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Investment Technology Group Finalizes Acquisition of ITG Europe

NEW YORK, May 4, 2001 -- Investment Technology Group, Inc. (NYSE:ITG) today announced that it had completed the acquisition of ITG Europe from Société Générale. ITG Europe is now a wholly owned indirect subsidiary of Investment Technology Group, Inc.

ITG Europe was established in 1998 as a joint venture between ITG and Société Générale. ITG Europe operates the POSIT® crossing system in eight European countries and is a wholly owned subsidiary of Investment Technology Group Limited (ITGL). ITGL is a member of the London Stock Exchange, the Deutsche Börse and Euronext. ITGL is headquartered in Dublin, Ireland and is regulated by the Central Bank of Ireland.

"Assuming total ownership of ITG Europe is in line with our strategy of globalizing the ITG brands and ensuring consistent product offerings internationally," stated Raymond L. Killian, Chairman, President and Chief Executive Officer. "We are now in a position to broaden our European product offering including program trading and analytical products. We are already rolling out the UK version of our Transaction Cost Analysis product and receiving positive responses from clients."

The completion of this transaction, combined with the November 28, 2000 announcement that ITG had acquired a 100% interest in ITG Australia Ltd. establishes a foundation for further global expansion. According to Mr. Killian, these activities are in-line with ITG strategies to globalize the organization and take advantage of a business model that supports client relationships worldwide, strengthens its brand, and enhances shareholder value.

About ITG
ITG is headquartered in New York with offices in Boston, Los Angeles, Dublin, London, Melbourne, Sydney, Tel Aviv and Toronto. As a leading provider of technology-based equity-trading services and transaction research to institutional investors and brokers, ITG services help clients to access liquidity, execute trades more efficiently, and make better trading decisions. ITG generates superior trading results for its clients through three lines of business. POSITÒ, the world's largest equity matching system, allows clients to trade confidentially. The Electronic Trading Desk is recognized as one of the leading program trading operations in the U.S. ITG's leading-edge client site products allow users to implement their own trading strategies by providing direct electronic access to most sources of market liquidity. For additional information, visit itginc.com.

In addition to historical information, this press release may contain "forward-looking" statements, as defined in the Private Securities Litigation Reform Act of 1995, that reflect management's expectations for the future. A variety of important factors could cause results to differ materially from such statements. These factors include the Company's ability to achieve expected future levels of sales; the actions of both current and potential new competitors; rapid changes in technology; fluctuations in market trading volumes; market volatility; changes in regulatory environment; risk of errors or malfunctions in our systems or technology; cash flows into or redemptions from equity funds; effects of inflation; customer trading patterns; general economic and business conditions; securities; credit and financial market conditions as well as adverse changes or volatility in interest rates. These and other risks are described in greater detail in the Company's filings with the Securities and Exchange Commission including those on forms 10-K and 10-Q.

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