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Jefferies Reports Trading Loss on One Day in Third Quarter

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Oct. 9 (Bloomberg) -- Jefferies Group Inc., the New York-based investment bank, had a trading loss on one of 65 days in the fiscal third quarter and reduced its net short position on five risky European nations.

The firm generated daily net trading revenue exceeding $10 million on two days during the three-month period ended Aug. 31, according to a regulatory filing today. The loss was less than $2 million, the filing shows.

Average daily value-at-risk, a measure of how much the company estimates it could lose in the securities market in a single day, increased to $10.53 million from $8.83 million in the second quarter, mainly because of an investment in Knight Capital Group Inc., Jefferies said. Excluding that investment, average VaR fell to $8.35 million, it said.

Jefferies’s net exposure to sovereign issuers, corporations, financial institutions and structured products in Greece, Ireland, Italy, Portugal and Spain was negative $20.4 million at the end of August, the filing shows. That figure decreased from a net short of $125.4 million on May 31.

To contact the reporter on this story: Laura Marcinek in New York at lmarcinek3@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net