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2015, iss. 4, pp. 205-220
Settlement of disputes in the banking and financial sector
Rechtsanwälte BVM, Vienna, Austria + Faculty of Law, University of Vienna, Austria + University 'Apeiron', Banja Luka, BiH
Keywords: B2B disputes; ICC; Vienna rules; New York convention
For a long time arbitration has played a rather limited role in banking and finance sector and it has been a preference for resolving arbitration and finance disputes in state courts of important financial centers, such as New York or London. The global economy has experienced extreme stresses in recent years, beginning with the banking crisis of 2007 and the global recession that followed. While financial institutions have in the past relied primarily on litigation to enforce contracts, they are increasingly turning to international arbitration. Today, the traditional reluctance towards arbitration is less prevalent and an alternative means of dispute resolution through arbitration is increasingly gaining importance in banking and finance sector.
*** (2008) Survey 'International Arbitration: Corporate Attitudes and Practices
*** (2012) in: UNCITRAL Notes on Organizing Arbitral Proceedings
*** Uncitral model law. Art 25(b); cf Art 28(2)
*** World Intellectual Property Organization (WIPO), Art. 52(a)
*** Art. V (1)(a) NY Convention. Annex 11
*** (2008) contrast DIS - Supplementary Rules for Expedited Proceedings. Section 7
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article language: English
document type: Review Paper
published in SCIndeks: 04/07/2016

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