International financial tribunal in The Hague

An international tribunal dedicated to resolving complex and contested financial disputes in the world will open its doors in The Hague on 16 January 2012.

The Panel of Recognised International Market Experts in Finance, P.R.I.M.E. Finance, will be established with support from the Municipality of The Hague and the Ministry of Economic Affairs and will be officially opened in the Peace Palace by Dutch Minister of Finance Jan Kees de Jager.

With a group of almost 100 specialised arbitrators and other international legal and market experts, the tribunal will settle disputes on complex financial products. According to the tribunal, it operates on the basis of arbitration. Financial institutions which make use of the arbitrage are bound to the judgements.

The tribunal will mainly contribute to the streamlining of international judgements in areas where conflicting rules apply in different states, such as derivatives and structured finance transations. The founders argue that the role of the tribunal is all the more urgent given the uncertainty from the financial crisis.

About P.R.I.M.E. Finance

P.R.I.M.E. Finance was established with the aim of facilitating dispute settlement, reducing legal uncertainty and fostering stability in the global financial markets. The panel includes experts on market practice, relevant law, arbitration and mediation, drawn from financial institutions, leading law firms, the judiciary, regulatory agencies and academia.

All of its experts are committed to providing a sophisticated service for both mature and developing markets as well as assisting in judicial training and the development of library resources relevant to complex product and standard form financial contract disputes. P.R.I.M.E. Finance is registered as a foundation under Dutch law.

More information can be found at www.primefinancedisputes.org.