ITG To Modify POSIT Match Schedule

NEW YORK, NY, December 1, 2004 - Investment Technology Group, Inc. ("ITG") (NYSE: ITG) today announced that one morning match at 10:15 would be added and three afternoon matches at 12:30, 1:30, and 2:30, would be discontinued within the POSIT® equity matching system beginning on December 8, 2004. The new schedule will be as follows: 9:45, 10:00, 10:15, 10:30, 11:00, 11:30, 12:00, 1:00, 2:00, 3:00 and 3:30. The after hours cross will continue to be run at 4:45 PM. All times are eastern.

"We continue to adjust the POSIT match schedule to meet the needs of our clients," stated Chris Heckman, ITG's Managing Director of Sales and Trading. "The new schedule is aligned with the volume distribution of the market and maximizes the aggregation of liquidity."

POSIT, the world's largest equity crossing system, matches institutional buyers and sellers anonymously and provides patented optimization capabilities for portfolio traders to manage portfolio risk characteristics. Customers seeking the opportunity to access ITG's unique liquidity also have access to TriAct, ITG's anonymous, continuous equity trading system which provides the opportunity for price and size improvement on every transaction.

POSIT is owned by the POSIT Joint Venture, a joint venture between subsidiaries of Investment Technology Group, Inc. (NYSE:ITG) and Barra, 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'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

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, 2003 and other documents filed with the Securities and Exchange Commission and available on the company's web site.

Howard C. Naphtali
Chief Financial Officer
(212) 444-6160

Maureen Murphy
Senior Vice President
(212) 444-6323

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