Portrait of Jef Van Cappellen

Jef Van Cappellen Analyst

Jef is an Analyst in Oxera’s Finance & Valuation team, specialising in financial services matters. He has experience conducting profitability analyses and financial assessments in abuse of dominance and regulatory compliance cases. His work spans digital markets regulation, payment systems oversight, and pricing compliance with regulatory frameworks. Jef has provided analytical support to clients including major technology platforms and financial services providers, examining business models and cost allocation methodologies.

Prior to joining Oxera, Jef worked as a Research Economist at the Financial Conduct Authority for two years, where he focused on market microstructure and financial stability issues. He previously undertook a six-month internship at Charles River Associates, gaining exposure to competition economics and profitability analysis. Jef holds a BA in Economics from Stellenbosch University and an MA in Finance from the University of Antwerp. He is a CFA charterholder (Levels I and II) and holds PhDs from both the University of Antwerp and Macquarie University.

Jef speaks English.

Tel: +32 2 882 50 24

Jef's specialisms include:

Selected
professional experience

  • Assessment of whether Euronext’s pricing structure complies with ESMA regulation on reasonable commercial basis (2025)

  • Analysis for Mastercard examining whether UK profit and loss statements follow Payment Systems Regulator guidelines on activity-based costing (2025)

  • Market investigation support examining Apple’s position under the European Commission’s Digital Markets Act (2025)

  • Profitability analysis of Amazon’s UK operations (2025)

Qualifications

  • PhD, University of Antwerp, Belgium

  • PhD, Macquarie University, Australia

  • MA Finance, University of Antwerp, Belgium

  • BA Economics, Stellenbosch University, South Africa

  • CFA Level I and II

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