ITG Ranks Number One For Transaction Cost Analysis In Waters Magazine Annual Readers' Choice Awards

NEW YORK, NY, June 30, 2005 – Investment Technology Group, Inc. ("ITG")
(NYSE: ITG), a leading provider of technology-based equity trading services and transaction research, today announced that it had won first place in the category for Best Transaction Cost Analysis in the readers’ choice awards of Waters Magazine.

The Third Annual Waters Magazine Rankings recognizes technological excellence
provided by vendors to end users at banks, brokerages and investment management firms worldwide. The voters included buy and sell side end users who voted in the thirteen categories for which they have responsibility. The geographic location of the voters was split between 55% in the United States, 30% from Europe, 10% from the Asia/Pacific region and the remaining 5% coming from other global locations.

"We’re pleased to receive top honors in the Transaction Cost Analysis category which we believe is a testimony to our culture of partnering with clients to achieve the best possible results," stated Ian Domowitz, ITG’s Managing Director, Global Head of Research. "This honor is the result of our continuous innovations and dedication to providing excellent customer service."

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