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During the course of 1997 Bankers Trust International plc (BTI) and the defendant company, PT Jakarta International Hotels & Development (JIHD), entered into a series of seven Indonesian rupiah/US dollar cross‐currency swap transactions. The seven transactions were made under the auspices of an International Swaps and Derivatives Association (ISDA) master agreement dated 9th March 1995. That ISDA master agreement was expressed to be governed by English law and contained an arbitration clause which provided (inter alia):
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1999
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