Intrinsic value of Investment Technology Group - ITG

Previous Close

$22.37

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$22.37

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as ITG.

We calculate the intrinsic value of ITG stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
Revenue, $m
  499
  515
  533
  553
  573
  596
  619
  645
  672
  700
  731
  763
  797
  833
  871
  911
  953
  998
  1,045
  1,095
  1,147
  1,202
  1,260
  1,320
  1,384
  1,452
  1,523
  1,597
  1,675
  1,757
Variable operating expenses, $m
  541
  558
  577
  596
  617
  640
  665
  690
  718
  747
  747
  780
  815
  852
  891
  932
  975
  1,021
  1,069
  1,120
  1,173
  1,230
  1,289
  1,351
  1,416
  1,485
  1,558
  1,634
  1,714
  1,798
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  541
  558
  577
  596
  617
  640
  665
  690
  718
  747
  747
  780
  815
  852
  891
  932
  975
  1,021
  1,069
  1,120
  1,173
  1,230
  1,289
  1,351
  1,416
  1,485
  1,558
  1,634
  1,714
  1,798
Operating income, $m
  -42
  -43
  -43
  -44
  -44
  -45
  -45
  -46
  -46
  -47
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
EBITDA, $m
  100
  103
  107
  110
  115
  119
  124
  129
  134
  140
  146
  152
  159
  166
  174
  182
  190
  199
  209
  219
  229
  240
  252
  264
  277
  290
  304
  319
  335
  351
Interest expense (income), $m
  6
  23
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
Earnings before tax, $m
  -65
  -44
  -45
  -45
  -46
  -46
  -47
  -47
  -48
  -49
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -65
  -44
  -45
  -45
  -46
  -46
  -47
  -47
  -48
  -49
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Adjusted assets (=assets-cash), $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Revenue / Adjusted assets
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Average production assets, $m
  1,112
  1,149
  1,189
  1,232
  1,278
  1,327
  1,380
  1,437
  1,497
  1,561
  1,628
  1,700
  1,776
  1,856
  1,941
  2,030
  2,125
  2,224
  2,329
  2,440
  2,556
  2,679
  2,807
  2,943
  3,086
  3,236
  3,394
  3,560
  3,734
  3,917
Working capital, $m
  -366
  -378
  -391
  -406
  -421
  -437
  -455
  -473
  -493
  -514
  -536
  -560
  -585
  -611
  -639
  -669
  -700
  -732
  -767
  -803
  -842
  -882
  -924
  -969
  -1,016
  -1,066
  -1,118
  -1,172
  -1,230
  -1,290
Total debt, $m
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
Total liabilities, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total equity, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total liabilities and equity, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -65
  -44
  -45
  -45
  -46
  -46
  -47
  -47
  -48
  -49
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
Depreciation, amort., depletion, $m
  142
  146
  150
  154
  159
  164
  169
  175
  181
  187
  163
  170
  178
  186
  194
  203
  212
  222
  233
  244
  256
  268
  281
  294
  309
  324
  339
  356
  373
  392
Funds from operations, $m
  77
  101
  105
  109
  113
  117
  122
  127
  133
  138
  144
  151
  158
  165
  172
  180
  189
  198
  207
  217
  228
  238
  250
  262
  275
  288
  303
  317
  333
  350
Change in working capital, $m
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -55
  -57
  -60
Cash from operations, $m
  88
  113
  118
  123
  128
  134
  140
  146
  152
  159
  167
  174
  183
  191
  200
  210
  220
  231
  242
  253
  266
  279
  292
  307
  322
  338
  355
  372
  391
  410
Maintenance CAPEX, $m
  -108
  -111
  -115
  -119
  -123
  -128
  -133
  -138
  -144
  -150
  -156
  -163
  -170
  -178
  -186
  -194
  -203
  -212
  -222
  -233
  -244
  -256
  -268
  -281
  -294
  -309
  -324
  -339
  -356
  -373
New CAPEX, $m
  -34
  -37
  -40
  -43
  -46
  -50
  -53
  -56
  -60
  -64
  -68
  -72
  -76
  -80
  -85
  -89
  -94
  -100
  -105
  -110
  -116
  -122
  -129
  -136
  -143
  -150
  -158
  -166
  -174
  -183
Cash from investing activities, $m
  -142
  -148
  -155
  -162
  -169
  -178
  -186
  -194
  -204
  -214
  -224
  -235
  -246
  -258
  -271
  -283
  -297
  -312
  -327
  -343
  -360
  -378
  -397
  -417
  -437
  -459
  -482
  -505
  -530
  -556
Free cash flow, $m
  -54
  -34
  -37
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -77
  -81
  -86
  -90
  -94
  -99
  -104
  -110
  -115
  -121
  -127
  -133
  -140
  -147
Issuance/(repayment) of debt, $m
  -21
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Issuance/(repurchase) of shares, $m
  86
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  65
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total cash flow (excl. dividends), $m
  12
  -34
  -37
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -77
  -81
  -86
  -90
  -94
  -99
  -104
  -110
  -115
  -121
  -127
  -133
  -140
  -147
Retained Cash Flow (-), $m
  -86
  -44
  -45
  -45
  -46
  -46
  -47
  -47
  -48
  -49
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
Prev. year cash balance distribution, $m
  21
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  20
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -54
  -44
  -45
  -45
  -46
  -46
  -47
  -47
  -48
  -49
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
Discount rate, %
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
  -51
  -40
  -37
  -35
  -33
  -31
  -28
  -26
  -23
  -21
  -7
  -6
  -6
  -5
  -4
  -4
  -3
  -3
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Investment Technology Group, Inc. (ITG) is a financial technology company that helps brokers and asset managers improve returns for investors around the world. The Company operates through four segments: U.S. Operations, Canadian Operations, European Operations and Asia Pacific Operations. These four segments provide categories of products and services, such as Execution Services, Workflow Technology and Analytics. Execution Services includes self-directed trading using algorithms, smart routing and matching through POSIT in cash equities, futures and options trading and portfolio trading and high-touch trading desks providing execution expertise. Workflow Technology includes trade order and execution management software applications in addition to network connectivity. Analytics includes tools enabling portfolio managers and traders to improve pre-trade, real-time and post-trade execution performance; portfolio construction and optimization decisions, and securities valuation.

