Direct forex trading: YES Bank joins the band

More corporate entities can now conduct forex transactions directly instead of instructing their banks to do so. This follows YES Bank announcing the launch of direct foreign exchange trading service for corporate clients. Union Bank and, more recently, Standard Chartered Bank had earlier announced such a facility for their clients. All the three banks have signed up with Reuters for Reuters Trading for Foreign Exchange (RTFX) - an electronic trading platform. "The customers will also be able to chat with the bank dealer," said Mr Ajay Mahajan, Group President, Financial Markets, Institutions and Investment Management, YES Bank. The bank has 500-550 corporate customers. There is no additional cost to the customers for using the system