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{{short description|American multinational independent investment bank and financial services company}}
{{Cleanup-PR|1=article|date=January 2023}}
{{Use mdy dates|date=July 2013}}
{{Infobox company {{Infobox company
|company_name = Jefferies LLC | name = Jefferies Group LLC
|company_logo = ] | logo = Jefferies logo.svg
|company_type = ] | type = ]
|parent = ]| | parent = ]
|foundation = 1962 | foundation = {{start date and age|1962}}
|area_served = Worldwide | area_served = Worldwide
|location = 520 ]<br>], ], ] | location = ], New York, U.S.
|key_people = ], Chairman,CEO and President | key_people = ] (], ], ])<br />Brian P. Friedman (Chairman of the ])
|num_employees = 3,804 | num_employees = 2,885
|industry = ] | industry = ]
|products = ]<br />] | products = ]<br />]
|revenue = {{increase}} US$ 3.871 billion (FY 2012) | revenue = {{increase}} US$ 8.2 billion<br />({{small|As of November 30, 2017}})
|operating_income = {{Increase}} US$ 492&nbsp;million (FY 2012) | operating_income = {{Increase}} US$ 5.1 billion<br />({{small|As of August 31, 2014}})
|net_income = {{Increase}} US$ 282&nbsp;million (FY 2012) | assets = {{Increase}} US$ 440 billion<br />({{small|As of August 31, 2014}})
|assets = {{Increase}} US$ 36.294&nbsp;billion (FY 2012) | equity = {{Increase}} US$ 11.5 billion<br />({{small|As of August 31, 2014}})
| homepage =
|equity = {{Increase}} US$ 3.436&nbsp;billion (FY 2012)
|homepage =
}} }}
'''Jefferies LLC''', is an American global ] and institutional securities firm. It is the largest independent bank in the U.S. The firm provides clients with ] and ] services, institutional brokerage, securities research, and ]. '''Jefferies Group LLC''' is an American multinational ] and ] company that is headquartered in ]. The firm provides clients with ]s and ] services, institutional brokerage, securities research, and ]. This includes ], ], and other financial advisory services. The Capital Markets segment also includes its securities trading (including the results of its indirectly partially owned subsidiary, Jefferies High Yield Trading, LLC) and investment banking activities.<ref>{{Cite web|url=https://www.forbes.com/companies/jefferies-group/|title=Jefferies Group|website=Forbes|language=en|access-date=2019-12-27}}</ref>


On November 12, 2012, Jefferies announced its merger with ], its largest shareholder. At that time, Leucadia common shares were trading at $21.14 per share.<ref>{{cite news|title=Merger Between Jefferies And Leucadia Secures The Investment Bank's Future|url=http://seekingalpha.com/article/1001791-merger-between-jefferies-and-leucadia-secures-the-investment-banks-future|access-date=January 11, 2016|newspaper=SeekingAlpha|date=November 13, 2012}}</ref> As of December 31, 2015, Leucadia shares were trading at $17.39 per share.<ref>{{cite web|title=Leucadia National Corporation Historical Prices|url=https://finance.yahoo.com/q/hp?s=LUK+Historical+Prices|access-date=January 12, 2016|website=Yahoo! Finance|date=December 31, 2015}}</ref> Jefferies remains independent and is the largest operating company within the ], as Leucadia was renamed in May 2018.<ref name="name change">{{cite news|url=https://www.reuters.com/article/brief-leucadia-national-corp-changes-nam/brief-leucadia-national-corp-changes-name-to-jefferies-financial-groupinc-idUSFWN1SU0YF|title=BRIEF-Leucadia National Corp Changes Name To Jefferies Financial Group Inc|date=May 23, 2018|access-date=May 28, 2018|publisher=Reuters}}</ref>
Jefferies offers ], ], and other financial advisory services. Jefferies has coverage groups spanning across all industries including Aerospace & Defense, Business Services, CleanTech, Consumer & Retail, Energy, Financial Institutions Group, Financial Sponsors, Gaming & Leisure, Healthcare, Industrials, Maritime, Media, Public Finance, Real Estate & Lodging, Technology, and Telecommunications. The firm also provides investors fundamental research and trade execution in equity, ], and ], including ]s, ] and agency securities, repo finance, ] and ], ], whole loans, and ], as well as ] and ]. In addition, Jefferies provides asset management services and products to institutions and other investors.


On March 1, 2013, along with the closing of the merger, Jefferies & Company, Inc. was converted to a ] and re-branded as Jefferies LLC. It is a subsidiary of Jefferies Group LLC,<ref>{{cite web |url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=1306474 |title=Jefferies LLC: Company Information |work=Bloomberg |access-date=2018-02-05}}</ref> which itself is a subsidiary of Jefferies Financial Group, formerly Leucadia.<ref>{{cite web |url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=281859 |title=Jefferies Group LLC: Company Information |work=Bloomberg |access-date=2018-02-05}}</ref>
Headquartered in ], Jefferies has over 30 offices worldwide including ], ], ], ], ] area as well as in leading financial centers around the world that include ], ], ], ], ], ], ], and ].<ref>{{cite news |title=From Boyd to men |url=http://www.economist.com/node/21557761 |newspaper=] |date=30 June 2012 |accessdate=30 August 2012}}</ref>


==History==
Jefferies was named one of the World’s Most Admired Companies by Fortune magazine in 2011,<ref>. Jefferies Press Releases, March 14, 2011</ref> Best Place to Work in the Financial Industry by Here Is The City News in 2010, 2011 and 2012,<ref>. Here is The City, March 28, 2011</ref> and one of the best companies to work for in the UK by The Sunday Times.<ref>. Financial News, March 02, 2012</ref>


=== 1962–1987 ===
On November 12, 2012, Jefferies announced its merger with Leucadia, its largest shareholder. Jefferies was valued at $3.8 billion and at the time of the acquisition. Jefferies remains independent and is the largest operating company within Leucadia. On March 1, 2013, along with the closing of the merger, Jefferies & Company, Inc. was converted to a ] and rebranded Jefferies LLC.
Jefferies was founded by Boyd Jefferies in 1962. The firm started with $30,000 in borrowed capital, which Boyd Jefferies used to purchase a seat on the ].<ref>{{cite news|last=Glater|first=Jonathan D.|title=Boyd L. Jefferies Dies at 70; Headed Institutional Broker|url=https://www.nytimes.com/2001/08/25/business/boyd-l-jefferies-dies-at-70-headed-institutional-broker.html|access-date=July 22, 2013|newspaper=New York Times|date=August 25, 2001}}</ref> In the early years, the firm was a successful trader and pioneer in what would be called the "]", which allowed for the trading of listed stocks directly between institutional investors in an ] style, providing liquidity and anonymity to buyers. In addition to its ] niche, Jefferies pioneered use of the split commissions in 1964. By 1965, Jefferies had joined the Detroit, ], ], and ] stock exchanges. In 1967, the company joined the ] (NYSE), opening a five-person office in New York. The growing third market helped Jefferies become the seventh largest firm in size and trading on the NYSE during those years.{{Citation needed|date=May 2023}}


