Document:

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                                                                  EXHIBIT 10.5.9

                          THIRD SUPPLEMENTAL AGREEMENT

               THIRD SUPPLEMENTAL AGREEMENT (hereinafter called this
"Agreement"), dated as of the _____ day of September, 1999, between SPARTAN
MADISON CORP., a Delaware corporation, having an address c/o HRO International
Ltd., Tower 56, 126 East 56th Street, New York, New York 10022 (hereinafter
referred to as "Landlord"), and INVESTMENT TECHNOLOGY GROUP, INC., a Delaware
corporation, having an address at 380 Madison Avenue, New York, New York 10017
(hereinafter called "Tenant").

                              W I T N E S S E T H:

               WHEREAS:

               A. Landlord and Tenant heretofore entered into a certain lease
dated as of October 4, 1996, as amended by that certain First Supplemental
Agreement dated January 29, 1997, Added Space Agreement dated as of September 4,
1997, and Second Supplemental Agreement dated as of November 25, 1997 (such
lease, as the same has been and may hereafter be amended, is hereinafter called
the "Lease") with respect to the entire fourth (4th) floor and a portion of the
fifth (5th) floor and basement (hereinafter called the "Demised Premises") in
the building known as 380 Madison Avenue, New York, New York (hereinafter called
the "Building"), for a term ending on January 31, 2013, or on such earlier date
upon which said term may expire or be terminated pursuant to any conditions of
limitation or other provisions of the Lease or pursuant to law; and

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               B. The parties hereto desire to modify the Lease to provide for
the inclusion therein of additional space and the extension of term thereof,
upon the terms, provisions and conditions as are more particularly hereinafter
set forth.

               NOW, THEREFORE, in consideration of the premises and mutual
covenants hereinafter contained, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree to modify said Lease as follows:

               1. All capitalized terms contained in this Agreement shall, for
the purposes hereof, have the same meanings ascribed to them in the Lease unless
otherwise defined herein.

               2. Effective as of the date hereof (hereinafter called the "7th
Floor Added Space Date"), and for the remainder of the term of the Lease, there
shall be added to and included in the Demised Premises, the following additional
space in the Building, to wit:

               The portion of the seventh (7th) floor of the Building
               substantially as shown hatched on the floor plan annexed hereto
               as Exhibit A (hereinafter called the "7th Floor Added Space"),
               which the parties hereto agree for purposes of this Agreement
               shall be deemed to contain approximately 25,520 rentable square
               feet.

Landlord does hereby lease to Tenant and Tenant does hereby hire from Landlord,
the 7th Floor Added Space subject and subordinate to all superior leases and
superior mortgages as provided in the Lease and upon and subject to all the
covenants, agreements, terms and conditions of the Lease, as supplemented by
this Agreement, other than the provisions of Sections 1.05, 2.02, 2.03, 2.05,
25.06, and Articles 24, 43 of the Lease and Schedules N and Q which shall be
deemed inapplicable to the 7th Floor Added Space.

               3. Effective during the period commencing on the 7th Floor Added
Space Date and ending on the Expiration Date:

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               (a) The fixed annual rent payable by Tenant to Landlord pursuant
to Section 1.01(b) of the Lease (as modified by Paragraph 3 of the Added Space
Agreement and by Paragraph 3(a) of the Second Supplemental Agreement,
respectively) shall be increased on account of the inclusion of the 7th Floor
Added Space, by the following amounts during the following periods:

               (i)   ONE MILLION FORTY SIX THOUSAND THREE HUNDRED TWENTY AND
                     00/100 ($1,046,320.00) DOLLARS per annum during the period
                     beginning on the 7th Floor Added Space Date and ending on
                     April 30, 2003;

               (ii)  ONE MILLION ONE HUNDRED FORTY-EIGHT THOUSAND FOUR HUNDRED
                     AND 00/100 ($1,148,400.00) DOLLARS per annum during the
                     period beginning on May 1, 2003 and ending on September 30,
                     2008; and

               (iii) ONE MILLION TWO HUNDRED TWENTY-FOUR THOUSAND NINE HUNDRED
                     SIXTY AND 00/100 ($1,224,960.00) DOLLARS per annum during
                     the period beginning on October 1, 2008 and ending on the
                     Expiration Date.

               (b) With respect to the adjustments of rent set forth in Article
3 of the Lease (hereinafter called the "Basic Escalations") there shall be
computed, in addition to the Basic Escalations, adjustments of rent with respect
to increases of Taxes and Expenses attributable to the 7th Floor Added Space.
Adjustments of rent with respect to Taxes and Expenses with respect to the 7th
Floor Added Space will be computed in the same manner as adjustments of rent
with respect to Taxes and Expenses for the purpose of the Basic Escalations
under the Lease, except that for the purpose of such computations with respect
to the 7th Floor Added Space only:

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               (i) The term "Base Tax" (as defined in subsection 3.01.A(a) of
        the Lease) with respect to the 7th Floor Added Space shall mean the
        Taxes, as finally determined, for the Tax Year commencing July 1, 1998
        and ending June 30, 1999;

               (ii) The term "Tenant's Tax Share" (as defined in subsection
        3.01.A(d) of the Lease) with respect to the 7th Floor Added Space shall
        mean 3.0273%, calculated as a fraction, the numerator of which is
        25,520, reflecting the number of rentable square feet which Landlord and
        Tenant agree comprises the 7th Floor Added Space and the denominator of
        which is 842,997, reflecting the number of rentable square feet which
        Landlord and Tenant agree comprises the rentable square footage of the
        office and retail area of the Building. If the physical size of the
        rentable area of the Building shall increase, Tenant's Tax Share shall
        be appropriately recalculated;

