“The evolving lex mercatoria: a game-changer for transparency in international commercial arbitration“
Yun Zhao, Yanru Chen (PhD Candidate)
Journal of International Dispute Settlement, Volume 16, Issue 3
Published online: July 2025
Abstract: Transparency has been a crucial element in the evolution of lex mercatoria from its medieval origins to the contemporary lex informatica in cyberspace. The ongoing development of the medieval lex mercatoria underscores the significance of making arbitration reasoning publicly available, for two main reasons. Historically, medieval merchant courts did not favour strict confidentiality of decisions, and the modern requirement for safeguarding party, community, state, and global legitimacy in lex mercatoria also advocates for enhanced transparency in international commercial arbitration. The current transparency framework in investment arbitration and domain-name dispute resolution may serve as a roadmap for achieving a balance between transparency and confidentiality in international commercial arbitration. A restructuring of the transparency mechanism for such arbitration should focus on a mandatory system of publishing redacted arbitral awards.