Short-Term Borrowings

6 Months Ended

Jun. 30, 2013

Short-Term Borrowings [Abstract]

Short-Term Borrowings

Note 16. Short-Term Borrowings

Jefferies bank loans represent short-term borrowings that are payable on demand and generally bear interest at a spread over the federal funds rate. Unsecured bank loans are typically overnight loans used to finance trading assets or clearing related balances. No bank loans were outstanding at June 30, 2013. Unused borrowing facilities for short-term financing at June 30, 2013 were $475.0 million in aggregate, of which $375.0 million would be secured.