               (iii) The term "Expense Base Factor" (as defined in subsection
        3.02.A(a) of the Lease) with respect to the 7th Floor Added Space shall
        mean the Expenses for the Operating Year 1999;

               (iv) The term "Tenant's Expense Share" (as defined in subsection
        3.02.A(c) of the Lease) with respect to the 7th Floor Added Space shall
        mean 3.2601%, calculated as a fraction, the numerator of which is
        25,520, reflecting the number of rentable square feet which Landlord and
        Tenant agree comprises the 7th Floor Added Space and the denominator of
        which is 782,787, reflecting the number of rentable square feet which
        Landlord and Tenant agree comprises the rentable square footage of the
        office area of the Building. If the physical size of the rentable area
        of the Building shall increase, Tenant's Expense Share shall be
        appropriately recalculated;

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               (v) The date "July 1, 1997" set forth in the third line of
        subsection 3.01.B of the Lease shall be changed to "July 1, 1999" with
        respect only to the 7th Floor Added Space; and

               (vi) The term "Base Operating Year" (as defined in subsection
        3.02.A(b) of the Lease) with respect only to the 7th Floor Added Space
        shall mean the calendar year 1999.

               (vii) Landlord confirms that the representation with respect to
the definition of Expenses set forth in the final paragraph of Section 3.02A of
the Lease is true and accurate as of the date hereof.

               (c) The provisions of Article 4 of the Lease shall apply with
respect to the furnishing of electricity to the 7th Floor Added Space,
including, without limitation, the provisions of Section 4.07 thereof with
respect to the electrical capacity of the 7th Floor Added Space, provided that
in accordance with Section 4.03(a) thereof, Landlord shall charge Tenant its
proportionate share of the charges for Common Area Electric with respect to the
seventh (7th) floor of the Building, plus any sales tax and the administrative
fee referred to therein.

               (d) For purposes of this Agreement, subsection 21.01(b) of the
Lease shall not apply with respect to HVAC service to the 7th Floor Added Space
and in lieu thereof, the following provisions shall apply with respect thereto:

               "Maintain in good repair the Base building air conditioning,
        heating and ventilating systems in and serving the 7th Floor Added
        Space. Such air conditioning, heating and ventilation systems will
        function when seasonably required (subject to the design criteria,
        including occupancy and connected electric load design criteria, set
        forth on Schedule O, and except for any special requirements of Tenant
        arising from its particular use of the 7th Floor Added Space) on
        business days from 7:00 a.m. to 6:00 p.m. as more fully described in,
        and subject to the conditions of, the specifications set forth in
        Schedule O of the Lease. The core air-conditioning system (as it relates
        to the 7th Floor Added Space) shall be activated by use of a telephone
        dial access number which Landlord

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        shall provide and may be activated by Tenant as required by Tenant. The
        perimeter heat pump system (as it relates to the 7th Floor Added Space)
        shall have separate controls for each unit in the 7th Floor Added Space
        and may be operated by Tenant as required by Tenant. Landlord has
        informed Tenant that the windows of the 7th Floor Added Space and the
        Building are sealed, and that the 7th Floor Added Space may become
        uninhabitable and the air therein may become unbreathable during the
        hours or days when the aforesaid systems do not function automatically
        as described herein or when Tenant does not operate the perimeter heat
        pump units or activate the core air conditioning system. Any use or
        occupancy of the 7th Floor Added Space under the conditions set forth in
        the immediately preceding sentence shall be at the sole risk,
        responsibility and hazard of Tenant, and Landlord shall have no
        responsibility or liability therefor. Such condition of the 7th Floor
        Added Space shall not constitute nor be deemed to be a breach or a
        violation of this Lease or of any provision thereof, nor shall it be
        deemed an actual or constructive eviction nor shall Tenant claim or be
        entitled to claim any abatement of rent nor make any claim for any
        damages or compensation by reason of such condition of the 7th Floor
        Added Space. Tenant shall cause and keep entirely unobstructed all the
        vents, intakes, outlets and grilles, at all times and shall comply with
        and observe all regulations and requirements prescribed by Landlord for
        the proper functioning of the heating, ventilating and air-conditioning
        systems serving the 7th Floor Added Space. Nothing contained herein
        shall be deemed to require Landlord to furnish at Landlord's expense
        such electric energy as is required to operate the air conditioning,
        heating and ventilating systems serving the 7th Floor Added Space.
        Subject to the provisions of Article 4 of this Lease, all such electric
        energy shall be furnished to Tenant at Tenant's cost and expense. All
        tenants who require air-conditioning from the core system during the
        hours or days when the core system does not function automatically as
        described herein shall have the responsibility of activating the core
        air-conditioning system by use of the core air-conditioning telephone
        system (which will be activated by use of a telephone dial access number
        which Landlord shall provide). All tenants who require air conditioning,
        heat or ventilating from the perimeter heat pump system during the hours
        or days when the perimeter heat pump system does not function
        automatically as described herein shall have the responsibility of
        operating the perimeter heat pump units by use of the separate controls
        provided with each unit."

