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IBA meaning

What does IBA mean?
In legal and finance documents, “IBA” means ICE Benchmark Administration Limited, the Intercontinental Exchange (ICE) group entity that administers regulated financial benchmarks and is authorised by the UK Financial Conduct Authority (FCA). Lawyers use “IBA” when specifying interest rate benchmarks, screen pages, methodologies and fallback provisions in loan, bond and derivatives documentation. IBA was the administrator of LIBOR; following its cessation, it has published certain “synthetic” LIBOR settings under FCA direction and continues to administer other benchmarks, including ICE Swap Rate and the ICE Term SONIA Reference Rates. “IBA” is not a statutory term; it is a descriptive abbreviation commonly defined in contracts. The UK Benchmarks Regulation and the FCA Register identify ICE Benchmark Administration Limited as an authorised benchmark administrator. In Ireland, references may engage the EU Benchmarks Regulation: IBA is a third‑country administrator for EU purposes, so supervised EU/Irish use depends on the applicable recognition, endorsement or equivalence regime and transitional relief. Usage and meaning are consistent across England & Wales, Scotland, Northern Ireland and Ireland. Drafting tip: capitalise and define “IBA” expressly, and avoid describing IBA as the current administrator of LIBOR except when referring to legacy or synthetic settings.
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NEWS
Aroma v Aroma Espresso: Ontario Court of Appeal applies Halliburton, confirms Model Law objective test; no duty to disclose later appointment by opposing counsel; IBA Guidelines merely guidance

Aroma Franchise Company, Inc v Aroma Espresso Bar Canada Inc. 2024 ONCA 839 What are the practical implications of this case? The ruling confirms that, unless the parties stipulate otherwise in their arbitration clause, the Model Law’s objective yardstick governs both arbitrators’ disclosure duties and their potential disqualification in international arbitrations seated in Ontario. In the absence of express agreement to the contrary, that objective benchmark is the applicable test. As the Model Law is embedded in the international commercial arbitration statutes of every other Canadian province, and incorporated into the provisions of the Code of civil procedure of Québec, the judgment carries significance across Canada and will be relevant nationwide. The Court further determined that the application judge erred in relying on pre‑appointment communications between the parties to find a reasonable apprehension of bias, given those exchanges were never put before the arbitrator; it was inappropriate to draw such an inference from material unknown to the tribunal. Overall, the decision serves as a timely prompt to practitioners...

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NEWS
Weekly arbitration update: Arbitration Act 2025 enacted; English and Scottish case law on anti-suit injunctions, stays and jurisdiction; global enforcement rulings, institutional statistics and rule reforms

In this issue: Arbitration in England & Wales International Arbitration Sector-and industry-specific arbitration Institutional and ad hoc arbitration Other arbitration and ADR-related news and developments Daily and weekly news alerts New and updated content Useful information Arbitration in England & Wales Arbitration Bill receives Royal Assent, strengthening England and Wales as an arbitration hub The Arbitration Bill secured Royal Assent from His Majesty the King on 24 February 2025, and now takes effect as the Arbitration Act 2025. This targeted refinement of the Arbitration Act 1996 further consolidates London’s standing as a premier arbitration seat. See News Analysis: Arbitration Bill receives Royal Assent, strengthening England and Wales as an arbitration hub and LNB News 25/02/2025 7. Court of Appeal—final anti-suit injunction varied to avoid Russian court penalty In UniCredit v RusChemAlliance [2025] EWCA Civ 99, the Court of Appeal modified a final anti-suit injunction, removing the injunctive relief while keeping a declaration that...

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NEWS
International arbitration update: key judgments on enforcement, arbitrability and public policy; AI in dispute resolution; global reforms; UNCITRAL electronic awards; practitioner resources

International arbitration In this issue: International arbitration Institutional and ad hoc arbitration Hall, Moser & Wade: International Arbitration Handbook Other arbitration and ADR-related news and developments LexTalk®Arbitration: a Lexis®Nexis community Daily and weekly news alerts Useful information Australia—Enforcement of ICSID Awards and State Immunity In Blasket Renewable Investments LLC v Kingdom of Spain [2025] FCA 1028, the Federal Court of Australia assessed Spain’s claim to sovereign immunity in proceedings to recognise and enforce intra‑EU International Centre for Settlement of Investment Disputes awards. Spain argued the awards were not binding or enforceable as EU law bars intra‑EU investment arbitration. The court rejected this, ruling the awards are binding under Article 53 of the ICSID Convention and enforceable in Australia under Article 54, as Spain, by entering the Convention, consented to enforcement jurisdiction and thus waived immunity. The court also dismissed reliance on EU law to resist enforcement, and confirmed that assigning two awards to Blasket did not...

