Emerging market and restricted currencies present some of the most complex microstructure and operational challenges in FX. Liquidity is inconsistent across time zones, dealer conventions vary widely, and custodial and settlement infrastructures can materially shape execution outcomes. This panel takes a practitioner-level look at the market plumbing behind EM and restricted currencies- from documentation requirements and onboarding constraints to the role of local custodians, settlement risk and the lack of standardisation across dealers. Speakers will examine how LPs manage skew and risk in these environments, and share practical strategies for improving execution quality when market-access rules, pricing conventions and operational processes differ sharply from G10 norms.