Exhibit 21

Subsidiaries of Jefferies Group, Inc.

(excludes certain subsidiaries pursuant to Item 601 of Regulation S-K)

Name	Jurisdiction of Incorporation/Organization
Jefferies & Company, Inc.	Delaware
Jefferies Asset Management, LLC	Delaware
Jefferies Execution Services, Inc.	California
Jefferies Finance, LLC	Delaware
Jefferies Financial Products, LLC	Delaware
Jefferies High Yield Holdings, LLC	Delaware
Jefferies High Yield Trading, LLC	Delaware
Jefferies Bache, LLC	Delaware
Jefferies International Limited	England & Wales
Jefferies International (Holdings) Limited	England & Wales
Jefferies Investment Management Limited	England & Wales
Jefferies Bache Limited	England & Wales
Jefferies Hong Kong Limited	Hong Kong
Jefferies India Private Ltd.	India
Jefferies Japan Ltd.	Japan
Jefferies Switzerland Ltd.	Switzerland
Jefferies Bache (Hong Kong) Limited	Hong Kong