In your already formed groups complete the questions below: Current trends in trade finance exhibit a clear shift to open account-based trade and away from the traditional (and more secure) documentary credit. By some estimates, documentary letters of credit are now utilized in about 4% of trade transactions, even where higher-risk markets are involved. 1. Discuss the assertion by a senior European trade banker that " we are just one major crisis away from a mass return to traditional trade finance instruments, particularly the letter of credit." 2. What characteristics of the letter of credit might be the basis for such a statement? Note: Each question is worth 10 marks 3 Pages limit Word document submission required Only one group member to submit and include the names of all group members In your already formed groups complete the questions below: Current trends in trade finance exhibit a clear shift to open account-based trade and away from the traditional (and more secure) documentary credit. By some estimates, documentary letters of credit are now utilized in about 4% of trade transactions, even where higher-risk markets are involved. 1. Discuss the assertion by a senior European trade banker that " we are just one major crisis away from a mass return to traditional trade finance instruments, particularly the letter of credit." 2. What characteristics of the letter of credit might be the basis for such a statement? Note: Each question is worth 10 marks 3 Pages limit Word document submission required Only one group member to submit and include the names of all group members