Retailbrokers handled $30.4 trillion in monthly FX and other trading volume in thesecond quarter of 2026, according to FM Intelligence. That is 9.3% below thefirst quarter's $33.5 trillion, yet it leaves activity within 1.4% of the sameperiod a year earlier.Thequarter-on-quarter dip reads as a step back from a first-quarter high ratherthan a downturn, and the full Q2 2026 retail broker volumesanalysis shows whythe headline number hides more than it tells. Underneaththe flat annual total, the order of the ranking moved.The Market Cooled Whilethe Leaderboard ReshuffledOf the 21brokers in the ranking, 18 reported lower volume than in the first quarter. Allof the top 10, by contrast, sat higher than a year earlier. The two facts pointin opposite directions, and the space between them is what the analysis pullsapart.One namethat ranked fourth by volume in the second quarter of 2025 now sits first,after more than doubling its monthly total over the year. The broker that ledthe table a year ago has slipped to third. The live movements are tracked inthe broker volumes panel.A Leader That BarelyTrades CurrenciesThe rankingmeasures FX and other volume combined, and for the brokers now at the top,other does most of the work. The firm in first place booked 97% of its reportedvolume outside FX, in instruments such as equities, indices, commodities, andcrypto CFDs. Two of its closest rivals reported 99%.That raisesa question the aggregate total cannot answer on its own: how much of the volumeat the top of the retail table is currency trading at all, and how much iseverything else.Whomoved, by how much, and which names now fill the top 21 are set out in the Q2 2026 retail broker volumesanalysis on the FM Intelligence portal.This article was written by Damian Chmiel at www.financemagnates.com.