Jefferies was acquired in 1969 by Minneapolis-based ] (IDS), the second largest U.S. financial services company at the time, and resigned all its stock exchange memberships.<ref>{{cite news|title=Fund Group Seeks Western Broker|url=https://timesmachine.nytimes.com/timesmachine/1969/07/10/78386623.pdf|access-date=July 22, 2013|newspaper=New York Times|date=July 10, 1969}}</ref> Jefferies saw the acquisition as a means to increase the size of its institutional business with additional capital. However, because IDS did not derive at least 50 percent of its gross income from ] operations, Jefferies had to quit the New York exchange under Exchange Rule 318. In 1971, IDS and Jefferies filed an ] lawsuit against the exchange, seeking $6 million in damages. Jefferies and its parent company claimed that the NYSE Big Board was an illegal monopoly and that exclusion had placed the company at a competitive disadvantage.<ref>{{cite news|title=I.D.S. Unit Suing Stock Exchange|url=https://timesmachine.nytimes.com/timesmachine/1971/10/19/79159193.pdf |access-date=July 22, 2013|newspaper=New York Times|date=October 19, 1971}}</ref> In 1973 the presiding judge informed the NYSE that he planned to rule in Jefferies' favour. Membership was opened to brokerage firms owned by other kinds of companies, so long as 80 percent of brokerage was conducted with the public.<ref>{{cite news|title=Big Board Accepts Institution Firms|url=https://timesmachine.nytimes.com/timesmachine/1973/01/18/79832184.pdf |access-date=July 22, 2013|newspaper=New York Times|date=January 18, 1973}}</ref> Jefferies rejoined the exchange in March 1973.
==History==


The period during which IDS owned Jefferies was tumultuous and ultimately in September 1973 Boyd Jefferies bought back the company, then based in Los Angeles.<ref>{{cite news|title=Seat on Big Board is Sold by Jefferies|url=https://timesmachine.nytimes.com/timesmachine/1973/09/22/90976435.pdf|access-date=July 22, 2013|newspaper=New York Times|date=September 22, 1973}}</ref> By 1977, Jefferies had expanded with offices in Los Angeles, New York, Chicago, Dallas, Boston, and Atlanta.
=== 1962 - 1987 ===
Jefferies was founded by ] in 1962. The firm started with $30,000 in borrowed capital, which Boyd Jefferies used to purchase a seat on the ].<ref>. New York Times, August 25, 2001</ref> In the early years, the firm was a successful trader and pioneer in the what would be called the "]", which allowed for the trading of listed stocks directly between institutional investors in an ] style, providing liquidity and anonymity to buyers. In addition to its ] niche, Jefferies pioneered use of the split commissions in 1964.


Jefferies went public on October 13, 1983, with an initial offering of 1.75 million shares at $13 per share. By 1984, according to '']'', Jefferies was among the ten most profitable publicly held brokerages.{{Citation needed|date=September 2009}} International expansion led the company to develop a new overseas office in ], headed by Frank Baxter. In 1986, Baxter became president and chief operating officer, returning to New York to manage the company.<ref>{{cite news|last1=Stevenson|first1=Richard W.|last2=Cowan|first2=Allison Leigh|title=Entering the Breach at Jefferies & Co.|url=https://www.nytimes.com/1987/03/23/business/business-people-entering-the-breach-at-jefferies-co.html|access-date=July 22, 2013|newspaper=New York Times|date=March 23, 1987}}</ref>
In 1987, Boyd Jefferies was charged by the government and the ] with two securities violations: "parking" stock for customer ] and a customer margin violation. Jefferies, who had also earlier testified against Boesky, pleaded guilty, receiving a fine and a ] barring him from the securities industry for five years. The company itself was not charged, but its brokerage unit was censured by the SEC. Boyd Jefferies resigned from the company in 1987.<ref>. New York Times, January 15, 1989</ref>


In 1987, Boyd Jefferies was charged by the government and the ] with two securities violations: "parking" stock for a customer ] and a customer margin violation. Jefferies, who had also earlier testified against Boesky, pleaded guilty; receiving a fine and a ] barring him from the securities industry for five years. The company itself was not charged but its brokerage unit was censured by the SEC. Boyd Jefferies resigned from the company in 1987.<ref>{{cite news|last=Labaton|first=Stephen|title=The Trials And Errors Of Boyd Jefferies |url=https://www.nytimes.com/1989/01/15/business/the-trials-and-errors-of-boyd-jefferies.html|access-date=July 22, 2013|newspaper=New York Times|date=January 15, 1989}}</ref>
===1988-1999===
Frank Baxter took over as CEO and under his leadership, the company focused on diversification, delving beyond its third market niche. In 1990, Jefferies derived approximately 80 percent of its revenues from equity ]s. In that year, Los Angeles-based ], the fifth largest investment bank at the time, collapsed following the conviction of its leading investment banker, ]. Following the collapse of Drexel, Jefferies hired 60 bankers and traders from the defunct bank, most notably Jefferies' current chairman and CEO, ], marking its entry into the high yield markets and investment banking. Three years later, Jefferies launched its first sector-focused investment banking effort, hiring a group of bankers from Howard Weil, an oil and gas specialty boutique. In March 1994, Jefferies acquired a 25% stake in ], an Australian stockbroking and corporate advisory firm.


