Yes Bank, Reuters tie up for online forex trading
15 June 2007
Yes Bank, an Indian lender partly owned by Rabobank Groep of the Netherlands, will act as a market maker for dollar-rupee trade for corporates subscribing to Reuters terminal, while other corporates or individuals can avail online forex trading in any pair of currencies through the bank''s website, Ajay Mahajan, group president financial markets of the bank, said.
"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.
About
90 per cent of corporates currently carry forex trading over the phone. Yes Bank
has acquired more than 500 customers over the last two years and it would make
efforts to increase its customers through the offer, Mahajan said. YES
Bank, meanwhile, is planning to raise as much as $210 million selling shares and
debt this year, Mahajan said. ``There
is a plan to raise money in a private placement of shares but it is still early
days,'''' Mahajan said in an interview in Mumbai. ``It could be potentially as much
as Rs400 crore ($97.8 million).'''' Yes
Bank, based in Mumbai, will also sell $80 million to $110 million
of debt to investors in India and abroad in the next four months, Mahajan said
without elaborating.