Rigs

3 x ATD 1250 HP Rigs

5 x Workover Rigs

Saxon Direct Operations/Rig

Targeted Growth Territories

Technical Services Agreements (TSA) w/ SLB

Mexico (16)

3 x 1000 HP Rigs3 x 800-850 HP Rigs

4 x 600 HP Rigs4 x 750 HP Rigs

2 x Workover Rigs

Total of 3,800 employees representing 30+ nationalities

Pakistan (4)

1 x 2500 HP Rigs2 x 2000 HP Rigs1 x 1200 HP Rigs

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Global Employee Base w/ International Industry Experience

N'AM (CAN-USA-MEX) 851 S'AM (COL-ECU-PER-VEN) 1,447 EH (OMN-PAK-TSA-MEA) 994 AUS 532 CORP 74 CONSOL 3,898

Saxon Headcount by Region @ OCT-2012Direct Rig 3,222 Field Support 277 G&A 399

CONSOL 3,898

Saxon Headcount by Function @ OCT-2012

NAM22%

SAM37%

EH25%

AUS14%

CORP2%

Direct Rig83%

Field Support7%

G&A10%

Algeria India PhilippinesAustralia Indonesia PolynesiaCanada Jordan RomaniaChile Malaysia RussiaChina Mexico Scotland

Colombia New Zealand SpainEcuador Nigeria Syria

Egypt Oman TurkeyEngland Pakistan UAEFrance Panama USA

Germany Peru Venezuela

Employees from 30+ different Nationalities

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Company Overview

Strong, Committed Shareholders Saxon was taken private in Q3-2008 (previously a publicly listed company trading on the TSX) by

First Reserve Corporation (FRC) & Schlumberger (SLB) who are equal 49.5% shareholders in Saxon (remaining % held by Saxon Management)

Acquisition rationale: Mutual view by shareholders on long term strategic importance and enhanced value of international drilling operations

High Quality, Advanced Technology Rigs Approximately 80% of rigs are Tier 1 / Tier 2 Since 2007, Saxon has invested ~$600 MM in acquisitions, new build, and major rig upgrade

programs

Fit-for-project drilling solutions provided by Saxon’s highly nimble and agile fleet

Premier supplier of land-based drilling and workover operations in Shallow to Deep oil and gas reservoirs

Strong Financial Outlook Underpinned by Long-Term Contracts Historically, Saxon’s customer base has been comprised of ~60% IOCs and ~20% NOCs Currently ~70% of 2013 revenue is currently contracted with a substantial amount of the remaining

revenue projected accruing from probable renewals and extensions 2013 Projections: $650MM + USD in Revenue world-wide; $1.1B+ in Assets

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Economic Comparison

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USA Mexico Canada Uneven economic recovery Sequestration for fiscal year 2013

resulting in a potential USD 85bn cancelation of resources across the federal government

Uneven growth path Moderate growth expected during 1H13,

followed by more dynamic growth in 2H13

Incremental economic growth Main concerns are about U.S. fiscal

policy, Euro area crisis, and commodity prices

Low interest rates expected to continue S&P forecasts the Fed will keep interest

rates low through 2014 Fed funds target rate is between 0 and

a 25bps

Monetary policy : Expect one-time reduction of 50bp in April 2013 to take funding rate to 4.0%

Monetary policy: Expect BoC to remain on hold until Q414. Policy rate will eventually move higher but not for a lengthy period. Financial conditions though are extraordinarily accommodative.

Canadian Prime rate is currently 3.00%

Labor market improving gradually Unemployment still a significant

challenge – approx. 7.7% (7.9% expected) at February 2013

Education reform recently approved Fiscal and energy reforms to be sent to

Congress during 2H13 Could generate a better outlook for

medium and long term condition

Job creation remains slack in 2013

Mixed results for corporate profits Weak and disappointing 4Q12 result increase investor caution

55% of the International Petroleum Companies (IPC) did not meet HSBC’s EBITDA estimates and 72% of them did not meet income estimates.

