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How does Pipeline define a passive order?

define passive pipeline
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How does Pipeline define a passive order?

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Within the Pipeline system, an order is considered passive if the price is less aggressive than the Pipeline Reference Price. For example, the NBBO for Cisco is $29.49 – $29.51, and the Reference Price is $29.50. A buy order priced at $29.49 or below is considered passive. A sell order at $29.51 or higher is considered passive.

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