Investment Technology Group Reports Third Quarter 2009 Results.

NEW YORK -- Fourth graph, second sentence of the quote from Bob Gasser should read: In Europe, ITG posted its second consecutive quarter of revenue growth and profitability (sted ITG posted its second profitable quarter in a row in Europe and its third quarter of sequential increase in revenue).

The corrected release reads:

INVESTMENT TECHNOLOGY GROUP REPORTS THIRD QUARTER 2009 RESULTS

Investment Technology Group, Inc. (NYSE: ITG), a leading agency broker and financial technology firm, today announced that for the third quarter ended September 30, 2009, net income was $17.5 million, or $0.40 per diluted share, versus net income of $27.2 million and earnings of $0.62 per diluted share in the third quarter of 2008. ITG's revenues for the third quarter of 2009 were $158.4 million versus $188.3 million for the third quarter of 2008. Pre-tax margins in the third quarter of 2009 were 17.7 percent compared to 24.2 percent in the third quarter of 2008.

"The third quarter saw mutual fund flows directed largely towards international funds and index funds, with flows to our core active domestic clients turning negative in August," said Bob Gasser, ITG's Chief Executive Officer and President. "While this made for a challenging environment, we are confident that the market will see a recovery in these fund flows and that we will benefit from the strong operating leverage of our platform. We continue to manage costs aggressively while investing selectively in markets and products that hold promise for our top and bottom lines with the return of improved market conditions."

ITG's non-US revenues were $43.8 million in the third quarter of 2009 versus $47.2 million in the third quarter of 2008. Non-US operations posted net income of $0.2 million in the third quarter of 2009, compared to $0.6 million of net income in the third quarter of 2008.

"Our European business benefited from product parity with North America as well as declining transaction processing costs, and we are well positioned to benefit from additional market recovery. In Europe, ITG posted its second consecutive quarter of revenue growth and profitability," said Mr. Gasser. "While our core client business in Canada remains strong, revenues were pressured by declining market volumes and a rapidly changing market structure. In the Asia Pacific region, better stock price performance did not correlate with higher turnover across the region, yet we did grow our revenue and gain market share. We continue to invest heavily in people, products and relationships as we position the firm for a greater role in the Asia Pacific markets."

Year to Date results

For the nine months ended September 30, 2009, revenues were $482.1 million compared to $572.9 million in the prior year period. Net income was $50.6 million and diluted earnings per share were $1.15 in the first nine months of 2009 versus net income of $85.9 million and diluted earnings per share of $1.95 in the first nine months of 2008.

Conference Call

ITG has scheduled a conference call today at 11:00 a.m. ET to discuss third quarter results. Those wishing to listen to the call should dial 800-295-3991 and enter the pass code 79761413 at least 10 minutes prior to the start of the call to ensure connection. The conference call and webcast will also be accessible through ITG's web site at www.itg.com. For those unable to listen to the live broadcast of the call, a replay will be available for one week by dialing 888-286-8010 and entering the pass code 48014893. The replay will be available starting approximately two hours after the completion of the conference call.

About ITG

Investment Technology Group, Inc., is a specialized agency brokerage and financial technology firm that partners with asset managers globally to provide innovative solutions spanning the investment continuum. A leader in electronic trading since launching POSIT([R]) in 1987, ITG's integrated approach now includes a range of products from portfolio management and pre-trade analysis to trade execution and post-trade evaluation. Asset managers rely on ITG's independence, experience, and agility to help mitigate risk, improve performance and navigate increasingly complex markets. The firm is headquartered in New York with offices in North America, Europe and the Asia Pacific region. For more information on ITG, please visit www.itg.com.

In addition to historical information, this press release may contain "forward-looking" statements that reflect management's expectations for the future. A variety of important factors could cause results to differ materially from such statements. These factors are noted throughout ITG's 2008 Annual Report, on its Form 10-K, and on its Form 10-Qs and include, but are not limited to, the actions of both current and potential new competitors, fluctuations in market trading volumes, financial market volatility, changes in commission pricing, evolving industry regulations, errors or malfunctions in our systems or technology, rapid changes in technology, cash flows into or redemptions from equity funds, effects of inflation, customer trading patterns, the success of our products and service offerings, our ability to continue to innovate and meet the demands of our customers for new or enhanced products, our ability to successfully integrate companies we have acquired, changes in tax policy or accounting rules, fluctuations in foreign exchange rates, adverse changes or volatility in interest rates, as well as general economic, business, credit and financial market conditions, internationally or nationally.

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(1) We have changed the income caption commissions revenues to commissions and fee revenues to better reflect the commission equivalent fees earned on spread based trades.

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