P.R.I.M.E. Finance (Panel of Recognized International Market Experts in Finance) was created in January to offer a dispute resolution choice for financial products, especially complex ones like derivatives. This forum seeks to improve on the older dispute resolution options because it has neutrality (which could be lacking in national courts) as well as subject matter expertise (which could be lacking in other arbitration fora). It also offers the increased speed typical of arbitration.
The P.R.I.M.E. Finance Arbitration Rules are based on the 2010 UNCITRAL Arbitration Rules although the do contain a number of modifications. The rules retain the confidentiality of the parties which is common to arbitration and which makes arbitration popular. But, the rules also allow excerpts of awards to be published without the parties’ consent in order to develop a body of law for future use. This is relatively novel in international commercial arbitration.