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ITG After Hours Cross Launches Today

NEW YORK, NY, February 12, 2003 - Investment Technology Group, Inc. (NYSE: ITG), a leading provider of technology based equity trading services, today announced that the POSIT® equity matching system will commence running an after hours cross this evening. The system will run once nightly after 6:30 PM Eastern Standard Time.

The POSIT after hours cross will use the primary market closing price for Listed stocks and the primary Nasdaq closing price (SuperMontage) for Nasdaq stocks. All executions will be next day trades.

"This new service is a direct result of requests from clients who have asked us to implement a system that would provide the same capabilities they utilize during the day to manage portfolio risk characteristics," stated Robert J. Russel, Chief Executive Officer of ITG. "With the POSIT after hours cross, the price is known; therefore, portfolios can be optimized to minimize tracking error, improve sector neutrality and manage dollar or share imbalances."

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. 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 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 http://www.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; 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, 2001 and other documents filed with the Securities and Exchange Commission and available on the company's web site.

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