Jefferies 10-Q9 Oct 132013 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
Document and Entity Information	Aug. 31, 2013
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Aug-13
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3
Entity Registrant Name	JEFFERIES GROUP LLC
Entity Central Index Key	1084580
Current Fiscal Year End Date	-19
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	0

Consolidated_Statements_of_Fin

Consolidated Statements of Financial Condition (USD $)	Aug. 31, 2013	Nov. 30, 2012	Aug. 31, 2013	Nov. 30, 2012
In Thousands, unless otherwise specified	Successor [Member]	Predecessor [Member]	Variable Interest Entity, Primary Beneficiary [Member]	Variable Interest Entity, Primary Beneficiary [Member]
			Successor [Member]	Predecessor [Member]
Assets
Cash and cash equivalents	$4,119,096	$2,692,595	$43,938	$388,279
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	3,457,926	4,082,595
Financial instruments owned, at fair value
Corporate equity securities	1,933,302	1,762,775		105,271
Corporate debt securities	2,354,748	3,038,146		394,043
Government, federal agency and other sovereign obligations	4,027,870	5,153,750
Mortgage- and asset-backed securities	4,126,691	5,468,284		15,589
Loans and other receivables	942,969	678,311	108,700	383,667
Derivatives	121,869	298,086
Investments, at fair value	79,917	127,023	462	5,836
Physical commodities	110,915	144,016
Total financial instruments owned, at fair value	13,698,281	16,670,391	109,162	904,406
Investments in managed funds	55,897	57,763
Loans to and investments in related parties	563,828	586,420
Securities borrowed	5,316,449	5,094,679
Securities purchased under agreements to resell	4,420,886	3,357,602
Securities received as collateral	45,133
Receivables:
Brokers, dealers and clearing organizations	2,738,047	1,424,027		236,594
Customers	1,095,422	916,284
Fees, interest and other	241,909	196,811		10,931
Premises and equipment	191,018	185,991
Goodwill	1,718,115	365,670
Other assets	1,168,206	662,713	22	348
Total assets	38,830,213	36,293,541	153,122	1,540,558
LIABILITIES AND EQUITY
Short-term borrowing	50,000	150,000
Financial instruments sold, not yet purchased, at fair value:
Corporate equity securities	1,739,491	1,539,332
Corporate debt securities	1,320,896	1,389,312		325,979
Government, federal agency and other sovereign obligations	2,987,515	3,666,112
Mortgage- and asset-backed securities	37,968	241,211
Loans	360,537	207,227		199,610
Derivatives	133,827	229,127		505
Physical commodities	44,796	183,142
Total financial instruments sold, not yet purchased, at fair value	6,625,030	7,455,463		526,094
Collateralized financings:
Securities loaned	2,578,401	1,934,355
Securities sold under agreements to repurchase	10,863,548	8,181,250
Other secured financings	228,025	62,300	228,025	62,300
Obligation to return securities received as collateral	45,133
Payables:
Brokers, dealers and clearing organizations	1,058,396	2,819,677		201,237
Customers	4,837,843	5,568,017
Accrued expenses and other liabilities	956,403	1,062,068	40,959	10,656
Long-term debt	6,346,439	4,804,607
Mandatorily redeemable convertible preferred stock		125,000
Mandatorily redeemable preferred interests of consolidated subsidiaries		348,051		348,051
Total liabilities	33,589,218	32,510,788	268,984	1,148,338
EQUITY
Common stock, $0.0001 par value. Authorized 500,000,000 shares; issued 204,147,007 shares at November 30, 2012		20
Member's paid-in capital/ Additional paid-in capital	5,169,864	2,219,959
Retained earnings		1,281,855
Treasury stock, at cost, 835,033 shares at November 30, 2012		-12,682
Accumulated other comprehensive loss:
Currency translation adjustments	-5,917	-38,009
Additional minimum pension liability		-15,128
Total accumulated other comprehensive loss	-5,917	-53,137
Total member's / common stockholders' equity	5,163,947	3,436,015
Noncontrolling interests	77,048	346,738
Total equity	5,240,995	3,782,753
Total liabilities and equity	$38,830,213	$36,293,541

Consolidated_Statements_of_Fin1

Consolidated Statements of Financial Condition (Parenthetical) (USD $)	Aug. 31, 2013	Nov. 30, 2012
In Thousands, except Share data, unless otherwise specified	Successor [Member]	Predecessor [Member]
Securities pledged to creditors	$12,693,618	$12,334,745
Common stock, par value		$0.00
Common stock, shares authorized		500,000,000
Common stock, shares issued		204,147,007
Treasury stock, at cost		835,033

Consolidated_Statements_of_Ear

Consolidated Statements of Earnings (USD $)	3 Months Ended	6 Months Ended	3 Months Ended		9 Months Ended
Share data in Thousands, except Per Share data, unless otherwise specified	Aug. 31, 2013	Aug. 31, 2013	Feb. 28, 2013	Aug. 31, 2012	Aug. 31, 2012
	Successor [Member]	Successor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]
Revenues:
Commissions	$138,736,000	$285,584,000	$131,083,000	$119,200,000	$358,495,000
Principal transactions	-24,910,000	109,661,000	300,278,000	297,037,000	793,834,000
Investment banking	309,339,000	586,473,000	288,278,000	260,163,000	842,921,000
Asset management fees and investment income from managed funds	13,549,000	24,076,000	10,883,000	3,116,000	10,648,000
Interest	230,672,000	489,337,000	249,277,000	242,625,000	788,935,000
Other	28,630,000	54,875,000	27,004,000	22,911,000	103,102,000
Total revenues	696,016,000	1,550,006,000	1,006,803,000	945,052,000	2,897,935,000
Interest expense	178,987,000	390,450,000	203,416,000	206,114,000	668,000,000
Net revenues	517,029,000	1,159,556,000	803,387,000	738,938,000	2,229,935,000
Interest on mandatorily redeemable preferred interests of consolidated subsidiaries		3,368,000	10,961,000	8,304,000	34,604,000
Net revenues, less interest on mandatorily redeemable preferred interests of consolidated subsidiaries	517,029,000	1,156,188,000	792,426,000	730,634,000	2,195,331,000
Non-interest expenses:
Compensation and benefits	293,771,000	667,651,000	474,217,000	440,391,000	1,310,394,000
Non-compensation expenses:
Floor brokerage and clearing fees	34,500,000	67,491,000	30,998,000	30,280,000	91,039,000
Technology and communications	62,266,000	126,105,000	59,878,000	58,681,000	180,460,000
Occupancy and equipment rental	26,205,000	58,430,000	24,309,000	24,077,000	71,582,000
Business development	17,624,000	40,356,000	24,927,000	27,736,000	72,362,000
Professional services	25,269,000	54,788,000	24,135,000	14,667,000	45,656,000
Other	34,012,000	52,732,000	14,475,000	12,433,000	46,018,000
Total non-compensation expenses	199,876,000	399,902,000	178,722,000	167,874,000	507,117,000
Total non-interest expenses	493,647,000	1,067,553,000	652,939,000	608,265,000	1,817,511,000
Earnings before income taxes	23,382,000	88,635,000	139,487,000	122,369,000	377,820,000
Income tax expense	8,493,000	33,500,000	48,645,000	44,048,000	134,403,000
Net earnings	14,889,000	55,135,000	90,842,000	78,321,000	243,417,000
Net earnings attributable to noncontrolling interests	3,149,000	3,887,000	10,704,000	8,150,000	32,612,000
Net earnings attributable to Jefferies Group LLC	$11,740,000	$51,248,000	$80,138,000	$70,171,000	$210,805,000
Earnings per common share:
Basic			$0.35	$0.31	$0.92
Diluted			$0.35	$0.31	$0.91
Dividends declared per common share			$0.08	$0.08	$0.23
Weighted average common shares:
Basic			213,732	214,756	216,509
Diluted			217,844	218,867	220,621

