Finance minister Jan Kees de Jager will on Monday open the new international financial tribunal in The Hague which will mediate in disputes about complicated financial products.
The tribunal’s secretary-general Gerard Meijer told Nos television there is great demand for an independent body to examine financial differences of opinion involving financial firms and investors.
Both sides in a dispute must agree to let the panel take a case before it can be considered. The aim is to ‘facilitate dispute settlement, reduce legal uncertainty and foster stability in the global financial markets,’ according to the organisation’s website.
The panel’s official name is Prime Finance – Panel of Recognised International Market Experts – and it will be hosted at the Peace Palace. The tribunal will be able to call on 100 experts to arbitrate or mediate in cases involving derivatives and financial products.