Portrait of Francisco Couto

Francisco Couto : Consultant

Francisco is a member of Oxera’s Finance & Valuation team, with experience working in regulatory finance, state aid, and commercial disputes. Francisco has worked on cases across a wide range of sectors, including transport, energy, agriculture, payments, capital markets and telecoms.

Francisco holds an MA in Economics and Finance from the University of Edinburgh, and an MSc in Economics and Finance from the Barcelona Graduate School of Economics. In both degrees, Francisco worked extensively with large datasets and financial models, developing strong Excel and Stata skills. Before joining Oxera, he was a trainee at the European Central Bank’s Monetary Policy division, focusing on money markets and short-term rates.

Francisco speaks English, Portuguese, and Spanish.

Tel: +32 (0) 2 793 07 04

Francisco's specialisms include:

professional experience

  • Undertaking a cost of capital assessment for NATS (En Route) for its NR23 price control period (2021)

  • Through a secondment project, assisting NATS (En Route) on various regulatory and business planning issues in the preparation of its NR23 business plan (2021–)

  • Quantifying damages suffered by a small co-operative due to improper government conduct in a southern European country (2021–)

  • Quantifying damages due to a cartel undercharge in a southern European country (2021–)

  • Quantifying damages suffered by a small number of European rail operators due to COVID-19 travel restrictions (2021)

  • Assessing and benchmarking the regulation of complex structured financial products aimed at retail investors across a range of markets (2021


  • MSc Economics and Finance, Barcelona Graduate School of Economics, Spain

  • MA Economics and Finance, University of Edinburgh, UK