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LatentZero Partners with ITG For Seamless Connectivity to Algorithmic Trading

NEW YORK, NY - December 21, 2004 -Investment Technology Group, Inc. (NYSE:ITG), today announced that LatentZero is linking ITG's Algorithmic Trading Servers to users of LatentZero's order management system, Minerva. ITG pioneered the use of algorithmic trading, and each server is the product of years of development and refinement that provide state of the art technologies in automated trading intelligence.

LatentZero, a leading provider of buy-side front office technology for global asset management firms, and ITG, a leading provider of technology-based equity trading services, have collaborated to provide institutional traders with superior tools for today's dynamic trading environment. The agreement with Latent Zero will increase the accessibility of ITG's advanced trading tools in global markets.

"The integration of Minerva with our Algorithmic SmartServers highlights our continuing efforts to develop interfaces that support our client's needs and enable us to be where our customers want us to be," stated Tony Huck, ITG's Managing Director of Electronic Trading. "Given the direction of our integration, and the continually evolving needs of our mutual client set, we look forward to more in-depth integration with Minerva.

"Algorithmic trading capabilities have become part of the standard tool set utilized by the trading community," said Dan Watkins, LatentZero's CEO, North America. "By separating the support for algorithms from the core Minerva development process, we've eliminated the need for software upgrades, allowing for algorithmic enhancements as they are required."

About LatentZero

Founded in 1999, LatentZero is headquartered in London and Boston and has offices in New York, Paris, Frankfurt and a presence in both Hong Kong and Singapore. LatentZero's products are used by five of the world's top ten asset management companies. There are more than 2,500 Latent Zero users worldwide managing in excess of $5.3 AUM.

LatentZero is a global technology firm that specializes in developing complete front-office solutions for the buy-side community. It recently took 76th position in the Sunday Times Tech Track 100, a list of the fastest growing technology companies in the U.K. LatentZero's suite of products, known collectively as Capstone, is used by six of the world's top 10 asset management organizations. More than 2,500 portfolio managers, traders and compliance officers worldwide rely on Capstone to manage assets in excess of $5.3 trillion.

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 helps 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 http://www.itginc.com.

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.

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

Maureen Murphy
Senior Vice President
(212) 444-6323

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