An international tribunal to settle complex and controversial financial disputes throughout the world will be launched in the Dutch city of The Hague on Monday.
According to the Netherlands radio, the tribunal goes by the name of PRIME Finance, which stands for Panel of Recognised International Market Experts in Finance. It is being set up with the support of the City of The Hague and the Dutch Ministry of Economic Affairs. It will be housed in The Hague's Peace Palace and will be officially opened by the Netherlands' current Minister Jan Kees de Jager.
The tribunal will have a team of about 100 judges and international legal and market experts and will operate on the basis of arbitration or mediation. The initiative to create the tribunal began in October 2010 when experts from the financial world and the legal profession met in The Hague and concluded that the 2008 financial crisis made clear the need for a body to resolve the increasing number of intricate global financial disputes .