Traditionally, banks have been reluctant to submit their disputes to arbitration. It used to be the prevailing opinion among financial institutions that disputes in the banking and finance sector usually arose from transactions involving payment obligations, and hence those disputes could more readily be resolved by litigation, rather than arbitration.
Such a mindset is beginning to change. There is now an increasing demand for recourse to arbitration. The trend towards arbitration in the financial sector has been motivated by several factors, including the internationalisation of banking and financial transactions, the increased complexity of disputes, a demand for more flexibility and party autonomy, and privacy and confidentiality considerations. Notably in mainland China, arbitration has boomed in the past decade with the China International Economic and Trade Arbitration Commission (CIETAC) consistently handling more than 1,000 cases a year since 2007.
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Ing Loong Yang is a partner in the Hong Kong office of Latham & Watkins and a member of the firm’s litigation department
