9) Better hedging infrastructure does not make an emerging market risk-free.
It does not remove credit risk, political risk, business risk or execution risk.
It addresses something narrower: the possibility that a currency move overwhelms the economics of an otherwise sound business, payment flow, project or investment.
If that exposure can be isolated, priced and hedged, institutions can make clearer decisions about the underlying opportunity.
That can matter for trade, payments, corporate expansion, treasury management and ultimately capital allocation.