Direct Edge Trading Notice #14-03: Tier Calculation Update Effective February 3, 2014

As announced in Direct Edge Trading Notice #13-48, EDGA Exchange^SM (EDGA^®) and EDGX Exchange^SM (EDGX^®) have excluded odd lot executions from Total Consolidated Volume (TCV) calculations used to determine volume tiers.  The exclusion started December 9, 2013 and will continue through January 31, 2014.  Effective Monday, February 3, 2014, EDGA and EDGX will include odd lot executions in the Total Consolidated Volume (TCV) calculations used for determining volume tiers.