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Summer 2018 International Business Networking Reception

On Wednesday, July 25, 2018 the British American Business Council of Greater Philadelphia (BABCPHL) partnered with the Chilean, French, German, Irish, Israeli, Japanese, Norwegian and Eurasian Chambers of Commerce for the Eighth Annual Summer International Business Networking Reception.

More than 250 global business executives and regional and foreign government officials gathered at the National Museum of American Jewish History for this annual meeting of the who’s who of international relations in the Greater Philadelphia region.

Participants braved a heavy rain for a great chance to network and make valuable connections.  A raffle draw included a variety of prizes, including bottles of wine, tickets to upcoming events, and a beautiful piece of artwork.

Special thanks to the Chilean Chamber for organizing such an important program for the international business community and to event sponsors: Holt Logistics, Fox CIBER, and The Port of Wilmington, Delaware.

Click here for photos.


Great British-American Pub Night: QUIZZO! – Test Your Knowledge of UK & US Trivia

Register here

Join us for a great British-American pub night! Test your knowledge of UK and US trivia in a competitive game of Quizzo while networking with regional c-suite business executives and young professionals.  Food and drink will be served, and the winning Quizzo team will be awarded a special prize.  Do you have what it takes to be a BABCPHL champion?

Date: Thursday, September 20, 2018

Time: 6:00-8:00 pm

Location: The Victoria Freehouse, Philadelphia, PA

*BABCPHL Member and Young Friends of the Philadelphia Orchestra Individual Ticket: $45

*Non-Member Individual Ticket: $55

Team of Four (BABCPHL Member and Young Friends of the Philadelphia Orchestra): $175

Team of Four (Non-Member): $200

*Quizzo is played in teams of four. Individually purchased tickets will be placed into teams.

Sponsors (To Date):

          

 

Partners:

    

Raffle Donor:

 


Summer 2018 International Business Networking Reception

On Wednesday, July 25, 2018 the British American Business Council of Greater Philadelphia (BABCPHL) partnered with the Chilean, French, German, Irish, Israeli, Japanese, Norwegian and Eurasian Chambers of Commerce for the Eighth Annual Summer International Business Networking Reception. More than 250 global business executives and regional and foreign government officials gathered at the National Museum of American Jewish History for this annual meeting of the who’s who of international relations in the Greater Philadelphia region.

Participants braved a heavy rain for a great chance to network and make valuable connections.  A raffle draw included a variety of prizes, including bottles of wine, tickets to upcoming events, and a beautiful piece of artwork.

Special thanks to the Chilean Chamber for organizing such an important program for the international business community and to event sponsors: Holt Logistics, Fox CIBER, and The Port of Wilmington, Delaware.

Click here for photos.

 

 

 

 


Club Level Feature – American Airlines

The Year of PHL for American Airlines

We started 2018 by sharing memorable moments with our partners at the airport and with our city leaders. As we sent fans to Minneapolis in style to cheer on our World Champion Eagles, we also engaged City Council in the fun with our rally towels that were waived in excitement while councilmembers sang “Fly Eagles Fly.”  Additionally, we experienced a humbling moment at the start of the year by reaching a milestone with our PHL cargo team.  By January, they had carried more than two million pounds of critical supplies to Puerto Rico for hurricane relief efforts – the most throughout our American network in the northeast corridor.

These early achievements and impactful benchmarks reinforce why 2018 is the year of PHL for American Airlines. We have so many exciting initiatives that will continue to reaffirm our status as both American’s transatlantic gateway and Philly’s Hometown Airline.

Starting this spring and summer, we will have 11 new routes—three international and eight domestic — that will connect people to the Philadelphia region and beyond. Our new international routes include: Budapest, Hungary; Prague, Czech Republic; and Mexico City, Mexico. Our new domestic routes include: San Antonio, TX; New York, NY; Des Moines, IA; Madison, WI; Omaha, NE; Fort Wayne, IN; Oklahoma City, OK; and Pensacola, FL.  Additionally, we resumed our service to Zürich, Switzerland on March 25.

As we continue to add more nonstop destinations to strengthen our position as American’s transatlantic gateway, we will broaden our regional economic impact and help make the Greater Philadelphia region an even more vibrant place to visit, live and work.