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PRACTICE NOTES
Expert Evidence in International Arbitration: Party- and Tribunal-Appointed Experts, ICC/LCIA/UNCITRAL and IBA Rules, Seat Law and Practical Guidance

This Practice Note considers the framework within which expert witness evidence is presented in arbitration proceedings. An expert witness in arbitration generally fulfils a function akin to that performed in civil court cases, broadly mirroring the role seen in civil litigation. Appointed by the parties or, more rarely, by the tribunal, the expert must provide an impartial professional opinion on the issues put to them, grounded in the evidence they are given and informed by their own expertise, skill and experience. Both parties and the tribunal may test or dispute that evidence robustly, including by questioning the analysis and reasoning, by each side where relevant, and the tribunal will determine which expert it finds more persuasive or, where there is a sole expert, whether to adopt their conclusions. Although an arbitrator might be chosen for sector knowledge, this is usually to facilitate fuller comprehension of the issues in the dispute, not to turn the arbitrator into an expert who supplies and relies upon personal opinions when issuing the award....

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PRACTICE NOTES
Electronic disclosure in international arbitration: planning, scope, metadata and technology, with guidance from IBA Rules, CPR PD 57AD/31B, ICC/LCIA/CIArb/ICDR/Prague Rules, and data protection considerations

How electronic disclosure is used in arbitration There is no single mandatory framework governing e-disclosure in arbitration. This aligns with the overarching principle that arbitral procedure remains adaptable, and that the tribunal is empowered to set the evidential rules in each individual case, subject to any agreement between the parties. As electronically stored information (ESI) will typically comprise a large share of the material in many arbitrations, careful planning is required to manage and deploy it throughout the proceedings so that parties can present their cases effectively without the exercise of producing the evidence becoming unduly burdensome. Note: in arbitration the phrase ‘document production’ is more commonly used than ‘disclosure’, although ‘e-disclosure’ is frequently applied in both senses and contexts. Ordinarily, parties in arbitration provide at an early stage the documents on which they rely. The opposing side may then seek any additional documents they wish to inspect, and any disagreement about whether such material should be produced is put before the tribunal for determination and resolution...

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PRACTICE NOTES
Evidence and Hearings under the 2021 ICC Arbitration Rules: Documents, Submissions, Witnesses, Experts, Virtual Hearings, IBA Rules and Case Management

This Practice Note explores the rules on evidence and hearings in arbitrations conducted under the 2021 International Chamber of Commerce (ICC) Rules of Arbitration (ICC Rules). Unless stated otherwise, any references in this Practice Note to articles or appendices are to the 2021 ICC Rules in this Practice Note itself. The 2021 ICC Rules govern all ICC arbitrations begun on or after 1 January 2021, save where the parties expressly agree that an earlier iteration of the ICC Rules will apply (eg within, or as reflected in, the arbitration clause). For links to guidance on the 2017 version of the ICC Rules, see: ICC arbitration—overview. Documentary evidence in ICC arbitration Documentary material is relevant throughout ICC arbitration and becomes prominent at different phases of the case during the arbitral proceedings. Broadly, the tribunal must move as swiftly as possible to ascertain the facts by every suitable means (ICC, art 25(1)). The ICC Rules provide that the Request for Arbitration (Request) ought to be filed with copies of any...

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View the related Precedents about IBA

PRECEDENTS
Arbitration document production: worked example of a Redfern schedule of requests, objections, replies and tribunal orders, addressing privilege, confidentiality and redactions, and proportionality under the IBA Rules

Claimant’s description of documentation requested 1. All communications and correspondence exchanged from 1 January 2015 to 30 December 2020 between the respondent and each of its suppliers, relating to extensions of time for deliveries. Claimant’s position on relevance and materiality The claimant contends that the respondent routinely granted its suppliers additional time for delivery and seized upon the claimant’s single instance of late delivery as a pretext to terminate the Agreement for purely financial motives. These communications, which the respondent ought properly to have retained, would confirm and evidence this. Respondent’s response to the claimant’s requests and reasons The respondent objects to the request on the basis that it seeks an overly broad category of documents, the identification and production of which would be burdensome. It is not a narrow and specific set as required by Article 3(a)(ii) of the IBA Rules. Furthermore, whether other suppliers were afforded extensions during the six-year period is not relevant to the pleaded issues and does not affect the...

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PRECEDENTS
Arbitration Procedural Order No. 1: Directions on Submissions, Evidence, Document Production and Hearings Following the Preliminary Meeting

Following duly received submissions from representatives of the [ Claimant OR Claimants ] and the [ Respondent OR Respondents ] (the Parties) at the preliminary meeting on [ date ], the Tribunal directs as follows: 1 Applicable arbitration rules 1.1 The arbitration will be conducted under [ insert applicable arbitration rules ] as in effect on [ insert date ]. 1.2 The Parties and the Tribunal may consult the IBA Rules on the Taking of Evidence in International Arbitration (the IBA Rules) for guidance; they are not binding, and the Tribunal retains discretion at all times over the procedural management of the arbitration. 1.3 [ [ Where appropriate, include a statement on the law governing the substantive dispute and/or the arbitration ]. ] 2 Seat and language of the arbitration 2.1 The juridical seat of the arbitration is [ insert place ]. Subject to appropriate consultation with the Parties, the Tribunal may hold meetings and hearings...

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