The U.S. Securities and Exchange Commission has approved rules allowing NYSE Arca to introduce its new automated trading system for equity options on Aug. 7, the NYSE Group Inc. announced on Tuesday.

The NYSE Arca Options platform replaces the current options trading platform, PCX Plus. It will offer immediate electronic order execution in all of the almost 2,000 options issues currently traded on NYSE Arca and provides open access, cost-effective trading and a technologically advanced system for all market participants. The system includes expanded and innovative order types, along with greater transparency, speed and reliability, the NYSE says.

“The SEC’s approval of the NYSE Arca Options platform gives us the opportunity to introduce a system that we believe gives investors superior functionality, reliability and order execution capabilities,” said NYSE Group senior vice president, Matt Gelber.

“The upcoming launch of NYSE Arca Options is a first step in becoming a leader in options trading, which supports the NYSE Group’s goal of being the market of choice for all investors, issuers and market professionals by offering the most comprehensive products and services, based on the most innovative technologies,” he added.