Which of the following statements is incorrect? O 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. O The forward market is located in New York City. O Many of the commercial banks that offer foreign exchange on a spot basis also offer forward transactions for the widely traded currencies. O Forward contracts can hedge a corporation's risk that a currency's value may appreciate over time