ITG Appoints Maureen O'Hara To Its Board of Directors

NEW YORK, NY, February 21, 2003 - Investment Technology Group, Inc. (NYSE: ITG), a leading provider of technology based equity trading services, today announced that Maureen O'Hara, the Robert W. Purcell Professor of Finance at the Johnson Graduate school of Management, Cornell University, has been appointed to its Board of Directors. With the appointment of Dr. O'Hara, the ITG Board of Directors now has nine members.

"Maureen possesses an exceptional understanding of the issues facing our industry," stated Robert J. Russel, Chief Executive Officer of ITG. "We have had a relationship with Maureen for some time as a member of our Scientific Advisory Board. Her expertise and guidance as a board member will be very valuable to us."

Professor O'Hara has just completed serving as President of the American Finance Association. She holds degrees from the University of Illinois (B.S. Economics) and Northwestern University (M.S. Economics and Ph.D. Finance). Dr. O'Hara joined the faculty at Cornell in 1979. She has had visiting appointments at UCLA, the London Business School, the University of New South Wales and Cambridge University. Professor O'Hara's research focuses on issues in market microstructure, and she is the author of numerous journal articles as well as the book Market Microstructure Theory (Blackwell: 1995). In addition, Dr. O'Hara publishes widely on a broad range of topics in finance, including banking, law and finance, and experimental economics. Her work has appeared in the leading journals, including the Journal of Finance, the Review of Financial Studies, the Journal of Financial Economics, the Journal of Economic Theory, the American Economic Review, and the Journal of Economic History. She has served as President of the Western Finance Association and is currently the Executive Editor of the Review of Financial Studies.

Commenting on her appointment, Ms. O'Hara said, "ITG is uniquely positioned to provide exceptional, value added services at every stage of the investment cycle. I look forward to working with ITG's management to grow the business internationally and increase shareholder value."

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

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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