Which statement does not apply to BOC orders?

The statement that does not apply to BOC orders is that they can be entered as limit or market orders. BOC, or "Best of the Closing" orders, are specifically designed to ensure that orders are executed at the closing price. Therefore, they must utilize limit prices to achieve this goal, as executing at a market price would not align with the mechanics of closing prices dictated within the BOC framework.

When BOC orders are placed, they are intended to execute at the best available price at the close of trading, which necessitates the use of limit prices to reflect that closing mechanism. This allows market participants to benefit from the closing price, rather than risking execution at potentially unfavorable levels that market orders may incur.

Moreover, since BOC orders are formulated with strict adherence to their closing nature, further order restrictions effectively do not apply beyond the parameters already set for limit orders tied to closing prices. This solidifies the concept that BOC orders are not compatible with market order execution, reinforcing why the assertion of their potential for being entered as market orders is not accurate.