Thesis Title: Are the current practices of dispute resolution in financial transactions keeping pace with the future of financial markets? A comparative study of the necessity for, scope of and requirements of a new treaty law for international financial arbitration
Abstract: This research seeks to identify the deficiencies of existing dispute resolution mechanisms in financial disputes, as well as the necessary elements of a potential international treaty that could maintain a reliable conflict resolution system capable of sustainably supporting future growth within global financial markets. The integrity of dispute resolution is paramount due to the potential ramifications of inaccurate judicial decisions concerning the understanding of widely used model contracts in financial transactions. This could create a cascade effect throughout other deals influenced by the same model contracts, with potentially destabilising implications for the financial market. The ubiquity of these standard form agreements coupled with recent technological advances and the intricate nature of financial products necessitate a thorough evaluation into current dispute resolution practices. To this end, the proposed research will evaluate how New York and English courts have contributed to international financial law while highlighting their respective limitations in today’s world. Additionally, alternative dispute resolution systems will be explored which may potentially address these needs more effectively. Furthermore, a comprehensive cross-sector comparison will be conducted across multiple sectors that comprise this landscape, allowing for a better understanding of what market expectations.
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