Balance sheets are strong. Corporate profits have been squeezed

recently, and are likely to be a concern well into 2013

USD dollar has risen 4%on an index basis and is higher against all other G10 currencies as of January 2013

12.15 USD MXN year end forecast, based on relatively sound macroeconomic framework and positive outlook on reforms

In the near term, the currency may struggle to make headway given near term constraints of lower MXN yields and heavy long MXN market positioning

In the midst of interest rates holding steady, the Canadian dollar is trending as bearish

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USA Mexico Canada Sluggish income growth Disposable household income decreasing High household debt Corporations continue to aggressively

reserve cash.

Growth expected in 2013 because of strong momentum of export and domestic consumption

Steady income growth Household debt to disposable income at

an all-time high Savings rates at very low levels

Currently running 2% YOY/1.9% Central Bank Target (Feb 2013) inflation up from 1.6% as at (Jan 2013)

Largest CPI in the US since the credit card in the 2008

Inflation expected to rise during the first months of year and later drop, closing the year at 3.6%

Inflation below target but stable

Significant and increasing government debt due to stimulus

Optimism around the introduction of reform that could lead to higher GDP growth for Mexico. Expect the economy to increase by 3.2% in 2013, below the 3.9% growth in 2012, but in line with the 15 year average growth rate of 3.0%

Federal debt to GDP is half the G7 average

Housing market is recovering Housing Starts climbed by .8 percent% to

917 000 as at February 2013 Housing Permits rose 4.6% to 946 000

(most since 2008) Longer-term interest rates spark recovery

in housing market, boosted purchases of automobiles and other durable goods

Home loans in Mexico grew by 10% in 2012 Housing market is cooling due in large part to new mortgage restrictions – weighing on economic growth

Slower inventory growth and wider trade deficit

Exports up 2.6% in Q412 after falling for three consecutive months.

Industrial production improvements in line with US Industry Production (U.S. automotive industry’s large presence in Mexico.)

Trade surplus with the U.S., trade deficit with non-U.S. countries

Capital spending plans set to grow at a very modest rate

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Banking Landscape

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USA Mexico Canada Financial Industry > $12.6 trillion in

assets Financial Industry >$4.2 trillion in assets Financial Industry > $3.6 trillion in assets

Top five financial institutions hold approx. 30% assets

Following extensive privatization and consolidation, approximately 90% of total banking assets, and five of the six largest banks in Mexico are now foreign owned

Top five financial institutions hold approx. 90% of Assets.

Thousands of participants and the Federal Reserve

Banco de Mexico (Banxico) is the central bank, in charge of monetary and exchange rate policy

Mexico’s high and low value clearing systems owned and operated by Banxico

Eleven direct clearers and the Bank of Canada

National coverage, but a segmented geographic footprint

National coverage, also segmented geographic footprint. Major cities include Mexico City, Monterrey, Guadalajara, Cd. Juarez

National coverage

Approximately 7,000+ financial institutions

Vast majority of Mexico’s banking assets are in non-domestic ownership.

22 Financial groups, 43 multiple banks, 6 development banks, 12 financial companies with limited operations and 58 representative offices of foreign banks

151 deposit-taking institutions

FIs may utilize third-party providers and partners for cash management services

Banks offer full range of financial services

FIs may utilize third-party providers and partners for cash management services

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USA Mexico Canada The Federal Reserve has one paper

check clearing center and one image check clearing center

All checks cleared through CECOBAN Canadian Payments Association utilizes six national clearing points

Check 21 image capture and exchange legalized in 2004

Remote check deposit is available No national image exchange in Canada (some FIs exchange images on a proprietary basis)

Although consumer checks writing is dropping significantly over 70% of Business to Business payments remain checks.

Checks still predominate but declining A large percentage of items cleared are electronic payments

A number of options for checks clearing (Federal Reserve and local clearing house arrangements)

One central cheque clearing system Centro de Compensacion Bancarios (CECOBAN) images captured and truncated

One centralized cheque clearing system (Automated Clearing Settlement System)

Multiple days for clearing (one to two is the norm)

One or two days depending on the time of the day the checks were deposited

Same day value for CAD items deposited across six time zones

Defined “business day” clearing times 24 or 48 hours, depending on time deposited

Overnight clearing of cheque

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USA Mexico Canada

National Branch Network Yes Yes Yes

Payment Clearing Yes Yes Yes

Payroll Yes - Electronic Yes - Electronic/Cash Yes - Electronic

Low Value/Non-Priority Payments

Yes - ACSS (ACH) Yes - CECOBAN(TEF) Yes - ACSS (EFT)

