Jeffrey chairs the P.R.I.M.E. Finance Foundation’s arbitral centre, headquartered in The Hague, and is a member of the foundation’s Panel of Recognised International Market Experts in Finance. In December 2018, Jeffrey, along with two other P.R.I.M.E. Finance experts, decided a high-profile landmark credit derivatives arbitration as an External Review Panel constituted in accordance with the rules and procedures of the International Swaps and Derivatives Association and a Determinations Committee of market participants.
The dispute, closely followed in the financial markets, arose in connection with an auction of eligible securities of Sears Roebuck Acceptance Corp following the bankruptcy filing by Sears earlier in the year. Pursuant to expedited procedures in light of pressing market interest, the reviewable question was presented to the panel on 6 December; briefs submitted on 12 December; supplemental briefs submitted 18th December; oral argument on 19th December; the Panel’s decision that same day (the markets had been trading on the outcome throughout the day); and a 7-page reasoned decision published less than 48 hours later. Unusually for an arbitration, the decision, the briefs and a video of the hearing are all available online here.
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October 8, 2021