Bank Of China Arm Eyes Iron Ore Swap Biz

Bank of China(BOC) subsidiaryBOC Internationalis preparing for entry into the iron ore swaps business in 2012,Nasdaqreports. 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 theCME Groupearlier this year, is also eyeing a category 2 membership on theLondon Metal Exchange.

Click here for the story fromNasdaq.