Investment Technology Group (ITG)

Japan

        In early 2005, ITG Japan established a branch office in Tokyo. Following the issuance of a dealer's license from the Japanese Financial Services Agency ("FSA"), ITG initiated limited trading operations in September 2005. ITG executes offshore Japanese trades via its Hong Kong office and facilitates domestic Japanese trades through a third party broker. ITG Japan offers ITG TCA, Alpha Capture and ITG Logic to domestic clients. Connectivity is available through ITG Net.

Japan

        In early 2005, ITG Japan established a branch office in Tokyo. Following the issuance of a dealer's license from the Japanese Financial Services Agency ("FSA"), ITG initiated limited trading operations in September 2005. ITG executes offshore Japanese trades via its Hong Kong office and facilitates domestic Japanese trades through a third party broker. ITG Japan offers ITG TCA, Alpha Capture and ITG Logic to domestic clients. Connectivity is available through ITG Net.

Japan

        In early 2005, ITG Japan established a branch office in Tokyo. Following the issuance of a dealer's license from the Japanese Financial
Services Agency ("FSA"), ITG initiated limited trading operations in September 2005. ITG executes offshore Japanese trades via its Hong Kong office and facilitates domestic Japanese trades through a
third party broker. ITG Japan offers ITG TCA, Alpha Capture and ITG Logic to domestic clients. Connectivity is available through ITG Net.

Japan

        In early 2005, ITG Japan, a Bermuda-registered company, established a branch office in Tokyo. Following the issuance of a dealer's license from the Japanese Financial Services Agency ("FSA"), ITG initiated limited trading operations in September 2005. ITG executes offshore Japanese trades via its Hong Kong office. Domestic Japanese trades were not being undertaken in 2007, pending the development of an integrated trading solution for the onshore Japanese market.

Japan

        In early 2005, ITG Japan, a Bermuda-registered company, established a branch office in Tokyo. Following the issuance of a dealer's license from the Japanese
Financial Services Agency ("FSA"), ITG initiated limited trading operations in September 2005. ITG executes offshore Japanese trades via its Hong Kong office. Domestic Japanese trades were not being
undertaken in 2007, pending the development of an integrated trading solution for the onshore Japanese market.

Japan

In early 2005, ITG Japan, a Bermuda-registered company, established a branch office in Tokyo in anticipation of commencing an institutional broker-dealer in Japan. Following the issuance of a dealer’s license from the Japanese Financial Services Agency (“FSA”), ITG initiated trading operations in September 2005.

Japan continues to be in the very early stages of development, and we do not expect significant progress until at least 2008. Recently, a number of modifications have been made to ITG’s trading activities in Japan. ITG has long been able to execute all off-shore Japanese trades via its Hong Kong office. Domestic Japanese trades are currently not being undertaken until our integrated Triton product suite is available for the Japanese market and therefore, we are not forecasting any trading commissions in Japan for 2007.