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended		6 Months Ended		3 Months Ended				9 Months Ended
In Thousands, unless otherwise specified	Aug. 31, 2013		Aug. 31, 2013		Feb. 28, 2013		Aug. 31, 2012		Aug. 31, 2012
	Successor [Member]		Successor [Member]		Predecessor [Member]		Predecessor [Member]		Predecessor [Member]
Net earnings	$14,889		$55,135		$90,842		$78,321		$243,417
Other comprehensive income net of tax:
Currency translation adjustments	5,549		-5,917		-10,018		6,519		-207
Total other comprehensive income, net of tax	5,549	[1]	-5,917	[1]	-10,018	[1]	6,519	[1]	-207	[1]
Comprehensive income	20,438		49,218		80,824		84,840		243,210
Net earnings attributable to noncontrolling interests	3,149		3,887		10,704		8,150		32,612
Comprehensive income attributable to Jefferies Group LLC	$17,289		$45,331		$70,120		$76,690		$210,598

[1]	Total other comprehensive income (loss), net of tax, is attributable to Jefferies Group LLC. No other comprehensive income (loss) is attributable to noncontrolling interests.

Consolidated_Statements_of_Cha

Consolidated Statements of Changes in Equity (USD $)

Successor [Member]

Predecessor [Member]

In Thousands

Common stock, par value $0.0001 per share [Member]

Member's paid-in capital [Member]

Additional paid-in capital [Member]

Retained earnings [Member]

Accumulated other comprehensive loss [Member]

Treasury stock, at cost [Member]

Noncontrolling interests [Member]

Common stock, par value $0.0001 per share [Member]

Member's paid-in capital [Member]

Additional paid-in capital [Member]

Retained earnings [Member]

Accumulated other comprehensive loss [Member]

Treasury stock, at cost [Member]

Noncontrolling interests [Member]

Balance at Nov. 30, 2011

$312,663

Balance at Nov. 30, 2011

2,207,410

1,067,858

-50,490

[1],[2]

-486

Benefit plan share activity

[3]

12,076

Purchases

-113,562

Issued

Currency adjustment

[1],[2]

1,511

Share-based expense, net of forfeitures and clawbacks

83,769

Net earnings attributable to Jefferies Group LLC

282,409

40,740

Returns / forfeitures

-7,928

Retired

-1

Pension adjustment, net of tax

[1],[2]

-4,158

Proceeds from exercise of stock options

104

Dividends

-68,412

Distributions

-13,570

Consolidation of asset management entity

6,905

Tax (deficiency) benefit for issuance of share-based awards

19,789

Equity component of convertible debt, net of tax

-427

Dividend equivalents on share-based plans

6,531

Retirement of treasury stock

-109,293

109,294

Total equity

3,782,753

Balance at Nov. 30, 2012

3,436,015

2,219,959

1,281,855

-53,137

[1],[2]

-12,682

Balance at Nov. 30, 2012

346,738

Benefit plan share activity

[3]

3,138

Contributions

Purchases

-166,541

Issued

Currency adjustment

-10,018

[1],[2]

Share-based expense, net of forfeitures and clawbacks

22,288

Net earnings attributable to Jefferies Group LLC

90,842

80,138

10,704

Net earnings

80,138

Returns / forfeitures

-1,922

Retired

Pension adjustment, net of tax

[1],[2]

Proceeds from exercise of stock options

Contributions

Dividends

-17,217

Acquisitions and contingent consideration

2,535

Distributions

1,262

-1,262

Redemptions

Consolidation of asset management entity

Tax (deficiency) benefit for issuance of share-based awards

-17,965

Equity component of convertible debt, net of tax

Dividend equivalents on share-based plans

1,418

Retirement of treasury stock

Total equity

3,688,107

Balance at Feb. 28, 2013

4,754,101

[1],[2]

3,331,927

2,231,430

1,344,776

-63,155

[1],[2]

-181,145

Balance at Feb. 28, 2013

356,180

Benefit plan share activity

[3]

Contributions

362,255

Purchases

Issued

Currency adjustment

-5,917

[1],[2]

Share-based expense, net of forfeitures and clawbacks

Net earnings attributable to Jefferies Group LLC

55,135

3,887

Net earnings

51,248

Returns / forfeitures

Retired

Pension adjustment, net of tax

[1],[2]

Proceeds from exercise of stock options

Contributions

64,610

Dividends

Acquisitions and contingent consideration

Distributions

306,830

Redemptions

-347,629

Consolidation of asset management entity

Tax (deficiency) benefit for issuance of share-based awards

2,260

Equity component of convertible debt, net of tax

Dividend equivalents on share-based plans

Retirement of treasury stock

Total equity

5,240,995

Balance at Aug. 31, 2013

5,163,947

5,169,864

-5,917

[1],[2]

Balance at Aug. 31, 2013

77,048

Balance at May. 31, 2013

Currency adjustment

5,549

Net earnings attributable to Jefferies Group LLC

14,889

Net earnings

11,740

Total equity

5,240,995

Balance at Aug. 31, 2013

5,163,947

Balance at Aug. 31, 2013

$77,048

[1]

The components of other comprehensive loss are attributable to Jefferies Group LLC (formerly Jefferies Group, Inc.). None of the components of other comprehensive loss are attributable to noncontrolling interests.

[2]

There were no reclassifications out of Accumulated other comprehensive loss during the six months ended August 31, 2013.

[3]

Includes grants related to the Incentive Plan, Deferred Compensation Plan, and Directors' Plan.

