An acronym for midpoint routing option/ strategy; the strategy allows traders to search midpoint liquidity on an exchange’s order book, off-exchange venues, and other protected market centers. If orders for securities remain unfilled after routing, these orders will be posted on an order book of Nasdaq or Nasdaq-like venue as a midpoint peg order. Execution favors fill rate over passive protection.

A MIDP strategy suits investors/ traders seeking better fill rates without the cost of crossing the spread. Such a strategy can be executed against market orders, limit orders, non-displayed orders, and other midpoint orders.