Keystone Strategy

Cristina Caffarra Sets Up New Antitrust Venture with Keystone

Prominent European competition economist forms partnership with Keystone to create a new combined economic, technology, and strategy approach to antitrust in Europe
July 7, 2022   /   2 Minute Read
Cristina Caffarra headshot

LONDON, BRUSSELS Keystone, a consultancy to top technology companies, government agencies and global law firms on matters of strategy, economics, technology, and competition, today announced it has formed a partnership with Cristina Caffarra in Europe.

Dr. Caffarra, a leading European expert in antitrust and competition economics, who headed the competition practice of Charles River Associates in Europe for over 10 years, will become a managing partner at Keystone and will lead the firm’s European operations, with a team of competition economists working out of offices in London, Brussels, and Rome.

Keystone was founded by Greg Richards and Professor Marco Iansiti in 2003 and is one of the world’s most prominent advisors to the technology sector, building deep expertise by handling high-profile cases with specific focus on the digital economy. Keystone’s affiliates are all top academic experts on digital transformation, innovation, platform economics, computer science, strategic management, and ecosystems, supported by 150 professionals across its US offices.

The partnership with Dr. Caffarra has antitrust as the core offering in Europe, supported by Keystone’s existing capabilities and experience of technology platforms and the digital economy.

Dr. Caffarra brings over two decades of competition economics experience.  As top advisor and expert before the European Commission, the courts and competition agencies across Europe and beyond, she has provided guidance to multiple companies and agencies on mergers, conduct cases and regulatory controversies. Her experience includes landmark cases on the economics of platforms and the digital economy, for and adverse to companies such as Microsoft, Amazon, Apple, Google, Meta, Newscorp, Uber, as well as extensive experience in telecoms, television, and media.

Cristina Caffarra said: “The reality of enforcement and regulation in digital markets means it is no longer possible to be active in this space with traditional antitrust skills alone. Agencies themselves (like the CMA in the UK) are combining legal and economic expertise with technology, data, computer science and strategy capabilities.  It is increasingly essential to combine deep antitrust economics expertise, theory, and empirics, with insights into computer and data science, and an understanding of how firms’ strategies are evolving.  Business schools and computer scientists are working extensively on digital ecosystems in ways that dovetail with antitrust economics.  Keystone provides the key capabilities to deepen and extend my core antitrust expertise, and I very much like the idea of a true partnership with like-minded, dynamic, and collaborative colleagues in a broader tent, to build something more curated, new, and unique in Europe.”

Greg Richards, CEO and Co-Founder of Keystone, said of the new partnership: “For two decades Keystone has served global clients including the largest technology companies with counsel on matters involving litigation, regulation, and public policy. Now, with Europe and the UK becoming a leading force in antitrust and regulation of the digital sector, it is time to expand and bring the expertise we’ve built over the years to this important region. Cristina’s exceptional performance and track record as an institution builder, straight-talking advisor and policy commentator are key to this.”

Marco Iansiti, Keystone’s Chairman of the Board and the David Sarnoff Professor of Business Administration at Harvard Business School, added: “Cristina is an outstanding individual and one of the leading minds in the competition space in Europe. She is a distinctive voice in enforcement and policy, with progressive views and an active participant in the global antitrust and regulatory discourse. The combination of her antitrust focus and Keystone’s global economic, strategy and technology expertise, are going to be a powerful proposition and we are incredibly excited at what we can achieve together at such an interesting time for digital transformation and regulation in Europe.”

The new Keystone office in London will serve as the European headquarters for the firm. Although Keystone has served major technology clients in the European region for the last decade, establishing a physical presence in the market will help the firm play a key role in future competition legislative, regulatory, and litigation matters while also attracting more talent to the business.

About Keystone

Keystone Strategy, LLC (“Keystone”) is a leading innovative strategy, economic, and technology consulting firm dedicated to delivering transformative ideas and cutting-edge solutions to Fortune Global 500 companies, top law firms, and government agencies. It possesses unique expertise in competition, IP, litigation, and tax and transfer pricing matters, as well as technology-driven strategy and product development, across all sectors. This allows the firm to create bold strategies with far-reaching implications for business, consumers, and public policy. Keystone was founded by Mr. Richards and Professor Marco Iansiti, Keystone’s Chairman of the Board and the David Sarnoff Professor of Business Administration at Harvard Business School. Keystone now boasts a roster of hundreds of top academic experts on the digital economy and innovation sectors, supported by over 150 professionals. In addition to London, the firm has offices in New York, San Francisco, Boston, and Seattle. Learn more about Keystone at

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