Xiamen’s financial arbitration embarks on new journey

Financial arbitration in Xiamen, East China's Fujian province, has entered a new stage following the recent establishment by city's arbitration commission of an international financial arbitration center. 

Alongside the founding of the center was the release of the commission's arbitration rules for financial disputes and a financial arbitrator list. 

As a result of its long-term efforts to promote the use of arbitration for financial disputes, the commission has seen a growing number of financial companies, including banks, trust companies and financial service companies, select it for the resolution of their disputes. 

In response to the rapid evolution of the financial industry, the commission has drawn on its rich experience to formulate arbitration rules which are efficient, flexible and professional. 

The rules identify 17 types of financial dispute, and set differentiated arbitration procedures and charging standards according to the complexity of these disputes. 

Also in the rules are special provisions on such issues as preservation measures and the composition of an arbitration tribunal, which aim to greatly raise the efficiency of case handling.