Globalization and financial dispute resolution: examining areas of convergence and informed divergence in financial ADR

Theme for the 2012 Workshop - Asian Approaches to International LawOrganised by the National University of Singapore (NUS) and the Asian Society of International Law (AsianSIL)Panel V - Trade & FinanceRecent financial dislocation indicates that in many respects the world’s financial markets are increasingly operating as a single integrated whole. Both the economic fallout of the financial crisis as well as the global response reflects the significant degree of interchange characterizing cross-border exchange. Many global financial centers were directly impacted by the financial crisis, and responded with their own unique regulatory mix that drew on global experience. Part one of this paper examines the theoretical perspectives on the impact of globalization on international legal practice. Part Two provides a global review of financial dispute resolution programs. Part Three examines how jurisdictions such as Hong Kong, Singapore, the UK, the US, and Australia responded to the financial crisis and how such response has demonstrated the patterns of both convergence and informed divergence in its selected financial reforms.postprin