7 October, 2015
Queen Mary University of London has released details of its sixth International Arbitration Survey, which showcases the Hong Kong International Arbitration Centre (HKIAC) as being the most preferred arbitral institution outside of Europe and ranks it the third best arbitral institution worldwide.
The survey, which was released at the annual conference of the International Bar Association in Vienna yesterday (6 October 2015), also found HKIAC to be the world's most improved institution over the past five years. Participants said their choice of institution was based on an assessment of the quality of its administration, neutrality and level of “internationalism”.
Hong Kong has also been singled out in the report as being the third most preferred seat worldwide, just behind London and Paris, and is rated the most preferred seat overall outside Europe. It has also been voted the world's second most improved seat over the past five years.
HKIAC’s Chair, Teresa Cheng SC, says: “The findings of the Queen Mary survey really cement the fact that Hong Kong is at the very forefront as venue for alternative dispute resolution in Asia and the preferred seat for complex disputes involving parties from across the globe.”
Lord Goldsmith QC, Chair of European & Asian Litigation at Debevoise & Plimpton, adds: “With its unparalleled geographical connectivity, modern legal infrastructure, independent judicial system, strong arbitration and industry expertise, and impressive enforcement record, Hong Kong meets or even exceeds all standards in the recently introduced CIArb London Centenary Principles.”
Echoing Lord Goldsmith QC’s comment, Justin D'Agostino, Herbert Smith Freehills' Global Head of Dispute Resolution, says: “This is a fantastic reflection of the growing reputation and strength of Hong Kong's arbitration space. Hong Kong’s court system is strictly independent and has long been considered a pro-arbitration stronghold in Asia.”
The survey has also identified a number of areas in need of regulation such as tribunal secretaries. HKIAC has recently introduced measures to address these areas. For example, HKIAC’s tribunal secretary service and its accompanying guidelines are intended to regulate the use of tribunal secretaries and to bring more transparency to such practices. Another area that needs regulation is the conduct of arbitrators. To that end, the recently announced arbitrator evaluation system which allows HKIAC to take appropriate steps to improve arbitrators’ performance based on users’ feedback is intended to address this need.
Built on previous reports, this year’s survey focuses on improvements and innovations in international arbitration in recent years. Its findings are based on 763 submissions and 105 interviews.
The recognition of HKIAC as one of the world’s top three arbitral institutions comes at a time when the Centre celebrates its 30th anniversary during the 4th annual Hong Kong Arbitration Week from 26 to 29 October. “With its 30 years of commitment to international arbitration developments, HKIAC is now firmly established as a global leader in dispute resolution services. The results of the Queen Mary survey are clear evidence of this achievement”, Cheng says.
The results of the Queen Mary survey will be discussed and analysed in further detail at the ADR in Asia Conference on 27 October.
