Bank of China (BOC) subsidiary BOC International is preparing for entry into the iron ore swaps business in 2012, Nasdaq reports. It is looking to capitalize on the increasing demand for hedging from steel mills and traders.
The state-owned bank’s investment banking arm, will be offering brokerage services, proprietary trading of iron ore swaps and physical trading. BOC International, which had been approved as a clearer of the CME Group earlier this year, is also eyeing a category 2 membership on the London Metal Exchange.
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