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Home > Country profiles > International Chamber of Commerce > Articles > Article detail



Arbitration and financial institutions: Revisiting dispute resolution options

Thursday, 6th November 2015

<div class="summary" style="color: #141414; font-family: Arial, Helvetica, sans-serif; font-size: 13px"><p style="margin: 0px; padding: 3px 0px 15px; font-size: 1.077em; line-height: 17px; color: #000000; font-weight: bold">&quot;Drawing on one of the key themes for the 13th ICC Miami arbitration conference this week, Patricia Peterson of Linklaters reflects on the rise of arbitration for financial market&rsquo;s disputes in this guest blog for iccwbo.org.</p></div><div class="paragraphs" style="padding: 10px 0px 0px; color: #141414; font-family: Arial, Helvetica, sans-serif; font-size: 13px"><div class="paragraph" style="padding-bottom: 10px"><div class="paragraph" style="padding-bottom: 10px"><p style="margin: 0px; padding: 0px 0px 10px; font-size: 1em; line-height: 1.231em">Historically, financial institutions have tended to prefer dispute resolution clauses that provide for the submission of disputes to national courts and, in particular, the courts of leading financial centres such as London or New York. However, in recent years some financial institutions have begun to re-examine their approach to dispute resolution, at least for certain types of transaction, in light of developments in the financial markets.</p></div><div class="paragraph" style="padding-bottom: 10px"><p style="margin: 0px; padding: 0px 0px 10px; font-size: 1em; line-height: 1.231em">The past few decades have been marked by the increasing complexity of financial products and greater sophistication in the structuring of transactions. At the same time, there has been a standardization of documentation for certain types of transaction, such as derivatives and loans. The Master Agreements of the International Swaps and Derivatives Association (&quot;ISDA&quot;) provide good examples. In 2014, the notional amount of outstanding contracts for over-the-counter derivatives alone was estimated to be US$ 691 trillion, with more than 90% of this amount governed by ISDA Master Agreements (source: Bank for International Settlements). In parallel to these developments, there has been an expansion of the operations of financial institutions throughout the world and, in particular, in emerging markets.&quot;</p><p style="margin: 0px; padding: 0px 0px 10px; font-size: 1em; line-height: 1.231em">Read further:&nbsp;</p></div><a id="ctl00_ContentContainerPlaceHolder_MultiView_ctl00_ucParagraph_rptParagraphs_ctl01_imgParagraph_hypLink" style="color: #00539f; text-decoration: none" href="http://www.iccwbo.org/uploadedImages/News_and_Media/Articles/2015/ppeterso_source.jpg?n=8622" title="Arbitration and financial institutions: Revisiting dispute resolution options" class="cboxElement"></a></div></div>


Web-link: http://www.iccwbo.org/News/Articles/2015/Arbitration-and-financial-institutions-...
Source: Linklaters
Language: English
Contact: Patricia Peterson


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