As part of its ongoing consultation on the use of arbitration under the ISDA® Master Agreement, the International Swaps and Derivatives Association (ISDA) Financial Law Reform Committee held a meeting in New York on 9 July 2012. This followed a meeting in Singapore in June 2012 (see Legal update, ISDA examines options for arbitration clause in Master Agreement).

Among the matters discussed at the New York meeting were options for model arbitration clauses providing for different combinations of arbitral rules and seats. For example:

Other combinations put forward for consideration were UNCITRAL Rules with a London or New York seat, PRIME Finance Rules with a London or New York seat, and AAA/ICDR Rules with a New York or Miami seat.

On the agenda were also issues such as the constitution of the tribunal, governing law (both of the Master Agreement and the arbitration clause) and publication of awards.

The Singapore and New York meetings are part of a consultation process launched by ISDA in 2011 (see Legal update, ISDA consults on use of arbitration under ISDA Master Agreement). The consultation will continue with a further meeting for ISDA members, which will take place in London on a date to be fixed.