Jonathan specialises in the financial services sector, where he applies his skills in corporate finance, regulatory finance, asset pricing and valuation. He brings experience of working with leading banks, insurers, exchanges, payment service providers, industry associations and regulators. He has expert knowledge of many UK and EU financial regulations, particularly on payments, capital markets and bank resolution legislation, the banking sector state aid framework, and the current policy landscape.

Before joining Oxera, Jonathan worked at the European Commission, where he played a leading role in designing EU financial regulation in response to the financial crisis. Prior to this, he worked in the UK Government Economic Service, at HM Treasury and the Committee on Climate Change, on policy issues relating to banking policy, climate change and pensions. Jonathan also spent a year teaching undergraduate corporate finance at Universitat Pompeu Fabra and conducting research at the Barcelona Center for Banking Studies.

Selected project experience

  • Managing financial analysis on market-to-asset ratios of listed water companies in the context of appeals to the UK Competition and Markets Authority on the PR19 price controls (2020)
  • Managing a study on equity trading markets in Brazil (2020)
  • Managing a study on cost of equity estimation for the RIIO-2 price controls for the UK Energy Network Association (2018–19)
  • Managing a study on the design of primary and secondary equity markets in the EU for the European Commission (2019−)
  • Managing a study on the design of equity trading markets in Europe for the Federation of European Securities Exchanges (2019)
  • Training members of UK Finance on how to assess consumer outcomes and ensure financial services products deliver appropriate outcomes, using insights from behavioural economics (2019–)
  • Benchmarking business unit-level profitability for a large financial services firm (2018–)
  • Developing training material on the regulation of remuneration in the insurance industry for the insurance regulator in Italy (2018)
  • Advising a party subject to the UK Financial Conduct Authority (FCA) antitrust investigation into IPOs (2018)
  • Advising a multinational on state aid matters in relation to a tax ruling in an EU member state (2018)
  • Advising an independent investment consultant on the CMA market investigation into investment consultants (2017–18)
  • Advising the FCA on the cost of capital in banking as part of its strategic review of retail banking business models (2018)
  • Advising a large financial services firm on its cost-allocation methodology and transfer pricing arrangements (2017–18)
  • Providing training to the UK Financial Conduct Authority (FCA) on financial market functioning (2017–18)
  • Managing a comprehensive review of European corporate bond markets, with a focus on how to improve market liquidity (2015–16)
  • Drafting the ‘Action Plan on Building a Capital Markets Union’ for the European Commission, including an implementation plan, a mapping of resources and budget implications, and a communication strategy (2015–16)
  • Developing impact assessments and legislative proposals for the European Commission on securitisation markets (2013–16)
  • Advising the European Commission on how to improve the functioning of the market for non-performing loans (2013–15)
  • Reviewing the effects and cumulative impact of post-crisis financial reform (2013–16)
  • Leading the development of UK policy on ‘bail-in’ and loss-absorbency at HM Treasury, following the Independent Commission on Banking’s recommendations (2012–13)
  • Advising the UK government on its negotiation of the EU Bank Recovery and Resolution Directive (BRRD) (2012–13)
  • Coordinating HM Treasury’s policy on banking sector EU state aid rules (2012–13)
  • Providing in-depth modelling of transport emissions for the Committee on Climate Change for several major reports, including the Fourth Carbon Budget, Shipping Review, Bioenergy Review, and Third Progress Report (2010–11)
  • Advising the Chancellor of the Exchequer on all policy matters relating to public service pension schemes, including valuation and affordability analysis (2008–09)

Selected publications

  • Haynes, J., Schmitt, D. and Grimm, L. (2019), ‘Estimating stochastic volatility: the rough side to equity returns’, Decisions in Economics and Finance, 17 July, pp. 1–21.
  • Haynes, J. and Haynes, P. (2016), ‘Convergence and heterogeneity in euro based economies: stability and dynamics’, Economies4:3, 16.
  • Haynes, J. and Sessions, J. (2013), ‘Work now, pay later? An empirical analysis of the pension–pay trade off’, Economic Modelling30, pp. 835–843.


  • MSc Economics and Finance, Barcelona Graduate School of Economics, Spain
  • CFA Investment Management Certificate
  • BSc Economics, University of Bath, UK