“This is about providing our customers with greater choice and flexibility in how they access our market,” said Lawrence Leibowitz, executive vice president, U.S. Markets and Global Technology. “We’re continuing to advance the NYSE market model by focusing on our clients’ interests and developing new solutions such as Reserve Orders to serve their needs.”

Subject to Securities and Exchange Commission approval, the NYSE plans to introduce reserve orders in two phases. It expects to begin rollout of Phase 1 in the second quarter with a 100-stock pilot, pending SEC approval.

In Phase 1, orders will have a minimum published or “displayed” amount of 100 shares, displayed on the NYSE trading floor and on NYSE OpenBook, and manual orders will be trade-through protected.

In Phase 2, two types of orders will be available: those with a minimum displayed amount of 100 shares, which will be included on NYSE OpenBook, can be probed by floor brokers and will be trade-through protected for manual floor trades; and, an alternative version that will have no displayed amount, will not be eligible for inclusion in floor-based trades and will not be trade-through protected.