Introduction to BACA
BACA – the Air Charter Association, is the successor to the Airbrokers’ Association founded by members of the Baltic Mercantile and Shipping Exchange in March 1949. Its purpose was to bring to aircraft chartering the same standards of integrity and professionalism for which the Baltic Exchange and the Institute of Chartered Shipbrokers have for so long been known and respected.
In 1976 membership was opened to include airlines and other non-members of the Exchange who could show that they operated their aviation businesses to the same high standards set by the original association. The name then changed to its present title. Later advances in communications resulted in a decline in air charter trading actually taking place on the trading floor of the Exchange, but members continued to use the facilities offered for social functions and private meetings.
The Baltic Exchange gives BACA very generous support with administrative and social resources to BACA members, and the council recommends that members take full advantage of the benefits available. Located in the heart of the City of London, the Exchange gives members a central base where they can hold meetings, hire secretarial services, use the bar and restaurant, review their emails etc. Details are available at The Baltic Exchange’s own website.
The name of the Exchange itself, Baltic, originates from the city coffee house of that name where shippers and merchants met to conduct broking business in the early 18th century. Similarly, Mr Lloyd’s coffee house was where London’s insurance market started.