The Relationship between International Commercial and Investment Arbitration: Institutional Models and Transparency Requirements

This article examines the relationship between international commercial arbitration and international investment arbitration through the lens of institutional design and transparency requirements. It argues that, despite procedural similarities, these forms of arbitration rest on different legal rationales and entail distinct balances between private autonomy and public interests. The analysis highlights that commercial arbitration primarily reflects party autonomy and the protection of commercially sensitive information, whereas investment arbitration is marked by a stronger public dimension stemming from the involvement of a State and the potential impact on matters of public regulation. Particular attention is paid to the role of legal certainty, arbitrability, and the public policy exception in shaping the permissible scope of transparency, as well as to procedural safeguards that sustain confidence in the neutrality and fairness of adjudication. The article formulates general conclusions on the acceptable limits of publicity and on the criteria for reconciling transparency with the protection of legitimate interests and the stability of the legal order.