ISDA® examines options for arbitration clause in Master Agreement | Practical Law

ISDA® examines options for arbitration clause in Master Agreement | Practical Law

The International Swaps and Derivatives Association (ISDA) Law Reform Committee held a meeting in Singapore last week to discuss the use of arbitration for derivative disputes.

ISDA® examines options for arbitration clause in Master Agreement

Practical Law UK Legal Update 7-520-0547 (Approx. 4 pages)

ISDA® examines options for arbitration clause in Master Agreement

by PLC Arbitration
Published on 26 Jun 2012 • ExpandEngland, International, USA (National/Federal)...Wales
The International Swaps and Derivatives Association (ISDA) Law Reform Committee held a meeting in Singapore last week to discuss the use of arbitration for derivative disputes.
In 2011, the ISDA® Financial Law Reform Committee engaged in consultations on the use of arbitration under the ISDA Master Agreement (see Legal update, ISDA consults on use of arbitration under ISDA Master Agreement).
On 15 June 2012, ISDA held the first in a series of meetings to consult further on the options for a model arbitration clause or clauses for use with the Master Agreement. At this meeting in Singapore, attendees are reported to have considered various proposals for potential arbitral seats and rules for the model arbitration clause, including:
  • ICC arbitration, with a London or New York seat.
  • LCIA arbitration, with a London seat.
  • HKIAC or SIAC arbitration, with a Hong Kong or Singapore seat (respectively).
  • UNCITRAL or PRIME Finance rules, with a London or New York seat.
  • AAA/ICDR arbitration rules, with a New York or Miami seat.
Attendees also deliberated on the governing law of the model arbitration clause and the constitution of the tribunal.
Further meetings are scheduled in London and New York.
Source: Global Arbitration Review.
"ISDA" and "ISDA SIMM" are registered trademarks of the International Swaps and Derivatives Association, Inc. (ISDA). ISDA is not a sponsor of Practical Law and had no part in the development of this resource.