MAC and Non-Trading Disputes
Market Arrangements Code (MAC) Dispute resolution is designed to resolve any issue, in which a trading party believes an organisation, either MOSL or another trading party, has failed to comply in accordance with their obligations, as stipulated in the market codes.
A Non-Trading Dispute follows the same procedure as that contained within the MAC Dispute. The dispute will have the same process, but will differ in terms of the scope.
Both MAC and Non-Trading Disputes are raised and managed through Kissflow. You will need to complete all necessary fields as part of your submission and submit any attachments you believe strengthen the cause for raising a dispute.
Prior to raising a MAC or Non-Trading Dispute, you should first raise a Statuatory Query wih MOSL to confirm any differences of interpretation. If you believe another trading party is not acting in alignment with the market codes, you should attempt to resolve the issue directly with the associated party prior to raising the dispute.
Once your dispute is accepted, you will need to work with MOSL to attempt to resolve your issue successfully. This can be done by:
- Working efficiently to make sure that all code obligated deadlines related to the dispute process are met
- Ensuring that you provide accurate data throughout the processing of your dispute
- Making sure you set up and honour the dates of any scheduled meetings and that the appropriate individual attend all meetings
- Maintaining appropriate contact with MOSL, especially where MOSL is not a disputing party and is acting instead as a Case Manager. (Where MOSL is acting as a Case Manager, we will operate to a Code of Conduct to ensure complete neutrality.)
- Entering the dispute process in good faith and with an openness to reach a resolution.
Further details on the MAC Dispute Resolution process can be found in Sections 17.2 to 17.9 of the MAC. Additional Information concerning a Non-Trading Dispute can be found within Section 17 of the Business Terms.
The outcome of either the MAC or Non-Trading Dispute will depend on its nature, and the levels of escalation required through the MAC and Non-Trading Dispute resolution process. The overall decision will be determined either between the disputing parties or by arbitration, if a resolution is not possible. Outcomes can include, but are not limited to:
- Code change. If both parties agree that the section of code which has led to the dispute is ambiguous, a code change proposal may be submitted to the Panel who will consider the change
- Change in process. This may be a change to how MOSL or the trading party operates
- Rectification of previous errors. This may include revisions to previous determinations made by MOSL.
There are no fees associated with raising a dispute, however fees will be incurred if the dispute gets referred to arbitration. All parties involved will be jointly liable for paying costs, the total amount of which will be determined by the LCIA Court as its Schedule of Costs. The arbitration tribunal will determine the proportion of the total costs payable by each involved party. The tribunal may also recover expenses in connection with arbitration and further costs may be incurred as a result of rectification activities, which may arise as part of a dispute's resolution.
If your dispute is rejected it will be closed in Kissflow and no further actions are required, unless you wish to raise another dispute. MOSL will provide a rationale for the rejection, which can be found on your submission.