Featured Events
Through the BABC, members have the opportunity to develop valuable business contacts within the British American community and to exchange ideas and information with a cross section of business, trade and governmental interests.
Recent News
The Death of LIBOR Not SOFR Away… Are You Ready? Secured Overnight Financing Rate: The New Benchmark – Expectations & Implications
On Thursday, May 16, 2019, the BABCPHL hosted a finance seminar about The Secured Overnight Financing Rate (SOFR) at the Chamber of Commerce for Greater Philadelphia. In 2021, the London Interbank Offered Rate (LIBOR), the world’s most important financial rate, will go away, but it is unclear what will replace the index used in virtually every significant credit arrangement, bond, swap and financial instrument. The volume of financial contracts based on LIBOR is estimated at $200 trillion. The change will affect every company and financial institution. The Federal Reserve Bank of New York has proposed that SOFR become the new lending resource rate. It is the rate banks will pay on the repurchase agreement market for borrowing overnight. US regulators anticipate SOFR will be widely adopted to back the derivatives and loans market, and to be the universally accepted replacement for the outgoing LIBOR.
