Seven brokerage firms have lined up to participate in a new pilot program designed to give investors a broader choice of forums in which to arbitrate disputes with their brokers.

Under the two-year program, customers of Merrill Lynch & Co., Morgan Stanley Dean Witter, PaineWebber, Prudential Securities, Salomon Smith Barney, A.G. Edwards and Raymond James Financial Services, will be given the choice to arbitrate their cases at one of two independent arbitration providers: the American Arbitration Association and JAMS. To participate in the program, the investor must be represented by an attorney.