Low touch solutions for your high performance portfolio.

Combining Jefferies' Expertise with Advanced Technology to Provide Our Clients with Superior Portfolio Execution Services

The goal of Jefferies Portfolio Trading Services is to combine trading expertise and quantitative trading tools with multiple liquidity sources to provide institutional clients with performance driven results. The Portfolio Trading desk leverages sophisticated portfolio management systems, analysis and benchmark auto- trading strategies to deliver enhanced execution services to our institutional clients.

Quantitative Execution Strategies Connectivity Quantitative Research

Pre-Trade Analysis Post-Trade Reports

Jefferies' Customer Driven Portfolio Trading Process

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Quantitative Execution Strategies (QES)

QES Comparison Guide QES Overview VWAP Strategy Seek Strategy Post Strategy

Pairs Trading Strategy Corporate Buyback Strategy Portfolio Impact Management Strategy Strike Price Strategy

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Connectivity

Clients can choose to trade through Jefferies' experienced Portfolio Trading Desk, by direct access to Jefferies' Quantitative Execution Strategies servers, or by direct access to electronic liquidity sources.

Customers can enter orders via a number of order management systems: JeffLINK - an application-based order management system, which allows clients to route lists and single-stock orders to Jefferies' Account Executives, the Portfolio Trading Desk and multiple alternative liquidity destinations; third-Party OMS providers such as The MacGregor Group, Advent, Charles River, Bloomberg; and Proprietary Client OMS.

Orders can be routed through a number of connectivity channels such as FIX (Financial Information Exchange), Third-Party Proprietary Network - e.g., TradeRoute, TNS, SunGard, FTP (File Transfer Protocol) or E-mail.

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Quantitative Research

The primary task of our Quantitative Research is to provide financial engineering support for the Portfolio Trading Desk. In particular, the group develops quantitative execution strategies and real-time microstructure models, and conducts transaction cost analysis.

The group also performs customized analyses of trading performance assisting clients with the selection of suitable benchmarks and trading strategies to achieve optimal execution. The focus of these analyses is to reduce impact pricing and achieve the benchmark price with minimal risk and opportunity costs.

In addition our Quantitative Research group provides an in-depth analysis of liquidity and pricing behavior that is determined by the occurrence of major index rebalance and reconstitution events. These include additions and removals to the S&P Indices, quarterly S&P Indices rebalance, annual Russell Indices rebalance, and quarterly IPO additions to the Russell Indices.

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Pre-Trade Analysis

Our pre-trade analysis measures each basket's liquidity, market impact, value-at-risk, tracking error, and coefficient of determination relative to the S&P 500 Index. Our risk measures and market impact are calculated in house and are based on proprietary models.

Jefferies' Pre-Trade Analysis

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Post-Trade Reports

The purpose of the post-trade report is to create a trading performance scorecard. Execution results are compared against several benchmarks, including VWAP and previous close. Information can be viewed on a consolidated or detailed level. Reports are delivered intra-day or end-of-day and are available in formats specified by the client (Excel, text file, or HTML).

Jefferies' Post-Trade Analysis

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For more information about Jefferies Portfolio Trading and Quantitative Electronic Strategies please call the Portfolio Trading Desk at 888.315.5333 or email us at portfoliotrading@Jefferies.com.

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