Nasdaq OMX Group Friday announced the launch of a third options market.

The operator of the Nasdaq Stock Market said its Nasdaq OMX BX Options market will launch in June, if it receives approval from the Securities and Exchange Commission.

Nasdaq will differentiate the BX Options market from its existing options market by providing retail customers with a “price/time trading system,’’ it said. Meaning: The fastest order to hit the market, wins.

The retail customer will get the kinds of microsecond trading speeds, bulk quoting, low latency communications protocols and “rapid fire risk protection” that professional trading firms are used to at its existing Nasdaq OMX PHLX options market and the Nasdaq Options Market

The BX Options market will run on the INET technology, data center and network architecture that the other Nasdaq options markets use.

"Nasdaq OMX will continue to strengthen its competitive offering in the derivatives space not only with cutting-edge trading tools that service the full cycle of a trade, but also with inventive market structure that provides true price discovery for an underserved segment of investors,"said Eric Noll, Executive Vice President of Transaction Services U.S. and U.K. at Nasdaq OMX

Here’s how Nasdaq described the differences between the three options markets:

  • BX Options will reward retail customers for accessing liquidity with innovative structure and functionality.
  • PHLX will offer electronic and floor-based trading with a traditional allocation model.
  • NOM will provide investors a fully electronic market with a price/time allocation model.

Last year, Nasdaq launched a new listing market for startup companies, using the BX brand.

The BX Venture Market was designed to serve companies with lower financial standards than those listed on its flagship stock market. Transactions do not appear on the consolidated tape of trades on National Market System venues.