Comments on: Do We Really Need A World Financial Court? http://kluwerarbitrationblog.com/blog/2009/11/04/1221/ Mon, 06 Feb 2012 22:45:51 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: PRIME: The Global Financial Court of Justice? » Barnhard Blog http://kluwerarbitrationblog.com/blog/2009/11/04/1221/comment-page-1/#comment-250913 PRIME: The Global Financial Court of Justice? » Barnhard Blog Tue, 17 Jan 2012 22:28:16 +0000 http://kluwerarbitrationblog.com/?p=1221#comment-250913 [...] first considered as hard to achieve. However with huge cases as Madoff, higher bets within the derivatives market and increasingly [...] [...] first considered as hard to achieve. However with huge cases as Madoff, higher bets within the derivatives market and increasingly [...]

]]> By: World Legal Forum http://kluwerarbitrationblog.com/blog/2009/11/04/1221/comment-page-1/#comment-9324 World Legal Forum Thu, 05 Nov 2009 21:28:09 +0000 http://kluwerarbitrationblog.com/?p=1221#comment-9324 Dear Readers, The question "Do We Really Need A World Financial Court?" will be the topic of a seminar during the third World Legal Forum conference. WLF conference on “Private International Regulation and Public Supervision” Monday 7 and Tuesday 8 December Peace Palace, The Hague, The Netherlands Seminar 1 ~ New International Dispute Resolution Mechanism in the Financial Markets * Seminar Chair: Mr. Paul Arlman, Chair of Plan International; Chair of Transparency International The Netherlands; Former Secretary-General Federation of European Securities Exchanges Session I ~ The Prospects for International Financial Regulation * Mr. Onno Ruding, Former Vice-Chairman Citibank; Former Finance Minister of The Netherlands; Member of the Larosière Committee * Mr. Klaus Löber, Head of Oversight Division, European Central Bank; Chair International Law Reform Group International Bar Association Session II ~ A World’s Court for the Financial Markets? * Mr. Jeffrey Golden, Special U.S. Counsel and U.S. Law Practice Founder Partner, Allen & Overy LLP; Past Chair, American Bar Association Section of International Law * Ms Gaytri D. Kachroo, Principal, Kachroo Legal Services, Vice-Chairman of the Global Alliance on the Madoff Case leading its initiative for an International Finance Court Session III ~ International Arbitration on Complex Financial Products * Mr. Gerard Meijer, Head of Arbitration Group NautaDutilh N.V., introduction & interview with Professor Pieter Sanders, Honorary President of International Council for Commercial Arbitration (video presentation) * Ms Joanne Kellermann, Executive Director of the Nederlandsche Bank (DNB) * Sir William Blair, Commercial Court Judge, London * Mr. Spiros V. Bazinas, Senior Legal Officer, International Trade Law Division, United Nations Office of Legal Affairs (UNCITRAL Secretariat) Please, visit for detailed information and registration the website of World Legal Forum at http://www.worldlegalforum.org Dear Readers,

The question “Do We Really Need A World Financial Court?” will be the topic of a seminar during the third World Legal Forum conference.

WLF conference on “Private International Regulation and Public Supervision”
Monday 7 and Tuesday 8 December
Peace Palace, The Hague, The Netherlands

Seminar 1 ~ New International Dispute Resolution Mechanism in the Financial Markets
* Seminar Chair: Mr. Paul Arlman, Chair of Plan International; Chair of Transparency International The Netherlands; Former Secretary-General Federation of European Securities Exchanges

Session I ~ The Prospects for International Financial Regulation
* Mr. Onno Ruding, Former Vice-Chairman Citibank; Former Finance Minister of The Netherlands; Member of the Larosière Committee
* Mr. Klaus Löber, Head of Oversight Division, European Central Bank; Chair International Law Reform Group International Bar Association

Session II ~ A World’s Court for the Financial Markets?
* Mr. Jeffrey Golden, Special U.S. Counsel and U.S. Law Practice Founder Partner, Allen & Overy LLP; Past Chair, American Bar Association Section of International Law
* Ms Gaytri D. Kachroo, Principal, Kachroo Legal Services, Vice-Chairman of the Global Alliance on the Madoff Case leading its initiative for an International Finance Court

Session III ~ International Arbitration on Complex Financial Products
* Mr. Gerard Meijer, Head of Arbitration Group NautaDutilh N.V., introduction & interview with Professor Pieter Sanders, Honorary President of International Council for Commercial Arbitration (video presentation)
* Ms Joanne Kellermann, Executive Director of the Nederlandsche Bank (DNB)
* Sir William Blair, Commercial Court Judge, London
* Mr. Spiros V. Bazinas, Senior Legal Officer, International Trade Law Division, United Nations Office of Legal Affairs (UNCITRAL Secretariat)

Please, visit for detailed information and registration the website of World Legal Forum at http://www.worldlegalforum.org

]]> By: R. Alexander Lorz http://kluwerarbitrationblog.com/blog/2009/11/04/1221/comment-page-1/#comment-9318 R. Alexander Lorz Thu, 05 Nov 2009 15:03:15 +0000 http://kluwerarbitrationblog.com/?p=1221#comment-9318 I think the last sentence of this entry is one of the most important ones and merits further discussion. For a world financial court could indeed add transparency, consistency and therefore reliability to the existing dispute settlement system. However, if one advocated the view that, because of the character of these things as global public goods, actors in the field should be forced to go to this court once it is established and be prohibited to choose other ways of dispute settlement (e.g. arbitration), that would be extremely troubling because it would foreclose the possible exit options should the court not function as envisaged. Moreover, there will always be cases where the parties have good reason to prefer alternative methods of dispute resolution. Therefore, as is usually the case when it comes to establishing the jurisdiction of international courts, the parties should always have the free choice to stick to arbitration, for instance, where they can select their own arbitrators, determine the issues and perhaps avoid too much exposure. It is fair to assume that in many instances these advantages will outweigh the disadvantages of a fragmented dispute settlement system in the eyes of the parties - and if so, they should remain free to follow their assessment. But as an additional offer, a standing international body for dispute settlement always makes sense. I think the last sentence of this entry is one of the most important ones and merits further discussion. For a world financial court could indeed add transparency, consistency and therefore reliability to the existing dispute settlement system. However, if one advocated the view that, because of the character of these things as global public goods, actors in the field should be forced to go to this court once it is established and be prohibited to choose other ways of dispute settlement (e.g. arbitration), that would be extremely troubling because it would foreclose the possible exit options should the court not function as envisaged. Moreover, there will always be cases where the parties have good reason to prefer alternative methods of dispute resolution. Therefore, as is usually the case when it comes to establishing the jurisdiction of international courts, the parties should always have the free choice to stick to arbitration, for instance, where they can select their own arbitrators, determine the issues and perhaps avoid too much exposure. It is fair to assume that in many instances these advantages will outweigh the disadvantages of a fragmented dispute settlement system in the eyes of the parties – and if so, they should remain free to follow their assessment. But as an additional offer, a standing international body for dispute settlement always makes sense.

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