NYSE traders to deal stocks listed elsewhere

NEW YORK (CNNMoney.com) -- The New York Stock Exchange eased restrictions on floor traders Monday, allowing them to execute trades for stocks listed on other markets and aiding the market in maintaining its position against competitors.

The New York Stock Exchange (up $1.26 to $81.89, Charts) already uses a hybrid combination of open-outcry floor trading and electronic trading technology to boost its trade capabilities but has seen its trading volume eroded in recent years by the growth in fast, versatile electronic exchanges such as Nasdaq (down $0.21 to $32.50, Charts) and electronic communications networks like Instinet.

"The Exchange believes that the above proposal provides Floor broker member organizations with the ability to remain competitive in view of changes in the markets and the manner in which customer orders are handled and executed," the company wrote in the request filed with the SEC.

The request for the change was filed Friday with the Securities and Exchange Commission, which approved it Monday. It is effective immediately.