JPM’s Zubrow: US margin rules 'will kill our overseas swaps activities'

US banks will lose a portion of their derivatives business if draft US rules on margin are implemented, JP Morgan's chief risk officer, Barry Zubrow, will warn the House Committee on Financial Services in a hearing today. The proposals would require US banks to collect initial margin from selected counterparties on all uncleared over-the-counter derivatives – which could be a third or more of the market – and would apply to the banks' overseas units as well as their domestic ones. Other