Focusing Liquidity at Fixed Times to Maximize Crossing Rates
NEW YORK, Dec. 1 /PRNewswire-FirstCall/ -- Investment Technology Group,
Inc. ("ITG") (NYSE: ITG) today announced that one morning match at 10:15 would
be added and three afternoon matches at 12:30, 1:30, and 2:30, would be
discontinued within the POSIT(R) equity matching system beginning on
December 8, 2004. The new schedule will be as follows: 9:45, 10:00, 10:15,
10:30, 11:00, 11:30, 12:00, 1:00, 2:00, 3:00 and 3:30. The after hours cross
will continue to be run at 4:45 pm. All times are eastern.
"We continue to adjust the POSIT match schedule to meet the needs of our
clients," stated Chris Heckman, ITG's Managing Director of Sales and Trading.
"The new schedule is aligned with the volume distribution of the market and
maximizes the aggregation of liquidity."
POSIT, the world's largest equity crossing system, matches institutional
buyers and sellers anonymously and provides patented optimization capabilities
for portfolio traders to manage portfolio risk characteristics. Customers
seeking the opportunity to access ITG's unique liquidity also have access to
TriAct, ITG's anonymous, continuous equity trading system which provides the
opportunity for price and size improvement on every transaction.
POSIT is owned by the POSIT Joint Venture, a joint venture between
subsidiaries of Investment Technology Group, Inc. (NYSE: ITG) and Barra, Inc.
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's 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(R), 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 http://www.itginc.com.
In addition to historical information, this press release may contain
"forward-looking" statements, as defined in the Private Securities Litigation
Reform Act of 1995, that reflect management's expectations for the future. A
variety of important factors could cause results to differ materially from
such statements. These factors include the company's ability to achieve
expected future levels of sales; the actions of both current and potential new
competitors; rapid changes in technology; financial market volatility; general
economic conditions in the United States and elsewhere; evolving industry
regulation; cash flows into or redemption from equity funds; effects of
inflation; customer trading patterns; and new products and services. These
and other risks are described in greater detail in the company's Annual Report
on Form 10-K for the fiscal year ended December 31, 2003 and other documents
filed with the Securities and Exchange Commission and available on the
company's web site.
For more information, please contact: Howard C. Naphtali, Chief Financial
Officer, +1-212-444-6160, or Maureen Murphy, Senior Vice President,
+1-212-444-6323, both of Investment Technology Group, Inc.
SOURCE Investment Technology Group, Inc.
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Related links:
http://www.itginc.com
CONTACT:
Howard C. Naphtali, Chief Financial Officer,
+1-212-444-6160, or Maureen Murphy, Senior Vice President,
+1-212-444-6323, both of Investment Technology Group, Inc.
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