A couple months back I provided information about my PhD dissertation on retail forex trader activity and performance here.
That’s a pretty heavy document - basically a book. One of the chapters focuses specifically on the structure and make-up of the retail forex market. It’s still something with an academic focus, but those who are looking to understand how the market is structured should find it a useful reference. I’ve make that available separately (with some updates) here.
Comments, etc. are welcome.