NEWSLETTER-2017

175 ARBITRATION LAW International Arbitration in Banking and Finance Sector within the Context of the ICC Commission Report* Att. Tilbe Birengel Introduction The International Chamber of Commerce (“ICC”) Commission Report on Financial Institutions and International Arbitration (“Re- port”) was released on November 9th, 2016 1 . The Report focuses on the view and expectations of financial institutions in the field of international arbitration. In this manner, the Commission’s Task Force worked on arbitral awards, doctrine, and policies, in addition to the surveys made on banking counsel and financial institutions and, hence, developed significant findings and recommendations. The Report cov- ers an assessment on a wide range of banking and financial activities that could be subject to international arbitration, which will be covered in this article. Overall Assessment of Arbitration According to the Task Force, banks and financial institutions have been generally slanting towards national courts in main financial centers, such as London, New York, Hong Kong, Frankfurt and Singa- pore. Nevertheless, the 2008 global economic crisis has had a positive impact on international arbitration, which is in line with the emerging financial markets, and the rapid change in the regulatory environment. * Article of February 2017 1 The Commission Report on Financial Institutions and International Arbitration accessed at: http://www.iccwbo.org/Advocacy-Codes-and-Rules/Document-cen- tre/2016/Financial-Institutions-and-International-Arbitration-ICC-Arbitration- ADR-Commission-Report/, Date of Access:13.02.2017.