Nasdaq OMX Group said on Friday it received Securities and Exchange Commission approval to launch a new US stock exchange, with a target date of October 8.

The new exchange, to be called Nasdaq OMX PSX, will feature a so-called price/size priority model, intended to lure market participants through the use of rebates to commit capital and display more liquidity. The method is expected to appeal to institutions, high-frequency traders and retail participants.