Name two global exchange services

(Answers may vary)

The global credit crisis started with the failure of Lehman Brothers, a global bank. However, this wasn’t the cause, only the first sign that there were problems. Lehman Brothers, and other banks enjoying a prosperous economy, took risks that were not advisable according to the traditionally conservative industry. They loaned money to people and corporations that could never hope to pay back the loans. Regulators, the watchdogs of the banking industry, also are to blame for knowingly allowing the banks to take on these loans, as they were also complacent in the booming economy. Many other banks faced the same fate, some caused by their own faulty loans, but also because Lehman Brothers started a domino effect due to the global markets that depended so heavily on them.

GXS is a global exchange service that handles more than 12 billion transactions annually. Approximately 600,000 businesses worldwide utilize the GXS Trading Grid, a product that enables electronic exchange. Because GXS is strong financially, its response to the credit crisis was to take on acquisitions and partnerships of smaller companies that had software and products that complemented their portfolio. In July 2009, GSX partnered with CGI, a technology company, to integrate their services to provide supply chain finance solutions to banks and other financial institutions.

Another global exchange is Forex. This matches independent traders with global currency markets. During the credit crisis, Forex traders were found guilty of rigging the foreign exchange market by colluding, although these traders were not employees of the company but using the trading platform.

Explanation: Edmentum Sample Answer.

(Answers may vary)

The global credit crisis started with the failure of Lehman Brothers, a global bank. However, this wasn’t the cause, only the first sign that there were problems. Lehman Brothers, and other banks enjoying a prosperous economy, took risks that were not advisable according to the traditionally conservative industry. They loaned money to people and corporations that could never hope to pay back the loans. Regulators, the watchdogs of the banking industry, also are to blame for knowingly allowing the banks to take on these loans, as they were also complacent in the booming economy. Many other banks faced the same fate, some caused by their own faulty loans, but also because Lehman Brothers started a domino effect due to the global markets that depended so heavily on them.

GXS is a global exchange service that handles more than 12 billion transactions annually. Approximately 600,000 businesses worldwide utilize the GXS Trading Grid, a product that enables electronic exchange. Because GXS is strong financially, its response to the credit crisis was to take on acquisitions and partnerships of smaller companies that had software and products that complemented their portfolio. In July 2009, GSX partnered with CGI, a technology company, to integrate their services to provide supply chain finance solutions to banks and other financial institutions.

Another global exchange is Forex. This matches independent traders with global currency markets. During the credit crisis, Forex traders were found guilty of rigging the foreign exchange market by colluding, although these traders were not employees of the company but using the trading platform.

Explanation: Edmentum Sample Answer.

Western Union: western union has global presence and specializes in the delivery of transfer payments. Many people who lived in developing countries use Western Union to obtain the transfer payments that they are sent from relatives living in developed countries.

PayPal: PayPal works like Western Union but for online payments. It is the most commonly used platform for online payment in the world, has a global services, and provides an easy solution for people living in countries with capital controls for example, and who need to receive payments from abroad that originally come in foreign currency.

C. Fair Credit Reporting Act

Explanation:

Fair Credit Reporting Act was brought into action to lay governance on the credit bureaus regarding their consumers' credit information. The act presents the rules and regulations to be followed to obtain and present the credit details of the consumers. Also, it looks over the manner in which the details are shared with the consumers and others for various other purposes.

According to the given excerpt, the Fair Credit Reporting Act allows Carlos to take an action in case of any error found in his credit report.