        At Tenant's request, Landlord will permit Tenant to tap into the
        Building condenser water system, without charge to Tenant (except that
        the initial hook-up shall be performed by Tenant at Tenant's expense)
        for up to fifty (50) additional tons of condenser water to operate
        supplemental air-conditioning units installed by Tenant in or serving
        the 7th Floor Added Space. Such units shall be installed in accordance
        with the provisions of this Lease. In the event Tenant installs
        supplementary air-conditioning units serving the 7th Floor Added Space,
        Tenant covenants and agrees, at its sole cost and expense, to maintain
        in full force and effect for so long as such air-conditioning unit
        remains in the Building, a maintenance agreement for the periodic
        maintenance of such unit on customary terms with a contractor reasonably
        acceptable to Landlord and to furnish a

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        copy of said contract and all extensions thereof to Landlord within ten
        (10) days after demand. Landlord shall perform routine testing and
        maintenance of such Building condenser water tower and shall give Tenant
        reasonable prior notice of such testing. Landlord shall cooperate with
        Tenant in order to schedule such testing so as to minimize material
        interference with the conduct of Tenant's business.

        In addition, Landlord shall permit Tenant to penetrate the facade of the
        Building for the purposes of installing louvers for supplemental
        air-cooled air-conditioning units installed in the 7th Floor Added Space
        provided and on condition that such louvers shall be installed in the
        same locations on the seventh (7th) floor facade as those installed by
        Tenant on the fourth (4th) and fifth (5th) floor facades of the Building
        in accordance with Schedule P of the Lease, and such installation shall
        be performed in accordance with the provisions of the Lease."

               (e) Section 25.06 of the Lease shall be deemed inapplicable to
the 7th Floor Added Space and shall be replaced by the following with respect to
the 7th Floor Added Space:

        "25.06.(a) Landlord represents that as of the date of the Third
        Supplemental Agreement the following is a comprehensive list of all
        Superior Instruments:

                              (i) a certain mortgage, as modified by a certain
               Mortgage Modification Agreement, dated as of June 20, 1991
               between Mortgagee and Landlord's predecessor in interest and a
               further Project Loan Agreement, dated December 20, 1991 between
               Mortgagee and Landlord,

                              (ii) a certain ground lease dated January 26, 1989
               between ComMet 380, Inc. ("Ground Lessor"), as ground lessor and
               Landlord's predecessor in interest, as ground lessee,

                              (iii) a certain Agreement of Consolidation,
               Extension and Modification of Mortgages, dated as of July 1, 1997
               between GMAC Commercial Mortgage Corporation and Ground Lessor."

               (b) Landlord represents that as of the date of the Third
         Supplemental Agreement all the Superior Instruments are in full force
         and effect and Landlord has received no notices of defaults thereunder
         which have remained uncured beyond the applicable grace period set
         forth in the applicable Superior Instrument."

               (f) Notwithstanding anything to the contrary contained in the
Lease, including without limitation Section 8.01 thereof, (i) Landlord shall
have no liability for, and Tenant shall be solely responsible for compliance
with, the Disabilities Act in the 7th Floor

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Added Space to the extent that the requirement for such compliance arises from a
condition existing in the 7th Floor Added Space as of the date hereof and/or to
the extent that Tenant shall make any alterations or improvements in the 7th
Floor Added Space, and (ii) the provisions of the third sentence of Section 8.01
of the Lease shall not apply to the 7th Floor Added Space, but, as of the date
hereof, Landlord covenants that Landlord has received no notice of any violation
of Legal Requirements in the 7th Floor Added Space which remains uncured.

               (g) Tenant shall have the right to exclusive use of up to four
(4) of the existing vacant sleeves in the Building's communications closet on
the fourth (4th) and seventh (7th) floors of the Building for purpose of
connecting Tenant's communications and electrical facilities between the 7th
Floor Added Space and the balance of the Demised Premises. Landlord agrees that
Tenant shall have the right, at Tenant's sole cost and expense, to core drill
(and thereafter have exclusive use of) two (2) additional sleeves in the
Building's electricity closets extending from the fourth (4th) to seventh (7th)
floors of the Building in locations first approved by Landlord, such approval
not to be unreasonable withheld or delayed; provided and on condition that all
such work shall be performed in accordance with plans and specifications first
approved by Landlord (such approval not to be unreasonably withheld or delayed)
and otherwise in accordance with the provisions of the Lease regarding Tenant
work, including, without limitation, Articles 6 and 42 thereof, and all such
work shall be performed only at such times and in such manner as reasonably
designated by Landlord for the performance of such work. With respect to
Tenant's cabling and wiring installed within the foregoing sleeves as to which
Tenant has exclusive use, Tenant shall have the right to encase same with
conduit of up to three (3") inches in diameter. In addition, Tenant may run such
cabling and wiring through the ceiling

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plenum of the common areas of the 7th floor provided and on condition that: (i)
sufficient space exists in such plenum for such installation, in Landlord's
reasonable judgment (and Landlord makes no representation with respect thereto)
and Landlord shall reasonably designate the location of such installation, and
(ii) Landlord shall approve Tenant's plans for such installation, such approval
not to be unreasonably withheld or delayed.

               4. Tenant agrees to accept the 7th Floor Added Space on the 7th
Floor Added Space Date in the "as is" condition in which it exists on the date
hereof and understands and agrees that Landlord is not obligated to perform any
work, supply any materials or incur any expense in connection with preparing the
7th Floor Added Space for Tenant's occupancy, except that Tenant shall be
entitled to the "Added Space Work Credit" (as hereinafter defined in
subparagraph 5(b) hereof). Landlord shall deliver the 7th Floor Added Space to
Tenant in broom clean condition and free of tenancies, other than the "Existing
Tenant" (as such term is hereinafter defined) as hereinafter set forth;
provided, however, that Tenant acknowledges that it is currently negotiating
with the current occupant of the 7th Floor Added Space (the "Existing Tenant")
to sublet a portion of the 7th Floor Added Space to the Existing Tenant, and in
the event of the consummation of a written sublease between Tenant and the
Existing Tenant, the Existing Tenant shall continue in occupancy of the portion
of the 7th Floor Added Space so sublet.

