No matter where the awards are obtained, they should be reviewed for conflicts, for clues to experience and leanings, and for networking opportunities to other professionals who have appeared before the candidate. Not to do this is a serious mistake. The New York Stock Exchange offers a number of alternatives, which the parties, by agreement, can use to select their arbitrators. Absent an agreement, the NYSE will appoint a panel, allowing one peremptory challenge to each side and unlimited challenges for cause. The NYSE also offers access to its past awards, in addition to other disclosures about the candidates but, again, relevant awards may exist that were decided at the NASD or other forums.
Time is limited for peremptory challenges, after which appointment of the panel becomes final.
If you are an investor who has a dispute with your broker, you have made a smart decision to do your own research to locate and access the resources you need to win your case. Choosing the right attorney is your first and most important step. The practice of securities arbitration is highly specialized and requires skills, knowledge, and experience. There are relatively few truly qualified advocates in this field. Depending upon the amount in dispute, you may wish to retain counsel and, if you do, choose carefully.