At the USCIB Arbitration Committee’s January 18 meeting in New York City, the International Chamber of Commerce (ICC) unveiled a new report on “Financial Institutions and International Arbitration” that assesses the banking and finance industry’s experience and perceptions of cross-border alternative dispute resolution.
Established in 1923, ICC’s International Court of Arbitration is the world’s most respected forum for the settlement of cross-border disputes. USCIB, which serves as ICC’s U.S. national committee, provides a forum for input to the development of new ICC rules, procedures and services, and nominates potential arbitrators to the Paris-based ICC Court.
The new report, prepared by a special task force of ICC Commission on Arbitration and ADR, and presented by task force co-chair Claudia T. Salomon (Latham & Watkins LLP), addresses the potential benefits of international commercial arbitration in banking and financial matters and some common misperceptions about the process. Arbitration, the report says, with its flexibility and worldwide enforcement, has the potential to become a preferred dispute resolution method for the world’s corporate and investment banks.
Task force member Edward Turan (Citigroup) said that arbitration was especially valued by financial institutions when disputes involved high-value transactions, complex instruments such as derivatives, or were of a highly sensitive or confidential nature. The ICC Commission report concludes with detailed recommendations for tailoring the arbitration process to suit the needs of the banking and finance sectors.
2016: Record number of new cases
The event also featured an update on recent developments by ICC Court President Alexis Mourre. The Court recently announced record figures for new cases filed for administration under ICC rules in 2016. According to preliminary statistics, a total of 966 new cases administered by the Court were filed in 2016 – involving 3,099 parties from 137 countries. Constituting a record year for the Court in its 94-year history, the figures reflect continuing growth of the world’s leading arbitral institution and its ongoing efforts to make ICC dispute resolution services more accessible worldwide.
“These initial findings are welcome testament to our efforts to continually adapt our services to the needs of arbitration users around the world,” said Mourre. “These efforts will continue in 2017 with plans to build further on our global presence in the year ahead.” Click here to read more on ICC’s website.
Changing of the guard at USCIB Arbitration Committee
USCIB President and CEO Peter Robinson provided an overview of recent developments in USCIB’s Arbitration Committee, recognizing a number of subcommittee chairs from around the country. He also extended the organization’s thanks to outgoing Committee Chair Mark Beckett (Cooley LLP) for several years of outstanding leadership and service, and welcomed incoming Chair Grant Hanessian (Baker & McKenzie).
Robinson commented: “Mark Beckett demonstrated tireless and devoted leadership over the past eight years, and presided during a period of transitions including strengthening of the USCIB Arbitration Committee and development of new institutional relationships as a result of the establishment of SICANA, the North American case-management team in New York. We have greatly appreciated his guidance, friendship and integrity. And we are very much looking forward to working with and supporting the vision of Grant Hanessian as the new Committee chair, having greatly enjoyed working with him as vice chair.”