Investment Technology Group, Inc. Unveils Alternative Trading System

NEW YORK, NY, June 13, 2002 - Investment Technology Group, Inc. (NYSE: ITG), a leading provider of technology based equity trading services, today announced that TriAct(TM), a continuous intra-day equity trading system, will officially commence operation on June 19, 2002. TriAct is a zero information trading environment, in which standing portfolio and single stock orders are executed against each other, as well as against a continuous flow of market and marketable limit orders. Transactions are executed within the bid/offer spread.

"The growth in our direct access and program trading businesses is a catalyst for this opportunity," stated Raymond L. Killian, Jr., Chairman, President and Chief Executive Officer of ITG. "Our clients have requested enhanced capabilities for low cost continuous price improvement."

"The system offers investors the opportunity to trade anytime there is liquidity, whether that liquidity be provided by market orders or by portfolio orders traded on a strategic basis," said Ian Domowitz, Managing Director, ITG Products. "Today we have a variety of order flows, not all of which are candidates for POSIT®, given their timing. We are always looking for more opportunities to match up natural liquidity."

TriAct will provide opportunities for both price and size improvement. The total anonymity and absolute zero information disclosure of TriAct will provide a haven for the submission of large orders, mitigating costly market impact.

Operated by ITG Inc. as an alternative trading system, TriAct is designed to provide users with multiple execution possibilities, including a link to POSIT, the world's largest equity matching system. Users may control how rapidly orders are filled by specifying size to be executed within certain time frames. Access to TriAct's liquidity pool will be available through ITG's direct access products, including QuantEX®, the ITG Platform, and ITG WebAccess(TM). TriAct also may be accessed through the ITG Trading Desk and third party connections. Additional information on TriAct can be found at

TriAct is owned by the POSIT Joint Venture, a joint venture between a subsidiary of Investment Technology Group, Inc. and a subsidiary of Barra, Inc. (Nasdaq: BARZ). The system's sponsor is ITG Inc., a SEC registered broker/dealer, NASD member and subsidiary of Investment Technology Group, Inc.

About ITG

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

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 (

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