Identify the INCORRECT statement below regarding global capital markets.
A) Eurobonds are denominated in a currency external to the country where they are issued and traded.
B) USD financing dominates the eurocurrency markets.
C) American depository receipts (ADRs) enable a non-US firm to be listed on a US stock exchange.
D) The main reference rate in eurocurrency markets is the London inter-bank offer rate (LIBOR) .
E) Financing in eurocurrency markets is arranged by offshore banking units (OBUs) .
Correct Answer:
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