International arbitration has never been hotter and New York is sick of being the sixth most favorite place for companies trying to resolve disputes. London is still the most widely used seat of arbitration. After all, roughly 90% of cross border transactions are negotiated and drafted in English and when companies choose the laws they want to govern their contracts, English law is still the most common. New York has begun working with the New York State Bar to establish an international arbitration center in the city. The bar wants to do away with fragmented arbitration facilities by creating a single location where international arbitrators can meet to decide cases. But while New York is trying to catch up to London, it also has to keep an eye on other venues. Geneva, Paris and Tokyo are slightly more popular for dispute resolut ions. So is Singapore, which has been aggressively promoting itself as a lower-cost, more convenient alternative to other venues with its "International Arbitration Centre," whose tagline is "Where the World Arbitrates."
Source: Migalhas International