A single collateral pool backs positions across every ticker. You don't keep a separate pot of collateral per stock.
How netting works
- Offsetting defined-risk legs are netted, so a hedged book needs less collateral than the sum of its parts.
- Every position's maximum loss stays reserved. Netting only removes collateral that could never be needed.
- Because of that, cross-margin never introduces a liquidation price.
What it's for
- Running a book of spreads and hedges across tickers from one account.
- Freeing collateral that isolated margin would lock up twice.