The tape whispers that performing Kolmogorov-Smirnov tests as proof of concretization of the methodology is an illusion of the tool.
Just because a sophisticated test is applied does not validate reality if the premises are fragile, especially if empirical data from Singapore are compared to global averages without liquidity adjustments.
The statistical similarity is then misleading, masking operational divergences, such as ignoring local regulatory specifics.
For this to be truly concrete, rigorous external validation of the distribution hypotheses used would be necessary, well beyond just executing the test.
Without this, there is a risk of overcorrection post-scandal if the market volatility diverges strongly from generic references.