FINANCIAL RATIOS  of  Investment Technology Group (ITG)

Valuation Ratios
P/E Ratio -28.1
Price to Sales 1.6
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 20.9
Price to Free Cash Flow -66.4
Growth Rates
Sales Growth Rate -26.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 21.1%
Cap. Spend. - 3 Yr. Gr. Rate -3.9%
Financial Strength
Quick Ratio 4
Current Ratio NaN
LT Debt to Equity 1.7%
Total Debt to Equity 19.5%
Interest Coverage -6
Management Effectiveness
Return On Assets -1.8%
Ret/ On Assets - 3 Yr. Avg. 2.7%
Return On Total Capital -5%
Ret/ On T. Cap. - 3 Yr. Avg. 7.4%
Return On Equity -6%
Return On Equity - 3 Yr. Avg. 9.1%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 68.7%
Gross Margin - 3 Yr. Avg. 73.8%
EBITDA Margin 1.5%
EBITDA Margin - 3 Yr. Avg. 16.4%
Operating Margin -8.7%
Oper. Margin - 3 Yr. Avg. 7.5%
Pre-Tax Margin -9.2%
Pre-Tax Margin - 3 Yr. Avg. 7.2%
Net Profit Margin -5.5%
Net Profit Margin - 3 Yr. Avg. 6%
Effective Tax Rate 39.5%
Eff/ Tax Rate - 3 Yr. Avg. 28.3%
Payout Ratio -34.6%

ITG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ITG stock intrinsic value calculation we used $484 million for the last fiscal year's total revenue generated by Investment Technology Group. The default revenue input number comes from 2017 income statement of Investment Technology Group. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ITG stock valuation model: a) initial revenue growth rate of 3.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.6%, whose default value for ITG is calculated based on our internal credit rating of Investment Technology Group, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Investment Technology Group.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ITG stock the variable cost ratio is equal to 108.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ITG stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 98.4% for Investment Technology Group.