Consolidated_Statements_of_Cha1

Consolidated Statements of Changes in Equity (Parenthetical) (USD $)	Aug. 31, 2013	Feb. 28, 2013	Nov. 30, 2012
	Successor [Member]	Predecessor [Member]	Predecessor [Member]
Common stock, par value		$0.00	$0.00

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	6 Months Ended	3 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Aug. 31, 2013	Feb. 28, 2013	Aug. 31, 2012
	Successor [Member]	Predecessor [Member]	Predecessor [Member]
Cash flows from operating activities:
Net earnings	$55,135	$90,842	$243,417
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	-1,369	17,393	54,836
Gain on conversion option	-9,151
Bargain purchase gain			-3,368
Gain on repurchase of long-term debt			-9,898
Interest on mandatorily redeemable preferred interests of consolidated subsidiaries	3,368	10,961	34,604
Accruals related to various benefit plans and stock issuances, net of forfeitures		23,505	65,457
Income on loans to and investments in related parties	-55,194
Distributions received on investments in related parties	28,335
Other adjustments	-1,815	-1,154	-2,780
Net change in assets and liabilities:
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	269,786	352,891	-408,445
Receivables:
Brokers, dealers and clearing organizations	-300,959	-1,027,671	-401,758
Customers	-51,942	-130,543	224,761
Fees, interest and other	-16,821	-29,149	-28,921
Securities borrowed	-5,251	-224,557	-48,893
Financial instruments owned	2,691,267	229,394	2,758,173
Loans to and investments in related parties		-197,166	-109,997
Investments in managed funds	4,079	-2,213	10,619
Securities purchased under agreements to resell	-846,206	-224,418	-1,050,263
Other assets	38,339	25,489	26,957
Payables:
Brokers, dealers and clearing organizations	-727,408	-1,031,335	-2,204,936
Customers	-607,034	-111,139	241,725
Securities loaned	679,305	-28,138	355,679
Financial instruments sold, not yet purchased	-3,127,918	2,327,667	1,750,709
Securities sold under agreements to repurchase	2,894,054	-197,493	-1,402,558
Accrued expenses and other liabilities	134,369	-267,336	74,927
Net cash provided by (used in) operating activities	1,046,969	-394,170	170,047
Cash flows from investing activities:
Net payments on premises and equipment	-24,787	-10,706	-39,848
Contributions to loans to and investments in related parties	-1,133,831
Distributions from loans to and investments in related parties	1,363,755
Cash received in connection with acquisition during the period			2,257
Cash received from contingent consideration	2,579	1,203	2,774
Cash paid from contingent consideration			-1,172
Net cash provided by (used in) investing activities	207,716	-9,503	-35,989
Cash flows from financing activities:
Excess tax benefits from the issuance of share-based awards	2,419	5,682	30,576
Proceeds from short-term borrowings	8,053,000	6,744,000	9,563,063
Payments on short-term borrowings	-8,103,000	-6,794,000	-9,370,557
Proceeds from secured credit facility	720,000	900,000	680,000
Payments on secured credit facility	-685,000	-990,007	-370,000
Repayment of long-term debt			-253,232
Proceeds from other secured financings	105,000	60,000
Payments on repurchase of long-term debt			-1,435
Payments on mandatorily redeemable preferred interest of consolidated subsidiaries	-64	-61	-5,313
Payments on repurchase of common stock		-166,541	-104,202
Payments on dividends		-15,799	-46,298
Proceeds from exercise of stock options, not including tax benefits		57	104
Net proceeds from issuance of senior notes, net of issuance costs		991,469	201,010
Proceeds from contributions of noncontrolling interests	64,610
Payments on distributions to noncontrolling interests	-306,830	-1,262	-7,709
Net cash (used in) provided by financing activities	-149,865	733,538	316,007
Effect of exchange rate changes on cash and cash equivalents	-3,682	-4,502	651
Net increase in cash and cash equivalents	1,101,138	325,363	450,716
Cash and cash equivalents at beginning of period	3,017,958	2,692,595	2,393,797
Cash and cash equivalents at end of period	4,119,096	3,017,958	2,844,513
Cash paid (received) during the period for:
Interest	441,652	178,836	648,394
Income taxes, net of refunds	$26,037	($34,054)	$12,816

Consolidated_Statements_of_Cas1

Consolidated Statements of Cash Flows (Parenthetical) (Member's paid-in capital [Member], Successor [Member], USD $)	Mar. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2013
Member's paid-in capital [Member] \| Successor [Member]
Contributions	$362,255