===1988–1999===
Baxter's expansion plans also included global expansion in electronic trading, corporate finance, international convertible sales, and derivative sales. Jefferies also moved quickly into the fourth market: off-exchange, computer-based (electronic) trading. In the fourth market, the broker's position was eliminated by the Portfolio System for Institutional Trading (POSIT), which traded portfolios and matched buyers and sellers automatically. The company created a wholly owned subsidiary, ] in 1987 to run POSIT. ] was eventually spun off as a separate public company in 1999.<ref>. New York Times, March 19, 1998</ref>
Frank Baxter took over as CEO in 1987 and under his leadership the company focused on diversification, moving beyond its third market niche.<ref>{{cite news|last=Vrana|first=Debora|title=Jefferies CEO Frank Baxter to Relinquish Post|url=https://www.latimes.com/archives/la-xpm-2000-oct-04-fi-30996-story.html|access-date=July 22, 2013|newspaper=Los Angeles Times|date=October 4, 2000}}</ref> In 1990, Jefferies derived approximately 80 percent of its revenues from equity ]s. In that year, following the collapse of Los Angeles-based ], the fifth largest investment bank at the time, Jefferies hired 60 of its bankers and traders, including Jefferies' current chairman and CEO, ].<ref name=boyd/><ref>{{cite news|last=Vrana|first=Debora|title=Milken's Proteges Rise Again |url=https://www.latimes.com/archives/la-xpm-1997-04-13-mn-48359-story.html|access-date=July 22, 2013|newspaper=Los Angeles Times|date=April 13, 1997}}</ref> The hires marked the firm's entry into the high yield markets and investment banking. Three years later Jefferies launched its first sector-focused investment banking effort by hiring a group of bankers from Howard Weil, an oil and gas specialty boutique. In March 1994, Jefferies acquired a 25% stake in ], an Australian stockbroking and corporate advisory firm.{{Citation needed|date=July 2013}}


Baxter's expansion plans also included global expansion in electronic trading, corporate finance, international convertible sales and derivative sales. Jefferies also moved quickly into the fourth market: off-exchange, computer-based (electronic) trading. In the fourth market the broker's position was eliminated by the Portfolio System for Institutional Trading (POSIT) that traded portfolios and matched buyers and sellers automatically. The company created a wholly owned subsidiary, ] in 1987 to run POSIT. ] was eventually spun off as a separate public company in 1999.<ref>{{cite news|title=Jefferies Group to Split Itself into 2 Parts|url=https://www.nytimes.com/1998/03/19/business/company-news-jefferies-group-to-split-itself-into-2-parts.html|access-date=July 22, 2013|newspaper=New York Times|date=March 19, 1998}}</ref>
===Since 2000===
In January 2000, Frank Baxter stepped down as president of Jefferies and relinquished the CEO title later that year. In January 2001, Handler became Chairman and CEO, and John Shaw became sole president and COO. Handler and Shaw set out to build a fully integrated investment bank and to develop a ]. The new leadership proposed to give equity to every employee and diversify the firm's revenue with ], a more aggressive buildup of investment banking and ]. In September 2001, the firm moved its headquarters from Los Angeles to New York. During this period, Jefferies built its investment banking division primarily by acquiring boutique advisory firms with specific sector expertise, most notably Randall & Dewey (energy) and Broadview (technology). Significant acquisitions during this period included:


===2000–2010===
* FS Private Investments, renamed Jefferies Capital Partners, 2001
In January 2000 Frank Baxter stepped down as president of Jefferies and relinquished the CEO title later that year.{{Citation needed|date=May 2023}} In January 2001, Handler became chairman and CEO; and John Shaw became sole president and COO. Handler and Shaw set out to build a fully integrated investment bank and to develop a ]. The new leadership proposed to give equity to every employee and diversify the firm's revenue with ], a more aggressive buildup of investment banking and ]. In September 2001, the firm moved its headquarters from Los Angeles to New York. During this period, Jefferies built its investment banking division primarily by acquiring boutique advisory firms with specific sector expertise, most notably Randall & Dewey (energy) and Broadview (technology).{{Citation needed|date=May 2023}} Significant acquisitions during this period included:
* Lawrence Helfant, an institutional trading specialist, August 2001<ref>. New York Times, August 21, 2001</ref>
* Quarterdeck Investment Partners, an aerospace and defense advisory firm, December 2002
* Broadview International, a technology-focused advisory firm, December 2003
* Randall & Dewey, an energy-focused advisory firm, February 2005
* Helix, a private equity fund placement firm, May 2005
* LongAcre Partners, a media advisory firm, May 2007
* Putnam Lovell, a financial services advisory firm, July 2007<ref>. Reuters, June 22, 2007</ref>
* Depfa First Albany Securities, municipal securities, March 2009
* Bache, FX, commodities and options trading, July 2011
* Hoare Govett, corporate broking, February 2012


* FS Private Investments, renamed Jefferies Capital Partners, 2001{{Citation needed|date=May 2023}}
In June 2009, the firm hired more than 35 healthcare-focused investment banking professionals from ]. UBS’s health care group, then led by Benjamin Lorello, was a major moneymaker for the firm. The group had closed more than $567 billion in transactions since 2005, generating in excess of $1 billion in revenues for UBS. Since moving to Jefferies, the healthcare group has been ranked the #1 bookrunner in number of healthcare follow-on equity transactions and the #1 ranked financial advisor in number of healthcare M&A transactions.<ref>. The New York Times, June 25, 2009</ref><ref>. Jefferies Website, March 26, 2013</ref>
* Lawrence Helfant, a NYSE Floor Broker Unit, August 2001<ref>. New York Times, August 21, 2001</ref>
* Quarterdeck Investment Partners, an aerospace and defense advisory firm, December 2002{{Citation needed|date=May 2023}}
* Broadview International, a technology-focused advisory firm, December 2003{{Citation needed|date=May 2023}}
* Randall & Dewey, an energy-focused advisory firm, February 2005{{Citation needed|date=May 2023}}
* Helix, a private equity fund placement firm, May 2005{{Citation needed|date=May 2023}}
* LongAcre Partners, a media advisory firm, May 2007{{Citation needed|date=May 2023}}
* Putnam Lovell, a financial services advisory firm, July 2007<ref>. Reuters, June 22, 2007</ref>
* Depfa First Albany Securities, municipal securities, March 2009{{Citation needed|date=May 2023}}
* ], FX, commodities and options trading, July 2011{{Citation needed|date=May 2023}}
* ], corporate broking, February 2012


