Our Staff

Last Updated: November 2016

Dr. Karel Nolles - Director

Karel Nolles headshot

Download CV for Karel Nolles

Karel Nolles founded Aton Consulting in 1999. 

From 2004-2006 Karel was a Senior Research Fellow in the Faculty of Commerce and Economics at UNSW, and was a founding director of the UNSW centre for Energy and Environmental Markets.

From mid 2007 to early 2013 Karel worked as an investment banker with Macquarie Group, initially in the Utilities and Climate Change team of Macquarie Capital, and later in Macquarie Global Investments. 

In this role he conducted a wide range of investment review, advisory work and asset management. 

He represented Macquarie on the board of directors for a number of companies where Macquarie has a shareholding.

In 2012 he was seconded from Macquarie to be the Managing Director of NextGen – one of Australia's leading brokerage businesses in Australia's electricity and environmental markets. 

For most of 2013, Karel consulted to the Australian Energy Markets Commission regarding the application of the G20 derivatives principles to the Australian energy markets.

From 2014 to 2016 Karel was on consulting retainer to be Head of Market Design for SocietyOne, one of Australia's leading FinTech companies, where he led the team to design and implement the SocietyOne market place, including developing robotic/AI investor bidding agents and systems for realtime market surveillance, operational monitoring, data simulation and analytics, and applying machine learning techniques. Over $100m of loans have been funded by SocietyOne using these platforms.

Earlier in his career, Karel worked as a consultant to the Australian Financial Markets Association for 4 years, where in particular he worked on the AFMA Electricity Trading Committee and the AFMA Environmental Markets Committee.  Karel led AFMA's involvement in the implementation and operation of the Settlement Residue Auctions for Basslink on behalf of the Tasmanian Government in 2005/06.

In both his academic role and particularly with AFMA, Karel regularly wrote policy papers and submissions to government, as well as writing a wide range of journal articles, reports, teaching materials and industry presentations.

A partial list of his consulting work includes:

  • Ergon Energy: An experimental economics investigation of the Mandatory Renewable Energy Market. 2006

  • ASX: Research grant to develop experimental economics tools for education. 2005

  • AFMA/Government of Tasmania: Implementation of Basslink Settlement Residue Auctions. 2005-06

  • NSW Environment Protection Agency: Design of primary issuance auction for the Hunter River Salinity Trading Scheme. (AFMA consulting). 2003

Some publications from Karel include::


Dr. Brian Scott - Senior Research Fellow

Brain Scott headshot

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Brian Scott is an assistant professor at the University of Alabama at Birmingham and does ad-hoc research projects with Aton Consulting.

Brian received his PhD from the University of Illinois at Chicago where he was awarded an Environmental Manufacturing Management fellowship supported by the Institute of Environmental Science and Policy.  The focus of his thesis and published articles have been environmental policy with an emphasis on experimental testing of market based instruments, starting his first experiments on the subject in 2001. Brian has coauthored a book, “Control of Urban Smog: The Significance of the Chicago Cap and Trade Approach”, which is due out in October 2006.

His current experimental work covers mergers and acquisitions, and the effects of such mergers on consumer prices, quantities of goods in the market, and firm profit.  Other current research projects involve nitrogen removal from waterways through managed wetlands, or wetland farms, and in more esoteric game theory experiments, measuring social distance, and the effects of “forced volunteerism”.

A partial list of Brian’s publications and presentations includes:

  •  “The Economics of Nitrogen Farming”, report produced for The Wetlands Initiative, 2006

  • “Control of Urban Smog: The Significance of the Chicago Cap and Trade Approach”, with Kosobud, Richard F., Houston H. Stokes, Carol D. Tallarico, Routledge Publishing, 2006

  • Kosobud, Richard F., Houston H. Stokes, Carol D. Tallarico, Brian L. Scott, “Valuing Tradable Private Rights to Pollute the Public's Air”, Review of Accounting and Finance,  Vol. 4, No. 1, 50-71, 2005