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Investment Technology Group, Inc. Announces Share Repurchase Program

NEW YORK, NY, June 11, 2002 - Investment Technology Group, Inc. (NYSE: ITG), a leading provider of technology based equity trading services, today announced that its Board of Directors has authorized the Company to repurchase an additional 500,000 shares of its common stock pursuant to its previously authorized share repurchase program. This brings the total amount of shares currently available for repurchase under the program to approximately 700,000 shares, after taking into account the approximately 800,000 shares the Company has repurchased during the current quarter.

According to the repurchase program, ITG shares will be purchased in the open market or negotiated transactions, depending on market conditions. The purchases will be funded from the Company's available cash. The repurchase program allows the Company to repurchase its shares from time to time and may be suspended at any time. Currently, the Company has approximately 48.5 million shares of common stock outstanding.

On March 7, 2002, Investment Technology Group, Inc. announced that Raymond L. Killian, Jr., who has announced his retirement as Chief Executive Officer effective July 1, 2002, and will remain Chairman of he Board, had established a plan, in accordance with Rule 10b5-1under the Securities Exchange Act of 1934, to sell shares of ITG common stock on a monthly basis. In light of the Company's current stock price level, Mr. Killian terminated his selling plan effective as of June 10. Mr. Killian had sold 180,000 shares under the plan to date.

ITG is headquartered in New York with offices in Boston, Los Angeles, Dublin, Hong Kong, 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. POSIT®, 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 http://www.itginc.com.

Statements made today may include forward-looking information subject to risks, uncertainties and other factors that could materially affect actual results. For further information please see ITG's reports filed with the SEC pursuant to the Securities Exchange Act of 1934 which are available at the SEC's website (www.sec.gov).

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