               5. (a) Tenant hereby covenants and agrees that Tenant will, at
Tenant's own cost and expense (except that Tenant shall be entitled to the Added
Space Work Credit), and in a good and workmanlike manner, make and complete the
initial work and installations in and to the 7th Floor Added Space set forth
below in such manner so that the 7th Floor Added Space will be administrative
and general offices of a standard which is generally consistent with the

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nature and quality of Tenant's existing installations in the Building (such work
is hereinafter called "Tenant's Added Space Work"). Tenant shall perform
Tenant's Added Space Work in accordance with the provisions of Article 6 and
Article 42 of the Lease, except that for purposes hereof, all references in the
Lease to "Tenant's Work" shall be deemed to mean Tenant's Added Space Work, and
all references therein to the "demised premises" shall be deemed to mean the 7th
Floor Added Space.

               (b) Landlord shall allow Tenant a credit in an amount of up to
Five Hundred Eighty-Six Thousand Nine Hundred Sixty and 00/100 ($586,960.00)
Dollars (the "Added Space Work Credit"), which shall be applied against the cost
and expense of the construction work in connection with Tenant's Added Space
Work and Tenant's actual and reasonable out-of-pocket expenses incurred for
architectural, engineering, design and other professional fees and relocation
costs. In the event that the cost and expense of Tenant's Added Space Work shall
exceed the amount of the Added Space Work Credit, Tenant shall be entirely
responsible for such excess. If Tenant does not use all or any part of the Added
Space Work Credit for Tenant's Added Space Work (or for Tenant's relocation
costs in connection therewith), then the Added Space Work Credit shall be
reduced accordingly.

               (c) The Added Space Work Credit shall be payable by Landlord to
Tenant upon written requisition to Landlord, in installments as Tenant's Added
Space Work progresses, but no more frequently than monthly. The amount of each
such installment shall be an amount equal to the product obtained by multiplying
ninety (90%) percent of the Added Space Work Credit by a fraction, the numerator
of which is equal to the actual costs paid or incurred by Tenant for completed
portions of Tenant's Added Space Work referenced in such requisition (as

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evidenced by paid or incurred invoices delivered to Landlord in accordance with
the next sentence) and the denominator of which is equal to the total estimated
cost of Tenant's Added Space Work, which estimate shall be made, and certified
to, by Tenant's architect in good faith based on the final plan for Tenant's
Added Space Work. Prior to the payment of any such installment, Tenant shall
deliver to Landlord a written request for disbursement which shall be
accompanied by (1) paid or incurred invoices for the portion of Tenant's Added
Space Work performed since the last disbursement of the Added Space Work Credit,
(2) a certificate signed by Tenant's architect and an officer of Tenant
certifying that the portion of Tenant's Added Space Work referenced in said
requisition and represented by the aforesaid invoices has been satisfactorily
completed in accordance with Tenant's final plan for Tenant's Added Space Work,
and (3) partial lien waivers (in form reasonably satisfactory to Landlord) from
contractors, subcontractors and all materialmen who shall have performed any
such work and services incurred up to and including the last disbursement of the
Added Space Work Credit releasing Landlord and Tenant from all liability for
Tenant's Added Space Work. Tenant acknowledges and agrees that the final ten
(10%) percent of the Added Space Work Credit shall be held back by Landlord, and
shall not be paid to Tenant, until after the completion of Tenant's Added Space
Work and upon Landlord's receipt from Tenant of all Building Department
sign-offs, inspection certificates and any permits required to be issued by any
governmental entities having jurisdiction thereover. Such final payment of the
Added Space Work Credit shall be due ten (10) Business Days after Tenant submits
its requisition with accompanying documentation as hereinbefore set forth in the
preceding sentence.

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               (c) At any and all times during the progress of Tenant's Added
Space Work, representatives of Landlord shall have the right of access to the
7th Floor Added Space and inspection thereof and Landlord shall have the right
to withhold payment of all or any portion of the Added Space Work Credit as
shall equal the cost of correcting any portions of Tenant's Added Space Work
which shall not have been performed in a manner reasonably satisfactory to
Landlord; PROVIDED, HOWEVER, that Landlord shall incur no liability, obligation
or responsibility to Tenant or any third party by reason of such access and
inspection, and provided further that Landlord's inspection shall not interfere
with the performance of Tenant's Added Space Work except to a de minimis extent.

               (d) The Added Space Work Credit is being given for the benefit of
Tenant only. No third party shall be permitted to make any claims against
Landlord or Tenant with respect to any portion of the Added Space Work Credit.

               6. Intentionally omitted.

               7. Notwithstanding the foregoing provisions of Paragraph 3(a)
hereof, Tenant shall be entitled to free rent in the amount of Two Hundred
Forty-Five Thousand, Six Hundred Twenty-Nine and 99/00 ($245,629.99) Dollars,
which free rent amount shall be applied by Landlord against the fixed annual
rent payable by Tenant under the Lease with respect to the 7th Floor Added
Space.

               8. Tenant covenants, represents and warrants that Tenant has had
no dealings or communications with any broker or agent other than Landlord's
leasing agent, if any, and Newmark & Company Real Estate, Inc. (hereinafter
called the "Broker") in connection with the consummation of this Agreement.
Landlord and Tenant covenant and agree to pay, hold

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harmless and indemnify each other from and against any and all cost, expense
(including reasonable attorneys' fees and court costs), loss and liability for
any compensation, commissions or charges claimed by any broker or agent, other
than the brokers specifically set forth in this Paragraph, with respect to this
Agreement or the negotiation thereof if such claim or claims by any such broker
or agent are based in whole or in part on dealing with the indemnifying party or
its representatives. Landlord agrees to pay to Landlord's leasing agent and the
Broker such compensation, commissions or charges to which they are entitled
pursuant to a separate agreement between said broker and Landlord.

