DEFINITION of 'Bay Street'
A street in Toronto, Canada that is home to several major banks, law firms and other important Canadian institutions. Because of all the influential businesses on or about this thoroughfare, "Bay Street" is often used as a catchword for Canada's financial industry.
Ironically, the Toronto Stock Exchange is not located on Bay Street; rather, it stands about a block west of Bay Street at the intersection of York Street and King Street.
BREAKING DOWN 'Bay Street'
Bay Street is the Canadian version of Wall Street. Although both are real, functioning streets, their value and significance are much greater than that. Just as one would not expect a summary of pedestrian and vehicle traffic upon asking about the day's events on Wall Street, a discussion of the happenings on Bay Street invariably centers on economic and financial issues, with an emphasis on the TSX.