SFM Interview: collateral optimization won’t advance if buy-side’s anchored to faxes

The nicest thing one can say about the recall process from segregated collateral accounts (SCAs) is that it’s costly, unscalable, slow moving, and susceptible to human error and delivery failures because it’s anchored to signatures on faxes. Add to that a variety of regulations that have spurred a proliferation of these accounts and are penalizing fails with fees, and it’s no surprise that the “Ax the Fax” movement is getting a new wind. We speak with Amy Caruso, head of Collateral Initiatives at the International Swaps and Derivatives Association (ISDA), and Eric Jiobu, derivatives and collateral specialist at Northern Trust, about why now is a better time than ever for automation.

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