High Value/Priority Payments Yes LVTS Yes SPEI Yes LVTS

EDI, SAP®, Oracle Yes Yes Yes

Cheques/Cheque Imaging Yes Yes Yes

Availability - Electronic Low value 0-2 HP–0 / LP-1 Low value 0-2

Availability - Cheque 0 1-2 0

Controlled Disbursements Yes Yes No

Remote Deposit Capture Yes No Yes

Lockbox Yes Yes Yes

Positive Pay Yes No Yes

Backdating No No No

Account Analysis Yes Yes Yes

Credit Interest Yes No Yes

Notional Pooling No Yes Yes

Cash Concentration Yes Yes Yes

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Payment Systems

USA Mexico Canada Fedwire Funds Transfer system Real-time gross settlement for high

value/time-critical financial/commercial payments

Processes high value USD credit transfers

Interbank and third-party transfers

SPEI (Sistema de Pagos Electronicos Interbancarios) is Mexico's Real Time Gross Settlement (RTGS) system for high value wire payments

Payments routed through SWIFT, settled through accounts held with correspondent banks abroad

LVTS (Large-Value Transfer System) Canada's RTGS systems Used for CAD wires – high value, same-

day, urgent customer and bank-to-bank transfers

17 direct bank participants Approx. 88% of the total daily

transaction value is cleared through LVTS.

ACH (Automated Clearing House) Most widely used electronic funds

transfer system for ACH credit and debit transactions

Two operators: Federal Reserve system (FedACH), Electronic Payments Network (EPN)

Used for batches of lower-value credit and debit transfers; payroll, collections, EDI, WEB, TEL, XBR and check conversion (ARC & BOC) payments

CECOBAN is Mexico's low value “ACH” system

SICAM: Deferred net settlement system owned by Banco de Mexico, operated by CECOBAN

SIAC (Sistema de Atencion a Cuentahabientes de Banco de Mexico)

Used for transfers and real-time settlement among holders of current accounts

ACSS (Automated Clearing Settlement System)

Deferred net settlement system Processes CAD cheques, EDI, low

value credit and debit transfers, etc. 11 participants 99% of daily transaction volume is

cleared through ACSS. These transactions represent just 12% of the total value cleared

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Payment Systems

USA Mexico Canada CHIPS (Clearing House Interbank

System) Bilateral/Multilateral netting system for

USD FX settlements, financial settlements (loan and interest payments), commercial and treasury payments

Principally for Int’l USD credit transfers Clear high value interbank transfers

Sistema de Pagos Electrónicos Interbancarios (SPEI) is owned and operated by Banxico and operates via a queuing system.

SICAM (Sistema de Cámaras) Deferred net settlement system

owned and operated by Banxico. Authorize lines of credit to banks

needed to settle their net clearing balances for cheques and electronic credits and debits.

Settles all payments processed by CECOBAN.

USBE (US Dollar Bulk Exchange) Next day (ACH-type) settlement of

USD items (check and EFT) among Canadian banks

Positions are settled through US correspondents

Bill Pay Managed independently by banks and

third party processors

Bill Pay Corporate Creditor Identification Number (CCIN) (Bill Payments)

Centralized bill payment reporting used by all direct clearers

Check Clearing Channels On-us/Transit Digitized Image Processing Direct Sends

Check Clearing Clearing and settlement managed by

CECOBAN except on-us cheques

Cheque Clearing Clearing and settlement managed by

Canadian Payments Association (CPA), except on-us cheques

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Cash Management Capabilities

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Payments and Disbursements

USA Mexico Canada Checking accounts/Zero Balance

Accounts (ZBAs) Checking Accounts/Zero Balance

Accounts (ZBA) Chequing Accounts/Zero Balance

Accounts (ZBAs)

Electronic Data Interchange (EDI) Electronic Data Interchange (EDI) Electronic Data Interchange (EDI)

Wire Payments Wire Payments Wire Payments Cross-border payments via SWIFT

through correspondents Large USD volumes

Automated Clearing House Payments (ACH) and check blocks

Automated Clearing House (ACH) Electronic Funds Transfer

Stop Payments Stop Payments Stop Payments

Corporate/Travel and Procurement Cards

Not Available Corporate/Travel and Procurement Cards

Positive Pay No positive pay but check protection is available

Positive pay

Controlled disbursement No controlled disbursement No controlled disbursement

Tools to balance to zero daily ZBA structures allowed Tools to balance to zero daily

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Collections and Receivables

USA Mexico Canada Remote Deposit Capture (RDC) – Image

technology RDC is available ,cheque collection

services are not common practice except for large corporates

Nationwide Deposits

Mail Delivery - Once per day US Postal Service recently announced a

$15 billion cost savings plan potentially closing more than 200 processing facilities.

