The New York Stock Exchange is proposing to add more electronic trading to its floor broker dominated open outcry system.

The NYSE is planning to expand its electronic trading platform, known as NYSE Direct+, by eliminating limits on the size, timing and types of orders that can currently be submitted by customers on this order execution platform. The NYSE says it will expand NYSE Direct+ while retaining the advantages of the agency auction model, which has proven to provide the most efficient, lowest cost executions and the best ability to copy with market stress.

“This creates a true hybrid market that underscores the NYSE’s commitment to remain the most competitive global equities marketplace by providing greater choice to investors, while continuing our long tradition of setting the industry standard for market quality, best execution and best price,” it said.

The Securities Industry Association called the plan a “good step forward.”

“The NYSE proposal promises to benefit individual and institutional investors by increasing execution opportunities provided by the exchange,” said Donald Kittell, SIA’s executive vice president. “We and other market participants will be studying the proposal in more detail, but it appears to offer benefits for all investors, particularly increased choice, flexibility, and competition.”