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It essentially means the exchange is live. Or "live enough" for them to be accepting orders from ISPs on behalf of their end-users.
Because the actual installation at end-user properties is perhaps 10-days after ordering, they *could* go into a "accepting CP orders" state a couple of weeks before being fully live.
However, caution is still needed - an exchange being live doesn't mean your cabinet is yet live. My exchange went to "accepting CP orders" in November; the first people I know of to *actually* order did so in December, and connected after Christmas, but my cabinet is still not live. It did have some roadworks for power installation 3 weeks ago though...
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