The Nasdaq OMX Group will launch a second U.S. equities exchange on Oct. 8, the first in the United States that will give priority to the size of an order, at a given price, the exchange operator said Monday.

Nasdaq said the exchange, to be called PSX, will be the first U.S. equity trading platform with a price-size priority model. The platform, which will be operated as a facility of the NASDAQ OMX PHLX exchange, has been approved by the Securities and Exchange Commission .

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