UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 


 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported): June 7, 2018

 

INVESTMENT TECHNOLOGY GROUP, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

 

001-32722

 

95-2848406

(State or Other Jurisdiction
of Incorporation)

 

(Commission
File Number)

 

(IRS Employer
Identification No.)

 

One Liberty Plaza, 165 Broadway
New York, New York

 

10006

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code:  (212) 588-4000

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company o

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

 

 

 



 

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

(e) As noted below under Item 5.07, on June 7, 2018, the stockholders of Investment Technology Group, Inc. (the “Company”) approved an amendment and restatement of the Investment Technology Group, Inc. Amended and Restated Employee Stock Purchase Plan (the “ESPP”) at the annual meeting of stockholders (the “Annual Meeting”) to (i) increase the total number of shares of common stock reserved and available for issuance under the ESPP by 350,000 shares for offering periods beginning on or after November 1, 2017 and (ii) to limit offering periods to not more than 27 months. The material terms of the ESPP are summarized on pages 59 through 63 of the Company’s definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on April 24, 2018 (the “Proxy Statement”), which description is incorporated herein by reference. This description of the ESPP is qualified in its entirety by reference to the actual terms of the ESPP, which are set forth in Appendix A to the Proxy Statement.

 

Item 5.07   Submission of Matters to a Vote of Security Holders.

 

The Annual Meeting of the Company was held on June 7, 2018.  The stockholders elected all of the Company’s nominees for director, approved on an advisory basis the compensation of the Company’s named executive officers, approved the ESPP and ratified the appointment of KPMG LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2018. Set forth below are the final voting results for each of the proposals submitted to a vote of the stockholders.

 

(a)   Election of directors:

 

Name of Director

 

Shares For

 

Shares 
Against

 

Shares 
Abstain

 

Broker Non-Votes

 

Brian G. Cartwright

 

26,891,769

 

586,638

 

4,354

 

3,103,847

 

Minder Cheng

 

25,311,668

 

1,947,776

 

223,317

 

3,103,847

 

Timothy L. Jones

 

26,871,135

 

606,642

 

4,984

 

3,103,847

 

R. Jarrett Lilien

 

27,057,052

 

421,669

 

4,040

 

3,103,847

 

Kevin J. Lynch

 

26,917,444

 

560,333

 

4,984

 

3,103,847

 

Lee M. Shavel

 

27,078,369

 

399,408

 

4,984

 

3,103,847

 

Francis J. Troise

 

27,200,945

 

280,825

 

991

 

3,103,847

 

Steven S. Wood

 

26,629,649

 

850,036

 

3,076

 

3,103,847

 

 

(b)  Advisory vote to approve the compensation of the Company’s named executive officers:

 

Shares For

 

Shares Against

 

Shares Abstain

 

Broker Non-Votes

 

24,947,566

 

2,345,137

 

190,058

 

3,103,847

 

 

(c)   Approval of the ESPP:

 

Shares For

 

Shares Against

 

Shares Abstain

 

Broker Non-Votes

 

27,384,085

 

86,588

 

12,088

 

3,103,847

 

 

(d)   Ratification of the appointment of KPMG LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2018:

 

Shares For

 

Shares Against

 

Shares Abstain

 

30,254,079

 

322,782

 

9,747

 

 

Item 8.01 Other Events.

 

On June 8, 2018, Investment Technology Group, Inc. issued a press release announcing trading statistics for the month ended May 31, 2018. A copy of this press release is attached hereto as Exhibit 99.1.

 

2



 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

99.1

Press release issued by Investment Technology Group, Inc. on June 8, 2018.

 

3



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

INVESTMENT TECHNOLOGY GROUP, INC.

 

 

 

 

 

 

 

By:

/s/ Angélique F.M. DeSanto

 

 

Name:

Angélique F.M. DeSanto

 

 

Title:

Managing Director, General Counsel and

 

 

Secretary and Duly Authorized Signatory of Registrant

 

Dated:  June 8, 2018

 

4


Exhibit 99.1

 

 

ITG Releases May 2018 U.S. Trading Volumes and Provides International Trading Commission Update

 

NEW YORK, June 8, 2018 — ITG (NYSE: ITG), a leading independent broker and financial technology provider, today announced that May 2018 U.S. trading volume was 2.7 billion shares and average daily volume (ADV) was 124 million shares, compared to 2.5 billion shares and ADV of 117 million shares in April 2018 and 3.2 billion shares and ADV of 148 million shares in May 2017. There were 22 trading days in both May 2018 and May 2017, and 21 trading days in April 2018.

 

ITG U.S. Trading Activity

 

In addition to overall U.S. trading volumes, ITG also provides a monthly summary of average daily volume (double-counted) and average trade size for the POSIT® crossing network and POSIT Alert.

 

 

 

# of 
Trade 
Days

 

Total U.S. 
Volume

 

Average U.S. 
Daily Volume

 

Average 
POSIT 
Daily 
Volume

 

Average 
POSIT 
Trade 
Size

 

Average 
POSIT 
Alert Daily 
Volume

 

Average 
POSIT 
Alert 
Trade Size

 

Avg. POSIT 
Alert Trade 
Size Ex-
Algos*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

May 2018

 

22

 

2,727,042,004

 

123,956,455

 

45,619,973

 

297

 

14,504,555

 

15,465

 

33,778

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD 2018

 

104

 

13,577,095,179

 

130,548,992

 

49,367,444

 

282

 

13,429,083

 

20,050

 

35,895

 

 


*Excluding shares crossed through POSIT Alert from ITG algorithms

 

ITG’s average revenue capture per share in May 2018 was in line with the average in the first quarter of 2018.

 



 

International Trading Activity

 

The average daily trading commissions in May 2018 in ITG’s Canadian, European and Asia Pacific businesses were down approximately 3% in U.S. dollar terms on a combined basis as compared to the first quarter of 2018 and were up approximately 19% as compared to May 2017. On a blended international basis, there were approximately 22 trading days in both May 2018 and May 2017.

 

These statistics are preliminary and may be revised in subsequent updates and public filings. Volume statistics are posted on the investor relations section of ITG’s website, investor.itg.com and are available via a downloadable spreadsheet file.

 

About ITG

 

Investment Technology Group (NYSE: ITG) is a global financial technology company that helps leading brokers and asset managers improve returns for investors around the world. We empower traders to reduce the end-to-end cost of implementing investments via liquidity, execution, analytics and workflow technology solutions. ITG has offices in Asia Pacific, Europe and North America and offers execution services in more than 50 countries. Please visit www.itg.com for more information.

 

ITG Investor/Media Contact:

J.T. Farley

(212) 444-6259

corpcomm@itg.com

 

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