Final answer:
The statement is false; an over-the-counter market does not have New York as its central trading location. Such markets are decentralized networks without a central physical location.
Step-by-step explanation:
The statement that an over-the-counter market is a network of dealers with New York as its central location for trading is false. An over-the-counter (OTC) market is actually a decentralized network where securities transactions are conducted electronically or via telephone, often for stocks that are not listed on formal exchanges like the New York Stock Exchange (NYSE).
The foreign exchange market, for example, is a type of OTC market with roughly 2,000 firms worldwide, including less than 100 in the U.S., with the largest dozen handling over half the total transactions, yet having no central location. The NYSE, by contrast, is the oldest and largest manual stock market in the U.S., located on Wall Street, and it trades stocks for 2,800 companies.