notional value or gross market corresponds to the transaction Discussion-Based Assessment examining one to two competitors Progr…

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The RBA paper “The Australian OTC Derivatives Market: Insights from New Trade Repository Data ” includes the following statement:“Gross credit exposure is a better measure of risk than notional value or gross market value.” Explain the difference between the measures and provide your assessment of whether this statement is true (in other words: critically assess the statement).  
Before electronic trading of securities and the development of centralised settlement services bonds were often bearer securities with coupons attached to allow payment of interest. Transfer of ownership required the physical bond to be handed over. Assess the benefits to buyers, sellers and market functioning of current bond settlement processes.
The AFMA data on the energy market lists the participants surveyed. Most of the participants are producers and/or retailers of electricity apart from 2 banks. Would you have expected more banks to participate in this market? Why?
When entering into a new deal with a counterparty, why might the trader not immediately enter into an equal and opposite trade to hedge the position?
The FICC Markets Standards Board Supervisory conduct guidance https://fmsb.com/wp-content/uploads/2017/09/FMSB-SGP-Front-Office-Supervision-Final.pdf contains similar guidance to the AFMA Ethical Principles. In particular, Good Practice Statement 3 says: “Firms should ensure they are comfortable with the level of competence and experience of supervisors. Supervisors should have sufficient knowledge, experience and understanding of the business to be able to discharge their supervisory responsibilities.” Which parts of the AFMA Ethical Principles coincide with this statement and why?

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