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President's Letter

Michael J. Pedrick

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

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.

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Winter 2018

To learn more about the British American Business Council of Greater Philadelphia please visit: babcphl.com

 

Interested in contributing to a future issue of Connect?
Please contact Jane Rosenberg through email or 215-790-3686

 

Recent Event Photo

Recent Event Photo

Visit the BABCPHL photo gallery »

 
 

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.

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UPCOMING PROGRAMS

A Musical Adventure in the British Isles »

Thursday, January 18, 2018 | 6:00 – 9:00 pm

The Kimmel Center, 300 South Broad Street, Philadelphia, PA 19102

Global Connect »

Thursday, January 25, 2018 | 5:00 – 7:00 pm

1313 Innovation, Wilmington, DE 19801

US Tax Reform Update with Deloitte »

Thursday, February 1, 2018 | 11:45 am – 2:00 pm

1700 Walnut Street, Philadelphia, PA 19103

EU GDPR with the US Commerce Service »

Wednesday, February 14, 2018 | 8:30 am – 11:30 pm

510 Walnut Street, Philadelphia, PA 19106

Theatre Night »

Thursday, February 22, 2018 | 7:00 – 9:30 pm

The Drake, Louis Bluver Theatre, 1512 Spruce Street, Philadelphia, PA 19102

7th Annual New Jersey Networking Event & Dinner »

Thursday, March 15, 2018 | 6:00 – 8:00 pm

The British Chip Shop, 146 Kings Hwy E, Haddonfield, NJ 08033

 

EVENT RECAPS

Cybersecurity — Protecting the Crown Jewels of Your Business »

Brexit & the New Geopolitical Order »

The Future of Business Immigration »

A Royal Evening – UK Business, Culture, History, & Networking »

2017 Signature Annual Holiday Luncheon »

 

HUMAN INTEREST FEATURE

Creative and Performing Arts — BABCPHL Members Showcase UK Culture

By Caroline Willems, BABCPHL Coordinator and Junior at Temple University, Fox School of Business

This winter and spring, the BABCPHL will be especially involved with our creative and performing arts members. Throughout the next few months, we will partner with Inis Nua, the Pennsylvania Academy of Fine Arts, the Philadelphia Orchestra, and Tiny Dynamite to deliver events that are sure to enrich and entertain you. Each organization contributes to the Philadelphia region by hosting unique cultural events and opportunities for the community. These groups provide historic and current projects linking the US and the UK.

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NEW MEMBERS

The BABC of Greater Philadelphia is pleased to formally announce and welcome our newest member.

Corporate Member:

1776 / Benjamin's Desk
Anthony Maher
1701 Walnut Street
Philadelphia, PA 19103
P: 609-374-4552
E: anthony@benjaminsdesk.com

Educational, Arts, & Charitable Institution Member:

Drexel University
James Rinier
Assistant Clinical Professor of Accounting
3141 Chestnut Street
Philadelphia, PA 19104
P: 215-571-3640
E: jwr29@drexel.edu

Individual Member:

Tom Koenig

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MIND THE GAP

Times Square Alliance Builds New Website with BABCPHL Member

HAPPY NEW YEAR!

Times Square is the mecca of stimulating bright lights, advertising, action and fun, not just on New Year’s Eve, but at all hours of every day throughout the year.  No matter how many times you have experienced Times Square, it is always mesmerizing. If you have ever been among the 230,000 locals who have made the area your home or your place of work, or if you have ever been one among the 40 million visitors from around the globe who visit each year, you understand the truly unique Times Square experience.  Creating an interactive and dynamic website to help people navigate the constantly evolving mega-scene was not an easy project.  Website development goals included supporting the community, attracting businesses, residents and visitors, and helping the area thrive. Click here to check it out!

Trivia: What BABCPHL member successfully undertook and launched the new official Times Square website in advance of NYE2017?

The first person to submit the correct answer to babc@babcphl.com will receive one complimentary ticket to our Global Connect event on January 25, 2018.

 
BABC
 

BRITISH AMERICAN BUSINESS COUNCIL OF GREATER PHILADELPHIA
200 S. Broad Street, Suite 700 / Philadelphia, PA 19102 / babcphl.com

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