ITG Europe has had two significant turning points in the past six months. In October 2000, the company, which had been running the Posit crossing system for two years in Europe, launched Portrait, an electronic agency portfolio management system. Then, in January 2001, the US parent, Investment Technology Group, acquired Société Générale's (SG) 50% stake in ITG Europe.

The two events were not unconnected. The terms of the joint venture agreement with SG were confined to the establishment of a crossing system. And while the introduction of Portrait showed the potential ITG Europe had for growth, SG decided it was time to divest and get a proper return on its investment. As Alasdair Haynes, chief executive officer of ITG Europe, described the buy-out of SG: 'ITG Europe has grown up.'