A contra midpoint only (CMO) that comes with “post-only” functionality which allows the order, similar to a midpoint peg post-only order, a contra midpoint only with post only (CMO+PO) will execute upon entry only if market conditions are favorable to the trader entering the order. This order provides market participants with for determination of respective trade–offs that might be available when executing orders such as the amount of liquidity obtainable over the short term against market charges relative to the midpoint price.

Post only features allow participants more time before immediate executions in order to wait for potential price improvement. Additionally, this functionality allows market participants with similar approaches to get together and interact under better market conditions.