Persistent deadlock in the Peace Implementation Council Steering Board over selecting a successor to Christian Schmidt, who resigned in May 2026, has kept the Office of the High Representative in acting status under Louis J. Crishock since July. US-backed candidate Antonio Zanardi Landi and European-supported options such as René Troccaz have failed to secure consensus across multiple PIC sessions, including a July meeting that ended without agreement and prompted searches for additional names like Peter Sørensen. These divisions, combined with broader questions about the future role and powers of the OHR under the Dayton framework, have driven trader consensus toward "No HR in 2026" as the leading outcome while leaving individual names at low implied probabilities pending resolution of the impasse.