Beginning in 2008, Jefferies took advantage of the dislocation created during the credit crisis to enter several new business segments, including ] and ]s.{{Citation needed|date=July 2013}} On June 17, 2009, after several ]s, including ], ], and ], either collapsed or were acquired by other firms, Jefferies was named one of just 17 primary dealers participating in the ]'s open-market buying and selling of securities and Treasury auctions and providing market information to the New York Fed.<ref>{{cite news|last=de la Merced|first=Michael J.|title=Jefferies Is Named a Primary Dealer |url=https://dealbook.nytimes.com/2009/06/17/jefferies-is-named-a-primary-dealer/|access-date=July 22, 2013|newspaper=New York Times|date=June 17, 2009}}</ref>
In November 2011, immediately after the failure of MF Global, Jefferies was accused by ] of having 77% of its shareholder's equity tied up in the same illiquid sovereign debt securities that toppled the firm run by ex-Governor/Senator ]. This was accompanied by a concurrent large scale short seller attack and a campaign of what turned out to be misinformation. Handler and the management team responded with unprecedented immediacy and transparency, collapsed 75% of the position to prove the bonds were hedged and highly liquid, sharply reduced the rest of Jefferies balance sheet and publicly addressed every false accusation. This aggressive and unconventional response resulted in an evenutual 100% increase in Jefferies share price from the November lows. Leucadia, a 29% shareholder called this event Jefferies' "finest hour."


Beginning in 2009 the firm expanded its European businesses. Its new European Rates unit, based in London, became an official member of the Federal Republic of Germany's bidding group in October 2009,<ref>{{cite news|title=Jefferies Joins the Bidding Group for Bund Issues in Germany|url=http://www.businesswire.com/news/home/20091030005138/en/Jefferies-Joins-Bidding-Group-Bund-Issues-Germany|access-date=July 22, 2013|newspaper=Business Wire|date=October 30, 2009}}</ref> a ] (GEMM) appointed jointly by the ] and ],<ref>{{cite news |title=Jefferies Appointed by UK DMO and LSE as a Primary Dealer in the UK Government Bond Market |url=http://www.businesswire.com/news/home/20091210005756/en/Jefferies-Appointed-UK-DMO-LSE-Primary-Dealer|access-date=July 22, 2013|newspaper=Business Wire|date=December 10, 2009}}</ref> and was recognized as a Dutch Primary Dealer by the Dutch State Treasury,<ref>{{cite news|title=Jefferies Appointed Primary Dealer by the Dutch State Treasury Agency |url=http://www.businesswire.com/news/home/20091217005560/en/Jefferies-Appointed-Primary-Dealer-Dutch-State-Treasury |access-date=July 22, 2013|newspaper=Business Wire|date=December 17, 2009}}</ref> both in December 2009. Additionally, in February 2010 Jefferies was appointed as an EBT (Especialistas em Bilhetes do Tesouro) for Treasury Bills and as an OMP (Operadores de Mercado Primário) for long-term bonds by the Portuguese Treasury and Government Debt Agency (Instituto de Gestão da Tesouraria e do Crédito Público, IGCP).<ref>{{cite news|title=Jefferies Appointed Primary Market Operator and Treasury Bill Specialist in Portugal|url=http://www.businesswire.com/news/home/20100202005326/en/Jefferies-Appointed-Primary-Market-Operator-Treasury-Bill|access-date=July 22, 2013|newspaper=Business Wire|date=February 2, 2010}}</ref> Jefferies is also providing liquidity across the whole spectrum of other European government bonds.{{Citation needed|date=May 2023}}
On April 24, 2012, Sean Egan, the founder of ] was charged by the Securities and Exchange Commission for numerous offenses including: making false and misleading statements in his application to become a Nationally Recognized Rating Agency, violations of conflicts-of-interest and record keeping, and falsely stating that he was unaware if his paid clients were long or short specific securities Egan-Jones was rating.


In June 2009 the firm hired more than 35 healthcare-focused investment banking professionals from ]. UBS's health care group, then led by Benjamin Lorello, was a major moneymaker for the firm. The group had closed more than $567 billion in transactions since 2005, generating in excess of $1 billion in revenues for UBS. Since moving to Jefferies, the healthcare group has been ranked the #1 bookrunner in number of healthcare follow-on equity transactions and the #1 ranked financial advisor in number of healthcare M&A transactions.<ref>. The New York Times, June 25, 2009</ref><ref>. Jefferies Website, March 26, 2013</ref>
On April 26, 2012 Jefferies CEO ] and Chairman of the Executive Committee Brian Friedman formed the Jefferies Global Senior Advisory Board which includes ], ], Michael Goldstein, Bernard Bourigeaud, ], ] and Sir David Reid.


===2010 onward===
On August 1, 2012 ] took a pre-tax loss of $440m due to a trading glitch. On Sunday Aug. 5 the company managed to raise around $400 million from half a dozen investors led by Jefferies in an attempt to stay in business after the trading error. Jefferies CEO, ] and Executive Committee Chair Brian Friedman structured and led the rescue and Jefferies purchased $125 million of the $400 million investment and became Knight's largest shareholder.
In November 2011, Jefferies was accused by ] of having 77% of its shareholder's equity tied up in the same illiquid sovereign debt securities that just toppled ].<ref>{{cite news|last=Elstein |first=Aaron |title=Tiny shop Egan-Jones Ratings Co. has a big impact|url=http://www.crainsnewyork.com/article/20111106/SUB/311069977 |access-date=July 22, 2013|newspaper=Crain's New York|date=November 6, 2011}}</ref> This was accompanied by a concurrent large-scale short seller attack and a campaign of what turned out to be misinformation. Handler and the management team responded with unprecedented immediacy and transparency, collapsed 75% of the position to prove the bonds were hedged and highly liquid, sharply reduced the rest of Jefferies balance sheet and publicly addressed every false accusation. This aggressive and unconventional response resulted in an eventual 100% increase in Jefferies share price from the November lows. Leucadia, a 29% shareholder, later called this event Jefferies' "finest hour."<ref>{{cite news|last=Luccheti |first=Aaron |title=Jefferies CEO's Duties Grow in Leucadia Deal|url=https://www.wsj.com/articles/SB10001424127887323894704578114561183372202 |access-date=July 22, 2013|newspaper=Wall Street Journal|date=November 12, 2012}}</ref>


On April 16, 2012, Jefferies CEO ] and Chairman of the Executive Committee Brian Friedman formed the Jefferies Global Senior Advisory Board which includes ], ], Michael Goldstein, Bernard Bourigeaud, ], ] and Sir David Reid.<ref>{{cite news|title=Jefferies Appoints Global Senior Advisory Board|url=http://www.businesswire.com/news/home/20120416005213/en/Jefferies-Appoints-Global-Senior-Advisory-Board|access-date=July 22, 2013|newspaper=Business Wire|date=April 16, 2012}}</ref>
On November 12, 2012 Jefferies announced its merger with Leucadia, its largest (28%) shareholder. Leucadia is often referred to as a Baby Berkshire because of its similarities to ]. Jefferies was valued at $3.8 billion and at the time of the acquisition, and the newly combined company had $9.4B of shareholder's equity, over $5 billion of cash, and $4 billion of NOL tax credits. Jefferies remains independent and is the largest operating company within Leucadia. ] became CEO of Leucadia while retaining his position as CEO of Jefferies. Brian Friedman became President of Leucadia while retaining his duties at Jefferies. Ian Cumming retired as CEO of Leucadia and remains a Board Member and Joe Steinberg became Chairman of Leucadia.

