The deliverable for this project is a short report of 3 to 5 pages in length which summarizes the MARKET OUTLOOK for retail, spot-market forex investor trading. The report must include a 5-year growth history of the retail forex trading market, and then focus on growth projections over the next 5 to 10 years. For clarity, the term "forex market" in this case specifically refers to companies identified as Forex Dealer Members or Futures Commission Merchants per the National Futures Association (NFA) definitions. These companies are retailers that act as direct counterparties to trades made by forex investors. Dealers receive real-time quotes for foreign currencies from "wholesalers," and then provide retail quotes to their investor clients through proprietary or third-party trading applications such as MetaTrader4. The dealers revenue comes from markups on the currency, or the difference between the wholesale and retail quotes, and in some cases dealers also charge commissions. Examples of subject companies for this report include GAIN Capital, AC Markets, FXDD, FXCM, and MIG Bank. Additional clarification will be provided as necessary through the PMB.