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2015, iss. 4, pp. 205-220
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Settlement of disputes in the banking and financial sector
Rješavanje sporova u bankarskom i finansijskom sektoru
Rechtsanwälte BVM, Vienna, Austria + Faculty of Law, University of Vienna, Austria + University 'Apeiron', Banja Luka, BiH
email: katicatomic123@gmail.com
Abstract
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.
Sažetak
Dugo vremena arbitraža je imala vrlo ograničenu ulogu u bankarskom i financijskom sektoru, a prednost za rješavanje arbitražnih i financijskih sporova se davala državnim sudovima važnih financijskih centara kao što su New York ili London. Financijska kriza koja je poprimila globalne razmjere u posljednjih nekoliko godina, počevši od bankarske krize 2007. godine i globalne recesije koja je uslijedila, uzdrmala je svjetsku ekonomiju. Većina financijskog sektora koji su se u u prošlosti oslanjali na parničenje za provedbu ugovora, sve više se okreću prema međunarodnoj arbitraži. Danas tradicionalna nesklonost prema arbitraži je manje rasprostranjena, a arbitraža , kao alternativni način rješavanja sporova, prihvaćena u gotovo svim zemljama svijeta i njezina se primjena sve više širi u bankarskom i financijskom sektoru.
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References
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*** (2012) in: UNCITRAL Notes on Organizing Arbitral Proceedings
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*** Uncitral model law. Art 25(b); cf Art 28(2)
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*** World Intellectual Property Organization (WIPO), Art. 52(a)
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*** Art. V (1)(a) NY Convention. Annex 11
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*** (2008) Cf.by contrast DIS - Supplementary Rules for Expedited Proceedings. Section 7
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