On August 1, 2012, ] took a pre-tax loss of $440m due to a trading glitch.<ref>{{cite news|last=Popper |first=Nathaniel|title=Knight Capital Says Trading Glitch Cost It $440 Million|url=https://dealbook.nytimes.com/2012/08/02/knight-capital-says-trading-mishap-cost-it-440-million/|access-date=July 22, 2013|newspaper=New York Times|date=August 2, 2012}}</ref> On Sunday Aug 5 the company managed to raise around $400 million from six investors led by Jefferies in an attempt to stay in business after the ].<ref>{{cite news|last=Bunge|first=Jacob|title=Loyalty, Profit Drive Knight Rescue|url=https://www.wsj.com/articles/SB10000872396390444246904577572752865497064|access-date=July 22, 2013 |newspaper=Wall Street Journal|date=August 7, 2012}}</ref> Jefferies CEO ] and Executive Committee Chair Brian Friedman structured and led the rescue and Jefferies purchased $125 million of the $400 million investment and became Knight's largest shareholder.{{Citation needed|date=May 2023}}

On November 12, 2012, Jefferies announced its merger with Leucadia, its largest (28%) shareholder. Leucadia is often referred to as a Baby Berkshire because of its similarities to ]. Jefferies was valued at $3.8 billion and at the time of the acquisition the newly combined company had $9.4 billion of shareholder's equity, over $5 billion of cash, and $4 billion of net operating loss ("NOL") tax credits. Jefferies remains independent and is the largest operating company within Leucadia. ] became CEO of Leucadia while retaining his position as CEO of Jefferies. Brian Friedman became President of Leucadia while retaining his duties at Jefferies. Ian Cumming retired as CEO of Leucadia and remains a Board Member and Joe Steinberg became Chairman of Leucadia.<ref>{{cite news|title=Leucadia National Corporation and Jefferies Group, Inc. to Merge |url=http://www.businesswire.com/news/home/20121112005778/en/Leucadia-National-Corporation-Jefferies-Group-Merge |access-date=July 22, 2013|newspaper=Business Wire|date=November 12, 2012}}</ref>

In September 2014, Jefferies announced a $500 million deal with CircleBack Lending, which was the largest of its kind at the time. They aimed to leverage their experience with ] to structure ] upheld by CircleBack Lending assets, which could then be rated and sold to an array of investors.<ref>{{cite web|last1=Renton|first1=Peter|title=CircleBack Lending Secures a $500 Million Investment from Jefferies|url=http://www.lendacademy.com/circleback-lending-jefferies-investment/|website=Lend Academy|access-date=25 August 2015|ref=2|date=23 September 2014}}</ref> In June 2015, the first ] from this deal took place, totaling $106 million.<ref>{{cite web|last1=Gormley |first1=James |title=CircleBack Lending Completes its First Securitization of $106 Million in Consumer Loans |url=https://finance.yahoo.com/news/circleback-lending-completes-first-securitization-070624796.html |website=Yahoo Finance |publisher=Yahoo |access-date=26 August 2015 |ref=6 |date=26 June 2015 }}{{dead link|date=April 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>

The Jefferies Group's 2019 third-quarter financial report indicated a fall in the net revenue and net income numbers, a potential consequence from the $146 million non-cash charge the company took to reflect its fair value reduction of its holdings in the ].<ref>{{Cite web|url=https://www.fool.com/investing/2019/10/01/wework-hits-jefferies-financial-group-hard.aspx|title=WeWork Hits Jefferies Financial Group Hard|last=Caplinger|first=Dan|date=2019-10-01|website=The Motley Fool|language=en|access-date=2019-12-27}}</ref>

On December 9, 2019, the United States Security and Exchange Commission ] ordered Jefferies to pay close to $4 million, for their inappropriate handling of American depositary receipts ].<ref>{{cite web|url=https://www.sec.gov/litigation/admin/2019/34-87680.pdf |date=December 9, 2019 |title=Securities Exchange Act Of 1934 - Release No. 87680 / December 9, 2019 |pages=7–9 |work=] |access-date=December 9, 2019}}</ref>

On April 5, 2021, it was announced that Jefferies Group would be coordinating the GameStop Corporation at the market sale associated with their Securities and Exchange Commission filing that it will raise up to $1 billion by selling as many as 3.5 million new shares of common stock.<ref>{{Cite web |url=https://finance.yahoo.com/m/3896dd9d-6f0b-3497-a004-fd191b69afee/why-gamestop-stock-sank-monday.html |title=Why GameStop Stock Sank Monday|date=April 5, 2021 }}</ref>

==Operations==
Jefferies has coverage groups spanning across all industries including Aerospace & Defense, Business Services, CleanTech, Consumer & Retail, Energy, Financial Institutions Group, Financial Sponsors, Gaming & Leisure, Healthcare, Industrials, Maritime, Media, Public Finance, Real Estate & Lodging, Technology, and Telecommunications.{{Citation needed|date=May 2023}}

The firm also provides investors fundamental research and trade execution in equity, ], and ] securities, including ]s, ] and agency securities, repo finance, ] and ], ]s, whole loans, and emerging market debt, as well as ] and ]. In addition, Jefferies provides asset management services and products to institutions and other investors.{{Citation needed|date=May 2023}}

The Group Global Headquarters is located in ], the European and Asian Headquarters are in ] and ], respectively.<ref>{{cite web|url=https://www.jefferies.com/OurFirm/Locations/Locations/166 |title=Locations |work=Jefferies |access-date=December 9, 2019}}</ref> Jefferies has over 30 offices worldwide including ], ], ], ] and ] as well as in leading financial centers around the world that include ], ], ], ], ], ], and ].<ref name=boyd>{{cite news |title=From Boyd to men |url=http://www.economist.com/node/21557761 |newspaper=] |date=June 30, 2012 |access-date=August 30, 2012}}</ref>

