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ITG Sponsors Conference On Fair Value Pricing

ITG will host its second conference on Best Practices for Fair Valuing International Equities in New York City on Wednesday October 8, 2003. This forum will bring together a distinguished group of investment managers, independent auditors and academics to examine the critical issue of determining the fair value of international and thinly traded securities.

"Recent steps taken by the New York State Attorney General's office have further established this topic as one of the more critical issues currently facing our industry," stated Anthony S. Evangelista, a partner with PricewaterhouseCoopers LLP. "This timely meeting will provide an opportunity for attendees to compare views and discuss solutions for fair value pricing," added Michael Greaney, a partner with PricewaterhouseCoopers LLP.

The forum's topics will include an overview of fair value pricing, regulatory issues, an independent auditor's viewpoint and a practitioners' panel. Scheduled presenters and panelists will include:

Neal Chansky, CFA, Senior Vice President, State Street Corporation,

Ian Domowitz, Managing Director, Analytical Products and Research, ITG Inc.,

Anthony S. Evangelista, Partner, PricewaterhouseCoopers LLP,

Will Goetzmann, Director, International Center for Finance and Professor of Finance, Yale University,

Michael Greaney, Partner, PricewaterhouseCoopers LLP,

Philip D. Hausken, Director of Compliance, Northern Trust Global Instruments, and

Erik Sirri, Professor of Finance, Babson College (former SEC Chief Economist).

ITG's first Fair Value Pricing conference held in Boston in June attracted over 80 attendees from diverse backgrounds within the investment community. Commenting on the importance of this topic, Will Goetzmann, Professor of Finance at Yale School of Management stated, "Multiple studies have shown how the average investor may be hurt by speculators seeking to exploit the stale prices of mutual funds. Fair value pricing can reduce market timing opportunities and enable mutual funds to calculate more consistent and accurate daily NAVs."

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. POSITÒ, 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.

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