This chapter advances two claims. First, the EU has enacted a set of rules that affect the private order of organized markets and, in particular, the terms and conditions of standard contracts that daily frame thousands of global trades in exchanges located in the EU. Second, the EU explanatory justification for enactment of these rules is based on fairness. While EU law has advanced rules that, for example, standardize products offered in trading exchanges and reallocate risks among exchange members for misconduct, trading platform members have agreed upon transposing those rules into the text of standard agreements for trading. The phenomenon of mirroring the rules of EU law in the terms and conditions of standard agreements is what this chapter calls standardization of standard contracts. The standardization of standard contracts is then described as a twofold process: codification and intrusion.
Lucila de Almeida, Marta Cantero Gamito and Hans-W. Micklitz
This chapter argues that EU engagement with international organizations in the field of private law is not confined to the Hague Conference on Private International Law (HCCH) only. Below the radar of international conventions, formalized agreements and institutions with legal authority, there has been institutional and normative cooperation between EU and international standardsetting organizations (SSOs), which has resulted in the global reach of EU law in the field of private law. The first part of the chapter describes the EU’s role in the elaboration of international private law evolving from its enlarged competences under the Treaty and its impact on the relationship with the HCCH. The second part advances the thesis that the EU has moved from competence expansion in highly visible international fora to cooperation in standards bodies though European SSOs. The third and fourth parts explain institutional cooperation between European and international SSOs in the energy and telecommunications markets.