Organization_and_Basis_of_Pres

Organization and Basis of Presentation	9 Months Ended
	Aug. 31, 2013
Accounting Policies [Abstract]
Organization and Basis of Presentation	Note 1.	Organization and Basis of Presentation
	Organization
	On March 1, 2013, Jefferies Group, Inc. converted into a limited liability company and was renamed Jefferies Group LLC. In addition, certain subsidiaries of Jefferies Group, Inc. also converted into limited liability companies. The accompanying Consolidated Financial Statements therefore refer to Jefferies Group LLC and represent the accounts of Jefferies Group, Inc., as it was formerly known, and all our subsidiaries (together “we” or “us”). The subsidiaries of Jefferies Group LLC include Jefferies LLC (“Jefferies”), Jefferies Execution Services, Inc., (“Jefferies Execution”), Jefferies Bache, LLC, Jefferies International Limited, Jefferies Bache, Limited, Jefferies Hong Kong Limited, Jefferies Bache Financial Services, Inc., Jefferies Mortgage Funding, LLC and Jefferies Leveraged Credit Products, LLC and all other entities in which we have a controlling financial interest or are the primary beneficiary.
	We operate in two business segments, Capital Markets and Asset Management. Capital Markets includes our securities, commodities, futures and foreign exchange trading and investment banking activities, which provides the research, sales, trading, origination and advisory effort for various equity, fixed income and advisory products and services. Asset Management provides investment management services to various private investment funds, separate accounts and mutual funds.
	On February 1, 2012, we acquired the corporate broking business of Hoare Govett from The Royal Bank of Scotland Group plc (“RBS”). The acquired business represented the corporate broking business carried on under the name RBS Hoare Govett in the United Kingdom and comprised corporate broking advice and services. The acquisition of Hoare Govett provided us with the opportunity to continue our growth in corporate broking in the U.K. and significantly expand the capabilities and reach of our established European Investment Banking and Equities business units. See Note 5, Hoare Govett Acquisition for further details.
	On March 1, 2013, Jefferies Group LLC through a series of merger transactions, became a wholly owned subsidiary of Leucadia National Corporation (“Leucadia”) (referred to herein as the “Merger Transaction”). Each outstanding share of Jefferies Group LLC was converted into 0.81 of a share of Leucadia common stock (the “Exchange Ratio”). Leucadia did not assume nor guarantee any of our outstanding debt securities. Our 3.875% Convertible Senior Debentures due 2029 are now convertible into Leucadia common shares at a price that reflects the Exchange Ratio and the 3.25% Series A Convertible Cumulative Preferred Stock of Jefferies Group, Inc. was exchanged for a comparable series of convertible preferred shares of Leucadia. Jefferies Group LLC continues to operate as the holding company of its various regulated and unregulated operating subsidiaries. Richard Handler, our Chief Executive Officer and Chairman, was also appointed the Chief Executive Officer of Leucadia, as well as a Director of Leucadia. Brian Friedman, our Chairman of the Executive Committee, was also appointed Leucadia’s President and a Director of Leucadia. Following the merger, we continue to operate as a full-service global investment banking firm, retain a credit rating separate from Leucadia and remain an SEC reporting company, filing annual, quarterly and periodic financial reports.
	In addition, on April 1, 2013, we merged Jefferies High Yield Trading, LLC (our high yield trading broker-dealer) with Jefferies (a U.S. broker-dealer) and our high yield activities are now all conducted by Jefferies. In addition, during the three months ended May 31, 2013, we redeemed the third party interests in our high yield joint venture.
	Basis of Presentation
	The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with our Annual Report on Form 10-K for the year ended November 30, 2012.
	As more fully described in Note 4, Leucadia Merger and Related Transactions, the Merger Transaction is accounted for using the acquisition method of accounting, which requires that the assets, including identifiable intangible assets, and liabilities of Jefferies Group LLC be recorded at their fair values at the date of the Merger Transaction. The application of the acquisition method of accounting has been pushed down and reflected in the financial statements of Jefferies Group LLC as a wholly-owned subsidiary of Leucadia. The application of push down accounting represents the termination of the prior reporting entity and the creation of a new reporting entity, which do not have the same bases of accounting. As a result, our consolidated financial statements for 2013 are presented for the period from March 1, 2013 through August 31, 2013 for the new reporting entity (the “Successor”), and before March 1, 2013 for the prior reporting entity (the “Predecessor.”) The Predecessor and Successor periods are separated by a vertical line to highlight the fact that the financial information for such periods have been prepared under two different cost bases of accounting.
	We have made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with U.S. GAAP. The most important of these estimates and assumptions relate to fair value measurements, compensation and benefits, goodwill, the ability to realize deferred tax assets and the recognition and measurement of uncertain tax positions. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates.
	Cash Flow Statement Presentation
	For the six months ended August 31, 2013, certain amounts relating to loans and investments in related parties are classified as components of investing activities on the Consolidated Statements of Cash Flows to conform to the presentation of our Parent company in connection with the establishment of a new accounting entity through the application of push down accounting. These amounts were classified by the Predecessor entity as operating activities for reporting periods prior to the merger.
	Consolidation
	Our policy is to consolidate all entities in which we control by ownership a majority of the outstanding voting stock. In addition, we consolidate entities which meet the definition of a variable interest entity for which we are the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a variable interest entity that most significantly impact the entity’s economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. For consolidated entities that are less than wholly owned, the third-party’s holding of equity interest is presented as Noncontrolling interests in the Consolidated Statements of Financial Condition and Consolidated Statements of Changes in Equity. The portion of net earnings attributable to the noncontrolling interests are presented as Net earnings to noncontrolling interests in the Consolidated Statements of Earnings.
	In situations where we have significant influence, but not control, of an entity that does not qualify as a variable interest entity, we apply either the equity method of accounting or fair value accounting pursuant to the fair value option election under U.S. GAAP, with our portion of net earnings or gains and losses recorded within Other revenues or Principal transaction revenues, respectively. We also have formed nonconsolidated investment vehicles with third-party investors that are typically organized as partnerships or limited liability companies and are carried at fair value. We act as general partner or managing member for these investment vehicles and have generally provided the third-party investors with termination or “kick-out” rights.
	Intercompany accounts and transactions are eliminated in consolidation.
	Immaterial Revision
	We have made correcting adjustments (referred to as “adjustments”) to our historical financial statements for the three months ended February 28, 2013 and for the three months ended May 31, 2013, the results of which are included within our financial statements for the six months ended August 31, 2013. We do not believe these adjustments are material to our financial statements for any previously reported period.
	Pre-tax non-compensation expenses for the quarter ended February 28, 2013, were overstated by $8.5 million. Professional services expense should have been $24.1 million rather than $32.6 million, as previously reported. Professional service fees related to the Merger Transaction were incorrectly accrued in the quarter ended February 28, 2013, rather than at 12:01AM on March 1, 2013 when the transaction was completed. This had the effect of understating net earnings by approximately $5.3 million for the three month period ended February 28, 2013 and, accordingly, we have increased first quarter net earnings to $80.1 million. We evaluated the effects of this correction and concluded that it is not material to the previously issued Quarterly Report on Form 10-Q for the three month period ended February 28, 2013. Nevertheless, we revised our consolidated net earnings for the three month period ended February 28, 2013 as presented in this Form 10-Q to correct for the effect of this error and appropriately reflected the $8.5 million of professional service fees as an expense in the second quarter of fiscal 2013. The adjustment had an inconsequential impact on the Statement of Financial Condition as of February 28, 2013.
	Principal transaction revenues for the three months ended May 31, 2013 was reduced by $3.9 million to correct the valuation of the conversion option to shares of Leucadia embedded in our 3.875% Senior Convertible Debentures. On an after tax basis, the correction results in a reduction of Net earnings for the three months ended May 31, 2013 of $2.5 million. It was determined that the conversion option liability at March 1, 2013, which was recognized at fair value as part of acquisition accounting should have been $16.5 million rather than $7.7 million. This had the effect of understating goodwill in the purchase price allocation by $5.3 million, after considering the tax effects of increasing the fair value of the conversion option. We evaluated the effects of this correction and concluded that it is not material to the previously issued Quarterly Report on Form 10-Q for the three month period ended May 31, 2013. Nevertheless, we revised our consolidated net earnings for the three month period ended May 31, 2013 as reflected in this this Form 10-Q for the six months ended August 31, 2013 to correct for the effect of these items and appropriately reflected the increase in goodwill of $5.3 million within our Consolidated Statement of Financial Condition.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
	Aug. 31, 2013
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2.	Summary of Significant Accounting Policies
	Revenue Recognition Policies
	Commissions. All customer securities transactions are reported on the Consolidated Statements of Financial Condition on a settlement date basis with related income reported on a trade-date basis. We permit institutional customers to allocate a portion of their gross commissions to pay for research products and other services provided by third parties. The amounts allocated for those purposes are commonly referred to as soft dollar arrangements. These arrangements are accounted for on an accrual basis and, as we are not the primary obligor for these arrangements, netted against commission revenues in the Consolidated Statements of Earnings. The commissions and related expenses on client transactions executed by Jefferies Bache, LLC, a futures commission merchant, are recorded on a half-turn basis.
	Principal Transactions. Financial instruments owned and Financial instruments sold, but not yet purchased (all of which are recorded on a trade-date basis) are carried at fair value with gains and losses reflected in Principal transactions in the Consolidated Statements of Earnings on a trade date basis. Fees received on loans carried at fair value are also recorded within Principal transactions.
	Investment Banking. Underwriting revenues and fees from mergers and acquisitions, restructuring and other investment banking advisory assignments or engagements are recorded when the services related to the underlying transactions are completed under the terms of the assignment or engagement. Expenses associated with such assignments are deferred until reimbursed by the client, the related revenue is recognized or the engagement is otherwise concluded. Expenses are recorded net of client reimbursements and netted against revenues. Unreimbursed expenses with no related revenues are included in Business development and Professional services expenses in the Consolidated Statements of Earnings.
	Asset Management Fees and Investment Income From Managed Funds. Asset management fees and investment income from managed funds include revenues we earn from management, administrative and performance fees from funds and accounts managed by us, revenues from management and performance fees we earn from related-party managed funds and investment income from our investments in these funds. We earn fees in connection with management and investment advisory services performed for various funds and managed accounts. These fees are based on assets under management or an agreed upon notional amount and may include performance fees based upon the performance of the funds. Management and administrative fees are generally recognized over the period that the related service is provided. Generally, performance fees are earned when the return on assets under management exceeds certain benchmark returns, “high-water marks” or other performance targets. Performance fees are accrued (or reversed) on a monthly basis based on measuring performance to date versus any relevant benchmark return hurdles stated in the investment management agreement. Performance fees are not subject to adjustment once the measurement period ends (generally annual periods) and the performance fees have been realized.
	Interest Revenue and Expense. We recognize contractual interest on Financial instruments owned and Financial instruments sold, but not yet purchased, on an accrual basis as a component of interest revenue and expense. Interest flows on derivative trading transactions and dividends are included as part of the fair valuation of these contracts and recognized in Principal transactions in the Consolidated Statements of Earnings rather than as a component of interest revenue or expense. We account for our short-term borrowings, long-term borrowings and our mandatorily redeemable convertible preferred stock on an accrual basis with related interest recorded as Interest expense. Discounts/premiums arising on our long-term debt are accreted / amortized to Interest expense using the effective yield method over the remaining lives of the underlying debt obligations. In addition, we recognize interest revenue related to our securities borrowed and securities purchased under agreements to resell activities and interest expense related to our securities loaned and securities sold under agreements to repurchase activities on an accrual basis.
	Cash Equivalents
	Cash equivalents include highly liquid investments, including money market funds, not held for resale with original maturities of three months or less.
	Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited With Clearing and Depository Organizations
	In accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, Jefferies as a broker-dealer carrying client accounts, is subject to requirements related to maintaining cash or qualified securities in a segregated reserve account for the exclusive benefit of its clients. In addition, certain financial instruments used for initial and variation margin purposes with clearing and depository organizations are recorded in this caption. Jefferies Bache, LLC, as a futures commission merchant, is obligated by rules mandated by the Commodities Futures Trading Commission under the Commodities Exchange Act, to segregate or set aside cash or qualified securities to satisfy such regulations, which regulations have been promulgated to protect customer assets. Certain other entities are also obligated by rules mandated by their primary regulators to segregate or set aside cash or equivalent securities to satisfy regulations, promulgated to protect customer assets.
	Financial Instruments
	Financial instruments owned and Financial instruments sold, not yet purchased are recorded at fair value, either as required by accounting pronouncements or through the fair value option election. These instruments primarily represent our trading activities and include both cash and derivative products. Gains and losses are recognized in Principal transactions in our Consolidated Statements of Earnings. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price).