Whether it is above or below the wing, one of our top priorities is to identify ways to improve work environments for our 8,000-plus hardworking PHL team members. This year, we are making culture a competitive advantage. We are refreshing workspaces and meeting rooms and providing the tools and training our work groups require. More importantly, we are supporting team members on their initiatives that strengthen our diversity inclusion and cultural awareness.  In January, our newly formed Latin Diversity Network (LDN), one of American’s many Employee Resource Groups, flew to Puerto Rico to distribute over 200 toys which they collected from PHL team members.  The PHL LDN is also providing Spanish lessons to our team members to help them learn the airport lingo and better assist travelers.

We aim to give our team members everything they need to succeed, as they are our most important assets. As such, we look forward to continuing to work with our public and private partners to make PHL and the Greater Philadelphia Region an attractive place for residents and visitors alike.

We welcomed Folasade (Sade) A. Olanipekun-Lewis in February to our PHL team as the new Regional Director for Government and Airport Affairs. Sade joins us from the Philadelphia Division of Aviation, where she served as Chief Administrative Officer.  Before that, Sade worked as the Deputy Commerce Director for Finance and Administration for the City of Philadelphia, and as the Chief Financial Officer for City Council.

In her new role, Sade will help advance American Airlines’ regional legislative issues. She will also be responsible for real estate matters at the Hub and station levels that support operational activities.

We’re excited to have Sade with us, and her experience in aviation and the public sector will be paramount as we continue to forge the necessary relationships to position PHL as the premier airport in the northeast corridor.

Sincerely,

Olympia Colasante, Vice President – PHL

CLICK THE BELOW LINKS FOR A SNAPSHOT OF AMERICAN IN PHILADELPHIA AND AMERICA IN LONDON HEATHROW


New Members

Corporate Member:

Reed & MacKay
Amanda McCarthy
One South Penn Square
Suite 701
Philadelphia, PA 19107
P: 215-845-5531
E: amandamccarthy@reedmackay.com

Established as a family business over 50 years ago, Reed & Mackay are today globally recognized as business travel experts. Born from close working relationships within the financial, legal and insurance industries, our commitment to our clients and a love of what we do inspire us to deliver extraordinary travel management.

Reed & Mackay delivers corporate travel management for professionals with exacting needs. We combine inspired service with state-of-the-art technology to create a level of travel management like no other and deliver value you might not believe possible.

www.reedmackay.com

Arts, Educational and Charitable Organization:

University of Delaware
Dean’s Office
102 Du Pont Hall
Newark, DE 19716
P: 302-831-2401
E: engr-contacts@udel.edu
www.engr.udel.edu

The University of Delaware (UD) has a tradition of excellence, from tracing its origins to the founding of Alison’s academy in 1743, to the research-intensive, technologically advanced institution of today. UD offers a broad range of degree programs in its seven colleges.

The College of Engineering is home to seven academic departments and three degree programs devoted to building a community of problem-solvers focused on challenges associated with sustainability, energy, health care and the environment.

Our internationally recognized faculty includes 33 named professors, six National Academy of Engineering members, 51 NSF and DOD faculty career and young investigator award winners, and 17 University teaching award recipients. World-renowned initiatives led by college faculty include 13 college-based research centers and eight university-based research centers, all of which provide a fertile training ground for future engineers.

www.engr.udel.edu


US Tax Reform Update Recap

On Thursday, February 1, 2018, the British American Business Council of Greater Philadelphia collaborated with the French and German American Chambers of Commerce for a US Tax Reform Update. The seminar was hosted by BABCPHL Club Level member, Deloitte LLP.  Approximately 35 people from the three Chambers participated in this informative program.

Jared Gordon, Director, and Paul Pelligrini, Senior Manager, both with the Philadelphia International Tax Group spoke about the topic. Jared has more than 20 years of experience in corporate and international taxation, serving multinational companies in a number industry sectors.  He provides international tax structuring strategy and advice.  Paul has almost a decade of experience serving multinational and private equity companies on a wide variety of matters.  His practice focuses on international tax issues including M&A, dispositions, post-acquisition integration and cross-border financings and restructurings.  The interactive meeting kicked off with attendees being asked to fill out and stick post-it notes to signs listing US tax reform topics of greatest interest scattered throughout the room.

The speakers reported on tax policy and the new tax law; international tax key provisions; federal tax considerations; planning and financial reporting; and multistate tax considerations. The presentations were very technical, and presenters invited questions from the audience throughout their discussion.  Attendees’ questions helped guide the conversation, and ensured everyone’s concerns were addressed.  If you missed the seminar, have questions and/or would like more information regarding the subject matter please contact us at babc@babcphl.com.


