1. Briefly explain the relationship between the Gross Values and the Notional Values of various derivatives contract. What is the most recent position of outstanding derivatives in the United States and in the rest of the world? What conclusions do you draw from the changes in these derivatives markets (say between 2012 and 2020), and what are the identified risk implications? Please be specific. {15 points) 2. Discuss the implications of the latest monetary policy decision of the ECB, especially their Open Market Operations, and the possible impact on the financial markets, in the US and in European countries. Also, what was the impact on, or actions by, the US Federal Reserve, during the week starting September 14, 2020? {10 points) 3. What role do derivativesboth OTC & Exchange Traded Derivatives-play in (de)stabilizing financial markets and institutions in the United States and in other countries? Also, briefly trace the change in the use of derivatives, listing possible reasons for any such developments in your own words. {08 points)