"A trade with counterparty A and counterparty B doesn't necessarily affect the rest of their counterparties because they all have segregated accounts and you have to post collateral with each account," Kantorovich said. "If someone deposits $10 million with a counter-party and that shows up in a dashboard, you can see it is not being rehypothecated."

https://www.theblock.co/post/226652/crypto-transparency-fractal-raises-6-million-to-reshape-market-structure-after-ftx-3ac