Does cosmological expansion affect local physics?

In this contribution I wish to address the question whether, and how, the global cosmological expansion influences local physics, like particle orbits and black hole geometries. Regarding the former I argue that a pseudo Newtonian picture can be quite accurate if “expansion” is taken to be an attribute of the inertial structure rather than of “space” in some substantivalist sense. This contradicts the often-heard suggestion to imagine cosmological expansion as that of “space itself”. Regarding isolated objects in full General Relativity, like black holes, I emphasise the need for proper geometric characterisations in order to meaningfully compare them in different spacetimes, like static and expanding ones. Examples are discussed in some detail to clearly map out the problems. A slightly extended version of this contribution may be found at philsci-archive.pitt.edu/10033.