Shortage of Arbitrators in Many Cities
The National Association of Securities Dealers has issued a call to arms of sorts – perhaps better called a call to arbs. They need arbitrators in many cities.
Although the NASD did not offer an explanation for their unusual request, it is clear to those who handle arbitrations in that the NASD policy of holding hearings based on the residence of the customer has impacted the ability to obtain a sufficient pool of arbitrators in some cities.
Clearly, arbitrators perform a vital role in the dispute resolution process, and the larger the pool of arbitrators, the better the overall process for the parties.
Arbitrators in both the public and industry category are needed in Albany NY, Baltimore MD, Buffalo NY, Norfolk VA, Pittsburgh PA, Richmond VA, Albuquerque NM, Cleveland OH, Dallas TX, Denver CO, Detroit MI, Houston TX, Indianapolis IN, Kansas City MO, Louisville KY, Milwaukee WI, Minneapolis MN, Nashville TN, Oklahoma City OK, Omaha NE, Phoenix AZ, St. Louis MO, Anchorage AK, Honolulu HI, Las Vegas NV, Portland OR, Salt Lake City UT, Seattle WA, Fort Lauderdale FL, Memphis TN, New Orleans LA, and Tampa, FL.
Industry arbitrators only are needed in Charlotte, NC, Little Rock, AR and Raleigh NC.
The NASD Regulation Office of Dispute Resolution relies on a roster of neutral, qualified arbitrators to help maintain a fair, impartial, and efficient system of dispute resolution. The NASD attemptst to select arbitrators from a broad crosss-section of people, diverse in culture, profession, and background, but cannot do so if there are insufficient arbitrators in the arbitration pool.
The NASD provides training and workshops for arbitrators. Arbitrators are not employees of NASD Regulation, but receive an honorarium at the rate of $150 per single session hearing and $225 per double session.
Information regarding the need for arbitrators is available at http://www.nasdadr.com/arb_ad.asp. More information is available in the NASD’s publication, How to Become An Arbitrator
Nothing herein is intended as legal or financial advice. The law is different in different jurisdictions, and the facts of a particular matter can change the application of the law. Please consult an attorney or your financial advisor before acting upon the information contained in this article.