Brokerage-firm customers participating in NYSE Regulation dispute-resolution proceedings now can elect to have arbitrators chosen through a random, computerized selection process.

The new arbitrator selection procedure comes under NYSE rules recently approved by the U.S. Securities and Exchange Commission. The changes were approved by the SEC on November 22, and are effective as of that date.

“This is a major step forward for public investors because it gives them the choice in how arbitrators are selected for their cases. We are always seeking ways to improve our forum for dispute resolution. We expect that this enhancement will be a welcome addition,” said Daniel Beyda, NYSE Regulation chief administrative officer.

Under this method, arbitrators will be chosen using random list selection if the customer or party that is not an exchange member requests it in writing within 45 days from the time the statement of claim is filed.

Customers may also opt for the traditional selection method whereby arbitrators are appointed by NYSE Arbitration department staff. The NYSE will continue to accommodate any reasonable alternative method to select arbitrators, provided the parties agree.