TSX Will Add Third Match to POSIT™ Canada

TORONTO and NEW YORK, March 31, 2003, TSX Markets today announced that commencing April 8, 2003, POSIT Canada will add a third match to be run at 9:50 AM Eastern Time. With the additional match, POSIT Canada will run three call market matches per day at 9:50 AM, 10:30 AM and 2:30 PM Eastern Time. During each match Participating Organizations and institutions send their orders directly to POSIT Canada without having to disclose their pre-trade information. Trades are matched at the mid-point of the bid/ask spread.

“As interest in POSIT Canada continues to grow, the addition of a third match underscores the TSX's continued commitment to serving its clients' needs, adding a concentrated source of liquidity closer to the market open,” stated Richard Nesbitt, President of TSX Markets, also noting, “In the intense competition among interlisted markets, the smallest gains are hard-won.”

Thomas Kain, Vice President & Director, TD Quantitative Capital agreed, “We are pleased that the TSX is taking this step to further enhance the ability of market participants to trade large blocks of stock anonymously.”

POSIT Canada is a facility of TSX Markets using technology licensed from the POSIT Joint Venture, a joint venture between a subsidiary of Investment Technology Group, Inc. (NYSE:ITG) and a subsidiary of Barra, Inc. (Nasdaq:BARZ). POSIT is the world's largest system for electronic matching of equities during the market day.

About the TSX Group

TSX are the initials attached to the core operations of TSX Group: Toronto Stock Exchange, TSX Venture Exchange, TSX Markets and TSX Datalinx. TSX Group operates Canada's two national stock exchanges serving the senior equity and public venture equity markets. TSX Group is headquartered in Toronto and maintains offices in Montreal, Winnipeg, Calgary and Vancouver.

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

*POSIT is a service mark of the POSIT Joint Venture, a joint venture between Barra POSIT, Inc. and ITG Software, Inc.

Statements made today may include forward-looking information subject to risks, uncertainties and other factors that could materially affect actual results. For further information please see ITG's reports filed with the SEC pursuant to the Securities Exchange Act of 1934 which are available at the SEC's website (

For further information: Steve Kee, Director, Media Relations and Publicity, TSX Group Inc. (416) 947-4682, Liz Sendewicz, Public Relations Manager, ITG, (212) 444-6130.

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