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ITG Appoints Ian Domowitz to Head Analytical Products and Research Group

NEW YORK, NY, August 18, 2003 - Investment Technology Group, Inc. ("ITG") (NYSE: ITG) today announced that Ian Domowitz has been appointed Managing Director of the Analytical Products and Research Group and a member of ITG's Executive Committee. He succeeds Dr. Ananth Madhavan, who has accepted a position with Barclays Global Investors in San Francisco.

"Ananth's leadership and contribution over the past three and half years have been instrumental in developing a suite of products that covers the entire investment cycle, from portfolio formation to post trade analysis," said Robert J. Russel, ITG President and Chief Executive Officer. "Ananth has played a significant role as a member of the Executive Committee and we are pleased that he will continue as an advisor to the firm as a member of the ITG Scientific Advisory Board."

Dr. Domowitz joined ITG in April 2001, after three years as the Mary Jean and Frank P. Smeal Chaired Professor of Finance at the Pennsylvania State University, having also served as a consultant to ITG and as a member of the company's Scientific Advisory Board since 1997. Since joining ITG, Dr. Domowitz has been responsible for product management and marketing, as well as electronic market development. He was previously the Household International Research Professor of Economics and taught in the Kellogg Graduate School of Management, Northwestern University. He is the author of numerous research articles in the areas of finance, econometrics, statistics, and industrial organization, including work on the design, organization, and regulation of electronic trading market structures. He has served as a consultant to government and international organizations, including the Federal Reserve System, the Commodity Futures Trading Commission, the International Monetary Fund, and the World Bank, as well as to various securities exchanges and trading organizations. A former member of the NASD's Bond Market Transparency Committee, he also is a past chair of the Economic Advisory Board of the NASD. Dr. Domowitz received his Ph.D. in economics from the University of California.

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's 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, 2002 and other documents filed with the Securities and Exchange Commission and available on the company's web site.

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