An order that provides potential for price improvement by executing at the midpoint of the best bid and best offer prices in a given market (e.g., NBBO). It is eligible to execute against specific types of orders: market orders, limit order, non-displayed orders, and other midpoint orders.

Traders can post immediate-or-cancel (IOC) orders or orders at the midpoint, pegging with the nation-wide best price to gain price priority over other orders at both sides (buy and sell) and having the ability to match with marketable order flow directed to a number of venues. This type of orders favors execution at better fill rates over passive protection.

Midpoints orders are particularly used by traders seeking better fill rates without bearing the cost of crossing the spread.