INVESTMENT TECHNOLOGY GROUP INC
3, 1997-09-05
SECURITY BROKERS, DEALERS & FLOTATION COMPANIES
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                                                           OMB APPROVAL       
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- --------                                           OMB Number:  3235-0104  
 FORM 3                                            Expires: September 30, 1998  
- --------                                           Estimated average burden 
                                                   hours per response .... 0.5
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                    U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, DC 20549

            INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

    Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
                                 Section 17(a)
      of the Public Utility Holding Company Act of 1935 or Section 30(f)
                     of the Investment Company Act of 1940


<TABLE>
<S>                                        <C>                           <C>                                 <C>                 
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 1. Name and Address of Reporting Person   2. Date of Event Requiring    4. Issuer Name and Ticker or        6. If Amendment, Date 
     Cushing     David       Charles          Statement                     Trading Symbol                      of Original
- ----------------------------------------      (Month/Day/Year)               ITGI                               (Month/Day/Year)
     (Last)     (First)     (Middle)             3/1/97                  ------------------------------------
       4 Jonas Stone Circle                ----------------------------  5. Relationship of Reporting        7. Individual or  
- ----------------------------------------   3. IRS or Social Security          Person to Issuer                  Joint/Group Filing
             (Street)                         Number of Reporting           (Check all applicable)              (check Applicable
                                              Person (Voluntary)         ----- Director   -----   10% Owner       Line)
    Lexington       MA        02173                                        X   Officer    -----   Other (specify     Form filed by  
- --------------------------------------     ----------------------------  (give title below)             below)    X  One Reporting  
      (City)      (State)      (Zip)                                     Executive Vice President                    Person       
                                                                         ---------------------------        
                                                                                                                     Form filed by
                                                                                                                 --- More than one
                                                                                                                    Reporting Person
          
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                                                            TABLE 1 -- NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED      
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 1. Title of Security                         2. Amount of Securities         3. Ownership Form:         4. Nature of Indirect     
    (Instr. 4)                                   Beneficially Owned              Direct (D) or              Beneficial    
                                                 (Instr. 4)                      Indirect (I)               Ownership (Instr. 5)
                                                                                 (Instr. 5)                 
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.                   (Over)
                                                                               (Print or Type Responses)             SEC 1473 (8/92)
</TABLE>
                 
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<TABLE>
<CAPTION>
 
FORM 3 (CONTINUED)               TABLE II -- DERIVATIVE SECURITIES BENEFICIALLY OWNED
                            (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
 
<S>                              <C>                <C>                            <C>           <C>         <C>        
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1. Title of Derivative Security  2. Date            3. Title and Amount of         4. Conver-    5. Owner-   6. Nature of Indirect
   (Instr. 4)                       Exercisable and    Securities Underlying          sion or       ship        Beneficial Ownership
                                    Expiration Date    Derivative Security            Exercise      Form of     (Instr. 5)          
                                    (Month/Day/        (Instr. 4)                     Price of      Deriv-                         
                                    Year)                                             Deri-         ative                          
                                                                                      vative        Security:                      
                                                                                      Security      Direct                         
                                 -------------------------------------------------                  (D) or                         
                                 Date      Expira-                       Amount or                  Indirect (I)  
                                 Exercis-  tion             Title        Number                     (Instr. 5)             
                                 able      Date                          of Shares                                                 
                                                                                                                                   
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Common (right to buy)            5/1/97    4/30/99      Common Stock     9,336        13.00           (D)
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Common (right to buy)            11/22/98  11/21/00     Common Stock     2,434         9.13           (D)
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Common (right to buy)            11/22/98  11/21/00     Common Stock     2,436        11.06           (D)
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Common (right to buy)            1/6/98    7/5/02       Common Stock     3,334        19.49           (D)
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Common (right to buy)            1/6/99    7/5/02       Common Stock     3,333        19.49           (D)
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Common (right to buy)            1/6/00    7/5/02       Common Stock     3,333        19.49           (D)
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Explanation of Responses:
                                                                                     /s/ DAVID CHARLES CUSHING         9/03/1997
**Intentional misstatements or omissions of facts constitute Federal Criminal        -------------------------------   -------------
  Violations.  See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).                             **Signature of Reporting Person        Date

Note. File three copies of this Form, one of which must be manually signed.                                           Page 2     
  If space provided is insufficient, See Instruction 6 for procedure.                                             SEC 1473 (8/92)
                                                                                                                                 
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