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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 .................................. 918 919 919 919 922 923 924 925 926 927 928 929 929 929 929 930 931 932 933 933 934 935 936 937 939 * 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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