Introduction
The first step towards establishing an International Center of
Finance in Istanbul was taken through a resolution of the Turkish
Higher Planning Council1. One of the pillars of the
Istanbul Finance Center and one of its priorities is the
establishment of an independent and autonomous institutional
arbitration center that is capable of competing
internationally2. The Istanbul Arbitration Center
("ISTAC") is established in line with these objectives to
provide services for institutional arbitration.3 This
arbitration center is expected to be ahead of other arbitration
institutions in matters such as speed and finalization of
awards.
ISTAC Rules of Arbitration and Rules of Mediation ("ISTAC
Rules of Arbitration" or "Rules") entered into force
on 26 October 2015. The Rules comprise provisions that both reflect
generally accepted practices in international arbitration, and
provide solutions to the current needs of arbitration and mediation
processes.
