As many as 40,000 new jobs could be created in Toronto should the city champion itself as one of world's top financial centers.

At present, the Canadian city is ranked as the 13th most important financial center in the world by the Toronto Financial Services Working Group, but this could change if businesses and government leaders work together to capitalize on Canada's emerging economic stability.

The group's new report, which was produced in partnership with the Boston Consulting Group, has called on Ontario state leaders to take the initiative and enhance its global standing.

As well as establishing a global institute for risk management in the city, Toronto should boost its status as a world center for mining and metals trading, while it should also grow 'skilled financial services activity clusters' that would encourage businesses to relocate their back-office operations to the city.

Alongside the 40,000 new financial sector jobs likely to be created within the next five years, such a strategy would also help boost Canadian gross domestic product, the report concluded.

The Toronto Stock Exchange is currently the seventh-largest in the world.