               9. Except as modified by this Agreement, the Lease and all
covenants, agreements, terms and conditions thereof shall remain in full force
and effect and are hereby in all respects ratified and confirmed.

               10. The covenants, agreements, terms and conditions contained in
this Agreement shall bind and inure to the benefit of the parties hereto and
except as otherwise provided in the Lease as hereby supplemented, their
respective legal successors and assigns.

               11. This Agreement may not be changed or terminated orally but
only by a writing signed by the party against whom enforcement thereof is
sought.

               12. This Agreement shall not be binding upon Landlord unless and
until it is signed by Landlord and a fully executed counterpart thereof is
delivered to Tenant.

               13. This Agreement may be executed in any number of counterparts,
each of which shall, when executed, be deemed to be an original and all of which
shall be deemed to be one and the same instrument. In addition, the parties may
execute separate signature pages, and such signature pages (and/or signature
pages which have been detached from one or more

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duplicate original copies of this Agreement) may be combined and attached to one
or more copies of this Agreement so that such copies shall contain the
signatures of all of the parties hereto.

               IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the day and year first above written.

Witness:                                     SPARTAN MADISON CORP., Landlord

                                             By:
-------------------------------                 --------------------------------
                                                Name:
                                                Title:

Witness:                                     INVESTMENT TECHNOLOGY GROUP, INC.,
                                             Tenant

-------------------------------                 --------------------------------
                                                Name:
                                                Title:

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State of New York      )
                       ):ss
County of              )

On the ____ day of ____________ in the year 19__, before me, the undersigned, a
Notary Public in and for said state, personally appeared
________________________ personally known to me or proved to me on the basis or
satisfactory evidence to be the person(s) whose name(s) is (are) subscribed to
the within instrument and acknowledged to me that he/she/they executed the same
in his/her/their capacity(ies), and that by his/her/their signature(s) on the
instrument, the person(s), or the entity upon behalf of which the person(s)
acted, executed the instrument.

                                      ---------------------------------
                                                     Notary Public

State of New York      )
                       ):ss
County of              )

On the ____ day of ____________ in the year 19__, before me, the undersigned, a
Notary Public in and for said state, personally appeared
________________________ personally known to me or proved to me on the basis or
satisfactory evidence to be the person(s) whose name(s) is (are) subscribed to
the within instrument and acknowledged to me that he/she/they executed the same
in his/her/their capacity(ies), and that by his/her/their signature(s) on the
instrument, the person(s), or the entity upon behalf of which the person(s)
acted, executed the instrument.

                                      ---------------------------------
                                                     Notary Public

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                                    EXHIBIT A

                       Floor Plan of 7th Floor Added Space

                                       16<PAGE>

                                                                    Exhibit 10.6

               QUANTEX(R) HARDWARE AND SOFTWARE LICENSE AGREEMENT

        This Hardware and Software License Agreement ("Agreement") is made and
entered into on the date set forth below by and between ITG Inc. ("ITG") and
________________________ ("Customer").

        Subject to the terms of this Agreement, Customer agrees to license from
ITG, and ITG agrees to license to Customer (i) certain software which services a
workstation-based analytics, information and routing system known as QUANTEX(R)
and the user documentation describinG the operation and use of such system
(collectively, the "Software") and (ii) a workstation, terminal, PC or other
hardware and related modem (the "Hardware") for use with a phone line for
communication with ITG.

        1. INSTALLATION. ITG will, free of charge, deliver and install the
Hardware and Software (the "Installation") on Customer's premises. The Hardware
and Software shall remain the property of ITG.

        2. LICENSE TO HARDWARE AND SOFTWARE. Subject to the terms of this
Agreement, ITG hereby grants Customer a revocable, non-assignable,
non-transferable, nonexclusive license to use the Software in object code form
but solely for use in direct connection with ITG's brokerage services on the
Hardware. Customer will use the Software only under the terms and conditions of
this Agreement and all rights not expressly granted hereunder are reserved by
ITG. Customer shall use the Software only on the Hardware provided by ITG, and
shall not use the Software on any other computer system or make the Software
available over a network or otherwise permit use of the Software by more than
one user at a time without the prior written consent of ITG. Customer shall
grant ITG access to the Hardware during normal business hours.

        3. PROHIBITED USES. CUSTOMER SHALL NOT AND SHALL NOT PERMIT ANY OTHER
PARTY other than ITG to: (a) copy, modify, alter, print, list, decompile,
disassemble or otherwise seek to reverse engineer the Software whether in whole
or in part or to attach or otherwise connect the Software to any computer
hardware other than the Hardware or other computer software without ITG's prior
written consent given in its sole discretion; (b) allow anyone other than its
employees to access or have access to the Software or the Hardware; (c) sell,
rent, lease, license, sublicense, transfer or assign the Software or permit a
timesharing, service bureau or similar arrangement using the Software; (d) write
or develop any derivative software or any other software program based on the
Software or any Proprietary Information (as defined in Section 9); (e) use the
Software or the analytical data derived from the Software (the "Information") to
execute securities trades of any kind, directly or indirectly, on any electronic
trade execution system other than the Software without the prior written consent
of ITG, given in its sole discretion, or for any purposes other than in
connection with its own trading via ITG's brokerage services; or (f) remove the
Software from the Hardware, central

<PAGE>

processing unit or any other location of original installation without the prior
written consent of ITG in each instance; provided that Customer may move the
Software to other like hardware in the same location solely in the event of a
Hardware failure.