	Fair Value Hierarchy
	In determining fair value, we maximize the use of observable inputs and minimize the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs reflect our assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. We apply a hierarchy to categorize our fair value measurements broken down into three levels based on the transparency of inputs as follows:


	Level 1:		Quoted prices are available in active markets for identical assets or liabilities as of the reported date.

	Level 2:		Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these financial instruments include cash instruments for which quoted prices are available but traded less frequently, derivative instruments whose fair value have been derived using a model where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed.

	Level 3:		Instruments that have little to no pricing observability as of the reported date. These financial instruments are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation.
	Financial instruments are valued at quoted market prices, if available. Certain financial instruments have bid and ask prices that can be observed in the marketplace. For financial instruments whose inputs are based on bid-ask prices, the financial instrument is valued at the point within the bid-ask range that meets our best estimate of fair value. We use prices and inputs that are current as of the measurement date. For financial instruments that do not have readily determinable fair values using quoted market prices, the determination of fair value is based upon consideration of available information, including types of financial instruments, current financial information, restrictions on dispositions, fair values of underlying financial instruments and quotations for similar instruments.
	The valuation of financial instruments may include the use of valuation models and other techniques. Adjustments to valuations derived from valuation models may be made when, in management’s judgment, features of the financial instrument such as its complexity, the market in which the financial instrument is traded and risk uncertainties about market conditions require that an adjustment be made to the value derived from the models. Adjustments from the price derived from a valuation model reflect management’s judgment that other participants in the market for the financial instrument being measured at fair value would also consider in valuing that same financial instrument. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.
	The availability of observable inputs can vary and is affected by a wide variety of factors, including, for example, the type of financial instrument and market conditions. As the observability of prices and inputs may change for a financial instrument from period to period, this condition may cause a transfer of an instrument among the fair value hierarchy levels. Transfers among the levels are recognized at the beginning of each period. The degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
	Valuation Process for Financial Instruments
	Our Independent Price Verification (“IPV”) Group, which is part of our Finance department, in partnership with Risk Management, is responsible for establishing our valuation policies and procedures. The IPV Group and Risk Management, which are independent of our business functions, play an important role and serve as a control function in determining that our financial instruments are appropriately valued and that fair value measurements are reliable. This is particularly important where prices or valuations that require inputs are less observable. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and that the assumptions are reasonable. The IPV Group reports to the Global Controller and is subject to the oversight of the IPV Committee, which is comprised of our Chief Financial Officer, Global Controller, Global Head of Product Control, Chief Risk Officer and Principal Accounting Officer, among other personnel. Our independent price verification policies and procedures are reviewed, at a minimum, annually and changes to the policies require the approval of the IPV Committee.
	Price Testing Process. The business units are responsible for determining the fair value of our financial instruments using approved valuation models and methodologies. In order to ensure that the business unit valuations represent a fair value exit price, the IPV Group tests and validates the fair value of our financial instruments inventory. In the testing process, the IPV Group obtains prices and valuation inputs from sources independent of Jefferies, consistently adheres to established procedures set forth in our valuation policies for sourcing prices and valuation inputs and utilizing valuation methodologies. Sources used to validate fair value prices and inputs include, but are not limited to, exchange data, recently executed transactions, pricing data obtained from third party vendors, pricing and valuation services, broker quotes and observed comparable transactions.
	To the extent discrepancies between the business unit valuations and the pricing or valuations resulting from the price testing process are identified, such discrepancies are investigated by the IPV Group and fair values are adjusted, as appropriate. The IPV Group maintains documentation of its testing, results, rationale and recommendations and prepares a monthly summary of its valuation results. This process also forms the basis for our classification of fair values within the fair value hierarchy (i.e., Level 1, Level 2 or Level 3). The IPV Group utilizes the additional expertise of Risk Management personnel in valuing more complex financial instruments and financial instruments with less or limited pricing observability. The results of the valuation testing are reported to the IPV Committee on a monthly basis, which discusses the results and is charged with the final conclusions as to the financial instrument fair values in the consolidated financial statements. This process specifically assists the Chief Financial Officer in asserting as to the fair presentation of our financial condition and results of operations as included within our Quarterly Reports on Form 10-Q and Annual Report on Form 10-K. At each quarter end, the overall valuation results, as concluded upon by the IPV Committee, are presented to the Audit Committee.
	Judgment exercised in determining Level 3 fair value measurements is supplemented by daily analysis of profit and loss performed by the Product Control functions. Gains and losses, which result from changes in fair value, are evaluated and corroborated daily based on an understanding of each of the trading desks’ overall risk positions and developments in a particular market on the given day. Valuation techniques generally rely on recent transactions of suitably comparable financial instruments and use the observable inputs from those comparable transactions as a validation basis for Level 3 inputs. Level 3 fair value measurements are further validated through subsequent sales testing and market comparable sales, if such information is available. Level 3 fair value measurements require documentation of the valuation rationale applied, which is reviewed for consistency in application from period to period; and the documentation includes benchmarking the assumptions underlying the valuation rationale against relevant analytic data.
	Third Party Pricing Information. Pricing information obtained from external data providers (including independent pricing services and brokers) may incorporate a range of market quotes from dealers, recent market transactions and benchmarking model derived prices to quoted market prices and trade data for comparable securities. External pricing data is subject to evaluation for reasonableness by the IPV Group using a variety of means including comparisons of prices to those of similar product types, quality and maturities, consideration of the narrowness or wideness of the range of prices obtained, knowledge of recent market transactions and an assessment of the similarity in prices to comparable dealer offerings in a recent time period. We have a process whereby we challenge the appropriateness of pricing information obtained from external data providers (including independent pricing services and brokers) in order to validate the data for consistency with the definition of a fair value exit price. Our process includes understanding and evaluating the external data providers’ valuation methodologies. For corporate, U.S. government and agency, and municipal debt securities, and loans, to the extent independent pricing services or broker quotes are utilized in our valuation process, the vendor service providers are collecting and aggregating observable market information as to recent trade activity and active bid-ask submissions. The composite pricing information received from the independent pricing service is not based on unobservable inputs or proprietary models. For mortgage- and other asset-backed securities and collateralized debt obligations, our independent pricing service uses a matrix evaluation approach incorporating both observable yield curves and market yields on comparable securities as well as implied inputs from observed trades for comparable securities in order to determine prepayment speeds, cumulative default rates and loss severity. Further, we consider pricing data from multiple service providers as available as well as compare pricing data to prices we have observed for recent transactions, if any, in order to corroborate our valuation inputs.
	Model Review Process. Where a pricing model is to be used to determine fair value, the pricing model is reviewed for theoretical soundness and appropriateness by Risk Management, independent from the trading desks, and then approved by Risk Management to be used in the valuation process. Review and approval of a model for use includes benchmarking the model against relevant third party valuations, testing sample trades in the model, backtesting the results of the model against actual trades and stress-testing the sensitivity of the pricing model using varying inputs and assumptions. In addition, recently executed comparable transactions and other observable market data are considered for purposes of validating assumptions underlying the model. Models are independently reviewed and validated by Risk Management annually or more frequently if market conditions or use of the valuation model changes.
	Investments in Managed Funds
