* Nasdaq OMX wins approval for a new exchange
* New exchange displays more shares at a price level
* Co. says new platform increases transparency
(Adds details)
Sept 20 (Reuters) - Nasdaq OMX Group Inc said on Monday that it has won an approval from the U.S. Securities and Exchange Commission to launch a new stock exchange on Oct. 8.
The new equities trading platform -- known as NASDAQ OMX PSX -- will focus on price-size priority model, which encourages participants to display more shares at a price level.
More displayed volume encourages greater transparency in the public marketplace and increased depth at a price level for customers, the exchange company said.
"We are pleased to deliver new opportunities that meet the needs of our buy-side and sell-side trading customers as well as other market participants enabling them to add liquidity to a lit marketplace," Eric Noll, executive vice president of transaction services at NASDAQ OMX, said in a statement.
The allocation of shares is pro-rated based on a participant's size relative to the total size at that price level, the exchange said. (Reporting by Sakthi Prasad in Bangalore; Editing by Michael Shields )