The world’s firstinternationaltribunal for complex financial litigation has opened in the netherlands headquartered at the peace Palace in The hague National or local governments and private companies may bring cases before the dispute resolution facility called PRIME finance short for panel of Recognized International market Experts in Finance jeffrey Golden is Chairmen of the management Board In the uhm large parts of the world this tribunal is uh important because although our standard form contracts would frequently send parties with disputes to either the courts of England or new York and judges in those courts have done a terrific job Ah the decision of those courts would not necessarily be enforceable in any number of jurisdictions where we need enforceable results The global financial crisis has added urgency to the founding of the new institution Operating by arbitration and mediation is intended to make it possible to hand cases involving vast sums efficiently in the space of a year faster than in other courts PRIME is a private foundation backed by the dutch government If it’s an international dispute it may be beneficial first of all to do it in private because of course arbitration is confidential second of all uhm there may in some cases be issues of perceived independence although I’m not arguing in any way that the courts in london or New York are not independent but I think you were a bank in a third country litigating against a bank in one of those countries it may give you added advantage But I think the most important thing is that it goes quickly and that you are assured that you have experts on your arbitral panel that really know these instruments supported financially by The hague which is already host to the international Court of Justice and the International Tribunal for the former Yugoslavia prime Finance will also work on a fee basis Its rulings will be binding in more than a hundred and forty countries with no right of appeal
