<PAGE>   1
                                                    ---------------------------
                                                           OMB APPROVAL        
                                                    ---------------------------
- ------                                                 OMB Number: 3235-0362   
FORM 5                                              Expires:  September 30, 1997
- ------                                               Estimated average burden  
                                                    hours per response .... 1.0
                                                    ---------------------------

/ / Check box if no               U.S. SECURITIES AND EXCHANGE COMMISSION      
    longer subject to                       WASHINGTON, DC 20549               
    Section 16. Form                                                           
    4 or Form 5             ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
    obligations may                                                            
    continue. See            Filed pursuant to Section 16(a) of the Securities 
    Instruction 1(b)                         Exchange Act of 1934,            
/ / Form 3 Holdings                  Section 17(a) of the Public Utility      
    Reported                 Holding Company Act of 1935 or Section 30(f) of 
/ / Form 4                              the Investment Company Act            
    Transactions                                   of 1940                    
    Reported                                                                   


<TABLE> 
<S>                             <C>            <C>                        <C>                <C>          <C>            <C>   
- ------------------------------------------------------------------------------------------------------------------------------------
 1. Name and Address of Reporting Person       2. Issuer Name and Ticker or Trading Symbol   6. Relationship of Reporting Person to
 Dooley           Richard            G             Investment Technology Group, Inc. "ITGI"     Issuer (Check all applicable)
- ---------------------------------------------------------------------------------------------    X  Director         10% Owner
  (Last)          (First)          (Middle)    3. IRS or Social Security  4. Statement for      ----              ---
                                                  Number of Reporting        Month/Year             Officer (give    Other (Specify
 129 The Laurels                                  Person (Voluntary)        12/11/1996          ----        title ---       below)
- -------------------------------------------                               -------------------               below)
                 (Street)                                                 5. If Amendment, 
                                                                             Date of Original          
                                                                             (Month/Year)              ------------------------
Enfield             CT              06082
- -------------------------------------------    -------------------------------------------------------------------------------------
  (City)           (State)           (Zip)     TABLE 1 -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
- ------------------------------------------------------------------------------------------------------------------------------------
 1. Title of Security           2. Trans-   3. Transac-  4. Securities Acquired (A)  5.  Amount of Se-    6. Owner-      7. Nature  
    (Instr. 3)                     action      tion         or Disposed of (D)           curities Benefi-    ship           of In-  
                                   Date        Code         (Instr. 3, 4 and 5)          cially Owned at     Form:          direct  
                                               (Instr. 8)                                End of Issuer's     Direct         Benefi-
                                  (Month/                                                Fiscal Year         (D) or         cial
                                   Day/                 ----------------------------     (Instr. 3 and 4)    Indirect       Owner- 
                                   Year)                Amount    (A) or      Price                          (I)            ship   
                                                                  (D)                                        (Instr. 4)     (Instr.
                                                                                                                            4)     

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.                   (Over)

                                                                               (Print or Type Responses)             SEC 2270 (3/91)
</TABLE>


<PAGE>   2

<TABLE>
<CAPTION>
 
FORM 5 (CONTINUED)        TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
                                  (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)

<S>                       <C>          <C>        <C>         <C>              <C>             <C>                   <C>          
- ------------------------------------------------------------------------------------------------------------------------------------
1. Title of Derivative    2. Conver-   3. Trans-  4. Trans-   5. Number of     6. Date Exer-   7. Title and Amount   8. Price     
   Security                  sion or      action     action      Derivative       cisable and     of Underlying         of        
   (Instr. 3)                Exercise     Date       Code        Securities Ac-   Expiration      Securities            Deriv-    
                             Price of     (Month/    (Instr. 8)  quired (A) or    Date            (Instr. 3 and 4)      ative     
                             Deriv-       Day/                   Disposed of (D)  (Month/Day/                           Secur-    
                             ative        Year)                  (Instr. 3, 4,    Year)                                 ity       
                             Security                            and 5)                                                 (Instr. 5)
                                                                               ----------------------------------------             
                                                                               Date    Expira-                Amount or            
                                                               --------------- Exer-   tion       Title       Number of            
                                                                (A)     (D)    cisable Date                   Shares               
- ------------------------------------------------------------------------------------------------------------------------------------
Common (right to buy)        $14.00     6/28/96(1)   J(2)       10,000         3/28/99  3/27/01  Common Stock  10,000     (2)
- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------

- -------------------------------------------------------------------------------------------------------
<S>                          <C>                    <C>                         <C>                              
1. Title of Derivative       9. Number of           10. Ownership               11. Nature of                              
   Security                     Derivative              of Derivative               Indirect                     
   (Instr. 3)                   Securities              Security:                   Beneficial                   
                                Beneficially            Direct (D)                  Ownership                    
                                Owned at End            or Indirect (l)             (Instr. 4)                   
                                of Year                 (Instr. 4)                                               
                                (Instr. 4)                                                                       
                                                                                 
- -------------------------------------------------------------------------------------------------------
Common (right to buy)           10,000                  D
- -------------------------------------------------------------------------------------------------------

- -------------------------------------------------------------------------------------------------------

- -------------------------------------------------------------------------------------------------------

- -------------------------------------------------------------------------------------------------------

- -------------------------------------------------------------------------------------------------------

- -------------------------------------------------------------------------------------------------------
Explanation of Responses:
(1) Previously reported under Forum 3, prior to actual option approval date.
(2) Grant of option in transaction exempt under old Rule 16b-3.

 
**Intentional misstatements or omissions of facts constitute Federal Criminal Violations.     /s/  Richard G. Dooley
  See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).                                                  ------------------------------- -------
                                                                                             **Signature of Reporting Person   Date
                                         

Note. File three copies of this Form, one of which must be manually signed.                                               Page 2   
      If space provided is insufficient, see Instruction 6 for procedure.                                            SEC 2270 (3/91)

</TABLE>
                                                                    






Investor Toolkit