Standing Arbitration Court of the Money and Capital Markets
Parallel to creating the institutionalised capital market, the standing arbitration
court was established in order to arrange the legal disputes between market players
in a way conforming to the market. This court made its decisions within the framework
of a one-phase procedure. Its major advantage is in the short deadline for procedures
and the immediate enforceability of resolutions, not only within the borders of
the Republic of Hungary, but also within the jurisdiction of the countries who
are party to the New York Convention.
Further widening the former roles of the arbitration court, the CMA authorises
the body with a scope of authority relevant for the credit market, and, in the
future, it will operate as the Standing Arbitration Court of the Money and Capital
Markets. It should be stressed that in the cases listed by the act, this body
has an exclusive authority with regard to the arbitration courts with a seat in
Hungary, i.e. no other arbitration courts can be specified in connection with
the itemised list of capital and money market transactions.