The Aug. 1 implementation of new rules is drawing close for the European forex industry. That's the date set by the European Securities and Markets Authority (ESMA) to sharply lower leverage on major currency pairs to 30:1 from levels that now run as high as 200:1. Minor pairs will drop even furtherto a margin of 20:1. The rules are expected to lower revenues at major brokers that include Saxo Bank, IG Group, IronFx, Dukascopy, Barclays Trading Hub, iForexand GAIN Capital Holdings, Inc.'s (GCAP) City Index. Binary options will be outlawed as of that date, while contracts for difference (CFD) face new restrictions. ... (full story)