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9 N.Y.U. J.L. & Bus. 917 (2012-2013)
Arbitration in Banking and Finance

handle is hein.journals/nyujolbu9 and id is 943 raw text is: ARBITRATION IN BANKING AND FINANCE

INKA HANEFELD*

I. INTRODUCTION ..................................
II. THE RISE OF ARBITRATION IN THE BANKING AND
FINANCE SECTOR ................................
A. Banking and Finance Disputes ....      ... .......
B. Traditional Reluctance Towards Arbitration .....
C.  Change  of  Trend  .............................
D. Reasons for the Change of Trend ...............
1. Internationalization of Banking and Finance
Transactions........................
2.  Increased  Complexity......................
3. Inconsistent Court Decisions ...............
4. Demand for More Flexibility and Party
A utonomy  ...............................
5. Privacy and Confidentiality ................
III. PRACTICAL CONSIDERATIONS .....................
A. Choice of an Adequate Arbitral Institution ......
1. Arbitral Institutions Which Have Issued
Special Rules for Disputes in the Banking
and Finance Sector ...................
a. AAA Arbitration Rules for
Commercial Financial Disputes .....
b. CIETAC Arbitration Rules for
Commercial Financial Disputes .....
2. Special Institutions ...................
3. Selection Criteria .....................
B. Drafting the Arbitration Agreement ...........
1. Model Arbitration Clauses / Additional
Elements..     ..........................
2. Multi-Contract / Multi-Party Arbitration ....
IV. CHALLENGES ..................................
A. First Challenge: Establishing Legal Certainty ....
B. Second Challenge: Dealing with Mandatory
Rules .................................
V. CONCLUSION ..................................

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* Dr. Inka Hanefeld, LL.M. (NYU) is managing partner and founder of
the dispute resolution firm Hanefeld Rechtsanwalte in Hamburg, Germany.
Excerpts of this article were presented during a lecture at NYU School of
Law in New York on 24 September 2012.
917

Imaged with Persmission of N.Y.U. Journal of Law and Business

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