UP to 900 brokers and financial advisers are expected to attend three Securities and Futures Commission seminars on the new rules for the leveraged foreign exchange market. It is the first indication of how many could be intending to apply for registration and is likely to surprise many in the industry who believed the retailing sector would be devastated by the proposed regulatory regime. Some industry pundits have predicted that the crackdown could reduce the number of dealers from about 300 to less than 20. The first seminar was held last night, with another tonight and the final seminar scheduled for Thursday. Last month, the commission unveiled sweeping rules to drive out fringe retail dealers from the scandal-plagued market. Dealers will be given until the end of this month to prove to the commission that they are fit and proper and have adequate financial resources to continue offering their services. The central plank of the reforms will be stringent minimum capital and liquidity requirements to ensure that licensed traders have adequate resources to cover the risks involved in the highly volatile foreign exchange markets. In addition, they will have to submit returns to the commission within five trading days after month-end, and immediately report if liquid capital falls below certain limits. Dealers will also have to quote two-way prices, and all orders will have to be recorded, time-stamped and retained for at least seven years.