        Customer further agrees to strictly comply with all governmental, stock
exchange and NASD laws, rules and regulations in connection with the use of the
Software, including, but not limited to, any applicable SEC or NYSE regulations.

        4. TERM AND EFFECT OF TERMINATION.
        (a) This Agreement will take effect immediately upon execution of this
Agreement and will remain in force until terminated in accordance with this
Agreement.

        (b) ITG may terminate this license at any time and for any reason,
including, without limitation, if ITG discontinues the QuantEX(R) service, if
the Customer ceases to be a customer oF ITG, or if Customer breaches any term or
condition of this Agreement or the Addendum hereto.

        (c) If ITG terminates the license for any reason, Customer shall permit
ITG to remove the Installation from the Customer's premises. Customer shall also
deliver to ITG all copies of the Software (including, without limitation, any
documentation related thereto) in the Customer's possession within ten days of
such termination. Upon termination of the license, ITG shall have no further
liability to Customer hereunder.

        (d) The provisions of Sections 7, 8 and 9 shall survive the termination
of this Agreement.

        5. MAINTENANCE, SOFTWARE SUPPORT AND TECHNICAL ASSISTANCE. As a service
to its customers, ITG intends to provide maintenance for the Hardware, support
of the Software and technical assistance as and when determined appropriate by
ITG. If Customer requires an increased level of maintenance, response time or
level of qualification for technical support, or additional support or
maintenance beyond the maintenance, support or technical assistance determined
appropriate by ITG, separate arrangements must be made in writing and a fee may
be charged by ITG. Absent such separate arrangements, ITG does not guarantee any
particular level of software support or technical support or time for response
by its personnel or subcontractors.

        6. EXCLUSION OF WARRANTIES. While ITG has tested prior versions of the
Software, as with any state-of-the-art product, the Software and any updates
thereto may have features that do not perform according to their specifications,
or which cause loss of data, cause the Software to terminate, or cause the
Hardware or its operating system to crash (collectively, "Bugs"). Moreover, the
Software may not always be updated to

                                       2
<PAGE>

reflect the changing financial markets, which can lead to Bugs which did not
originally exist in the Software. There can be changes in the data feeds that
could cause problems in the Software that were not originally anticipated.
Accordingly, THE HARDWARE IS PROVIDED TO THE CUSTOMER AND THE SOFTWARE IS
LICENSED TO CUSTOMER ON AN "AS IS" BASIS WITHOUT WARRANTY OF ANY KIND. ITG MAKES
NO EXPRESS OR IMPLIED WARRANTY CONCERNING THE PERFORMANCE OF THE HARDWARE OR
SOFTWARE, AND ITG EXPRESSLY EXCLUDES ANY IMPLIED WARRANTIES OF MERCHANTABILITY
AND FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE HARDWARE AND SOFTWARE.

        NEITHER ITG NOR ANY THIRD PARTY FURNISHING INFORMATION TO ITG GUARANTEES
OR MAKES ANY REPRESENTATIONS OR WARRANTIES WHATSOEVER (A) WITH RESPECT TO THE
SEQUENCE, ACCURACY, CURRENCY OR COMPLETENESS OF ANY QUOTATIONS OR DERIVED DATA,
MARKET INFORMATION OR ANY OTHER INFORMATION FURNISHED HEREUNDER, OR (B) THAT ANY
DATA DISSEMINATED MAY BE RELIED ON FOR TRADING PURPOSES, AND CUSTOMER AGREES TO
INDEPENDENTLY DETERMINE MARKET PRICES THROUGH CUSTOMARY TRADING CHANNELS.

        Notwithstanding the foregoing, if Customer suffers a loss due to a
Hardware defect or failure, to the extent such warranties are assignable, ITG
will, on request, make reasonable efforts to assign its rights against the
vendors of such Hardware to Customer.

        7. LIMITATION OF DAMAGES. NEITHER ITG NOR ANY THIRD PARTY PROVIDER OF
INFORMATION OR HARDWARE SHALL IN ANY EVENT BE LIABLE FOR ANY CONSEQUENTIAL,
SPECIAL OR INDIRECT DAMAGES OR OTHER ALLEGED BREACH OF WARRANTY OR ACTION
BROUGHT IN TORT OR STRICT LIABILITY OR UNDER ANY OTHER THEORY OF LIABILITY FROM
ANY BUG, THE PERFORMANCE OF THE INSTALLATION, THE OPERATION OF THE SOFTWARE, OR
ITG'S SUPPORT PERSONNEL, INCLUDING ANY TRADING LOSSES, FOREGONE GAINS OR FAILURE
TO SUCCESSFULLY IMPLEMENT ANY INVESTMENT STRATEGY. IN ADDITION, THE AMOUNT OF
ANY DAMAGES SHALL BE LIMITED IN ALL CASES TO THE COMMISSIONS CHARGED BY ITG IN
THE TWO WEEKS PRECEDING THE DAMAGE INCURRED BY THE CUSTOMER.

                                       3
<PAGE>

        8. INDEMNITY.
        (a) Customer agrees to indemnify, defend, and hold ITG harmless of and
from any demands, claims or suits by any third party (other than claims that use
of the Software infringes upon the proprietary rights of a third party) arising
out of or related to Customer's use of the Hardware, Software or any portion
thereof.