	Investments in managed funds include our investments in funds managed by us and our investments in related-party managed funds in which we are entitled to a portion of the management and/or performance fees. Investments in nonconsolidated managed funds are accounted for at fair value with gains or losses included in Asset management fees and investment income from managed funds in the Consolidated Statements of Earnings.
	Loans to and Investments in Related Parties
	Loans to and investments in related parties include investments in private equity and other operating entities made in connection with our capital markets activities in which we exercise significant influence over operating and capital decisions and loans issued in connection with such activities. Loans to and investments in related parties are accounted for using the equity method or at cost, as appropriate. Revenues on Loans to and investments in related parties are included in Other revenues in the Consolidated Statements of Earnings. See Note 12, Investments, and Note 25, Related Party Transactions, for additional information regarding certain of these investments.
	Receivable from and Payable to Customers
	Receivable from and payable to customers includes amounts receivable and payable on cash and margin transactions. Securities owned by customers and held as collateral for these receivables are not reflected in the accompanying consolidated financial statements. Receivable from officers and directors included within this financial statement line item represents balances arising from their individual security transactions. These transactions are subject to the same regulations as customer transactions and are provided on substantially the same terms.
	Securities Borrowed and Securities Loaned
	Securities borrowed and securities loaned are carried at the amounts of cash collateral advanced and received in connection with the transactions and accounted for as collateralized financing transactions. In connection with both trading and brokerage activities, we borrow securities to cover short sales and to complete transactions in which customers have failed to deliver securities by the required settlement date, and lend securities to other brokers and dealers for similar purposes. We have an active securities borrowed and lending matched book business in which we borrow securities from one party and lend them to another party. When we borrow securities, we generally provide cash to the lender as collateral, which is reflected in our Consolidated Statements of Financial Condition as Securities borrowed. We earn interest revenues on this cash collateral. Similarly, when we lend securities to another party, that party provides cash to us as collateral, which is reflected in our Consolidated Statements of Financial Condition as Securities loaned. We pay interest expense on the cash collateral received from the party borrowing the securities. The initial collateral advanced or received approximates or is greater than the fair value of the securities borrowed or loaned. We monitor the fair value of the securities borrowed and loaned on a daily basis and request additional collateral or return excess collateral, as appropriate.
	Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase
	Securities purchased under agreements to resell and Securities sold under agreements to repurchase (collectively “repos”) are accounted for as collateralized financing transactions and are recorded at their contracted resale or repurchase amount plus accrued interest. We earn and incur interest over the term of the repo, which is reflected in Interest income and Interest expense on our Consolidated Statements of Earnings on an accrual basis. Repos are presented in the Consolidated Statements of Financial Condition on a net-basis-by counterparty, where permitted by generally accepted accounting principles. We monitor the fair value of the underlying securities daily versus the related receivable or payable balances. Should the fair value of the underlying securities decline or increase, additional collateral is requested or excess collateral is returned, as appropriate.
	Premises and Equipment
	Premises and equipment are depreciated using the straight-line method over the estimated useful lives of the related assets (generally three to ten years). Leasehold improvements are amortized using the straight-line method over the term of the related leases or the estimated useful lives of the assets, whichever is shorter. Premises and equipment includes internally developed software, which was increased to its fair market value in the allocation of the purchase price on March 1, 2013. The revised carrying values of internally developed software ready for its intended use are depreciated over the remaining useful life. See Note 4, Leucadia Merger and Related Transactions for more information regarding the allocation of the purchase price.
	Goodwill and Intangible Assets
	Goodwill. Goodwill represents the excess acquisition cost over the fair value of net tangible and intangible assets acquired. Goodwill is not amortized and is subject to annual impairment testing on August 1 or between annual tests if an event or change in circumstance occurs that would more likely than not reduce the fair value of a reporting unit below its carrying value. In testing for goodwill impairment, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events and circumstances, we conclude that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then performing the two-step impairment test is not required. If we conclude otherwise, we are required to perform the two-step impairment test. The goodwill impairment test is performed at the reporting unit level by comparing the estimated fair value of a reporting unit with its respective carrying value. If the estimated fair value exceeds the carrying value, goodwill at the reporting unit level is not impaired. If the estimated fair value is less than carrying value, further analysis is necessary to determine the amount of impairment, if any.
	The fair value of reporting units are based on widely accepted valuation techniques that we believe market participants would use, although the valuation process requires significant judgment and often involves the use of significant estimates and assumptions. The methodologies we utilize in estimating the fair value of reporting units include market capitalization, price-to-book multiples of comparable exchange traded companies and multiples of merger and acquisitions of similar businesses. The estimates and assumptions used in determining fair value could have a significant effect on whether or not an impairment charge is recorded and the magnitude of such a charge. Adverse market or economic events could result in impairment charges in future periods. Refer to Note 13, Goodwill and Other Intangible Assets, for further information on our assessment of goodwill.
	Intangible Assets. Intangible assets deemed to have finite lives are amortized on a straight line basis over their estimated useful lives, where the useful life is the period over which the asset is expected to contribute directly, or indirectly, to our future cash flows. Intangible assets are reviewed for impairment on an interim basis when certain events or circumstances exist. For amortizable intangible assets, impairment exists when the carrying amount of the intangible asset exceeds its fair value. At least annually, the remaining useful life is evaluated.
	An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. Impairment exists when the carrying amount exceeds its fair value. In testing for impairment, we have the option to first perform a qualitative assessment to determine whether it is more likely than not that an impairment exists. If it is determined that it is not more likely than not that an impairment exists, a quantitative impairment test is not necessary. If we conclude otherwise, we are required to perform a quantitative impairment test. Subsequent reversal of impairment losses is not permitted. Our annual indefinite-lived intangible asset impairment testing date is August 1.
	To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset that is amortized over the remaining useful life of that asset, if any. Subsequent reversal of impairment losses is not permitted.
	Income Taxes
	We are a single-member limited liability company treated as a disregarded entity for federal and state income tax purposes and our results of operations are included in the consolidated federal and applicable state income tax returns filed by Leucadia. Prior to the Merger Transaction we filed a consolidated U.S. federal income tax return, which included all of our qualifying subsidiaries. We also are subject to income tax in various states and municipalities and those foreign jurisdictions in which we operate. Amounts provided for income taxes are based on income reported for financial statement purposes and do not necessarily represent amounts currently payable. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for tax loss carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Under acquisition accounting for the Merger Transaction the recognition of certain assets and liabilities at fair value created a change in the financial reporting basis for our assets and liabilities, while the tax basis of our assets and liabilities remained the same. As a result, deferred tax assets and liabilities were recognized for the change in the basis differences. The realization of deferred tax assets is assessed and a valuation allowance is recorded to the extent that it is more likely than not that any portion of the deferred tax asset will not be realized.
	The tax benefit related to dividends and dividend equivalents paid on nonvested share-based payment awards are recognized as an increase to Additional paid-in capital. These amounts are included in tax benefits for issuance of share-based awards on the Consolidated Statements of Changes in Equity.
	Legal Reserves
	In the normal course of business, we have been named, from time to time, as a defendant in legal and regulatory proceedings. We are also involved, from time to time, in other exams, investigations and similar reviews (both formal and informal) by governmental and self-regulatory agencies regarding our businesses, certain of which may result in judgments, settlements, fines, penalties or other injunctions.
	We recognize a liability for a contingency in Accrued expenses and other liabilities when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If the reasonable estimate of a probable loss is a range, we accrue the most likely amount of such loss, and if such amount is not determinable, then we accrue the minimum in the range as the loss accrual. The determination of the outcome and loss estimates requires significant judgment on the part of management.