Mail Delivery – Once per day (not used for checks)

Mail Delivery – Once per day

Lockbox Service – Core Cash Management service (wholesale B2B/retail C2B) converts paper to image and electronic payment

Lockbox Service – not offered in Mexico Lockbox Service USD cheques drawn against US banks

settled through “southbound” cash letters Transition to Check Image Exchange

(aka US Check 21) demised

Automated Clearing House (ACH) – Robust reporting

Automated Clearing House (ACH) – Robust reporting

Electronic Funds Transfer (EFT) – Limited information

Electronic Data Interchange (EDI) Electronic Data Interchange (EDI) Electronic Data Interchange (EDI) –capabilities comparable to that of the US

Imaging – Check and lockbox Imaging – Cheque Imaging - Cheque and lockbox

Merchant Services – Debit/Credit Cards Merchant Services – Debit/Credit Cards Merchant Services – Debit/Credit Cards/CHIP

Check Conversion (ARC) – C2B lockbox only

Branch banking is highly used – branch deposits and company payments using special payments/deposit tickets

Coast to Coast National Branch System

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Liquidity Management

USA Mexico Canada Earnings credits Interest on credit balances Interest on credit balances

Bank account overdrafts (fee) Bank account overdrafts (fee) Bank account overdrafts (fee)

Cash Concentration/Zero Balance Accounts (ZBA)

Same Day Cash Concentration via SPEI Cash Concentration/Zero Balance Accounts (ZBA)

All domestic and most international banks offer cash concentration services

Made as either AFT direct debits or LVTS transfers

ACH/Debit Wires Zero Balance Accounts permitted and used

Domestic Pooling - Most banks offer CAD and USD account structures

Daily sweep/Offshore Liquidity Daily Sweep / Notional Pooling is not permitted

Sweep not necessary to earn interest on deposits

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Trends in the Marketplace

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Payment Trends

Convergence of business and consumer payments

B2B payment alternatives converging with consumer payments Corporate credit cards, travel & entertainment, purchasing, etc.

Online payments supported for both corporate and consumers Online bill payments Online tax payment and filing Online consumer debits

SWIFT for corporates

Migration to electronic payments away from cash and paper methods: Migration to chip technology for cards* Mobile technology taking hold Migration to online payments Move toward real-time payments

E-Mail Money Transfer (EMMT) - person to person funds transfers in real-time

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Trends in the MarketplacePayment Trends

CHIP TechnologyEMV CHIP is currently one of the most secure technologies available to protect payment information and prevent payment card fraud

The EMV CHIP can be found in over 65 countries

Migration to CHIP affects payment brands, issuers, acquirers, merchants and consumers

Training of retail staff is important. The migration requires the upgrade and/or replacement of POS terminals, ABMs/ATMs and payment cards

More secure payment infrastructure that bolsters consumer and retailer confidence

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Payment Trends

USA Mexico Canada

TECHNOLOGY

New payment alternatives Yes Yes Yes

New fraud opportunities Yes Yes Yes

CHIP – Credit (credit card chip) No Yes Yes

CHIP – Debit (debit card chip) No Yes Yes

iDoc Yes Yes Yes

Mobile Banking Yes Yes Yes

Increased acceptability of EFT/ACH Yes Yes Yes

RISK

“Cyber” fraud Yes Yes Yes

Breach of account information Yes Yes Yes

New payment methods/new control risks Yes Yes Yes

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International Financial Reporting Standards (IFRS)

A single set of high-quality, understandable and enforceable global accounting standards.

Over 100 countries report under IFRS, more countries are adopting it as a local accounting standard.