International Employers Forum HR Roundtable

BABCPHL Corporate Member Fisher & Phillips LLP would like to invite BABCPHL members and contacts to an International Employers Forum Atlantic Chapter presentation about global mobility. The discussion will focus on employers’ safety and security responsibilities and the immigration impact of Brexit.

Click here for more information.

 


A Musical Adventure in the British Isles Recap

A Musical Adventure in the British Isles
Thursday, January 18, 2018
6:00 – 9:30 p.m.
The Kimmel Center, Philadelphia
Recap

On Thursday, January 18, 2018, the BABCPHL partnered with the Philadelphia Orchestra on a very special event in honor of the Orchestra’s three-week British Isles’ concert series. More than 30 BABCPHL members and friends gathered at the Kimmel Center for a VIP behind the scenes tour; a meet and greet with Philadelphia Orchestra musicians; and reserved seats for the concert.

Geoff Cohen, Associate Director of Audience Development for the Philadelphia Orchestra welcomed BABCPHL guests and led our group through an informative discussion and tour of the awe inspiring building, built to ensure sound quality. Our group stood on the Verizon Hall stage at three different points throughout the evening.  We also explored behind the stage where we saw the microphones, instruments, shipping containers, offices, and dressing rooms.  After the tour we were joined in the Green Room by Matthew Loden, Interim Co-President; David Kim, Concertmaster; and Philip Kates, Second Violinist for the Philadelphia Orchestra.  Matthew, David and Phil spoke with BABCPHL event participants about the Orchestra, and educated us about fascinating facts.  Did you know the Philadelphia Orchestra is the most recorded orchestra in the world, and out of approximately 100 musicians, average musician tenure is about 20 years.  Philadelphia Orchestra musicians are so talented and in sync with one another that when presented with a new program, if necessary, they can be performance ready after only one rehearsal.  The Orchestra is fortunate to own Stradivarius violins from the 1700s, worth millions of dollars.  Some of the musicians play these instruments on stage during the concerts.

During the dynamic question and answer session with the musicians, we were informed there was a special treat in store for us – a bagpipe serenade. Police & Fire Bagpipers were performing with the Philadelphia Orchestra in memory of Lt. Matthew LeTourneau, and the BABCPHL was lucky to have a preview of the performance before the actual concert began.  Before dismissing our group, Michael Pedrick, BABCPHL President thanked our hosts Geoff and Matthew and the musicians David and Phil for the dedicated time they spent with us.  While Orchestra members left to prepare for the concert, BABCPHL guests were encouraged to have a bite to eat and a drink at the PECO Concession Stand or Volver Restaurant, both housed in the Kimmel Center.

Verizon Hall filled quickly as people began to arrive for the concert conducted by Yannick Nézet-Séguin, the inspired leader of The Philadelphia Orchestra. The January 18th concert featured two soloists and pieces by Peter Maxwell Davies, Bruch and Mendelssohn. Juliette Kang, Canadian violinist, who was appointed first associate concertmaster of the Philadelphia Orchestra in 2005, had a solo.  She received a standing ovation for performing Bruch’s fantasia of traditional folk songs from the Highlands and beyond.

The BABCPHL was truly honored to partner with the Philadelphia Orchestra for this wonderful musical adventure in the British Isles. Special thanks to the Orchestra for working with us to offer our members and friends this unique opportunity.  For more information about the Philadelphia Orchestra, and to purchase tickets please click here.

Click here for photos.


Club Level Feature

TD Securities
Libor: An Inconvenient Truth

In recent months the future of Libor has been the subject of intense debate. While the topic has been intermittently discussed since the financial crisis, when it became clear that Libor fixings were not in line with bank funding conditions, the debate has sharply intensified in recent months. July remarks by Andrew Bailey of the Financial Conduct Authority (FCA) — the regulator of Libor — jolted the market and spurred many participants into taking the transition away from Libor more seriously.

Libor is a public good…until 2021
The FCA has regulated Libor since 2013 and has made significant improvements to the rate through its administrator, ICE Benchmark Administration (IBA). IBA and the twenty panel banks that submit contributions have introduced changes in the quality of governance around submissions, aiming to anchor submissions to transactions. However the underlying market that Libor seeks to measure — the market for unsecured wholesale term lending to banks — is no longer active. According to ICE, fewer than 30% of USD 3m Libor submissions are based on transactions.
Meanwhile, many banks reportedly wished to withdraw from being a Libor submitter. Such a move would severely weaken the representativeness and robustness of the rate, potentially creating a domino effect that leads more banks to leave the panel. UK and European legislation only gives regulators limited power to compel banks to continue submitting to Libor. In the case of the European Benchmark Regulation, the “compelling power” is only one to two years. However, FCA’s Bailey and Fed’s Powell have suggested that banks have volunteered to stay on as submitters until 2021, giving the industry time to transition to a new benchmark.

