Which of the Following Statements Is Incorrect

Which of the following statements is incorrect?

A) Forward contracts are contracts typically negotiated with a commercial bank that allow the purchase or sale of a specified amount of a particular foreign currency at a specified exchange rate on a specified future date.
B) The forward market is located in New York City.
C) Many of the commercial banks that offer foreign exchange on a spot basis also offer forward transactions for the widely traded currencies.
D) Forward contracts can hedge a corporation's risk that a currency's value may appreciate over time.

Correct Answer:

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