On 9 November 2016, the ICC Commission on Arbitration and ADR (ICC) published a report on financial institutions and international arbitration. The report was the result of a two-year study by the ICC Task Force on Financial Institutions and International Arbitration (the Task Force), which examined the use of both international commercial and investor-state arbitration by financial institutions in a wide range of activities. Steven Finizio, Manuel Casas, Jonny Lim, and Rina See of WilmerHale consider the ICC's report and summarise the Task Force's findings and recommendations.
The use of arbitration in financial disputes
The Task Force observed that, historically, many financial institutions have not used international arbitration to resolve their disputes, choosing instead to litigate in the national courts of financial centres like New York, London, Hong Kong and Frankfurt. Moreover, the Task Force found that, while many in the banking and finance sector were unfamiliar with arbitration, financial institutions are using international arbitration in a wide and growing array of transactions in various areas, and with various counterparties.
Click here to continue reading
Originally published by LexisRPSL on 5 December 2016.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.