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Yes Bank, Reuters tie-up for electronic forex trading
June 15, 2007 16:39 IST
Last Updated: June 15, 2007 16:41 IST
Yes Bank will act as a market maker for the dollar-rupee pair for corporates having subscription to Reuters terminal, while other small corporates or individuals can avail online forex trading in any currency pair through the bank's website, Bank group President, financial markets, Ajay Mahajan told reporters.
"For active risk managers, online trading reduces the electronic slippage and helps them to take a decision on the quoted price for forex liqudity almost in real time," he said. In the last two years, Yes Bank has acquired more than 500 customers and it would make efforts to increase its customers through the offer, Mahajan said.
Reuters South Asia managing director Samir Shah said that a recent Corporate Treasury survey carried out in India found that there was a high demand for electronic forex trading.
"About 73 per cent of the surveyed corporates said they would be interested in trading forex electronically," Shah said, adding that almost 90 per cent of corporates currently carry forex trading over the phone.
Yes Bank is the first private sector bank to go 'live' in RTFX, which currently has Union Bank of India [Get Quote] and Standard Chartered as the other two market makers. "We are in talks with banks like SBI [Get Quote], ICICI [Get Quote] and HSBC to collaborate with them on the RTFX platform," he said.