Why SIAC

17 May 2018
The Honourable the Chief Justice Sundaresh Menon: Keynote Address delivered at the SIAC Congress 2018


At the SIAC Congress 2018 held in Singapore on 17 May 2018, The Honourable the Chief Justice Sundaresh Menon, Supreme Court of Singapore, gave an insightful keynote speech on the special role and responsibility of arbitral institutions in charting the future of international arbitration.

The growth of institutional arbitration is very much a feature of international arbitration's "golden age". By providing administrative and logistical support and pre-established rules and procedures, arbitral institutions have paved the way for its widespread adoption. Over time, arbitral institutions have morphed from private service providers, concerned only with commercial matters, to quasi-public bodies involved in the development, organisation, and promotion of international arbitration.

In his address, Chief Justice Sundaresh Menon discussed some of the challenges that come with this expanded role, and set out his thoughts on the ways in which arbitral institutions such as the SIAC can and must take the lead in securing the future of the industry in the face of the challenges that lie ahead.

The full text of the speech may be found here.

10 May 2018
SIAC is Most Preferred Arbitral Institution in Asia and 3rd in the World

The Singapore International Arbitration Centre (SIAC) is pleased to announce that in the latest Queen Mary University of London International Arbitration Survey (QMUL Survey) released on 9 May 2018, SIAC ranked as the most preferred arbitral institution in Asia, and 3rd out of the top 5 arbitral institutions in the world.

The QMUL Survey is in its eighth edition and is one of the most prestigious International Arbitration surveys in the market. QMUL stated that this year’s QMUL Survey is the most “comprehensive empirical study” ever conducted by the university, with findings based on the questionnaire responses of 922 participants, including in-house counsel, arbitrators, firm practitioners, the staff of arbitral institutions, expert witnesses and third-party funders. 142 interviews were also conducted.

Singapore is the 3rd most preferred seat worldwide, after London and Paris, and ahead of Hong Kong, Geneva, New York and Stockholm. Singapore is the most preferred seat in Asia.

Mr Gary Born, President of the SIAC Court of Arbitration, commented, “The QMUL Survey confirms recent caseload statistics: Singapore and SIAC are preferred, around the world, as forums for resolving international disputes. We are committed to delivering the expertise, efficiency and independence that business and other users seek.”

Mr Davinder Singh, SC, Chairman of SIAC, said, “The survey findings firmly underscore Singapore’s and SIAC’s position at the forefront of international arbitration in the world.”

Ms Lim Seok Hui, CEO of SIAC, added, “We are truly delighted with this milestone achievement, which would not have been possible without the continued unwavering support of our users around the world. We are deeply grateful and appreciative of the trust they have placed in us.”


For more information, please contact:

Singapore International Arbitration Centre
T: +65 6713 9777
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
W: www.siac.org.sg

8 May 2018
SIAC Announces Appointment of New Court Vice President

The Singapore International Arbitration Centre (SIAC) is pleased to announce the appointment of Prof Lucy Reed as a Vice President of the SIAC Court of Arbitration with effect from 29 June 2018. Prof Reed succeeds Mr John Savage QC, who previously served as a member of the SIAC Board of Directors from 2009 to 2017, and concurrently served as a Vice President of the SIAC Court of Arbitration from 2013 to March 2018. Mr Savage will continue to serve as a member of the SIAC Court.

Prof Reed is the Director of the Centre for International Law and Professor on the Law Faculty of the National University of Singapore. She previously led the global international arbitration group in Freshfields Bruckhaus Deringer, and has represented private and public clients in investment treaty and commercial arbitrations for more than 35 years. She now sits regularly as arbitrator in commercial and investment treaty cases.

Prof Reed said of her appointment, “I am honoured and excited to be taking on this role, and look forward to working closely with Gary, Cavinder and other SIAC Court members and the SIAC Secretariat to ensure that SIAC stays right at the very top of global arbitral institutions.”

Mr Gary Born, President of the SIAC Court of Arbitration, commented, “I am delighted to welcome Lucy as our new Vice President. She brings with her a wealth of experience and deep specialist knowledge in both commercial as well as investment arbitration. Her impressive reputation and professionalism will further enhance the international standing and profile of SIAC. We are deeply appreciative to John for his many insightful contributions during his term as Vice President, and for his continued support as a member of the SIAC Court.”

Following this latest appointment, the members of the SIAC Court of Arbitration are as follows:

