Robert Russel to be ITG CEO

New York, NY, May 9, 2002 — Investment Technology Group, Inc. (NYSE: ITG), a leading provider of technology-based equity trading services, announced that the Board of Directors, in its quarterly meeting held today, has appointed Robert J. Russel Chief Executive Officer effective July 1, 2002. Mr. Russel will succeed Raymond L. Killian, Jr., who will remain Chairman.

Mr. Russel will lead a new Executive Committee, to which have been appointed the following Managing Directors: Christopher J. Heckman, Co-Director of Institutional Trading; Anthony J. Huck, Director of Global Portfolio Trading; Dr. Ananth N. Madhavan, Director of Global Research; and Howard C. Naphtali, Chief Financial Officer.

“Bob Russel has played a key leadership role in crafting and implementing ITG's value-added product strategy and international expansion,” said Mr. Killian. “His appointment as CEO and the extraordinary expertise and experience in technology and trading of the rest of the Executive Committee assures that there will be continuity in the strategy that has led to ITG's rapid growth over the past few years.”

Mr. Russel, 47, is currently ITG's Managing Director, Strategic Business Development, a function he has headed since joining ITG in 1996. In 1987-96, Mr. Russel gained nine years of general management and cross-functional experience with Reuters, including senior management responsibility for business development, trading room technology, marketing, sales and technical service. From 1979-87, Mr. Russel advanced through a progression of sales and marketing positions to become National Sales Manager with Dataline, a Canadian time-sharing and application services company. Born in Canada, Mr. Russel graduated from the University of Toronto with a BaSc in Engineering.

“I am excited about the opportunity to lead the firm”, said Mr. Russel. “We are fortunate to have the continuity provided by an experienced, dedicated management team. The prospects for the future of ITG are strong and the company remains committed to helping our customers around the world minimize their trading costs through our sophisticated trading tools and value-added research products.”

Mr. Heckman, 42, joined ITG in 1991 as a sales trader and advanced to become co-head of institutional sales and trading in 1997. Prior to joining ITG, he worked at Salomon Brothers on the equity-program and derivatives desk, where he helped develop the company's program trading systems and practices in the US and Japan. He holds a BS degree in computer science from St. John's University in New York.

Mr. Huck, 38, joined ITG in 1994 as a Vice President responsible for Portfolio Trading and is now responsible for international operations and Global Portfolio Trading. From 1990-94, Mr. Huck managed domestic and international customer program trading in the Equity Derivatives Group at Nomura Securities International. He holds a BS degree in Economics and Mathematics from the University of Wisconsin-Madison.

Dr. Madhavan, 40, joined ITG in 2000 as Director of Global Research. Prior to joining ITG, he was an Assistant Professor at the Wharton School and a Thorton Professor of Finance and Business Economics at the Marshall School of Business at the University of Southern California. He is a past member the NASD's Economic Advisory Board and a former visiting economist at the New York Stock Exchange. Dr. Madhavan received his PhD in Economics from Cornell University.

Mr. Naphtali, 49, joined ITG in 1997 as Senior Vice President of Business Development and was appointed Managing Director and Chief Financial Officer in 2000. From 1997-2000, he served as Chief Operating Officer of the company's international operations. From 1988-97, Mr. Naphtali worked for Reuters America, Inc, where he was the Chief Financial Officer as well as the Chief Operating Officer of the wholly owned subsidiary Quotron Systems. He is a Certified Public Accountant, served as an Audit Manager at Price Waterhouse and holds a BS degree from Brooklyn College.

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. POSITreg;, 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 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, internationally or nationally; 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 filings with the Securities and Exchange Commission including those on forms 10-K and 10-Q.

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