It's in the speakers.

I think Chris has actually covered all points which may not cover apodising everywhere if you have legacy kit but does if you have recent speakers.

Meridian owner since 1992
Prime & PSU, Focal Elear headphones, Roon (ROCK 8Gi5 NUC), Explorer 1 & 2, F80. 200/203, various Sonos (via Roon).