Exhibit 21

Subsidiaries of Jefferies Group, Inc.

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

Name	Place of Formation / Incorporation
Jefferies & Company, Inc.	Delaware
Jefferies Advisers, Inc.	Delaware
Jefferies Asset Management, LLC	Delaware
Jefferies Asset Management (Zurich)	Switzerland
Jefferies Asset Management Japan Limited	England & Wales
Jefferies Capital Management, Inc.	Delaware
Jefferies Execution Services, Inc.	California
Jefferies Financial Products, LLC	Delaware
Jefferies International Limited	England & Wales
Jefferies Investment Advisers, LLC	Delaware
Jefferies International (Holdings) Limited	England & Wales
Jefferies Investment Management Limited	England & Wales
Jefferies (Japan) Limited	England & Wales
Jefferies Pacific Limited	Hong Kong
Jefferies (Switzerland) Limited	Switzerland