Ms Ross also took the opportunity during this speech to provide an update on ESMA's work relating to MiFID II. Among other things, Ms Ross reported that ESMA has started working on the draft RTS specifying the derivatives that should be subject to the trading obligation and that it intends to publish a discussion paper in summer 2016. ESMA is likely to publish a consultation paper at the beginning of 2017 and submit final draft RTS to the European Commission in summer 2017. Ms Ross also noted that ESMA still has to deliver RTS on the scope of the non-equity tape. ESMA has started work on this and plans to consult in summer 2016.