The creation of specialised international courts in a number of countries has expanded the choices for commercial parties and challenged arbitral institutions to innovate to maintain their attractiveness. This article outlines the key features of the new courts and compares the competitive advantages of litigating and arbitrating international disputes in respect of: joinder and consolidation; interim measures; appellate review; tribunal expertise and availability; transparency; and efficiency. The paper concludes with some observations on emerging options for the enforcement of judgments and awards, and the reasons for choosing between specialised courts and arbitration in the years ahead.