Recent failures to manage counterparty risk serve as a reminder of the need to control and limit risk concentrations. The origin of the failure of Archegos Capital Management, a family office of a former hedge fund manager, can be found in the concentrated risk exposures that it built up and mismanaged. Archegos built large and highly leveraged equity positions through total return equity swaps with several banks who were unaware of its overall positions and had also, in the case of Credit Suisse in particular, insufficiently collateralised their exposure to the family office. When the value of these positions contracted sharply, Archegos defaulted on its margin calls, with several of the exposed banks suffering large losses.