NYSE Regulation Inc. announced that its board of directors has approved a proposal which would see all arbitration claims up to US$200,000 decided by a single public arbitrator, rather than a three-person panel.

Under the NYSE’s current rules, claims greater than US$25,000 are heard by a panel of three arbitrators — two public arbitrators and one with ties to the securities industry. Under the proposal, only claims greater than US$200,000 would be heard by three arbitrators.

“The appointment of a single, public arbitrator in cases under US$200,000 will provide investors with faster processing and a more timely decision,” said Daniel Beyda, chief administrative officer, NYSE Regulation.“The scheduling of hearings will also become much simpler.” The reduced costs associated with the appointment of a single arbitrator will result in reduced fees in certain cases.

The rule proposal will be filed with the U.S. Securities and Exchange Commission for final approval.

Brokerage-firm customers participating in NYSE Regulation dispute-resolution proceedings can elect to have arbitrators chosen through a random, computerized selection process or by the traditional selection method whereby arbitrators are appointed by NYSE Arbitration department staff.