Finance
Jefferies Boosts Cash Cushion to Deal With T+1 Trading Glitches
- Firm using portion of $3 billion debt sale to get ready
- Markets on edge ahead of Tuesday switch to faster settlements
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Jefferies Financial Group Inc.’s roughly $3 billion of debt sales last month were partly used to prepare for potential glitches when revamped trading rules take effect next week.
A portion of the borrowing will help the investment bank build a cushion to deal with any unexpected problems with the rollout of expedited stock trading, which begins Tuesday, people familiar with the matter said. Jefferies has only said that the debt sale, common after quarterly results are released, was for general corporate purposes.