==See also==
{{Portal|Banks}}
* ]
* ]


==References== ==References==
{{Reflist}} {{reflist}}


==External links== ==External links==
*{{Official website|http://www.jefferies.com}} *{{Official website|http://www.jefferies.com}}
{{Finance links historical
| name = Jefferies Group Inc.
| sec_cik = 717867
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{{Major investment banks}} {{Major investment banks}}
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{{DEFAULTSORT:Jefferies and Company}} {{DEFAULTSORT:Jefferies and Company}}
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Latest revision as of 16:11, 6 November 2024

American multinational independent investment bank and financial services company
This article reads like a press release or a news article and may be largely based on routine coverage. Please help improve this article and add independent sources. (January 2023)

Jefferies Group LLC
[REDACTED]
Company typeSubsidiary
IndustryInvestment services
Founded1962; 63 years ago (1962)
HeadquartersNew York City, New York, U.S.
Area servedWorldwide
Key peopleRichard B. Handler (Chairman, CEO, President)
Brian P. Friedman (Chairman of the Executive Committee)
ProductsFinancial services
Investment banking
RevenueIncrease US$ 8.2 billion
(As of November 30, 2017)
Operating incomeIncrease US$ 5.1 billion
(As of August 31, 2014)
Total assetsIncrease US$ 440 billion
(As of August 31, 2014)
Total equityIncrease US$ 11.5 billion
(As of August 31, 2014)
Number of employees2,885
ParentJefferies Financial Group
Websitewww.jefferies.com

Jefferies Group LLC is an American multinational independent investment bank and financial services company that is headquartered in New York City. The firm provides clients with capital markets and financial advisory services, institutional brokerage, securities research, and asset management. This includes mergers and acquisitions, restructuring, and other financial advisory services. The Capital Markets segment also includes its securities trading (including the results of its indirectly partially owned subsidiary, Jefferies High Yield Trading, LLC) and investment banking activities.

On November 12, 2012, Jefferies announced its merger with Leucadia National Corporation, its largest shareholder. At that time, Leucadia common shares were trading at $21.14 per share. As of December 31, 2015, Leucadia shares were trading at $17.39 per share. Jefferies remains independent and is the largest operating company within the Jefferies Financial Group, as Leucadia was renamed in May 2018.

On March 1, 2013, along with the closing of the merger, Jefferies & Company, Inc. was converted to a limited liability company and re-branded as Jefferies LLC. It is a subsidiary of Jefferies Group LLC, which itself is a subsidiary of Jefferies Financial Group, formerly Leucadia.

History

1962–1987

Jefferies was founded by Boyd Jefferies in 1962. The firm started with $30,000 in borrowed capital, which Boyd Jefferies used to purchase a seat on the Pacific Coast Stock Exchange. In the early years, the firm was a successful trader and pioneer in what would be called the "third market", which allowed for the trading of listed stocks directly between institutional investors in an over-the-counter style, providing liquidity and anonymity to buyers. In addition to its third market niche, Jefferies pioneered use of the split commissions in 1964. By 1965, Jefferies had joined the Detroit, Midwest, Boston, and Philadelphia stock exchanges. In 1967, the company joined the New York Stock Exchange (NYSE), opening a five-person office in New York. The growing third market helped Jefferies become the seventh largest firm in size and trading on the NYSE during those years.

Jefferies was acquired in 1969 by Minneapolis-based Investors Diversified Services (IDS), the second largest U.S. financial services company at the time, and resigned all its stock exchange memberships. Jefferies saw the acquisition as a means to increase the size of its institutional business with additional capital. However, because IDS did not derive at least 50 percent of its gross income from broker-dealer operations, Jefferies had to quit the New York exchange under Exchange Rule 318. In 1971, IDS and Jefferies filed an antitrust lawsuit against the exchange, seeking $6 million in damages. Jefferies and its parent company claimed that the NYSE Big Board was an illegal monopoly and that exclusion had placed the company at a competitive disadvantage. In 1973 the presiding judge informed the NYSE that he planned to rule in Jefferies' favour. Membership was opened to brokerage firms owned by other kinds of companies, so long as 80 percent of brokerage was conducted with the public. Jefferies rejoined the exchange in March 1973.

The period during which IDS owned Jefferies was tumultuous and ultimately in September 1973 Boyd Jefferies bought back the company, then based in Los Angeles. By 1977, Jefferies had expanded with offices in Los Angeles, New York, Chicago, Dallas, Boston, and Atlanta.

Jefferies went public on October 13, 1983, with an initial offering of 1.75 million shares at $13 per share. By 1984, according to Business Week, Jefferies was among the ten most profitable publicly held brokerages. International expansion led the company to develop a new overseas office in London, headed by Frank Baxter. In 1986, Baxter became president and chief operating officer, returning to New York to manage the company.

In 1987, Boyd Jefferies was charged by the government and the Securities and Exchange Commission with two securities violations: "parking" stock for a customer Ivan Boesky and a customer margin violation. Jefferies, who had also earlier testified against Boesky, pleaded guilty; receiving a fine and a probation barring him from the securities industry for five years. The company itself was not charged but its brokerage unit was censured by the SEC. Boyd Jefferies resigned from the company in 1987.

1988–1999

Frank Baxter took over as CEO in 1987 and under his leadership the company focused on diversification, moving beyond its third market niche. In 1990, Jefferies derived approximately 80 percent of its revenues from equity block trades. In that year, following the collapse of Los Angeles-based Drexel Burnham Lambert, the fifth largest investment bank at the time, Jefferies hired 60 of its bankers and traders, including Jefferies' current chairman and CEO, Richard B. Handler. The hires marked the firm's entry into the high yield markets and investment banking. Three years later Jefferies launched its first sector-focused investment banking effort by hiring a group of bankers from Howard Weil, an oil and gas specialty boutique. In March 1994, Jefferies acquired a 25% stake in BBY, an Australian stockbroking and corporate advisory firm.

