Transnational trade law as a form of normative self-regulation




transnational trade law, Lex mercatoria, self-regulation of economic activity, norm of self-regulation, custom of trade, e-commerce, precedent.


Background. The modern world is a world of alternatives. Such alternatives arise both for certain procedural and substantive rules and for substantive law.
Analysis of recent research and publications. The aspect of Lex mercatoria research through the lens of self-regulation of economic activity remains insufficiently studied.
The aim of the study is to identify the features of transnational trade law (Lex mercatoria) as a form of self-regulation of economic activity.
Materials and methods. General and special methods of knowledge of legal phenomena and processes are used. The main methods used in the work were: dialectical, systematic approach, formal-logical, generalization, comparative law, synergistic. Information base of the research – Principles of international commercial treaties of UNIDROU, Incoterms Rules, Code of Principles, Rules and Requirements of Lex mercatoria CENTRAL, works of domestic and foreign scientists.
Results. Lex mercatoria is an element of the soft law system that has its own peculiarity different from other sources of this system because it is formed taking into account the advantages and disadvantages of international trade.
Today, Lex mercatoria is a globalized system of norms of self-regulation (customs of trade), which is codified at the level of well-known international governmental and non-governmental organizations, research institutes. Lex mercatoria has an important sign of autonomy (it is developed, accepted, codified by a specific community that professionally organizes and organizes international trade). Business entities can choose and choose to apply a self-regulation rule in the form of Lex mercatoria. This is an opportunity to realize the potential of self-regulation. In this case, self-regulatory norms from potentially soft become binding on the parties that have chosen them.
Conclusion. In many cases, when dealing with commercial disputes with a foreign element, Lex mercatoria is used as a regulatory tool for self-regulation. In this case, there is acombination of two means of self-regulation: institutional and regulatory. To date, e-commerce is a source of change in transnational trade law, which is developed and implemented by the entities themselves, that is, international trade participants who are self-regulatory entities. The peculiarity of the new Lex mercatoria is its creation by precedent.

Author Biography

Olena HONCHARENKO, Kyiv National University of Trade and Economics

Candidate of Juridical Sciences, Associate Professor,
Associate Professor at the Department
of International Private, Commercial and Civil Law


Bakalіnska, O. O. (2019). Samoregulyuvannya gospodarskoyi diyalnostiu suchasniy paradigmi zmin. Pravove zabezpechennya sotsialno-ekonomichnogo rozvitku: stan ta perspektivi: Materiali Vseukrayinskoyi naukovo-praktichnoyi konferentsiiyi (m. VInnitsya, 11-12 zhovtnya 2019 r.) Nauk. red. A. G. Bobokova, A. M. Zaharchenko. Vinnitsya: Vindruk [The self-regulation of economic activity in the modern paradigm of changes.Legal support for socio-economic development: status and prospects. Proceedings of the All-Ukrainian Scientific and Practical Conference (Vinnytsya, October 11-12, 2019). A. G. Bobokova, A. M. Zakharchenko (Eds.). Vinnytsya: Windruck LLC [in Ukrainian].

Belyanevich, O. A. (2016). Pitannya samoregulyuvannya gospodarskoyi diyalnosti. Ctabilnist tsivilnogo oborotu v Ukrayini: problemi zabezpechennya: zbirnik naukovih prats; O. A. Belyanevich. Kiyv: NDI privatnogo prava i pidpriemnitstva NAPrN Ukrayini [Self-regulation issues of economic activity. The stability of civil turnover in Ukraine: problems of providing: collection of scientific works; edited by O. A. Belianevych. Kyiv: Private Law and Entrepreneurship Research Institute of the National Academy ofScience of Ukraine], 4 [in Ukrainian].

Medvedchuk, O. V. (2018). Normativno-pravovi aspekti rozvitku samoregulyuvannyav Ukrayini. [Regulatory aspects of self-regulation development in Ukraine.] Investitsiyi:praktika ta dosvid – Investments: practice and experience, 13, 98-102. DOI: [in Ukrainian].

Ostapenko, Yu. I. (2018). Samoregulivna diyalnist u sferi gospodaryuvannya: zavdannya gospodarsko-pravovovgo zabezpechennya. [Self-regulatory activity in the sphere of management: the task of economic and legal support]. Teoriya i praktika pravoznavstva – Theory and Practice of Law,2 (14). DOI: [in Ukrainian].

