Who will serve as the arbitrators?
In most cases, the arbitration panel is made up of three individuals. One is generally an “industry insider” who has a professional background within the securities business. The other two are called “Public arbitrators.” And, although they generally have an understanding of the securities business “public arbitrators”, they have not worked in the securities business before. At least one of the public arbitrators is a lawyer. Of the three members of the panel, a chairman is selected. More often than not, the chairman is an attorney. A principle duty of the chair is to make legal determinations throughout the proceeding.