Jurisdiction(s):
United Kingdom

Key definition

Duration definition

What does Duration mean? In debt capital markets, investment and treasury practice, duration describes how long, on average, it takes to receive a bond’s cash flows and how sensitive the bond’s price is to interest rate (yield) changes. Macaulay duration is the weighted average time to all cash flows, discounted at the bond’s yield; a higher Macaulay duration means cash flows are further out and the price is more interest rate sensitive. Modified duration translates this into an estimate of the percentage price change for a 1% change in yield. For securities with embedded options, practitioners may use effective duration. Duration is...

WTO Multi-Party Interim Appeal Arbitration (MPIA): Membership, Eligibility, Legal Basis, Procedure and Enforcement Under DSU Article 25 During the Appellate Body Impasse

Published by a LexisNexis International Trade expert

Practice notes

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This Practice Note offers practical guidance on the multi‑party interim appeal arbitration arrangement used by certain World Trade Organisation (WTO) Member States while the Appellate Body is unable to operate. It explains which Member States are party to the interim appeal arbitration arrangements, the legal basis, its existence, who may invoke it, what it can be used for, how to make use of it, and the procedure governing the arbitration...

Introduction

The WTO Appellate Body comprises seven members, with three required to sit on any appeal. Appellate Body Members are appointed for a maximum term (see Practice Note: Introduction to World Trade Organisation Appellate Body Dispute Settlement for guidance on the maximum duration). Consequently, vacancies must be regularly filled when individuals leave office. On 11 December 2019, the Appellate Body ceased to function after the United States of America blocked the appointment of Appellate Body members. Such appointments are made by consensus among all WTO Member States (see Practice Note: Introduction to World Trade Organisation Appellate Body Dispute Settlement). As a result, by December 2019 only one Appellate Body member remained...

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Web page updated on 26/05/2026

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