	In many instances, it is not possible to determine whether any loss is probable or even possible or to estimate the amount of any loss or the size of any range of loss. We believe that, in the aggregate, the pending legal actions or regulatory proceedings and any other exams, investigations or similar reviews (both formal and informal) should not have a material adverse effect on our consolidated results of operations, cash flows or financial condition. In addition, we believe that any amount that could be reasonably estimated of potential loss or range of potential loss in excess of what has been provided in the consolidated financial statements is not material.
	Share-based Compensation
	Share-based awards are measured based on the grant-date fair value of the award and recognized over the period from the service inception date through the date the employee is no longer required to provide service to earn the award. Expected forfeitures are included in determining share-based compensation expense.
	Foreign Currency Translation
	Assets and liabilities of foreign subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the end of a period. Revenues and expenses are translated at average exchange rates during the period. The gains or losses resulting from translating foreign currency financial statements into U.S. dollars, net of hedging gains or losses and taxes, if any, are included in Other comprehensive income. Gains or losses resulting from foreign currency transactions are included in Principal transactions in the Consolidated Statements of Earnings.
	Earnings per Common Share
As a single member limited liability company, earnings per share is not calculated for Jefferies Group LLC (the Successor company).
Prior to the Merger Transaction, Jefferies Group, Inc. (the Predecessor company) had common shares and other common share equivalents outstanding. For the Predecessor periods, basic earnings per share (“EPS”) is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding and certain other shares committed to be, but not yet issued. Net earnings available to common shareholders represent net earnings to common shareholders reduced by the allocation of earnings to participating securities. Losses are not allocated to participating securities. Common shares outstanding and certain other shares committed to be, but not yet issued, include restricted stock and restricted stock units (“RSUs”) for which no future service is required. For Predecessor periods, diluted EPS is computed by dividing net earnings available to common shareholders plus dividends on dilutive mandatorily redeemable convertible preferred stock by the weighted average number of common shares outstanding and certain other shares committed to be, but not yet issued, plus all dilutive common stock equivalents outstanding during the period. Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and, therefore, are included in the earnings allocation in computing earnings per share under the two-class method of earning per share. Restricted stock and RSUs granted as part of our share-based compensation contain nonforfeitable rights to dividends and dividend equivalents, respectively, and therefore, prior to the requisite service being rendered for the right to retain the award, restricted stock and RSUs meet the definition of a participating security. As such, we calculate Basic and Diluted earnings per share under the two-class method.
Securitization Activities
We engage in securitization activities related to corporate loans, commercial mortgage loans and mortgage-backed and other asset-backed securities. Such transfers of financial assets are accounted for as sales when we have relinquished control over the transferred assets. The gain or loss on sale of such financial assets depends, in part, on the previous carrying amount of the assets involved in the transfer allocated between the assets sold and the retained interests, if any, based upon their respective fair values at the date of sale. We may retain interests in the securitized financial assets as one or more tranches of the securitization. These retained interests are included within Financial instruments owned in the Consolidated Statements of Financial Condition at fair value. Any changes in the fair value of such retained interests are recognized within Principal transactions revenues in the Consolidated Statements of Earnings.

