Jefferies Avoided Trading Losses Every Day During Second Quarter
Jefferies Group Inc. (JEF), the investment bank led by Chief Executive OfficerRichard Handler, had positive trading revenue every day of the fiscal second quarter.
Net revenue from trading exceeded $10 million on five of the period’s 64 trading days, according to a quarterly report filed today by the New York-based firm with U.S. regulators.
A measure of potential trading losses jumped in March to touch the highest level in almost a year because of risks tied to equities and interest rates, Jefferies said in the filing. The company’s value-at-risk climbed to as high as $18 million before falling to $7.9 million on May 31, when the quarter ended. VaR is an estimate of the maximum amount that traders might lose on 95 out of 100 trading days.
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