The Nasdaq Stock Market Inc. announced the U.S. Securities and Exchange Commission has approved Nasdaq’s plan to integrate the Nasdaq Market Center and the Brut and INET execution systems.

The firm says that the new system will provide improved execution quality and speed, while maintaining the attributes of the Nasdaq Market Center, including market making functionality, attributed quotes, and the Opening, Closing and IPO Crosses.

The integration will benefit investors by creating a single book of liquidity, resulting in increased order interaction, execution speed and fill rates, it adds.

“We are combining the best functional elements and the liquidity from each of Nasdaq’s three systems,” stated Nasdaq executive vice president Chris Concannon. “The result will be faster executions and increased order interaction. The integration will spur further innovation and accelerate Nasdaq’s growth initiatives in both Nasdaq- and other exchange-listed trading.”

Nasdaq system integration in Nasdaq-listed stocks will occur on a security-by-security phase-in currently scheduled for August 28. NYSE-, Amex- and regional-listed securities will be integrated on a single date, currently targeted for October 1. On July 24, Nasdaq will make test stocks available for testing of the functionality of the new system.