PRIME Finance Arbitration—A Role Model for the Settlement of International Financial Disputes?
PRIME Finance Arbitration—A Role Model for the Settlement of International Financial Disputes?
Traditionally, litigation has been a tool for dispute settlement in the international financial sector. The increasing involvement of parties from newly emerged economies and globalization has resulted in international arbitration being adopted more often as a means of settling financial controversies. A new institution called the Panel of Recognized International Market Experts in Finance (“PRIME”) was established in 2012 at The Hague to assist judicial bodies in the settlement of complex disputes in the financial sector. This chapter examines the origins, institutional setting, and participatory elements of PRIME and evaluates its effectiveness. After presenting a taxonomy of reasons most commonly cited for using international arbitration, the chapter presents a critical appraisal of the “philosophy” of PRIME when it is called upon to resolve complex international controversies.
Keywords: international financial law, settlement of international financial disputes, PRIME, judicial bodies, international arbitration, swaps and derivatives
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