Tag: BIS

Wallenberg runs a global shadow juridical systemWallenberg runs a global shadow juridical system

The World Chambers Federation (WCF) is the forum that connects chambers across borders and it has its own arbitration court dispute resolution. The International Chamber of Commerce is governed by its Constitution, which sets forth the structure of the organisation and how it carries out its work.

The history of chambers movement

The term “chamber of commerce” appeared for the first time, in Marseille, France in 1599. 

Today, chambers of commerce exist in almost every country of the world. Chambers are still the most important type of multi-sectoral business organizations in the world. Two basic models prevail: Public law and Private law.

The predominant model in the world is the “private law” or “Anglo-Saxon” model originated in Great Britain and spread to other countries influenced by the British tradition. It is also prominent in the Nordic countries. Reflecting the more “laissez faire” economic policies of these nations, chambers are established by the desires and needs of their local business community.

These chambers are not created and governed by public statutes, but are established under private law requiring only registration in business or association registers. Private law models are found in Great Britain, other countries of the British Commonwealth, North America, Scandinavia, Belgium and Switzerland.

ICC International Court of Arbitration®

ICC perform an essential role by providing businesses, governments and individuals with a variety of customisable services for every stage of their dispute.

Although called a court in name, we do not make formal judgments on disputed matters. Instead, we administer arbitrations by exercising judicial supervision of arbitration proceedings.

Rules and Procedures

The ICC Arbitration Rules are used all around the world to resolve disputes, administered by the ICC International Court of Arbitration®, the world’s premier arbitral institution. The Rules assure parties of a neutral framework for the resolution of cross-border disputes.

Court Members

Members of the Court are appointed for three-year terms by the World Council. This is done on the proposal of one member from national committees and other groups.

The President of the Court is elected upon recommendation by the ICC executive board on the proposal of an independent selection committee.  

Vice-Presidents are appointed on the proposal of the President.  

Court members are appointed on the proposal of ICC national committees and groups, while alternate Court members are appointed on the proposal of the President.

Supreme Board of Directors of ICC

ICC Sweden’s executive board consists of people who represent different parts of Swedish business life.

Chairman: Chairman Fredrik Persson, Business Europe, JM, EllevioVice Vice Chairman: Director Anna Karin Hatt, National Farmers’ Federation Cash manager: Chairman Marcus Wallenberg, SEB
Marcus “Husky” Wallenberg, born 2 September 1956

What is the global footprint of the WCF? 

Our members are in 116 countries/territories, from all regions of the world and are the key players in the work of ICC World Chambers Federation.

Marcus “Husky” Wallenberg

Swedish banker and industrialist. Married to Fanny Sachs, sister of Daniel Sachs who sits on the board of George Soros’ Open Societies Foundation.

Marcus Wallenberg was born on September 2, 1956, in Stockholm, Sweden.[ He is a member of the prominent Wallenberg family. His father, Marc Wallenberg, was a banker. His mother is Olga Wehtje. Her father Walter Wehtje was between 1940 and 1957 CEO of Atlas Diesel, which later became Atlas Copco. He was also a board member of Stockholms Enskilda bank. Olga Wehtjes sister is Eva Lundin was married to Adolf Lundin who funded WEF World Economic Forum. Lundin oil are currently on trial for crimes against humanity in Sudan.

Wallenberg began his career in the New York City office of Citibank in 1980–1982.[1] He subsequently worked for Deutsche Bank, followed by S. G. Warburg & Co., Citicorp and the SEB Group.[1]

Wallenberg served as the President and CEO of Investor from 1999 to 2005.[1] He served as the Chairman of the International Chamber of Commercefrom 2006 to 2008.[2]


Wallenberg is the Vice Chairman of the Institute of International Finance.[2] He serves on the board of directors of Skandinaviska Enskilda Banken, Electrolux, Ericsson, LKAB, AstraZeneca, Stora Enso, Saab, and Knut and Alice Wallenberg Foundation. He is a member of the Steering Committee of the Bilderberg Group.

He is also a former member of the board of directorsof Temasek Holdings and currently on the Temasek International Panel. Temasek, is a global investment company owned by the Government of Singapore.

Jacob Wallenberg

He is a member of the steering committee of the Bilderberg Group, the European Round Table of Industrialists, and the advisory board of the Tsinghua University School of Economics and Management. He is also member of the Trilateral Commission. Wallenberg is Honorary Chairman of the Mayor of Shanghai’s International Business Leaders Advisory Council (IBLAC).


BIS – Bank of International Seattlement, Marcus Wallenberg, Per Jacobsson & KreugerBIS – Bank of International Seattlement, Marcus Wallenberg, Per Jacobsson & Kreuger

Sveriges Riksbank, or simply the Riksbank, is the central bank of Sweden. It is the world’s oldest surviving central bank. Established17 September 1668; 355 years ago. Following its third centennial in 1968, the bank instituted the annual Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, which is awarded with the Nobel Prizes at the Prize Award Ceremony in Stockholm, on 10 December, the anniversary of Alfred Nobel‘s death.

Stefan Ingves former chief for the Swedish central bank writes a report in 2022.


Page 9: “Sweden’s multilateral involvement thus began early and this is a contributing reason why it has been so successful, not least for the Riksbank. Through international lobbying and a lot of luck, for example, the Riksbank managed to become a partner in the world’s first multilateral financial institution, the Bank for International Settlements (BIS), right from its inception in 1930, and since 1931 the Riksbank has been represented on the board, see Rooth (1930) and Sweden’s Riksbank (1930). As we will see, the value of this can hardly be overestimated, either for the Riksbank or for Sweden.”