Publically listed entities, including those in finance and insurance sectors, are regulated by the National Banking and Securities Commission (CNBV), which mandated a 2012 adoption of IFRS (early adoption permitted).

Mexico: IFRS transition date is January 1, 2011; first reporting date for Mexican public companies (excluding FIs)is December 31, 2012

Canada: IFRS transition by 2011, new standards in IFRS and Canadian GAAP will take effect during the transition period which may cause complications

IFRS helps companies increase global reach, provides financial information with enhanced comparability and transparency, and easier access to international capital, funding and investment opportunities

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Questions/Discussion

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2012 Financial Reports Bank of Montreal, Year End Consolidated Financial Statements, Oct 31st, 2012. Accessed March 2013. http://www.bmo.com/ar2012/downloads/bmo_ar12_cfs.pdf Bank of Nova Scotia, Year End Consolidated Financial Statements, Oct 31st, 2012. Accessed March 2013.

http://media.scotiabank.com/AR/2012/en/downloads/Scotiabank_AR_2012_FS.pdf Canadian Imperial Bank of Commerce, Year End Consolidated Financial Statements, Oct 31st, 2012. Accessed March 2013. https://www.cibc.com/ca/pdf/investor/ar-

12-en.pdf Toronto Dominion Bank, Year End Consolidated Financial Statements, Oct 31st, 2012. Accessed March 2013.

http://www.td.com/document/PDF/ar2012/AR2012_FS&Notes_E.pdf Royal Bank of Canada (RBC), Year End Consolidated Financial Statements Oct 31st, 2012. Accessed March 2013. 11 direct clearers + Bank of Canada “2012-2013 Economic Outlook – Economy Battles Strong Headwinds: Modest Growth Ahead”, Canadian Chamber of Commerce, December 2011,

http://www.chamber.ca/images/uploads/Reports/2011/EconomicOutlook111228.pdf) “Automated Clearing Settlement System” Canadian Payments Association. Accessed March 2013.

https://www.cdnpay.ca/imis15/eng/Clearing_Settlement/Automated_Clearing_Settlement_System/eng/sys/Automated_Clearing_Settlement_System.aspx Bain, B and Jonathan, J, Levin. “Mexico Banks Target Wealthy in Booming Home Market: Mortgages”, Bloomberg, Accessed March 2013.

http://www.bloomberg.com/news/2012-11-23/mexico-s-banks-target-wealthy-in-booming-home-market-mortgages.html “Bank Operating in Canada” Canadian Bankers Association, November 14, 2012. http://www.cba.ca/en/component/content/category/61-banks-operating-in-canada Bloom, David, Daragh Maher, Paul Mackel et al. “Currency Outlook – USD, Heads I win, tails you lose” HSBC Global Research – Macro Currency Strategy, March,

2013, Accessed March 18, 2013. https://research.uk.hibm.hsbc/midas/Res/RDV?p=pdf&$sessionid$=KcAyac0iBrb2fCW_pE_IlBB&key=lcXeQbArrL&n=364177.PDF “Canada’s Major Payment Systems” Bank of Canada, Accessed March 2013,

http://www.bankofcanada.ca/financial-system/payments/canadas-major-payments-systems/ “Canadian Economic Month at a Glance” Conference Board of Canada, May 11, 2012, http://www.conferenceboard.ca/reports/cmaag/2012/cmaag052012.aspx Dhillon, Sunny. “Toronto is the fourth-largest city in North America” Wary Centrists Posing Challenge in Health Care Vote.” The Globe and Mail, March 5, 2013.

Accessed March 5, 2013. http://www.theglobeandmail.com/news/toronto/toronto-now-the-fourth-largest-city-in-north-america/article9317612/) “Federally Regulated Financial Institutions” Office of the Superintendent of Financial Institutions Canada, February 23, 2012.

http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?DetailID=568 “Fun facts about Winnie the Pooh and his friend” Accessed from the New York Public Library website March 2013. http://www.nypl.org/locations/tid/36/node/49187

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https://www.cdnpay.ca/imis15/eng/Clearing_Settlement/Large_Value_Transfer_System/eng/sys/Large_Value_Transfer_System.aspx Martin, Sergio, and Juan Carlos Mateos. “In the spotlight…Mexico Handbook – Competitive, open and only a truck drive away” HSBC Global Research – Economics and Equity

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