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When you accept a quote, settlement turns it into an active loan.

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Settlement is all or nothing

The position never half-opens. A partial settlement would leave collateral or debt stranded somewhere in the middle, so the transaction is built to fail instead. In one flow:
  1. The accepted quote is checked for validity.
  2. Your position opens.
  3. Collateral is posted and the underlying venue borrow is established.
  4. The borrowed funds are delivered.
If any critical part cannot complete, the whole transaction reverts.

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Every loan gets its own pod

Isolation here is not a policy. It is a separate account per loan. Settlement opens a pod: an account created for that loan and nothing else. Your collateral goes into it, the venue borrow is opened from it, and the solver’s bond is posted against it. One borrower with three loans has three pods, and none of them can reach the others. Your positions each show a Pod ID, which is the address of that account. In a pooled model, one stressed position can pull on everyone else’s collateral. Here there is no shared pot to pull on. A loan in trouble is contained to its own pod, which also makes your own position easier to read: what you see is your loan, not your share of something larger. From here, most readers want Managing positions. For the capital behind your rate, see What backs your fixed rate.