Shell compliance chief rues ‘perverse outcome’ of Mifid II

New EU rules may fragment liquidity and spur regulatory arbitrage, conference hears

Shell retail site in US
Shell voices concerns about Mifid II

Incoming rules under the European Union's new Markets in Financial Instruments Directive (Mifid II) may drive energy firms to shift their trading activities into new contracts and venues where they can benefit from lighter regulatory treatment, according to a top compliance officer for oil major Royal Dutch Shell.

"It would seem a perverse outcome that regulation drives how you do business and how you manage risk, but that is exactly what Mifid II might do," said Marc Cornelius, regional head of

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