It depends what you're doing, and what you're allowing in your system. You're talking about an omnibus account[1] or a trade that hasn't been settled (but will be settled at some point).
Depending on your system, there are ways to be less transparent. You also lose the transparency that you could benefit from the system yourself, and there's some limitation to it (the amount of the omnibus account is still visible, and money still moves between omnibus accounts).
On the other hand, wherever you are on the spectrum, it is still a more transparent system compared to a blackbox centralized system, or a multitude of blackbox systems trying to settle between one another all the time.
Depending on your system, there are ways to be less transparent. You also lose the transparency that you could benefit from the system yourself, and there's some limitation to it (the amount of the omnibus account is still visible, and money still moves between omnibus accounts).
On the other hand, wherever you are on the spectrum, it is still a more transparent system compared to a blackbox centralized system, or a multitude of blackbox systems trying to settle between one another all the time.
[1]: https://www.google.com/search?q=omnibus+account&oq=omnibus+a...