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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 QiYyTgakgpWdDZN8aXtmkggTvzJ2dtLCaXgbxfpPm3N11uxINtgEMH0Ho4YBqvIM
 A/Z6SUT4mNVApKF9UUIpQw==

<SEC-DOCUMENT>0001179110-03-003679.txt : 20030717
<SEC-HEADER>0001179110-03-003679.hdr.sgml : 20030717
<ACCEPTANCE-DATETIME>20030717114134
ACCESSION NUMBER:		0001179110-03-003679
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030715
FILED AS OF DATE:		20030717

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INVESTMENT TECHNOLOGY GROUP INC
		CENTRAL INDEX KEY:			0000920424
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				133757717
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		380 MADISON AVE
		STREET 2:		2ND FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2125884000

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			RUSSEL ROBERT J
		CENTRAL INDEX KEY:			0001027500

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-78309
		FILM NUMBER:		03790628

	BUSINESS ADDRESS:	
		STREET 1:		16 WESSKUM WOOD RD
		CITY:			RIVERSIDE
		STATE:			CT
		ZIP:			06878
		BUSINESS PHONE:		2124446261

	MAIL ADDRESS:	
		STREET 1:		16 WESSKUM WOOD RD
		CITY:			RIVERSIDE
		STATE:			CT
		ZIP:			06878
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2003-07-15</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000920424</issuerCik>
        <issuerName>INVESTMENT TECHNOLOGY GROUP INC</issuerName>
        <issuerTradingSymbol>ITG</issuerTradingSymbol>
</issuer>
<reportingOwner><reportingOwnerId>
            <rptOwnerCik>0001027500</rptOwnerCik>
            <rptOwnerName>RUSSEL ROBERT J</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector>
<isOfficer>1</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle>President and CEO</officerTitle>
<otherText></otherText>
</reportingOwnerRelationship>
</reportingOwner>
<nonDerivativeSecurity><securityTitle><value>Common Stock</value>
</securityTitle>
<transactionDate><value>2003-07-15</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>F</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>512</value>
</transactionShares>
<transactionValue><value>18.62</value>
</transactionValue>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>55343</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeSecurity>
<nonDerivativeSecurity><securityTitle><value>Common Stock</value>
</securityTitle>
<transactionDate><value>2003-07-15</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>A</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>3112</value>
</transactionShares>
<transactionValue><value>0</value>
<footnoteId id="F1"></footnoteId>
</transactionValue>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>58455</value>
<footnoteId id="F2"></footnoteId>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeSecurity>
<footnotes><footnote id="F1">Grant of Stock Unit Award</footnote>
<footnote id="F2">23 shares of Common Stock held through the ESOP Trust</footnote>
</footnotes>
<ownerSignature><signatureName>Sophia Lee, by Power of Attorney filed with Form 4 dated October 15, 2002</signatureName>
<signatureDate>2003-07-16</signatureDate>
</ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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