It is not just the Forex firms seeing slowing volumes lately. With client trading at very low levels across a host of “traditional” markets, including equity and fixed income, we are seeing more and more online equity brokers and global banks add new products, with a very popular one being retail FX (despite the temporary slowdown in FX as well).
The latest entrant in the market is Lisbon-based online broker DIF Broker, which will white label FXCM’s solution. FXCM also recently added E*Trade, one of the largest U.S. online brokers, as a white label client which sought to add FX to its online offering. And HSBC recently got into the retail FX business via a white label from Oanda, which we believe is geared more toward the slowly-opening but rapidly growing  China market.
For more on FX white labels and the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.