This is a battle which will go on for quite a few months yet. One small part of this reform which could have huge consequences for the retail FX market is the proposal to reduce leveraging to 10:1. Leveraging (along with huge advances in internet technology) has allowed the smaller player previously unheard of access to the FX market. If this is taken away I personally think it would be a great pity. It would mean that the banks and the bigger players are again in total control of the market, which is surely not the intended consequence of the reform.