New Trends in Developing Alternative Ways to Resolve Financial Disputes

In: Journal of politics and law: JPL, Band 13, Heft 3, S. 280

Abstract

The authors investigate an issue of the appearance of new trends in developing alternative ways to resolve financial disputes. It has been found that: 1) selection of an arbitration forum for dispute resolution in the field of international finance instead of national courts of London and New York became an obvious reality that should be taken into account by politicians and entrepreneurs; 2) advantages and disadvantages of arbitration resolution of financial disputes are also obvious, so special attention should be paid to the new forms of dispute resolution clauses – hybrid dispute resolution clauses that authorize counterparties to select between the national judicial proceeding and the international arbitration, allowing the parties to select the most appropriate proceeding jurisdiction as following from the specific dispute based on advantages of both forums; 3) in connection with the popularization of alternative ways of dispute resolution in the field of financial relations it is prospective to use mediation for dispute resolution: the entry of Singapore Convention on Mediation 2019 into legal force and joining of global financial leading states to it can contribute to this; 4) in connection with the specifics of cross-boundary financial relations, and for dispute resolution, standard arbitration regulations are not always applicable, so now arbitration institutions tend to follow the way of including separate regulations with regard f the specifics of these disputes; the latest trend can be considered the creation of separate centres in the field of financial dispute resolution.