Investment Technology Group, Inc. (NYSE: ITG), a leading provider of technology-based equity trading services, today announced that they have established a Canadian Joint Venture with IRESS Market Technology Limited, a publicly traded Australian company. IRESS operates Australia’s premier equities market data execution system. The system is broker-neutral and includes order routing and trade execution capabilities. IRESS is used by the majority of professional market participants in Australia and New Zealand.
Under terms of the agreement, IRESS is purchasing a fifty percent stake in KTG Technologies Corp. (an ITG subsidiary and a leading Canadian provider of direct access and equity trading services) for CD $5.5 (US $4.1 million). This new joint venture will bring the IRESS product to the Canadian market in early 2005. The transaction is expected to close within the next thirty days.
"This partnership will enable us to introduce a proven, market-leading product into Canada," stated Robert J. Russel, President and CEO of ITG. "This new product offering is consistent with ITG’s Client-Site trading products strategy which provides broker-neutral electronic trading products to our customers."
"The Canadian marketplace has many similarities with Australia. We believe that our suite of products will gain strong acceptance in Canada, and by partnering with ITG we gain access to and credibility with an established client base," stated Peter Dunai, Managing Director of IRESS.