Deutsche bank AG v democratic socialist republic of Sri Lanka1 �all that is solid melts into air�

anghie, antony;

The broad framework of debate surrounding the meaning of �investment� in ICSID jurisprudence is by now fairly clear, even if the issue, which has generated a large literature, remains unsettled. Broadly, however, it is agreed that �investments� are protected whereas simple contractual rights are not. In Deutsche Bank AG v
Democratic Socialist Republic of Sri Lanka, the Tribunal held that a derivative instrument, a hedging agreement, constituted an �investment�.