УРЕЖДАНЕ НА ФИНАНСОВИ И БАНКОВИ СПОРОВЕ ЧРЕЗ АРБИТРАЖ
SETTLEMENT OF FINANCIAL AND BANKING DISPUTES BY ARBITRATION

Summary/Abstract: Recent years have seen a significant increase in the popularity of arbitration as a means of resolving disputes arising in the financial and banking sectors. Arbitration clauses are becoming more common in financial transaction documents. The flexibility of arbitration proceedings is considered an additional advantage for financial institutions. It allows banks and their customers to adjust the dispute resolution process as they see fit. This includes the possibility of appointing arbitrators with sector-specific expertise or choosing the language of the arbitration. Arbitration is a contractual method of resolving disputes and obtaining a binding decision similar to litigation in the courts, which is recognized by the courts. Arbitration includes easy enforcement of confidentiality, flexibility of proceedings, participation of parties in the selection of decision-makers (who do not have to be lawyers) and flexibility in the place and language of the proceedings. Arbitration has long been popular in certain parts of the financial services sector, for example in insurance and reinsurance disputes, or disputes between members of some stock exchanges. Many banking and financial disputes involve financial products that are becoming increasingly complex. In this context, financial institutions value the ability of parties to select their own arbitrators, especially arbitrators with many years of experience.

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