The foreign exchange market

a) is organized as an over-the-counter market in which several hundred dealers stand ready to buy and sell deposits denominated in foreign currencies.
b) is very competitive.
c) functions no differently from a centralized market.
d) all of the above

D) all of the above

Explanation:

The foreign exchange market is the global market for the trading of currencies. It is largely decentralized and so are the overall operations; transactions can be done on a mobile phone hence making making choice C correct. Transactions are conducted over-the-counter , since it is not established on a floor or official exchange; this makes choice A correct. Additionally, foreign exchange markets are very competitive since all participants have access to perfect information and thus decisions made by one participant are not made due to an information advantage over another participant hence making choice C correct.