ITG Sponsors Forum On Fair Value Pricing

New York, NY, June 18, 2003 - On Wednesday, June 25, 2003, Investment Technology Group, Inc. (NYSE: ITG), will assemble a distinguished group of investment managers, investment service professionals, independent auditors and academics to share their experience and examine the critical issue of fairly valuing international and thinly traded holdings. The forum will be held in Boston, Massachusetts and will provide a venue for attendees to compare views on a topic affecting the entire investment community.

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:

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

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

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

David Depew, Senior Vice President, Putnam Investments;

Kenneth D. Fuller, Vice President, T. Rowe Price Richard M. Hisey, CFA, Senior Vice President, MFS Investment Management;

John Capone, Partner, KPMG;

Paul Kraft, Partner and Deputy National Director, Investment Management Services, Deloitte & Touche, and

Ananth Madhavan, Managing Director, ITG.

Participants will discuss solutions for fair value pricing which provide mutual funds with a consistent, independent method to assist in the valuing of foreign securities. This process is necessary when significant domestic market movements occur that affect securities prices after foreign markets close. Fair value pricing reduces market timing opportunities and enables mutual funds to calculate more consistent, accurate daily NAVs. Additionally, as fund directors have a regulatory obligation to determine the fair value of securities, fair value pricing provides a process for complying with SEC guidance.

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

Liz Sendewicz
(212) 444 - 6130

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