1. Mr Gary Born – Wilmer Cutler Pickering Hale and Dorr LLP, UK (President)
2. Mr Cavinder Bull, SC – Drew & Napier LLC, Singapore (Vice President)
3. Prof Lucy Reed – Centre for International Law, National University of Singapore, Singapore (Vice President)
4. Dr Michael Pryles AO PBM – Melbourne, Australia (Founder President)
5. Ms Catherine Amirfar – Debevoise & Plimpton LLP, USA
6. Dr Claudia Annacker – Cleary Gottlieb Steen & Hamilton LLP, France
7. Mr Nigel Blackaby - Freshfields Bruckhaus Deringer, USA
8. Prof Lawrence Boo – The Arbitration Chambers, Singapore
9. Mr Cao Lijun – Zhong Lun Law Firm, China
10. Mr Paul Friedland – White & Case LLP, USA
11. Mr Emmanuel Gaillard– Shearman & Sterling LLP, France
12. Prof Bernard Hanotiau – Hanotiau & van den Berg, Belgium
13. Mr Darius Khambata, SC – India
14. Mr Toby Landau QC – Essex Court Chambers, UK
15. Dr Eun Young Park – Kim & Chang, Korea
16. Prof Jan Paulsson – Three Crowns LLP, USA
17. Mr Harish Salve, SC – Blackstone Chambers, India
18. Mr John Savage QC – King & Spalding LLP, UK
19. Mr Hiroyuki Tezuka – Nishimura & Asahi, Japan
20. Mr Alan Thambiayah – The Arbitration Chambers, Singapore
21. Ms Ariel Ye – King & Wood Mallesons, China
22. Mr Alvin Yeo, SC – WongPartnership LLP, Singapore
   


For more information, please contact:

Singapore International Arbitration Centre
T: +65 6713 9777
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
W: www.siac.org.sg

6 - 7 November 2017
SIAC Academy


The inaugural SIAC Academy, titled “Time and Cost Savers at SIAC: Emergency Arbitration, Expedited Procedure and Early Dismissal”, was held in Singapore on 6 and 7 November 2017, to provide practical, “hands-on” training for arbitration practitioners and arbitrators.

Mr Gary Born, President of the SIAC Court of Arbitration, chaired the teaching faculty which included Mr Chan Leng Sun, SC, Deputy Chairman of SIAC, members of the SIAC Court of Arbitration (Mr Toby Landau QC, Professor Lawrence Boo, Mr Alan Thambiayah) and other international arbitration luminaries. Ms Indranee Rajah, SC, Senior Minister of State for the Ministry of Law and Ministry of Finance, made a special appearance in a frank, highly interesting and lively discussion with Mr Born on developments in international arbitration in Singapore and in the region. SIAC Court members, Professor Lucy Reed and Mr Toby Landau QC also spoke as panellists in an engaging lunchtime fireside chat.

The Academy attracted a good turnout from both Singapore as well as overseas delegates from Bulgaria, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the United Kingdom and Vietnam.

The various reports on the SIAC Academy can be assessed here.

Backed by popular demand, the SIAC Academy 2018 will be held in Seoul (15 to 16 June 2018), Tokyo (7 to 8 September 2018) and Mumbai (6 to 7 October 2018). Please mark your calendars.

22 March 2018
Authors rate SIAC as Most Cost-Competitive and Efficient International Arbitral Institution

In a recent article by CMS Holborn Asia and the Society of International Law (Singapore), titled “Costs and Duration: A Comparison of the HKIAC, LCIA, SCC and SIAC Studies”, the authors concluded that “SIAC remains the most cost-competitive option for both sole-arbitrator and three-arbitrator cases” and that “for three-arbitrator cases in particular, SIAC remains significantly cheaper than LCIA and SCC where the costs extend to six-digit figures”. According to the article, SIAC arbitrations are “the most efficient in comparison to the other arbitral institutions”.

The authors said that they compared the latest figures released by HKIAC, LCIA, SCC and SIAC in their respective costs and duration studies. They presented the following conclusions:

"SIAC remains the most cost-competitive option for both sole-arbitrator and three-arbitrator cases. For three-arbitrator cases in particular, SIAC remains significantly cheaper than LCIA and SCC where the costs extend to six-digit figures.”

Table 1: Median Arbitration Costs for Sole and Three Arbitrator Cases
Arbitral Institution Median Arbitration
Costs for All Cases
Median Arbitration Costs
for Sole-Arbitrator Cases
Median Arbitration Costs
for Three-Arbitrator Cases
HKIAC USD 62,537 - -
LCIA USD 97,000 USD 60,000 USD 200,000
SCC - USD 36,037
(EUR 33,096)
USD 181,864
(EUR 167,021)
SIAC USD 29,567 USD 27,941 USD 80,230
 
“SIAC arbitrations are the most efficient in comparison to the other arbitral institutions. The median duration of an SIAC arbitration is the shortest at 11.7 months.”

Table 2: Mean and Median Duration
Arbitral Institution Mean Duration (months) Median Duration (months)
HKIAC 16.2 14.3
LCIA - 16
SCC 16.2 13.5
SIAC 13.8 11.7

The article added that “based on a comparison of the four studies, the costs and duration of arbitral proceedings are ostensibly most attractive when administered by SIAC”.

A copy of the article may be accessed here.

Further details on SIAC’s Costs and Duration Study may be found here.


For more information, please contact:

Singapore International Arbitration Centre
T: +65 6713 9777
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
W: www.siac.org.sg

Press Releases

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Public Consultation on Draft SIAC Investment Arbitration Rules

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SIAC Appoints New Court Member

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Opening of SIAC Office in Shanghai

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Public Consultation on Draft SIAC Arbitration Rules

18 January 2016Public Consultation on Draft SIAC Arbitration RulesThe Singapore International Arbitration Centre (“SIAC”) is pleased to announce the opening of the public consultation process on its draft revised Arbitration Rules 2016 (the “draft Rules”). The revision of SIAC’s Arbitration Rules takes into account recent developments in international arbitration practice and pr...

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