The lively mix of “knowns” and “unknowns” that will shape trading and markets regulation in 2018 makes projections a risky business. What we know is that Hester Peirce and Robert L. Jackson Jr. have been appointed to fill the two vacant Commissioner posts, the Commission’s Division of Trading and Markets (T&M) has a new Director and FINRA’s new CEO has been in his position for less than a year. Complicating all of this is the relative inaction, in general, on Capitol Hill. We might project that Commission rulemaking will be leaner, less prescriptive, and more deferential to market forces. That said, new Commission rulemaking may well be more procedurally constrained and more intensely scrutinized than it has been over the previous decade. We also see cybersecurity and FinTech issues receiving a good deal of attention. On a separate front, the Commission is likely to focus on SRO fees and economics. A petition for rulemaking seeking more disclosure related to exchange market data fee filings, as well the DC Circuit’s remand related to the OCC’s capital plan, may reveal whether and how the new T&M leadership impacts the Commission’s review of SRO and market data questions. Finally, exchanges will be reacting to the Second Circuit’s ruling that SRO immunity does not apply to exchanges facing fraud claims arising out of Michael Lewis’ Flash Boys.