International financial dispute tribunal to be set up in The Hague

The Netherlands is to get a private tribunal where banks, investors, pension funds and other financial institutions can go to have complex international disputes settled, the Financieele Dagblad reports on Tuesday.

The tribunal will be based in The Hague and will become operational in 2011, the paper says. The aim is to develop an institution with expertise that ordinary courts are missing.
The initiative for the tribunal, which will deal with complicated financial transactions such as derivatives and swaps, was taken at a closed meeting in The Hague on Monday. It will have access to a pool of around 100 experts in their field.
Dutch central bank president Nout Wellink told the FD the tribunal may contribute to strengthening financial stability.

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