PRIME Finance Arbitration: A Role Model for the Settlement of International Financial Disputes?
SEATZU, FRANCESCO
2014-01-01
Abstract
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 fi nancial 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 com-plex disputes in the fi nancial sector. This article 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 article presents a critical appraisal of the “philosophy” of PRIME when it is called upon to resolve complex international controversies.File | Size | Format | |
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