NYSE Arca is continuing to expand the types of orders it allows on its systems.

Formerly known as the Archipelago Exchange, NYSE Arca, has implemented a new tracking limit order type for over-the-counter (OTC) stocks and plans to introduce Good-Till-Cancelled (GTC) orders, for the trading of OTC and listed securities in mid-April.

The NYSE Arca trading platform now accepts tracking limit orders in OTC securities during its core trading session from 9:30 ET – 16:00 ET. With this order type, clients can interact with and provide supplemental liquidity for orders that would otherwise be routed to another market for execution, it says. A tracking order is not displayed and will be matched at the national best bid or offer only when the size of the tracking order is equal to or exceeds the contra order size.

Later this month, NYSE Arca is scheduled to begin accepting GTC orders in OTC and listed securities, offering clients a more convenient, less time consuming means of order entry. GTC orders will remain in the NYSE Arca Book until they are executed, cancelled or for one year.

“From simple to more sophisticated, we have always focused on offering the trading community a wide range of order types designed to meet the needs of a diverse client base,” said Mike Cormack, executive vice president, NYSE Group. “We continuously obtain feedback from our clients so that we can create tools that add real value and bring efficiencies to the marketplace.”