ITG Adds Matches to POSIT® Schedule

NEW YORK, NY, May 8, 2003 - Investment Technology Group, Inc. (NYSE: ITG) announced today that five new matches will be added to the POSIT® equity crossing system on May 13, 2003, for a total of fourteen daily POSIT® matches. The first match will run at 9:45 AM, and then every half-hour from 10:00 AM until 3:30 PM. The after hours cross will continue to be run at 6:30 PM. All times are eastern.

Concurrent with the new match schedule, ITG also announced that the POSIT® match window will be reduced from a five-minute window to a one-minute window. The move to a one-minute window reduces the potential to incur opportunity costs while orders are sitting in the POSIT® match pool.

"We are responding to demand from clients who asked us to increase the number of intra-day matches," stated Robert J. Russel, President and Chief Executive Officer of ITG. "Our advanced connectivity and the shortened match window make additional matches possible and participation quicker and easier."

POSIT®, the world's largest equity crossing system, matches institutional buyers and sellers anonymously and provides patented P4 optimization capabilities for portfolio traders to manage portfolio risk characteristics. Maintaining the integrity of portfolio characteristics is important to institutional managers because they want to minimize unintended risk by maintaining market neutrality or reducing tracking error.

POSIT® 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).

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. 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 Trading Products allow users to implement their own trading strategies by providing direct electronic access to most sources of market liquidity. For additional information, visit

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; financial market volatility; general economic conditions in the United States and elsewhere; evolving industry regulation; cash flows into or redemption from equity funds; effects of inflation; customer trading patterns; and new products and services. These and other risks are described in greater detail in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2002 and other documents filed with the Securities and Exchange Commission and available on the company's web site.

Liz Sendewicz
ITG Inc.
212 – 444-6130

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