What happens after 2021?
Part of the reason that the 2021 deadline was set is that the FCA believes work on a transition is unlikely to begin in earnest if market participants assume that Libor will last indefinitely. The fate of Libor after the end of 2021 is up to the IBA and the panel banks. They could continue to produce the rate, but because the FCA cannot oblige panel banks to stay, the robustness of Libor could deteriorate.
Global regulators have meanwhile blessed a number of alternative benchmark rates. All of the rates chosen globally to replace Libor have the benefit of being anchored in much more active markets than term Libor, involving little expert judgement. Additionally, in order to resolve the issue of which members to put on a rate-setting panel, these alternative rates use data from all relevant market participants.

SOFR So Good
The NY Fed is expected to release the SOFR rate in Q2 2018 along with two other rates based upon trade-level data from various segments of the repo market. Fed Chair Nominee Powell blessed SOFR in a recent conference, noting that, “The alternative reference rate needs to be able to stand the weight of having trillions of dollars written on it, and the ARRC has definitely met this standard in choosing SOFR.” The transactions underlying SOFR total nearly $700bn/day — much larger than the volumes in overnight unsecured markets and even larger than Treasury bill trading volumes. Powell’s endorsement of SOFR is the first time that a US regulator has been so explicit about the move away from the current Libor benchmark. Note that an estimated $160tn of contracts are linked to Libor and 90% of the that is linked to USD Libor. In August the Fed Board invited public comment about the plan for producing these rates.

These rates will improve transparency into the repo market by increasing the amount and quality of information available about the market for overnight Treasury repo. The rates will be volatile by construction, but given how many transactions these rates incorporate, it will be difficult for any one market participant to influence the rate. The tri-party rate will effectively be the offer side of the market and will be less volatile.

How is SOFR calculated?
The NY Fed proposes using a volume-weighted median as the central tendency measure for SOFR, which would be consistent with the methodology used for the Effective Federal Funds Rate (EFFR) and Overnight Bank Funding Rate (OBFR). In the event of an even number of transactions in the data set, the median would be considered to be the higher of the two numbers (i.e., it would be rounded up). There is a case to be made for a volume-weighted average (geometric or arithmetic mean) rather than a median since SOFR might have a bimodal distribution. One peak would represent relatively low tri-party rates and a second peak would reflect GCF and DVP GC transactions. The median of a bimodal distribution could be more volatile from day-to-day than a traditional volume-weighted arithmetic average if the valley between the two peaks is flat and low. Depending on the shape of the distribution, small changes in the relative volumes of the two peaks can result in significant shifts in the median rate.

All repo transactions that are initiated by a collateral borrower that requires a specific issue tend to trade below the GC repo rate. However, some form of filtering needs to be applied to the SOFR rate to remove transactions that are “special”. Simply removing transactions based on recent issues keeps other issues that may be trading special in the calculation. It would also exclude those on-the-run issues that may not be trading special. It is difficult to know the exact level of filtering required.

How does SOFR compare with other rates?
There are a few key features that distinguish SOFR from other rates:
Overnight: SOFR and EFFR are overnight rates, while Libor has term rates.

Secured: SOFR is a secured rate and therefore incorporates the cost of balance sheet while EFFR and Libor are unsecured.

Risk free: SOFR and EFFR are measures of the risk free rate, while Libor has some credit component since it measures bank funding costs.

Arrears: SOFR and EFFR are rates where payment occurs in arrears versus Libor, where you can settle in advance.

The similarity between SOFR and EFFR makes it useful to compare the new rate to EFFR. The Fed has released SOFR data going back to August 2014 and since then, the 3-month geometric means of SOFR and EFFR have generally tracked closely. Over this period SOFR has averaged about 4bp below EFFR, which is sensible since SOFR is a secured rate and may incorporate some special transactions. The rate is more volatile during month- and quarter-ends, where balance sheet pressures tend to move SOFR above EFFR.

A brave new world with SOFR

Below we discuss the ARRC transition plan. However, we believe that ultimately it is the liquidity in SOFR-linked contracts that will drive the pace of transition. Since SOFR is an overnight rate, many market participants may need to build out the infrastructure of compounding a daily rate. SOFR-based swaps are also likely to be uncleared initially, while Libor-linked swaps are cleared. Regulators may need to incentivize investors to switch to SOFR for new swaps entered into before 2021.

