Bob trades the bonds of countries all around the globe from his seat on a trading desk in Boston. He often trades with

counterparties in London or New York even if he is trading Asian securities$,$ such as Japanese government bonds $($JGBs$).$ If he buys a

JGB from a counterparty in New York, how will the trade settle?

Select one

A$.$ It will settle in New York in dollars.

B$.$ It will settle in Tokyo in dollars.

C$.$ It will settle in New York in yen.

D$.$ It will settle in Tokyo in yen.