9.1 Learning Outcomes:Describe the functions of the foreign exchange market.Understand what is meant by spot exchange rates.Recognize the role that forward exchange rates play in insuring against foreign exchange risk.Describe the historical development of the modern global monetary system.Compare and contrast the differences between a fixed and a floating exchange rate system.Describe the benefits of the global capital market.9.2 Action Required:Watch the video using the following link:https://www.youtube.com/watch?v=zklAlpBnWkw9.3 Test your Knowledge (Question):Differentiate the World Bank from the IMF9.4 InstructionsStudents are to answer the given question in Discussion Board.Maximum word limit: 120 words.