P.R.I.M.E. Finance—background, structure and purpose

The following Arbitration practice note provides comprehensive and up to date legal information covering:

  • P.R.I.M.E. Finance—background, structure and purpose
  • P.R.I.M.E. Finance Arbitration Rules
  • Advantages of P.R.I.M.E. Finance arbitration
  • Challenges
  • The future for P.R.I.M.E. Finance

P.R.I.M.E. Finance—background, structure and purpose

The P.R.I.M.E. Finance Arbitration Rules were revised in early 2016 (with the second edition dated 9 February 2016). The revised rules are available here and this Practice Note reflects the 2016 rules.

Established in January 2012, the Panel of Recognised International Market Experts in Finance (P.R.I.M.E. or P.R.I.M.E. Finance) is an arbitral and dispute resolution body for the financial sector. P.R.I.M.E. works to resolve complex financial transaction disputes including those involving derivatives, swaps, wholesale financial market trading and other financial products.

The idea for an independent body of financial experts came about following the 2008 global financial crisis. A group of legal and financial experts brought together by The World Legal Forum Foundation came up with the idea for an international financial tribunal and it gained widespread support. Following further international industry discussion, P.R.I.M.E. Finance was established.

A key feature of the P.R.I.M.E. institution is the panel of legal and financial experts that has been assembled to act as arbitrators, mediators or experts. The experts are listed on the P.R.I.M.E Finance website and comprise over 100 eminent financial sector specialists drawn from a diverse background. The experts include judges, regulators, central bankers, academics, derivative market participants and representatives from private practice.

In 2013, following an ISDA consultation to gauge interest in the use of arbitration as a dispute resolution mechanism, ISDA published a guide

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