Portrait of Helen Ralston-Smith

Helen Ralston : Partner

Helen specialises in financial services markets and has experience in competition policy, regulation, litigation and arbitration. She has analysed the economics of markets on both the wholesale and retail sides of the financial services sector. Much of her work has focused on high-profile issues, including the European Commission’s investigation into the proposed London Stock Exchange and Deutsche Börse merger, the impact of the financial transaction tax, and the investigations into FX trading by various competition and financial regulators.

Helen has presented evidence to the European Commission and the CMA, as well as to international regulators and authorities such as the Australian Reserve Bank and the Australian Competition and Consumer Commission. She has been listed in ‘30 in their 30s’ Notable Women Competition Professionals.

Helen speaks English.

Tel: +44 (0) 20 7776 6623

Helen's specialisms include:

professional experience

  • Economic expert quantifying damages due to a financial institution regarding PPI remediation (2020–)

  • Competition advice to an international derivatives exchange group in the context of the FCA market investigation into wholesale financial market data (2020–)

  • Advising an international insurance broker in the context of the European Commission’s competition investigation into aviation insurance (2020)

  • Economic expert to an international bank in the context of the Mexican competition authority investigation into the Mexican government bond market (2019)

  • Competition advice to Standard Life Aberdeen, helping it achieve success in its commercial dispute with Lloyds Banking Group (2019)

  • Advice to multiple stock exchanges on the pricing of market data services (2019)


  • Niels, G. and Ralston, H. (2021), ‘Two-sided market definition: some common misunderstandings’, European Competition Journal, https://doi.org/10.1080/17441056.2020.1851478

  • Alimonti, R., Neurohr, B. and Ralston, H. (2021), ‘Digital markets and implications for competition policy: Evidence from recent economic analysis’, chapter 6 in P. Parcu, G. Monti and M. Botta (eds), Economic Analysis in EU Competition Policy: Recent Trends at the National and EU Level, Edward Elgar Publishing.


  • MSc Economics, University College London, UK

  • BA Economics, University of Cambridge, UK

Latest Insights:  Helen Ralston

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The European Commission is consulting on updating its 1997 Market Definition Notice, which provides important guidance on identifying relevant markets in competition cases. One hotly debated topic is defining markets…
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On 2 June, the European Commission launched consultations on proposals for a New Competition Tool (NCT) and its Digital Services Act package. As an NCT based on a market structure…
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The COVID-19 pandemic has had a major impact on businesses across the world. Many have turned to their insurance providers to claim compensation under their business interruption (BI) insurance. However,…
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Since the inception of Bitcoin over a decade ago, trading in cryptocurrencies has exploded. There are now thousands of cryptocurrencies and hundreds of cryptoexchanges to trade on, of which Binance…

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