The Retail Spot Foreign Exchange Market Structure and Participants

29 Pages Posted: 13 Apr 2016 Last revised: 15 Apr 2016

Date Written: March 22, 2016


The retail foreign exchange (forex) market is one which is only just starting to become a focus of research. Importantly, while it shares similarities and linkages to the more well-known institutional spot forex market, there are some key differences. These variations allow for a more concentrated arena in which to observe speculative activity. This paper documents the major features of retail forex trading and how it relates to the institutional market. It also examines the market participants and their behaviour. In doing so it provides a reference point for those not familiar with retail forex and introduces some potential areas for research development.

Keywords: foreign exchange, forex market, FX Trading, individual investor

JEL Classification: F31, G15, G11

Suggested Citation

Forman, John, The Retail Spot Foreign Exchange Market Structure and Participants (March 22, 2016). Available at SSRN: or

John Forman (Contact Author)

Charleston Academy ( email )

United States

Here is the Coronavirus
related research on SSRN

Paper statistics

Abstract Views
PlumX Metrics