Stephen has worked as a consultant since 1997, largely undertaking two strands of work – capital market development (mainly in Asia, but also in the Gulf and in Africa) and capital market assessments in the UK. The capital market development projects have included, at the strategic level: development of equity and bond markets, local government finance, capital market development plans and regional integration of capital markets.
At the practical level projects have included broker regulation, market supervision, securitisation and regulation of Islamic finance. Work in the UK has covered post-MiFID European market structure, impact of the credit crisis on the UK bond market, impact assessment for changes in market rules on the LSE, markets for small cap. companies and regulation of markets with fragmented trading in multiple venues. Stephen has been deeply involved in Bourse Consult’s work to measure the development and growth of the offshore market for Renminbi assets in London.
Prior to becoming a consultant Stephen was Chief Economist at the London Stock Exchange. The role included quantitative assessment of market quality, policy advice, lobbying of regulators and writing market commentaries. The period covered the lead-in and follow-up to Big Bang in the ‘80s and the move to an order driven market in the ‘90s.
Stephen offers economic analysis tempered by practical knowledge of the functions and business of capital markets together with a wide understanding of markets in a wide range of countries and levels of development. These are combined with a broad experience of research, consulting/interviewing practitioners and quantitative analysis techniques.