Baxter's expansion plans also included global expansion in electronic trading, corporate finance, international convertible sales and derivative sales. Jefferies also moved quickly into the fourth market: off-exchange, computer-based (electronic) trading. In the fourth market the broker's position was eliminated by the Portfolio System for Institutional Trading (POSIT) that traded portfolios and matched buyers and sellers automatically. The company created a wholly owned subsidiary, Investment Technology Group in 1987 to run POSIT. Investment Technology Group was eventually spun off as a separate public company in 1999.

2000–2010

In January 2000 Frank Baxter stepped down as president of Jefferies and relinquished the CEO title later that year. In January 2001, Handler became chairman and CEO; and John Shaw became sole president and COO. Handler and Shaw set out to build a fully integrated investment bank and to develop a merchant bank. The new leadership proposed to give equity to every employee and diversify the firm's revenue with asset management, a more aggressive buildup of investment banking and merchant banking. In September 2001, the firm moved its headquarters from Los Angeles to New York. During this period, Jefferies built its investment banking division primarily by acquiring boutique advisory firms with specific sector expertise, most notably Randall & Dewey (energy) and Broadview (technology). Significant acquisitions during this period included:

  • FS Private Investments, renamed Jefferies Capital Partners, 2001
  • Lawrence Helfant, a NYSE Floor Broker Unit, August 2001
  • Quarterdeck Investment Partners, an aerospace and defense advisory firm, December 2002
  • Broadview International, a technology-focused advisory firm, December 2003
  • Randall & Dewey, an energy-focused advisory firm, February 2005
  • Helix, a private equity fund placement firm, May 2005
  • LongAcre Partners, a media advisory firm, May 2007
  • Putnam Lovell, a financial services advisory firm, July 2007
  • Depfa First Albany Securities, municipal securities, March 2009
  • Bache & Co., FX, commodities and options trading, July 2011
  • Hoare Govett, corporate broking, February 2012

Beginning in 2008, Jefferies took advantage of the dislocation created during the credit crisis to enter several new business segments, including mortgage-backed securities and municipal bonds. On June 17, 2009, after several primary dealers, including Lehman Brothers, Bear Stearns, and Merrill Lynch, either collapsed or were acquired by other firms, Jefferies was named one of just 17 primary dealers participating in the New York Fed's open-market buying and selling of securities and Treasury auctions and providing market information to the New York Fed.

Beginning in 2009 the firm expanded its European businesses. Its new European Rates unit, based in London, became an official member of the Federal Republic of Germany's bidding group in October 2009, a Gilt-Edged Market Maker (GEMM) appointed jointly by the UK Debt Management Office and London Stock Exchange, and was recognized as a Dutch Primary Dealer by the Dutch State Treasury, both in December 2009. Additionally, in February 2010 Jefferies was appointed as an EBT (Especialistas em Bilhetes do Tesouro) for Treasury Bills and as an OMP (Operadores de Mercado Primário) for long-term bonds by the Portuguese Treasury and Government Debt Agency (Instituto de Gestão da Tesouraria e do Crédito Público, IGCP). Jefferies is also providing liquidity across the whole spectrum of other European government bonds.

In June 2009 the firm hired more than 35 healthcare-focused investment banking professionals from UBS. UBS's health care group, then led by Benjamin Lorello, was a major moneymaker for the firm. The group had closed more than $567 billion in transactions since 2005, generating in excess of $1 billion in revenues for UBS. Since moving to Jefferies, the healthcare group has been ranked the #1 bookrunner in number of healthcare follow-on equity transactions and the #1 ranked financial advisor in number of healthcare M&A transactions.

2010 onward

In November 2011, Jefferies was accused by Egan-Jones of having 77% of its shareholder's equity tied up in the same illiquid sovereign debt securities that just toppled MF Global. This was accompanied by a concurrent large-scale short seller attack and a campaign of what turned out to be misinformation. Handler and the management team responded with unprecedented immediacy and transparency, collapsed 75% of the position to prove the bonds were hedged and highly liquid, sharply reduced the rest of Jefferies balance sheet and publicly addressed every false accusation. This aggressive and unconventional response resulted in an eventual 100% increase in Jefferies share price from the November lows. Leucadia, a 29% shareholder, later called this event Jefferies' "finest hour."

On April 16, 2012, Jefferies CEO Richard Handler and Chairman of the Executive Committee Brian Friedman formed the Jefferies Global Senior Advisory Board which includes James D Robinson III, Lord Hollick, Michael Goldstein, Bernard Bourigeaud, Dennis Archer, Gilles Pélisson and Sir David Reid.

On August 1, 2012, Knight Capital took a pre-tax loss of $440m due to a trading glitch. On Sunday Aug 5 the company managed to raise around $400 million from six investors led by Jefferies in an attempt to stay in business after the trading error. Jefferies CEO Richard Handler and Executive Committee Chair Brian Friedman structured and led the rescue and Jefferies purchased $125 million of the $400 million investment and became Knight's largest shareholder.

On November 12, 2012, Jefferies announced its merger with Leucadia, its largest (28%) shareholder. Leucadia is often referred to as a Baby Berkshire because of its similarities to Berkshire Hathaway. Jefferies was valued at $3.8 billion and at the time of the acquisition the newly combined company had $9.4 billion of shareholder's equity, over $5 billion of cash, and $4 billion of net operating loss ("NOL") tax credits. Jefferies remains independent and is the largest operating company within Leucadia. Richard Handler became CEO of Leucadia while retaining his position as CEO of Jefferies. Brian Friedman became President of Leucadia while retaining his duties at Jefferies. Ian Cumming retired as CEO of Leucadia and remains a Board Member and Joe Steinberg became Chairman of Leucadia.

In September 2014, Jefferies announced a $500 million deal with CircleBack Lending, which was the largest of its kind at the time. They aimed to leverage their experience with securitization markets to structure securities upheld by CircleBack Lending assets, which could then be rated and sold to an array of investors. In June 2015, the first securitization from this deal took place, totaling $106 million.

The Jefferies Group's 2019 third-quarter financial report indicated a fall in the net revenue and net income numbers, a potential consequence from the $146 million non-cash charge the company took to reflect its fair value reduction of its holdings in the We Company.

On December 9, 2019, the United States Security and Exchange Commission (SEC) ordered Jefferies to pay close to $4 million, for their inappropriate handling of American depositary receipts (ADR).

On April 5, 2021, it was announced that Jefferies Group would be coordinating the GameStop Corporation at the market sale associated with their Securities and Exchange Commission filing that it will raise up to $1 billion by selling as many as 3.5 million new shares of common stock.

