Recent Findings in Financial ADR in the East Asian Region

imgresA series of research papers examining developments in financial ADR have been recently published by Arbitration International, The Richmond Journal of Global Law and Business, The Journal of Dispute Resolution, The Pacific Rim Law and Policy Journal, The Australian Journal of Dispute Resolution, Beijing Arbitration Quarterly, the East Asian Law Review, Frontiers of Law in China and Cambridge University Press. These publications examine the relative use of arbitration or in-court litigation to resolve financial and securities claims in China, the design of Hong Kong’s Financial Dispute Resolution Center, the globalizing effects of financial dispute systems, lessons learned from a comparative examination of financial arbitration and ombuds services in the United States, Australia, the UK and Singapore, the resolution of financial disputes in the context of Australian and Canadian Civil Justice reforms, how a ‘learning orientation‘ might assist in the development of financial dispute systems, lessons from the financial crisis in China’s governance of financial disputes and suggested reforms to the US system of financial arbitration from overseas jurisdictions.

The book Consumer Financial Dispute Resolution in a Comparative Context published by Cambridge University Press, ties many of these findings together by examining how governments and self-regulatory organizations design and administer financial dispute resolution mechanisms in the context of increasingly turbulent financial markets. It presents comparative research about the development and design of these mechanisms in East Asia, North America and Europe. Using a comparative methodology and drawing on empirical findings from a multi-jurisdictional survey, the book examines the emergence of global principles that influence the design of financial dispute resolution models, considers the structural variations between the ombuds and arbitration systems and offers practical proposals for reform.

This series of research publications was funded by the Hong Kong Research Grants Council Public Policy Research Grant HKU7001-PPR-10 under the title: “Promoting Economic Integrity through Institutional Alternative Dispute Resolution: A Law and Policy Perspective.”

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Singapore to open two new dispute resolution bodies

Singapore’s law minister, K. Shanmugam recently announced the opening of the Singapore International Mediation Centre (SIMC) and the Singapore International Commercial Court (SICC).  The aim of SICC is to cater to “more complex commercial litigation” cases and further enhance the range of dispute resolution options in Singapore.  The SICC will be developed as a division of Singapore’s High Court.  The Singapore International Mediation Centre will aim to serve the needs of commercial mediation in Singapore.  More information can be found here