Corporate tax rate of 27% is the nominal tax rate for Investment Technology Group. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ITG stock is equal to 4.2%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ITG are equal to 222.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Investment Technology Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ITG is equal to -73.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Investment Technology Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 33 million for Investment Technology Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Investment Technology Group at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ ITG to Announce Second Quarter 2018 Results   [Jul-09-18 04:15PM  GlobeNewswire]
▶ ITG Declares Quarterly Dividend   [May-17-18 04:15PM  GlobeNewswire]
▶ ITG Reports First Quarter 2018 Results   [May-02-18 06:59AM  GlobeNewswire]
▶ ITG Launches POSIT and POSIT Alert for New Zealand   [Apr-26-18 08:01PM  GlobeNewswire]
▶ ITG to Announce First Quarter 2018 Results   [Apr-10-18 04:15PM  GlobeNewswire]
▶ ITG Reports Fourth Quarter 2017 Results   [06:59AM  GlobeNewswire]
▶ ITG to Announce Fourth Quarter 2017 Results   [Jan-11-18 04:15PM  GlobeNewswire]
▶ ITG Launches Enhanced Dark Aggregation Algorithm   [Dec-07-17 08:01AM  GlobeNewswire]
▶ ITG Declares Quarterly Dividend   [Nov-16-17 04:15PM  GlobeNewswire]
▶ ITG Releases October 2017 U.S. Trading Volume   [Nov-08-17 06:59AM  GlobeNewswire]
▶ Investment Technology reports 3Q loss   [07:29AM  Associated Press]
▶ ITG Reports Third Quarter 2017 Results   [06:59AM  GlobeNewswire]
▶ ITG to Announce Third Quarter 2017 Results   [Oct-16-17 04:15PM  GlobeNewswire]
▶ ITG Releases September 2017 U.S. Trading Volume   [Oct-09-17 06:59AM  GlobeNewswire]
▶ ITG Announces Partnership to Form Matrix Holding Group   [Sep-21-17 09:00AM  GlobeNewswire]
▶ ITG Releases August 2017 U.S. Trading Volume   [Sep-11-17 06:59AM  GlobeNewswire]
▶ ITG to Launch POSIT Auction in EMEA   [Sep-06-17 03:01AM  GlobeNewswire]
▶ ITG Declares Quarterly Dividend   [Aug-10-17 04:15PM  GlobeNewswire]
▶ ITG Releases July 2017 U.S. Trading Volume   [Aug-08-17 06:59AM  GlobeNewswire]
▶ Investment Technology posts 2Q profit   [Aug-02-17 09:41PM  Associated Press]
▶ ITG Reports Second Quarter 2017 Results   [06:59AM  GlobeNewswire]
▶ ITG Rolls Out New Triton Features Ahead of MiFID II   [Jul-24-17 07:58AM  GlobeNewswire]
▶ ITG Launches Fixed Income TCA   [Jul-17-17 07:01AM  GlobeNewswire]
▶ ITG to Announce Second Quarter 2017 Results   [Jul-13-17 04:15PM  GlobeNewswire]
▶ ITG Releases June 2017 U.S. Trading Volume   [Jul-11-17 06:59AM  GlobeNewswire]
▶ ITG Releases May 2017 U.S. Trading Volume   [06:59AM  GlobeNewswire]
▶ ITG Declares Quarterly Dividend   [May-18-17 04:15PM  GlobeNewswire]
▶ ITG Releases April 2017 U.S. Trading Volume   [May-08-17 06:59AM  GlobeNewswire]
▶ Investment Technology posts 1Q profit   [May-03-17 07:06AM  Associated Press]
▶ ITG Reports First Quarter 2017 Results   [06:58AM  GlobeNewswire]
▶ ITG Releases March 2017 U.S. Trading Volume   [Apr-10-17 06:59AM  GlobeNewswire]
▶ ITG to Announce First Quarter 2017 Results   [Apr-06-17 09:00AM  GlobeNewswire]
▶ ITG Declares Quarterly Dividend   [Feb-16-17 04:15PM  GlobeNewswire]
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