Our Partners

The Bourse Consult partners are experts in their fields, all having many years’ experience at the highest levels of the financial services industry.

Hugh Simpson

Managing Partner

Hugh has been a consultant with Bourse Consult since 2004, providing advice to regulators, central banks, depositories and central counterparties on the full range of capital market development issues from strategy to technical implementation. He has a special focus on post-trade services and their role in contributing to the success of the overall market. This advice draws on his broad range of experience.

Hugh started his career at the Bank of England, working in areas that included bank supervision, international bond markets and the international economy. After 2½ years at the International Monetary Fund in Washington DC, in 1993 he joined the team that established CREST, the UK’s first dematerialised securities settlement system. In 2002, as Chief Executive, he oversaw the merger of CREST with Euroclear, where he joined the Management Committee, until leaving to work as a consultant.

His other roles have included:
- Advisor to the European Central Bank on the T2S settlement platform project (2006-2010)
- Independent Non-Executive Director and Chair of the Risk Committee at CME Clearing Europe, a multi-asset EMIR-compliant CCP (2009-2017) 
- Independent Non-Executive Chairman, Avenir Registrars, a CREST-compliant company registrar in the UK (since 2014).

Hugh was educated at Oxford University and City University Business School, London.
Hugh is based in London.

Raymond Sabbah


Raymond has long experience in Capital Markets, the exchange industry and has particular expertise in fixed income markets. He founded and managed a successful international fixed income trading venue and has advised central banks, stock exchanges and regulators in Europe, Africa and South America on the implementation of fixed income market places.

Raymond is a hands-on, pragmatic consultant with direct personal experience of setting up markets, devising their ownership and regulatory structure, specifying their technology and developing them as businesses.

Before joining Bourse Consult Raymond was the founder and Chief Executive of Senaf SA an international electronic trading platform for sovereign debt, Bonds, T-Bills and Repos with a pan-European participant base. He devised the technical, regulatory, and marketing plans of the new company, secured the funding for the launch and successfully built daily trading volume to €4bn and the shareholder base to 70 Spanish banks. Senaf was subsequently merged with the Spanish stock exchange operator Bolsas y Mercados Financieros (BME).

Prior to Senaf he was the Managing Director of an electronic vendor of financial information, which was expanded considerably before being sold to a global group, and worked in the commodities trading and brokerage businesses. He has considerable experience of working in China.

Raymond was educated at the Institut d’ Etudes Politiques in Paris and speaks fluent Spanish, French and English.

Raymond is based in London.

John Falk


John Falk’s prime expertise is in the securities post trade space from working in the global securities market infrastructure area over the last 25 years. 
This experience has been with securities settlement systems for Central Securities Depositories, Stock Exchanges, Central Banks, Central Counterparties, Brokers, Investment Managers, Custodians and software suppliers to the securities industry.

Before becoming a consultant with Bourse Consult, John worked at SWIFT for 20 years, leading many major initiatives for SWIFT involving the securities industry worldwide, as well as running commercial teams in Eastern Europe, Russia, CIS and Africa. He started at SWIFT helping define SWIFT’s initial securities strategy in the early 1990’s.

Prior to SWIFT, John Falk ran his own consultancy for 5 years providing advisory services for an asset management software supplier, an online office supply dealership network and a Formula 1 marketing group. He also co-ran Softbridge Capital Markets, a software house creating analytical products for Eurobond and Swaps, supplied to investment banks and while at ADP Network Services introduced cash & treasury management services for European banks.

John is based in Brussels.

György  Dudas


György has more than two decades of experience in financial market infrastructures. He worked for KELER, the Hungarian CSD and CCP for 22 years and was CEO for 14 years.

He was instrumental – among others - in developing KELER Group’s cross-border links to other CSDs, ICSDs as well as setting up KELER CCP as a separate legal entity. During his time as CEO, KELER Group has developed significantly in its service offering both to local and international market players as well as developing clearing and settlement services for new market segments, especially for international gas and electricity markets.

György was a Vice-Chair of ECSDA (European CSD Association, 2006-2017) and he has been involved in the development of the EU regulatory and infrastructure regime for post trade infrastructures. He was a member of the CSD Steering Group as well as the Advisory Group of ECB’s T2S project. He represented KELER at EACH (European CCP Clearing Association, until 2009), acted as Chairman of AFM (Association of Futures Markets, 2004, 2012) and was board member of ANNA (Association of National Numbering Agencies) for 6 years. György frequently participates in industry events as presenter and moderator.

György held executive and non-executive positions during and after his KELER years. He left KELER Group in Q2 2017 and since then he acts as consultant specialised to post trade infrastructures. He joined Bourse Consult as partner in 2019.

György holds an MA degree in Finance from the Corvinus University of Budapest. He is currently a member of the Hungarian Economic Association and is a member of the curatory body of a local NGO foundation which promotes civil society (especially roma) development.

György is based in Budapest.