<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>17
<FILENAME>c82510exv21w1.txt
<DESCRIPTION>SIGNIFICANT SUBSIDIARIES
<TEXT>
<PAGE>
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                                                                    EXHIBIT 21.1

                             PIPER JAFFRAY COMPANIES
                            SIGNIFICANT SUBSIDIARIES

<TABLE>
<CAPTION>
                                             Jurisdiction of Incorporation
               Name                                or Organization
----------------------------------------     -----------------------------
<S>                                          <C>
Piper Jaffray & Co.                                    Delaware
Piper Jaffray Financial Products Inc.                  Delaware
Piper Jaffray Financial Products II Inc.               Delaware
Piper Jaffray Ltd.                                 England & Wales
Piper Jaffray Ventures Inc.                            Delaware
</TABLE>

</TEXT>
</DOCUMENT>