        (b) ITG shall defend, or at its option settle, any suit or proceeding
brought against Customer based upon a claim that the Software constitutes an
infringement of any United States patent, trademark or copyright of any third
party existing prior to the date of this Agreement, and shall pay any final
judgment or settlement amount in any such suit or proceeding. ITG shall not be
responsible for any cost, expense or compromise incurred or made by Customer
without ITG's prior written consent. ITG shall have no obligation hereunder for
or with respect to claims, actions or demands alleging infringement which arise
by reason of the combination of the Software with any product not supplied by
ITG or use of Software in a manner other than its intended use. The foregoing
indemnities are conditioned on (i) prompt notice of any claim, action, or demand
for which indemnity is claimed, (ii) complete control of the defense and
settlement thereof by ITG, (iii) and the cooperation of Customer in such
defense.

        (c) The foregoing provisions of this Section 8 state the entire
liability and obligations of ITG and the exclusive remedy of Customer with
respect to any alleged infringement of patents, copyrights, trademarks or other
intellectual property rights by the Software, Hardware or the Installation.

        9. PROPRIETARY RIGHTS; CONFIDENTIALITY.
        (a) Customer agrees that (i) Customer has no right, title or interest in
the Hardware or Software except as expressly set forth in this Agreement, (ii)
the Hardware, including its operating system, and the Software contain
proprietary information and trade secrets of ITG and/or third parties (the "ITG
Proprietary Information") and (iii) Customer shall not publish, disclose, or
otherwise make available any of the ITG Proprietary Information to any person
other than its employees authorized to use the ITG Proprietary Information.
Customer shall advise each authorized employee as to the confidential nature of
the ITG Proprietary Information and the restrictions placed upon its use and
disclosure, and does hereby agree to indemnify ITG against any loss, damage and
expense due to any disclosure of confidential material by any employee or agent
of Customer. Customer agrees to notify ITG immediately should it become aware of
the unauthorized possession or use of the ITG Proprietary Information or any
portion thereof by any person not authorized by this Agreement to such
possession or use. Customer agrees to promptly furnish full details of such
possession or use to ITG, and to cooperate with ITG in any litigation against
third parties deemed necessary by ITG to protect ITG's proprietary rights.

                                       4
<PAGE>

         (b) "Confidential Information" means any proprietary information,
technical data, or know-how, including, but not limited to, that which relates
to specifications, research, product plans, products, services, orders,
strategies, forecasts, forecast assumptions, methodologies, models, customers,
markets, software, developments, inventions, processes, designs, drawings,
engineering, hardware configuration information, marketing or finances,
disclosed by one party (the "Disclosing Party") to the other (the "Receiving
Party"). Confidential Information shall not include information, technical data
or know-how which: (i) was in the possession of, or demonstrably known by, the
Receiving Party prior to its receipt from the Disclosing Party; (ii) is in the
public domain at the time of disclosure, not as a result of any inaction or
action of the Receiving Party; (iii) is approved for release by the Disclosing
Party in writing or (iv) is independently developed by the Receiving Party
without reliance on or use of the Confidential Information.

         (c) Each party agrees to maintain the confidentiality of the
Confidential Information using procedures no less rigorous than those used to
protect and preserve the confidentiality of its own similar proprietary
information, and shall not, directly or indirectly, (i) transfer or disclose any
Confidential Information to any third party, (ii) use any Confidential
Information other than as contemplated under this Agreement or (iii) take any
other action with respect to Confidential Information inconsistent with the
confidential and proprietary nature of such information. In the event that
either party or their respective directors, officers, employees, consultants or
agents are requested or required by legal process to disclose any of the
Confidential Information of the other party, the party required to make such
disclosure shall, to the extent permitted by law, give prompt notice so that the
other party may seek a protective order or other appropriate relief. In the
event that such protective order is not obtained, the party required to make
such disclosure shall disclose only that portion of the Confidential Information
which its counsel advises that it is legally required to disclose.

         10. TIME FOR COMPLAINTS, LIMITATION OF ACTIONS. ITG can only remedy a
Bug or service problem, subject to the limitations set forth in Paragraph 5
above, if it knows of the problem, and ITG relies on its customers to promptly
notify ITG of any such problem. Accordingly, Customer agrees to promptly notify
ITG of any such problem as soon as Customer becomes aware of the same. Subject
to the limitations set forth above in Section 5, in no instance shall ITG have
any obligation with respect to any Bug or service complaint unless the Customer
has notified ITG of the Bug or service complaint in writing within 7 days of
discovery by the Customer.

         11. ARBITRATION. IN CONNECTION WITH THE FOLLOWING AGREEMENT TO
ARBITRATE, CUSTOMER UNDERSTANDS THAT:

                                       5
<PAGE>

         a.      ARBITRATION IS FINAL AND BINDING ON THE PARTIES;

         b.      THE PARTIES ARE WAIVING THEIR RIGHT TO SEEK REMEDIES IN COURT,
                 INCLUDING THE RIGHT TO A JURY TRIAL.

         c.      PRE-ARBITRATION DISCOVERY IS GENERALLY MORE LIMITED AND
                 DIFFERENT FROM COURT PROCEEDINGS;

         d.      THE ARBITRATOR'S AWARD IS NOT REQUIRED TO INCLUDE FACTUAL
                 FINDINGS OR LEGAL REASONING, AND ANY PARTY'S RIGHT TO APPEAL OR
                 TO SEEK MODIFICATION OF THE RULING BY THE ARBITRATORS IS
                 STRICTLY LIMITED; AND

         e.      THE PANEL OF ARBITRATORS WILL TYPICALLY INCLUDE A MINORITY OF
                 ARBITRATORS WHO WERE OR ARE AFFILIATED WITH THE SECURITIES
                 INDUSTRY.

