The Spanish Court of Arbitration, part of the Council of Spanish Chambers of Commerce, Industry and Navigation, is one of the leading arbitral institutions in Spain. The growing importance of arbitration as the chosen method of dispute resolution in Spain is leading Spanish arbitral institutions to modernise their rules. On 1 January 2009, the Madrid Court of Arbitration launched a modern set of rules, inspired by the model rules drafted by the Spanish Arbitration Club (Club Español del Arbitraje), and on 15 May 2010, the new Rules of the Spanish Court of Arbitration entered into force.

The new Rules of the Spanish Court of Arbitration are also inspired by the Spanish Arbitration Club's model rules and also draw on well-known international and domestic arbitration rules to introduce successful procedures such as the use of electronic communications, the prima facie decision by the court regarding the existence of a valid arbitration agreement and the court review of the award.

However, the most remarkable feature of the new rules is the speed of proceedings. The new rules provide that, in ordinary proceedings, the arbitrators will have to render the award within five months from the filing of the Answer to the claim, with the possibility of a single extension of one month. In parallel, other deadlines are quite short in order to be able to meet such a demanding deadline.

In addition, the new rules offer parties the choice of two forms of expedited proceedings: summary and speed proceedings. The summary proceedings apply in cases worth less than €300,000 or where parties agree. These proceedings shall be decided by one arbitrator, only one hearing shall be held and the award will be rendered within three months from the filing of the Answer, without any possibility of an extension. Where the amount in dispute is substantially low, or in very straightforward cases, the court may decide to apply the speed proceedings where, after the nomination of the sole arbitrator, a hearing shall be set and the claimant will have to file its claim within six days, followed by a six-day period for the respondent to answer. After the hearing is held, the arbitrator will render the award within ten days.

Although speediness is unquestionably an attractive attribute for parties when agreeing to arbitration, the deadlines contained in the new Rules may result in being excessively strict for complex cases.

Some other novelties of the new rules are the inclusion of a provision to regulate the joinder of proceedings and the intervention of third parties, and the limitation of arbitrators' liability only to cases of wilful misconduct.