2nd annual report of the Bank for International Settlements – 1932

In 1933 the Bank for International Settlements appointed as an Arbitration Committee, Messrs. Marcus Wallenberg (Chairman), T. H. McKittrick, Jr., and Franz Urbig. When the Standstill Agreement expired under its terms on February 28, 1932, and was thereupon renewed for another year, the same Arbitration Committee was reappointed, with the addition, as alternates for the members, of Messrs. Carl Trygger, G. Tyser, and Robert Pferdemenges.

Marcus Wallenberg Sr.

In 1890, Wallenberg became ombudsman for Stockholms Enskilda Bank (SEB) and from 1892 belonged to the bank’s executive board. He became vice chairman of the board of SEB in 1920 and then served as its chairman from 1938 until his death in 1943.

In 1920 he became a member of the League of Nations‘ newly established Financial Committee, of which he was chairman from 1921 to 1922. In 1921, Wallenberg founded the Swedish Taxpayers’ Association. Wallenberg participated in leading positions in the implementation of the Dawes Plan, and was the sole permanent arbitrator in disputes concerning the interpretation and application of the law, the financial burden on German industry and was a member of the permanent arbitration tribunal for disputes concerning the Dawes Plan application.


Marcus Wallenberg Sr, 5 March 1864- 22 July 1943

As the chairman of the arbitration committee of BIS Marcus Wallenburg Sr. asked Cassell to recommend a Swede to join the Secretariat of the League of Nations, former UN, he suggested Per Jacobsson. He was offered the post by Marcus Wallenberg Sr. and accepted it.

Ivar Kreuger and the Kreuger crash

(After leaving the League, Per Jacobsson returned to Sweden and worked from January 1929 to July 1930 at the Swedish Economic Defence Commission which was studying preparation for the eventuality of another war, and then from July 1930 to September 1931 as Economic Adviser to a Swedish industrial company, Kreuger and Toll.

Kreuger & Toll was a construction and holding company founded on May 18, 1908, by two Swedish engineers, Ivar Kreuger and Paul Toll, with Henrik Kreüger working as a consultant and chief engineer.

Ivar Kreuger’s suspicious death precipitated the Kreuger Crash which hit investors and companies worldwide, but particularly hard in the United States and Sweden. Ivar Kreuger shot himself in the head when he ”committed suicide” in his office in Paris on March 12, 1932.

Ivar Kreuger, 2 march 1880- 12 March 1932 (aged 52)

Following the Kreuger crash, both the debentures and shares became worthless, and several thousand Swedes and small banks lost their savings and investments as a result. Large investors and suppliers apart from share holders, received a total of 43% back.

The banks related to the Wallenberg family company group, Stenbeck company group, and Handelsbanken took over most of the companies in the Kreuger empire. Swedish Match recovered shortly after the crash as did most of the industrial companies within the Kreuger empire. Swedish Match received a large government guaranteed loan that was fully repaid after several years. IMCO in US however did not survive. The liquidation took nine years and was eventually finished in 1941.

Per Jacobsson and BIS

From early on, the BIS developed its own research in central banking and finance under the dynamic guidance of its first Economic Adviser, the Swede Per Jacobsson (1894-1963), and started collecting financial and banking statistics. The BIS research found its way into the Bank’s Annual Report, which soon established itself as a leading publication in its field.

Per Jacobsson was employed at the Bank of International Settlements from 1931 to 1956.


Per Jacobsson was employed at the Bank of International Settlements from 1931 to 1956.

In December 1956, he was appointed as the managing director of the International Monetary Fund (IMF), a position he held until his death on 5 May 1963.


The Great Depression

As a consequence of the Great Depression of the 1930s, the reparations issue quickly faded. The German financial and banking crisis of the summer of 1931 led first to a one-year moratorium on reparation payments (Hoover Moratorium of July 1931) and subsequently to their complete cancellation (Lausanne Agreement of July 1932).

With the reparations issue out of the way, the BIS focused its activities on the technical cooperation between central banks (including reserve management, foreign exchange transactions, international postal payments, gold deposit and swap facilities) and on providing a forum for regular meetings of central bank Governors and officials.

Of these meetings, the regular Board meeting weekends, which brought together the Governors of the main member central banks, were the most important (in the 1930s, the BIS Board consisted of the Governors and their alternates of the National Bank of Belgium, the Bank of France, the German Reichsbank, the Bank of Italy, the Netherlands Bank, the Swedish Riksbank, the Swiss National Bank and the Bank of England, as well as representatives for the Bank of Japan).

Wallenberg has their own arbitration court

The SCC has always been independent. We were founded in 1917 as an independent entity within the Stockholm Chamber of Commerce and have worked without commercial or political interests ever since. This forms a key part of our history, but it is also important as we look to the future.  


Per Jacobsson Foundation

The Per Jacobsson Foundation was established in 1963 to carry forward the work of international cooperation in the monetary and economic field to which Mr. Jacobsson had devoted his life. The institutions with which he was closely associated for over 30 years-the Bank for International Settlements and the International Monetary Fund-participated in this endeavor. The establishment of the Foundation had the full cooperation of Per Jacobsson’s family, and was widely supported, as reflected in the list of the original sponsors.

Marcus Wallenberg is Director and Founding Honorary Chairmen och the Per Jacobsson Foundation