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Taylor will focus on research after keeping FX Concepts’ newsletter and ‘research process’
As most of our readers know, the foreign exchange markets are a very tough and sometimes unforgiving industry. Partly this is what makes it very hard to quit too – it took John Taylor, founder of one of the biggest currency hedge funds FX Concepts, only three months to announce that he is going back to business after the company filed for bankruptcy protection in October last year.
According to a Reuters report, last Thursday John Taylor said in a letter to clients that the market is his home and he is coming back. As part of bankruptcy proceedings all of the company’s intellectual property has been sold except the newsletter and the research methodology used to produce it. This is where the new adventure for 30 year forex veteran John Taylor starts, as he stated that the newsletter is going to be released regularly again.
Taylor proceeded to state that the newsletter has been his primary source of business and income in the past and will become so again in the future. While the market dynamics have changed during the past couple of years and the foreign exchange market has become increasingly dependent on political developments, Taylor’s approach to the market should evolve too.
Taylor famously called about a year ago that the EUR/USD exchange rate is going to parity, however in real life the Euro was the strongest performer amongst major currencies in 2013. He has informed his subscribers that a new set of medium-term and intra-day models has been devised and will be launched as soon as a settlement with major creditor Credit Suisse’s Asset Management Finance is reached.
Taylor has personally guaranteed up to $5 million of the total $34 million debt outstanding to AMF. He concluded that a settlement with Credit Suisse’s financing arm is in the near future. Stay tuned to LeapRate for more news surrounding the FX markets industry.
For the full article by Reuters click here.