Research On International Financial Emergency Arbitration Procedure

In the era of globalization, international financial arbitration has drawn people’s attention as an alternative dispute resolution (ADR) method for resolving transnational and global financial disputes under the shadow of the international financial crisis. Nowadays, parties resort to arbitration for disputes arising from international loan agreements, international financing and refinancing agreements, international bonds, derivatives transaction and clearing, international insurance, reinsurance and international insolvency, etc. The increasing utility of international financial arbitration requires the development of the relevant arbitration rules, theories and practice. Among others, emergency arbitration has been adopted by the arbitration rules of P.R.I.M.E. Finance, which aims at resolving international financial disputes, as well as the arbitration rules of several arbitration institutions. At present, it is merely the initial phase for arbitration rules to incorporate the emergency arbitration provisions in an opt-out method. Therefore, issues regarding the different matters of the mechanism have to be examined. This article will take a close look at the legal issues pertaining to emergency arbitration procedure in international financial arbitration.In the first chapter, a brief introduction of international financial arbitration is presented. The article firstly deals with the industrial arbitration and its concept, founding a basis for the study of international financial arbitration. And the characteristic of international financial arbitration is discussed from the perspective of international financial disputes, arbitration clause and applicable law. Secondly, the international financial arbitration rules of the P.R.I.M.E. Finance and other international arbitration institution is examined and compared. Thirdly, the practice and latest development of international financial arbitration is reflected on, accompanied by an introduction of the use of arbitration in the settlement of disputes related to international derivates.The second chapter extends the discussion of the previous chapter to some fundamental aspects of the emergency arbitration for resolving financial dispute. The first section focuses on the introduction of emergency arbitration. The second section discusses the pre-arbitral referee procedure, the emergency arbitral proceedings and the referee arbitral proceedings of the P.R.I.M.E. Finance. Then, the article takes a look at several issues related to interim measures, since the ultimate purpose of parties applying for emergency arbitration is to gain relief from the interim measures.The third chapter focuses on the arbitration rules and practice of the emergency arbitration. The P.R.I.M.E. Finance Arbitration Rules on Emergency Arbitral Proceedings and the International Chamber of Commerce Emergency Arbitration Rules are examined. The cases studied in this chapter are among few of the available published cases concerning the emergency arbitration. They were administered by the Stockholm Chamber of Commerce and the Singapore International Arbitration Center.The last chapter emphasizes on legal matters and which may arise during the application of emergency arbitration procedure. It analysis different issues in the several phases of the emergency arbitration procedure, including the legal basis of the procedure, the appointment of the emergency arbitrator, the power of the arbitrator, the form and effect of the emergency arbitration decision and the recognition and enforcement of the emergency arbitration decision.This article ponder on the existing legal matters which have arisen since the emergency arbitration procedure was put into use, hoping to provide some preliminary ideas and serve to establish the mechanism of this procedure, and provide some studies on the legal theory and practice for establishing a comprehensive structure for emergency arbitration.