Patsuriya, N. B. (2017). Pravove regulyuvannya diyalnosti u sferI strahuvannya ta perestrahuvannya: problemi teoriyi ta praktiki [The legal regulation of insurance and reinsurance activities: problems of theory and practice] I. M. Voytsehovska, A. S. Golovachova (Eds.). Kiyv: Lira-K [in Ukrainian].

Bonell, M. J. (2018). The law governing international commercial contracts and the actual role of the UNIDROIT Principles. Uniform Law Review. Vol. 23. Iss. 1. (pp. 15-41). DOI: [in English].

Peters, A., & Pagotto, I. (2006). Soft Law as a New Mode of Governance: A Legal Perspective. NEWGOV: New Modes of Governance. Retrieved from DOI: [in English].

Shalinska, I. V. (2013). Oznaki ta vidi aktiv «m’yakogo prava». [Signs and Types of «Soft Law»]. Naukoviy visnik Uzhgorodskogo nats ionalnogo un iversitetu – The Scientific Bulletin of Uzhgorod National University, 23, part. 1. (Vol. 1), (pp. 104-107). Seriya Pravo [in Ukrainian].

Нoncharenko, O. (2019). Korporativniy akt yak zas ib samoregulyuvannya gospodarskoyidiyalnosti [Corporate act as a means of self-regulation of economic activity. Pidpryjemnyctvo, gospodarstvo i pravo – Entrepreneurship, economy and law, 7, 34-39. DOI: [in Ukrainian].

Нoncharenko, O. (2016). Schodo sp ivstavnogo anal izu samoregulyuvannya gospodarskoyi diyalnostyu [On a comparative analysis of self-regulation of economic activity.] Chasopis Kiyivskogo universitetu prava – Journal of the Kyiv University of Law, 4, 161-165 [in Ukrainian].

Goldman, B. (1987). The applicable law: general principles of law – thelex mercatoria. In: Lew J.D.M. Contemporary Problems in International Arbitration. Springer, Dordrecht. DOI: [in English].

Schmitthoff, С. (1964). The Law of International Trade – Its Growth, Formulation andOperation, in: Schmitthoff (Ed.), The Sources of the law of International Trade [in English].

Schmitthoff, С. (1964). The Sources of the Law of International Trade. London [in English].

Horn, N. (n.d.). Uniformity and Diversity in the Law of International Commercial Contracts. Retrieved from [in English].

Cremades, В., & Plehn S. (1984). The New Lex Mercatoria and the Harmonization of the Laws of the of International Commercial Transactions.Boston University International Law Review. (pp. 317-328) [in English].

Naón, Horacio Grigera. (1982). The transnational law of international commercial transactions. Deventer [u.a.]: Kluwer [in English].

Stone, A. (2006). The New Lex Mercatoria and Transnational Governance. Faculty Scholarship. Series. 92. (pp. 627-646). Retrieved from [in English].

Fiadjoe, A. (2013). Alternative dispute resolution: A developing world perspective. Abingdon: Routledge Cavendish. DOI: [in English].

Kellor, F. (1999). American Arbitration: Its History, Functions and Achievements. Washington, D.C: BeardBooks [in English].

Born, G. B. (2014). International Commercial Arbitration, 2nd ed. Kluwer Law International [in English].

Berger, K. P. (2010). The Creeping Codification of the New Lex Mercatoria. Revised Edition. Klaus Peter Berger. Kluwer Law International [in English].

UNIDROIT (2016). Published by the International Institute for the Unification of Private Law (UNIDROIT), Retrieved from [in English].

Rudenko, V. (2011).TransformatsiynI zmIni organizatsiynogo dizaynu globalnih korporatsiy [Transformational changes in the organizational design of global corporations]. Doslidzhennya mizhnarodnoyi ekonomiki – International Economics Research, 4, 170-182 [in Ukrainian].

Marrella, F. Y., Christopher S. (2007). Is Open Source Software the New Lex Mercatoria?URL: Publication Date 2007-09-07 [in English].



How to Cite

HONCHARENKO О. (2020). Transnational trade law as a form of normative self-regulation. oreign rade: conomics, inance, aw, 108(1), 32–42.