EXHIBIT 21
JEFFERIES GROUP, INC. AND SUBSIDIARIES
Subsidiaries of Jefferies Group, Inc.
(excludes certain subsidiaries pursuant to Item 601 of Regulation S-K)

Name of Subsidiary	Place of Formation / Incorporation
Bonds Direct Securities LLC		Delaware
Broadview International LLC		New Jersey
Broadview International Ltd.		England & Wales
Helfant Group, Inc.		California
Jefferies & Company, Inc.		Delaware
Jefferies/Quarterdeck, LLC		Delaware
Jefferies Asset Management, LLC		Delaware
Jefferies Asset Management (Zurich)		Switzerland
Jefferies Employees Opportunity Fund, LLC		Delaware
Jefferies Financial Products, LLC		Delaware
Jefferies Financial Products (DPC)		Delaware
Jefferies International Limited		England & Wales
Jefferies International (Holdings) Limited		England & Wales
Jefferies Investment Management Limited		England & Wales
Jefferies (Japan) Limited		England & Wales
Jefferies Pacific Limited		Hong Kong
Jefferies Partners Opportunity Fund, LLC		Delaware
Jefferies Partners Opportunity Fund II, LLC		Delaware
Jefferies Private Client Advisers, LLC		Delaware
Jefferies (Switzerland) Limited		Switzerland
Liberty Execution Services, Inc.		Delaware
Quarterdeck Investment Partners, LLC		Delaware