International Chamber of Commerce
A Task Force on Financial Institutions and International Arbitration of the ICC Commission on Arbitration & ADR has examined a wide range of banking and financial activities, whether undertaken by licensed banks or by funds (equity, investment or sovereign wealth). The Task Force examined the actual or potential use of arbitration in derivatives, sovereign lending, regulatory matters, international financing, trade finance, Islamic finance disputes, advisory matters, asset management and interbank disputes.
The Report which the ICC Task Force published in November 2016 covers many types of financial institutions, including multilateral and bilateral development financial institutions and export credit agencies providing credit-enhancement or risk-mitigation tools, insofar as those institutions use arbitration from time to time and often have a persuasive role in proposing arbitration as an option to lending syndicates in which they participate or those that they guarantee.
The ICC Task Force analysed both international commercial and investment arbitration. The latter is a relatively novel feature in the banking and financial landscape with a number of investment awards holding that financial instruments ranging from straightforward loans to negotiable instruments, securities and oil hedges are qualifying investments under the relevant treaties. These awards open up broad horizons with respect to treaty claims that could have a catalysing effect on the receptiveness of the banking and financial sector to arbitration in general.