Int'l Issues and Discrimination

Int'l Issues and Discrimination

Introduction

Generally trade or commerce is regulated on a national basis by the Uniform Commercial Code. In last two decades, it has been observed that the rapid progress of computer and technology has enhanced the growth of international financial markets, financial instruments, foreign exchange as well as twenty-four-hour trading in securities. Managers are involved in searching the most suitable investment opportunities and due to this capital are highly considered as mobile. An expansion is also observed in the volume and speed of international trade of services and products. Rapid settlement of one transaction is necessarily required by rapid trading so that funds can be availed for the upcoming transaction. These technological advancements also facilitate faster payment in the settlement of these transactions. This results in the movement of money all around the world in an increased speed. With the enhanced speed of finance and commerce as well as internationalization, financial institutions have established operations within different countries and nations worldwide. They also effected the economic importance of national boundaries to financial institutions and large corporations (Norfolk, 2008).



Discussion

UCC Effect on International Commerce

Due to UCC, different trends in payments, transaction and transactional operation of cooperation have resulted in commercial pressure for more uniformity and certainty in the law governing international transactions. One or more jurisdiction's law might be subjected by the legal disputes in international transactions. Private international rules and regulations are comprised of different for a hence their result cannot be predicted before. In legal systems, some of this uncertainty can be reduced that allow party autonomy in choice of law-by parties involving choice-of-jurisdiction and express choice-of-law agreements in their contracts. Achieving agreements on jurisdiction and governing law is not possible in all cases and third parties are not bound in these agreements who might ...