Keystone Strategy

Former UK CMA CEO Andrea Coscelli to join Keystone as co-head of Europe

Former Chief Executive at the CMA joins Keystone's London practice, established this July in order to create a new combined economic, technology, and strategy approach to antitrust in Europe
November 29, 2022   /   2 Minute Read
Andrea Coscelli

LONDON, BRUSSELS Keystone Strategy LLC (Keystone), a consultancy to top technology companies, government agencies and global law firms on strategy, economics, technology, and competition, today announced that Andrea Coscelli would join as Partner and Co-Head of the European Practice on 3 January 2023.

Dr. Coscelli, a leading European expert in antitrust and competition economics, was CEO of the UK Competition and Markets Authority (CMA) for six years till last July. He will co-lead the firm’s European expansion with Cristina Caffarra, who set up Keystone’s operations in Europe earlier this year with full-service antitrust, economics and technology advice.

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 a 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 and London offices.

Dr. Coscelli brings twenty-five years of competition economics experience.  He led the CMA between 2016 and 2022 during a period of significant growth following the UK exit from the EU. Under his leadership, the agency built pioneering data and technology capabilities, now being adopted by other leading agencies, and worked on many high-profile global mergers and antitrust cases involving digital businesses. Before joining the CMA as an executive board member in 2013, Dr Coscelli was a Director of Competition Economics at Ofcom (UK Media and Telecom regulator) and a partner at Charles River Associates. He has a Ph.D. in Economics from Stanford University.

Andrea Coscelli said: “I look forward to joining Cristina and my new colleagues at Keystone. Agencies like the CMA are increasingly combining legal and economic expertise with technology, data, computer science and strategy capabilities in their investigations in the digital sector. I believe combining deep antitrust economics expertise with insights from data science and an understanding of firms’ strategies is increasingly essential. I believe Keystone’s unique combined offering will allow us to generate high-quality and highly relevant advice.”

Cristina Caffarra said “It is exciting to work together with Andrea – a former colleague and then the leader of a pioneering agency, who has moved the dial more than most on enforcement priorities. Andrea and I share the same vision on the need to update traditional antitrust advice with the integration of deep technology expertise and on the kind of advice which is most relevant and direct. I look forward to expanding Keystone together in Europe.”

Greg Richards, CEO and Co-Founder of Keystone, said: “For two decades, Keystone has served global clients, including the largest technology companies, with counsel on matters involving strategy, litigation, regulation, and public policy. Now, with the EU and the UK becoming leading forces in antitrust and regulation of the digital sector, it is time to expand and bring the expertise we have built over the years to this important region. We are delighted that Andrea has agreed to join us to spearhead our expansion with Cristina. Andrea has an amazing track record in competition policy and will enable us to take Keystone’s offering in Europe to a new level.”

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, the expanding team in London will help the firm play a key role in future competition, regulatory, and litigation matters while attracting more talent to the business.

About Keystone

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 hundreds of top academic experts in 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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