Another key issue as the market transitions to SOFR is the inclusion of the new rate in the FASB hedge accounting standards. Current standards include the SIFMA Municipal Swap Rate, the US Treasury Rate, the Libor Swap Rate, and the Fed Funds Effective Swap Rate. Inclusion of the SOFR will help build liquidity in contracts referencing SOFR and ease the transition for many derivative counterparties.
The paced transition plan:

  •      H2 2018: Infrastructure for futures and/or OIS trading in the new rate is put in place.
  • By end 2018: Trading begins in futures and/or bilateral uncleared OIS that reference SOFR.
  • Q1 2019: Trading begins in cleared OIS that reference SOFR in the current (EFFR) PAI and discounting environment.
  • Q1 2020: CCPs begin allowing market participants a choice between clearing new or modified swap contracts (swaps paying floating legs benchmarked to EFFR, Libor, and SOFR) into the current PAI/discounting environment or one that uses SOFR for PAI and discounting.
  • Q2 2021: CCPs no longer accept new swap contracts for clearing with EFFR as PAI and discounting except for the purpose of closing out or reducing outstanding risk in legacy contracts that use EFFR as PAI and the discount rate. Existing contracts using EFFR as PAI and the discount rate continue to exist in the same pool, but would roll off over time as they mature or are closed out.
  • By end 2021: Creation of a term reference rate based on SOFR-derivatives markets once liquidity has developed sufficiently to produce a robust rate.

The legacy problem
The FSB’s Market Participants Group (MPG) estimates the notional volume of outstanding financial products referencing USD Libor at more than $160tn. USD-denominated interest rate swaps represent approximately 90% of this outstanding gross notional volume. In terms of other USD-denominated products, the MPG estimates that USD Libor is used as the reference rate in 97% of syndicated loans, 84% of floating/variable rate notes and 71% of collateralized loan obligations. A transition for all of these contracts and products will be a complicated task to say the least. The key question for the transition is whether the industry needs to:

  •  Amend contracts to reference an alternative rate, or
  •  Amend the definition of Libor through the fallback protocol to replace the current methodology with alternative reference rates. This could be done by developing a spread, which could be added to the base of the risk free rates.

By March 2018 the International Swaps and Derivatives Association (ISDA) plans to draft a report that includes a survey for the users of Libor (derivatives, securities, loans, MBS), identifying issues with the transition in existing and new contracts, and recommendations.

ISDA Triggers: What determines that Libor doesn’t exist?
The first question is what determines that an investor has to find a replacement for Libor in an existing contract. If all panel banks stop submitting Libor, it would be an obvious trigger. But it becomes more difficult if a few banks drop from the panel. What determines that the panel may have “degraded” is a very subjective issue. Currently, the ISDA trigger is a public statement by the supervisor (in this case the FCA) about an insolvency of the relevant administrator (in this case ICE) or that Libor has been permanently or indefinitely discontinued or that it may no longer be used. Another ISDA trigger is a public statement by the administrator that it will cease publishing Libor.

ISDA fallback: What should replace Libor in a contract?
Current ISDA fallback protocol is meant for a temporary disruption for Libor. Many contracts allow the counterparty to call up 3 banks in London and obtain an average quote. However, in a situation when banks have stopped submitted Libor, this does not seem like a feasible alternative. Thus more work needs to be done on a permanent solution for a time when Libor may not exist. ISDA has already confirmed it is willing to develop a protocol that would allow market participants to update existing documents to insert a fallback rate should Libor cease to be published after 2021, or possibly sooner in the case of Euribor.
Under the ARRC transition plan, counterparties to Libor-linked swaps would amend their documentation to reference an alternative rate well before Libor might cease. Moving from Libor to SOFR would create a valuation change given that SOFR is lower than the Libor rate. The aim is to find the amount of compensation that each side will be willing to pay and receive to make the switch. That amount could be thought of as a spread which could be added to SOFR, which would replace Libor in an existing spread.

How do you compute and administer the spread?
There are two approaches are currently being discussed to compute the spread: a historical approach and an auction approach. A historical approach would freeze the Libor-SOFR basis on the day the benchmark is ceased while the latter would involve determining the Libor-SOFR basis each day via an auction process.

