It is either a brilliant idea or a retirement club for ageing stars of the derivatives industry. A bunch of bankers and lawyers, many of whom helped create the market for sophisticated financial products a quarter of a century ago, hope to establish a world tribunal for sorting out complicated financial disputes. They reckon that the sheer fiddliness of some financial cases threatens to overwhelm the skills and patience of standard commercial courts. Experienced heads from around the globe could save everyone time and money. The group's first meeting was in The Hague in October; and the proposed tribunal could have few finer homes than the Peace Palace, built by the Carnegie Foundation in 1913. It already houses the International Court of Justice, the Permanent Court of Arbitration (pca), which tackles disputes between governments, and The Hague Academy of International Law.
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