ITG Releases September 2002 Trading Statistics

NEW YORK, NY, October 7, 2002 - Investment Technology Group, Inc. ("ITG") (NYSE: ITG), today announced that for the month ended September 27, 2002, U.S. trading volume was 1.8 billion shares for the month and 6.3 billion shares for the third quarter (averaging 100 million shares per day).

For the month ended September 27, 2002, U.S. trading volumes were 556 million shares for POSIT®, 884 million shares for Client-Site Trading Products, and 402 million shares for the Electronic Trading Desk. For the quarter ended September 27, 2002, U.S. trading volumes were 1.8 billion shares for POSIT, 3.3 billion shares for Client Site Trading Products, and 1.2 billion shares for the Electronic Trading Desk. Average product revenues per share across all three U.S. product lines approximated 1.31 cents per share for the third quarter. 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 19 trading days in the month of September and 63 trading days for the quarter ended September 27, 2002.

This is the first regular report that ITG has released that includes volume statistics for all three lines of the company's core US business -- POSIT®, the Electronic Trading Desk and Client-Site Trading Products. From now on, these U.S. statistics for the core businesses will be released monthly approximately five business days after the close of each month. Monthly data is preliminary and, accordingly, may be revised in subsequent updates and public filings. The data will be posted on ITG's web site,, and will also be available via a downloadable spreadsheet file. ITG will no longer release weekly POSIT statistics.

"The Electronic Trading Desk and Client-Site Trading Products have grown from a combined 43% of our U.S. revenues in 1999 to 53% in the first half of this year," said Robert J. Russel, ITG's Chief Executive Officer. "They are a major part of our diversification strategy, along with our international expansion and our penetration of the hedge fund market via Hoenig. Reporting monthly volume statistics for the three core U.S. business lines will provide investors a better picture of the company's U.S. performance."

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
September: 19 556,040,800 883,844,878 402,273,944 1,842,159,622 96,955,770
3rd Qtr 2002: 63 1,802,022,263 3,332,751,392 1,166,721,969 6,301,495,624 100,023,740
Year-to-Date: 187 6,126,391,863 9,393,225,810 3,224,184,538 18,743,802,211 100,234,236
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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