         ACKNOWLEDGING THE PRECEDING DISCLOSURES, CUSTOMER AGREES THAT ANY AND
ALL CONTROVERSIES WHICH MAY ARISE BETWEEN CUSTOMER AND ITG CONCERNING CUSTOMER
ACCOUNTS, ANY TRANSACTION OR THE CONSTRUCTION, PERFORMANCE OR BREACH OF THIS OR
ANY OTHER AGREEMENT BETWEEN CUSTOMER AND ITG, WHETHER ENTERED INTO ON, PRIOR OR
SUBSEQUENT TO THE DATE HEREOF, SHALL BE DETERMINED BY ARBITRATION. ANY
ARBITRATION UNDER THIS AGREEMENT SHALL BE DETERMINED BEFORE THE NASD OR AN
EXCHANGE OF WHICH ITG IS A MEMBER IN ACCORDANCE WITH THE RULES OF THAT
PARTICULAR REGULATORY AGENCY OR EXCHANGE THEN IN EFFECT. CUSTOMER MAY ELECT IN
THE FIRST INSTANCE WHETHER ARBITRATION SHALL BE BY THE NASD OR ANOTHER
APPROPRIATE SPECIFIC NATIONAL SECURITIES EXCHANGE, BUT IF CUSTOMER FAILS TO MAKE
SUCH ELECTION BY REGISTERED LETTER OR TELEGRAM WITHIN FIVE (5) DAYS AFTER
CUSTOMER RECEIVES A WRITTEN REQUEST FROM ITG THAT CUSTOMER MAKES SUCH ELECTION,
THEN ITG SHALL MAKE THE ELECTION AS TO THE ARBITRATION FORUM WHICH WILL HAVE
JURISDICTION OVER THE DISPUTE. JUDGMENT UPON ARBITRATION AWARDS MAY BE ENTERED
IN ANY COUNTY, STATE OR FEDERAL COURT, HAVING JURISDICTION.

         No person shall bring a putative or certified class action to
arbitration, nor seek to enforce any pre-dispute arbitration agreement against
any person who has initiated in court a putative class action; or who is a
member of a putative class who has not opted out of the class with respect to
any claims encompassed by the putative class action until: (i) the class
certification is denied; or (ii) the class is decertified; or (iii) the customer
is excluded from the class by the court. Such forbearance to enforce an
Agreement to arbitrate shall not constitute a waiver of any rights under this
agreement except to the extent stated herein.

                                       6
<PAGE>

         12. EQUITABLE RELIEF. Notwithstanding anything contained in Paragraph
11 to the contrary, ITG shall have the right to institute judicial proceedings
against Customer or anyone acting by, through or under Customer in order to
enforce ITG's rights hereunder through specific performance, injunction or
similar equitable relief. In addition, Customer acknowledges and agrees that the
obligations contained in Paragraphs 3 and 9 hereof are of special and unique
character which give them peculiar value to ITG and ITG cannot be adequately
compensated in damages in an action at law in the event Customer breaches such
obligations. Customer therefore agrees that, in addition to any other remedies
which ITG may possess, ITG shall be entitled to specific performance, injunctive
or other equitable relief in the form of preliminary and permanent injunctions
or other appropriate or similar equitable remedies, without bond or other
security, in the event of an actual or threatened breach of said obligations by
Customer, and Customer agrees in advance to waive its rights to contest ITG's
pursuit of such remedies. Customer further agrees that the United States
District Court for the Southern District of New York, or any state court located
in New York, shall have jurisdiction to enter such specific performance,
injunctive or other equitable relief as may be requested by ITG pursuant to this
Paragraph. Customer hereby agrees to submit to, and not to contest, the
jurisdiction of such state or Federal courts in connection with any suit brought
by ITG to obtain such relief.

         13. FILING OF FINANCING STATEMENTS. ITG or its affiliates may, at their
option, file a financing statement with respect to the Hardware or the Software
pursuant to the Uniform Commercial Code and, by executing this Agreement,
Customer irrevocably appoints ITG as its attorney-in-fact in making such filing.

         14. ASSIGNMENT: This Agreement and the license granted hereunder are
personal in nature and may not be assigned by Customer without the prior written
consent of ITG. Any attempt to sublicense, assign or transfer this Agreement or
any of the rights, licenses, duties or obligations under this Agreement, whether
by operation of law or otherwise, shall be null and void AB INITIO.

         15. MISCELLANEOUS. A waiver or breach of any provision of this
Agreement shall not be construed as a continuing waiver of other breaches of the
same or other provisions of this Agreement. There are no prior representations,
warranties or agreements between the parties not contained in this Agreement.
All headings contained herein are for directory purposes only and are not part
of this Agreement. This Agreement may be signed in any number of counterparts,
all of which taken together shall constitute one and the same document. This
Agreement shall be governed by the laws of the State of New York without giving
effect to conflict of laws principles. The whole or partial invalidity of any
provision of this Agreement shall not affect the validity of any other provision
of this Agreement.

                                       7
<PAGE>

        THIS AGREEMENT EXCLUDES ALL WARRANTIES, INCLUDING ANY IMPLIED WARRANTIES
OF MERCHANTABILITY OR FITNESS IN PARAGRAPH 6 ON PAGE 3.

        THIS AGREEMENT CONTAINS A PREDISPUTE ARBITRATION CLAUSE IN PARAGRAPH 11
ON PAGES 5-6.

        BY SIGNING THIS AGREEMENT, YOU ACKNOWLEDGE THAT YOU HAVE RECEIVED A COPY
OF IT.

ITG INC.

By:
     --------------------------------
     Name:
     Title:
     Date:

[Insert Customer Name]

By:
     --------------------------------
     Name:
     Title:
     Date:

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