Operations

Jefferies has coverage groups spanning across all industries including Aerospace & Defense, Business Services, CleanTech, Consumer & Retail, Energy, Financial Institutions Group, Financial Sponsors, Gaming & Leisure, Healthcare, Industrials, Maritime, Media, Public Finance, Real Estate & Lodging, Technology, and Telecommunications.

The firm also provides investors fundamental research and trade execution in equity, equity-linked, and fixed income securities, including corporate bonds, United States government and agency securities, repo finance, mortgage- and asset-backed securities, municipal bonds, whole loans, and emerging market debt, as well as commodities and derivatives. In addition, Jefferies provides asset management services and products to institutions and other investors.

The Group Global Headquarters is located in New York City, the European and Asian Headquarters are in London and Hong Kong, respectively. Jefferies has over 30 offices worldwide including Boston, Charlotte, Los Angeles, San Francisco and Chicago as well as in leading financial centers around the world that include Frankfurt, Zürich, Amsterdam, Singapore, Shanghai, Tokyo, and Mumbai.

See also

References

  1. "Jefferies Group". Forbes. Retrieved December 27, 2019.
  2. "Merger Between Jefferies And Leucadia Secures The Investment Bank's Future". SeekingAlpha. November 13, 2012. Retrieved January 11, 2016.
  3. "Leucadia National Corporation Historical Prices". Yahoo! Finance. December 31, 2015. Retrieved January 12, 2016.
  4. "BRIEF-Leucadia National Corp Changes Name To Jefferies Financial Group Inc". Reuters. May 23, 2018. Retrieved May 28, 2018.
  5. "Jefferies LLC: Company Information". Bloomberg. Retrieved February 5, 2018.
  6. "Jefferies Group LLC: Company Information". Bloomberg. Retrieved February 5, 2018.
  7. Glater, Jonathan D. (August 25, 2001). "Boyd L. Jefferies Dies at 70; Headed Institutional Broker". New York Times. Retrieved July 22, 2013.
  8. "Fund Group Seeks Western Broker" (PDF). New York Times. July 10, 1969. Retrieved July 22, 2013.
  9. "I.D.S. Unit Suing Stock Exchange" (PDF). New York Times. October 19, 1971. Retrieved July 22, 2013.
  10. "Big Board Accepts Institution Firms" (PDF). New York Times. January 18, 1973. Retrieved July 22, 2013.
  11. "Seat on Big Board is Sold by Jefferies" (PDF). New York Times. September 22, 1973. Retrieved July 22, 2013.
  12. Stevenson, Richard W.; Cowan, Allison Leigh (March 23, 1987). "Entering the Breach at Jefferies & Co". New York Times. Retrieved July 22, 2013.
  13. Labaton, Stephen (January 15, 1989). "The Trials And Errors Of Boyd Jefferies". New York Times. Retrieved July 22, 2013.
  14. Vrana, Debora (October 4, 2000). "Jefferies CEO Frank Baxter to Relinquish Post". Los Angeles Times. Retrieved July 22, 2013.
  15. ^ "From Boyd to men". The Economist. June 30, 2012. Retrieved August 30, 2012.
  16. Vrana, Debora (April 13, 1997). "Milken's Proteges Rise Again". Los Angeles Times. Retrieved July 22, 2013.
  17. "Jefferies Group to Split Itself into 2 Parts". New York Times. March 19, 1998. Retrieved July 22, 2013.
  18. Jefferies Group to acquire Lawrence Helfant. New York Times, August 21, 2001
  19. Canada: Jefferies Acquires An Advisory Unit. Reuters, June 22, 2007
  20. de la Merced, Michael J. (June 17, 2009). "Jefferies Is Named a Primary Dealer". New York Times. Retrieved July 22, 2013.
  21. "Jefferies Joins the Bidding Group for Bund Issues in Germany". Business Wire. October 30, 2009. Retrieved July 22, 2013.
  22. "Jefferies Appointed by UK DMO and LSE as a Primary Dealer in the UK Government Bond Market". Business Wire. December 10, 2009. Retrieved July 22, 2013.
  23. "Jefferies Appointed Primary Dealer by the Dutch State Treasury Agency". Business Wire. December 17, 2009. Retrieved July 22, 2013.
  24. "Jefferies Appointed Primary Market Operator and Treasury Bill Specialist in Portugal". Business Wire. February 2, 2010. Retrieved July 22, 2013.
  25. UBS Accuses Jefferies of Raiding Health Care Group. The New York Times, June 25, 2009
  26. Jefferies Healthcare. Jefferies Website, March 26, 2013
  27. Elstein, Aaron (November 6, 2011). "Tiny shop Egan-Jones Ratings Co. has a big impact". Crain's New York. Retrieved July 22, 2013.
  28. Luccheti, Aaron (November 12, 2012). "Jefferies CEO's Duties Grow in Leucadia Deal". Wall Street Journal. Retrieved July 22, 2013.
  29. "Jefferies Appoints Global Senior Advisory Board". Business Wire. April 16, 2012. Retrieved July 22, 2013.
  30. Popper, Nathaniel (August 2, 2012). "Knight Capital Says Trading Glitch Cost It $440 Million". New York Times. Retrieved July 22, 2013.
  31. Bunge, Jacob (August 7, 2012). "Loyalty, Profit Drive Knight Rescue". Wall Street Journal. Retrieved July 22, 2013.
  32. "Leucadia National Corporation and Jefferies Group, Inc. to Merge". Business Wire. November 12, 2012. Retrieved July 22, 2013.
  33. Renton, Peter (September 23, 2014). "CircleBack Lending Secures a $500 Million Investment from Jefferies". Lend Academy. Retrieved August 25, 2015.
  34. Gormley, James (June 26, 2015). "CircleBack Lending Completes its First Securitization of $106 Million in Consumer Loans". Yahoo Finance. Yahoo. Retrieved August 26, 2015.
  35. Caplinger, Dan (October 1, 2019). "WeWork Hits Jefferies Financial Group Hard". The Motley Fool. Retrieved December 27, 2019.
  36. "Securities Exchange Act Of 1934 - Release No. 87680 / December 9, 2019" (PDF). U.S. Securities and Exchange Commission. December 9, 2019. pp. 7–9. Retrieved December 9, 2019.
  37. "Why GameStop Stock Sank Monday". April 5, 2021.
  38. "Locations". Jefferies. Retrieved December 9, 2019.

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