The cash problem
So far we have discussed the issues for the transition away from Libor for derivatives. However, there are many cash products that are linked to Libor, with a many of these products possessing terms past 2021. The ARRC has expanded its work to incorporate the cash transition plan, resulting in discussions about creating a term reference rate. That term reference rate would have to be built by first developing futures and OIS markets that reference SOFR. It will likely not be as robust as SOFR itself, and so derivatives transactions will almost certainly need to be based on the overnight rate. However, a term reference rate could conceivably be used in some loan or other contracts that currently reference Libor.
Below we discuss some of the current fallback issues across different products. We would expect new products that mature beyond 2021 to have a more robust fallback as a world without Libor looks much more likely now.

Current fallback language in Libor-linked cash products
 Mortgages and other consumer products: Typically the contract language in mortgages gives the noteholder the ultimate authority to name a successor rate if Libor was permanently discontinued. Other consumer loans may be more varied, but generally seem to have similar flexibility.

  • Floating rate notes: There are an estimated $1.5tn in outstanding Floating Rate Notes referencing USD Libor. However, 84% of these FRNs will mature by the end of 2021, and 92% by the end of 2023. Typical contract language would direct the calculation agent to first poll a sample of banks (similar to the ISDA fallback language) and then convert to fixed-rate at the last published value of Libor if quotes are not received. It would typically require unanimous consent of the noteholders to adjust these terms.
  • Securitizations: Approximately $1.8tn in outstanding securitizations reference USD Libor. Agency MBS allow Fannie Mae and Freddie Mac to name a successor rate if Libor was permanently discontinued, but typical contract language in other securitizations would require a poll of banks and then convert to fixed-rate at the last published value of Libor if quotes are not received. CLOs are typically called after an initial 1-2yr period, at which point fallback language could be amended.
  • Corporate Loans: Flow of Funds data estimate the level of nonfinancial corporate loans at $2.7tn (does not include committed but undrawn lines). A large share — $2.1tn — are syndicated loans (according to SNC data). Roughly 85% percent are floating rate, and a large share of those appear to reference Libor. The typical contract language appears to name the Prime Rate or the Effective Fed Funds Rate plus a spread as the fallback if Libor was discontinued. Note that bilateral loans can be renegotiated by the borrower and lender to amend this, while syndicated loans currently tend to require unanimous lender consent to amend these terms. However, syndicated loans are amended fairly frequently, so it is very likely that most or all of the outstanding stock of loans would be amended before the end of 2021. We expect that lenders will make sure that new and existing loan documents make sense in a world without Libor. Where possible, lenders and borrowers may look to adjust their credit agreement voting provisions so that any change to the rate benchmark will not require a 100% vote. In syndicated loan documentation, borrowers may want the selection of a replacement rate to require the approval of a majority of lenders, rather than requiring unanimous approval.
    Priya Misra, Gennadiy Goldberg

President’s Letter

Dear BABCPHL Members and Friends,

Happy New Year! I hope 2018 is off to a great start. I am pleased to report the BABCPHL closed the last quarter of the calendar year with educational forums featuring leading business executives who discussed timely topics such as cybersecurity and Brexit. In December we were joined by Mayor Kenney in welcoming the new Consul-General, Antony Phillipson to Philadelphia during our signature annual holiday luncheon.

During the coming weeks and months we are executing more than a half dozen programs related to pressing global business matters; young tech entrepreneurs; and UK cultural events throughout our region. While the majority of our programs are business oriented, we offer British culture and entertainment related activities as well. All BABCPHL events are valuable opportunities to meet members, network across sectors, and showcase your business or service offerings.

It is our job to promote the trade and investment relationship between the UK and the Greater Philadelphia region. Our Chapter’s jurisdiction includes Southeastern Pennsylvania, Southern New Jersey, and the State of Delaware. Within this geography we are honored to work closely and to collaborate with regional and UK government officials, and other international institutions.

As you read through this newsletter you will find a recap of our recent past activities and upcoming events in which our members may participate, as well as feature articles published by or about our members. We look forward to seeing and hearing from you often this calendar year.

Sincerely,

Michael J. Pedrick
President, British American Business Council of Greater Philadelphia

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The BABCPHL recognizes our Club Level Members:

  • Almac
  • American Airlines
  • Bartlett
  • Cigna
  • Deloitte
  • Drinker Biddle & Reath LLP
  • Duane Morris
  • EisnerAmper LLP
  • HSBC
  • McConnell Johnson Real Estate
  • Morgan Lewis
  • Law Firm of Pepper Hamilton
  • TD Bank
  • United Airlines
  • Virgin Atlantic