ITG Releases March 2003 Trading Statistics

NEW YORK, NY, April 7, 2003 – Investment Technology Group, Inc. (“ITG”) (NYSE: ITG) today announced that U.S. trading volume was 1.5 billion shares for the month ended March 28, 2003, averaging 73.4 million shares per day. This compares to 1.3 billion shares (68 million per day) in February 2003 and 2.2 billion shares (91.7 million per day) in March 2002.

For the month ended March 28, 2003, U.S. trading volumes were 474 million shares for POSIT®, 694 million shares for Client-Site Trading Products, and 300 million shares for the Electronic Trading Desk. This data excludes all operations outside the United States and excludes statistics for Hoenig & Co., Inc., which ITG acquired on September 3, 2002. There were 20 trading days in March 2003, compared to 19 trading days in February 2003 and 24 trading days in March 2002.

The Company expects to generate earnings per share of $0.12 to $0.14 for the first quarter of 2003 on revenues approximating $73 million, of which U.S. domestic revenues (including Hoenig) should approximate $61 million. International losses are expected to approximate $0.07 to $0.08 per share for the quarter due to a slowdown in activity in the last two months.

Monthly volume statistics are preliminary and, accordingly, may be revised in subsequent updates and public filings. Volume statistics are posted on ITG's web site,, and are also available via a downloadable spreadsheet file.

ITG U.S. Trading Activity

Total U.S. Shares # of Trade Days POSIT Client Site Trading Products Electronic Trading Desk Total U.S. Volume Average U.S. Daily Volume
March: 20 474,165,739 693,908,783 300,146,067 1,468,220,589 73,411,029
Year-to-Date: 60 1,275,097,305 2,119,044,672 863,544,912 4,257,686,889 70,961448

ITG plans to announce its first quarter 2003 financial results on Wednesday, April 16, 2003, in a press release that will be issued before the opening of the market. A conference call to discuss the firm's results will be held at 10:30 AM EDT on April 16, 2003. Those wishing to listen to the call should dial 1- 800-314-7867 at least 10 minutes prior to the start of the call to ensure connection. The conference call will also be accessible through ITG's web site at For those unable to listen to the live broadcast of the call, a week-long replay will be available by dialing 1-888-203-1112 and entering the pass code 349534 and a two-week-long replay will be available on ITG's web site, starting approximately two hours after the completion of the call.

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

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