NEW YORK, July 10, 2012 – In response to inquiries, Jefferies today confirmed that it has a clearing relationship with Peregrine Financial Group (“PFG”) with trading positions held on behalf of PFG’s clients fully secured by cash held in margin accounts. After PFG was unable to meet a margin call that Jefferies made in response to yesterday’s National Future Association’s Member Responsibility Action, Jefferies began an orderly liquidation of PFG’s positions. Jefferies has already liquidated a substantial portion of those positions and expects to be able to expeditiously liquidate the remainder in a fair and reasonable manner, after which all proceeds of the liquidation will be maintained in segregated accounts. Jefferies does not expect to incur any loss in respect of PFG.
For further information please contact:
Richard Khaleel, Jefferies, +1 212 284 2556, email@example.com