When a transfer of assets does not meet the criteria of a sale, we account for the transfer as a secured borrowing and continue to recognize the assets of a secured borrowing in Financial instruments owned and recognize the associated financing in Other secured financings in the Consolidated Statements of Financial Condition.

Accounting_Developments

Accounting Developments	9 Months Ended
	Aug. 31, 2013
Accounting Changes And Error Corrections [Abstract]
Accounting Developments	Note 3.	Accounting Developments
	Accounting Standards to be Adopted in Future Periods
	Income Taxes. In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The guidance requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or tax credit carryforward, unless such tax loss or credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes resulting from the disallowance of a tax position. In the event that the tax position is disallowed or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit shall be presented in the financial statements as a liability and shall not be combined with deferred tax assets. The guidance is effective for annual reporting periods beginning after December 15, 2013, and interim periods within those annual periods (fiscal quarter ended February 28, 2014), and is to be applied prospectively. We are currently evaluating the impact of our pending adoption of ASU No. 2013-11 on our consolidated financial statements.
	Balance Sheet Offsetting Disclosures. In December 2011, the FASB issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities and in January 2013 the FASB issued ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. The updates require new disclosures regarding balance sheet offsetting and related arrangements. For derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions, the updates require disclosure of gross asset and liability amounts, amounts offset on the balance sheet, and amounts subject to the offsetting requirements but not offset on the balance sheet. The guidance is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods (fiscal quarter ended February 28, 2014), and is to be applied retrospectively. This guidance does not amend the existing guidance on when it is appropriate to offset; as a result, this guidance will not affect our financial condition, results of operations or cash flows.
	Adopted Accounting Standards
	Accumulated Other Comprehensive Income. In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The guidance requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety from accumulated other comprehensive income to net income in the same reporting period, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. The guidance is effective prospectively for reporting periods beginning after December 15, 2012. We adopted the guidance effective March 1, 2013, presenting the additional disclosures within our Consolidated Statements of Changes in Equity. Adoption did not affect our results of operation, financial condition or cash flows.
	Indefinite-Lived Intangible Asset Impairment. In July 2012, the FASB issued ASU No. 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment. The guidance permits an entity to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset, other than goodwill, is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test. The update does not revise the requirement to test indefinite-lived intangible assets annually for impairment, or more frequently if deemed appropriate. The new guidance is effective for annual and interim tests performed for fiscal years beginning after September 15, 2012. The adoption of this guidance on December 1, 2012 did not affect our financial condition, results of operations or cash flows as it did not affect how impairment is calculated.
	Goodwill Testing. In September 2011, the FASB issued ASU No. 2011-08, Testing Goodwill for Impairment. The update outlines amendments to the two step goodwill impairment test permitting an entity to first assess qualitative factors in determining whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step quantitative goodwill impairment test. The update is effective for annual and interim goodwill tests performed for fiscal years beginning after December 15, 2011. We adopted this guidance on December 1, 2012, which did not change how goodwill impairment is calculated nor assigned to reporting units and therefore had no effect on our financial condition, results of operations or cash flows.
	Comprehensive Income. In June 2011, the FASB issued ASU No. 2011-05, Presentation of Comprehensive Income. The update requires entities to report comprehensive income either (1) in a single continuous statement of comprehensive income or (2) in two separate but consecutive statements. We adopted the guidance on March 1, 2012, and elected the two separate but consecutive statements approach. Accordingly, we now present our Consolidated Statements of Comprehensive Income immediately following our Consolidated Statements of Earnings within our consolidated financial statements.
	Fair Value Measurements and Disclosures. In May 2011, the FASB issued ASU No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS. The amendments prohibit the use of blockage factors at all levels of the fair value hierarchy and provide guidance on measuring financial instruments that are managed on a net portfolio basis. Additional disclosure requirements include transfers between Levels 1 and 2; and for Level 3 fair value measurements, a description of our valuation processes and additional information about unobservable inputs impacting Level 3 measurements. We adopted this guidance on March 1, 2012 and have reflected the new disclosures in our consolidated financial statements. The adoption of this guidance did not have an impact on our financial condition, results of operations or cash flows.
	Reconsideration of Effective Control for Repurchase Agreements. In April 2011, the FASB issued ASU No. 2011-03, Reconsideration of Effective Control for Repurchase Agreements. In assessing whether to account for repurchase and other agreements that both entitle and obligate the transferor to repurchase or redeem financial assets before their maturity as sales or as secured financing, this guidance removes from the assessment of effective control 1) the criterion requiring the transferor to have the ability to repurchase or redeem the financial assets on substantially the agreed terms and 2) the collateral maintenance implementation guidance related to that criterion. The adoption of this guidance for transactions beginning on or after January 1, 2012 did not have an impact on our financial condition, results of operations or cash flows.

Leucadia_Merger_and_Related_Tr

Leucadia Merger and Related Transactions	9 Months Ended
Leucadia Merger and Related Transactions	Aug. 31, 2013
Business Combinations [Abstract]
Leucadia Merger and Related Transactions	Note 4.	Leucadia Merger and Related Transactions
	Merger Transaction
	On March 1, 2013, Jefferies Group LLC completed a merger transaction with Leucadia and became a wholly-owned subsidiary of Leucadia as described in Note 1 Organization and Basis of Presentation. Each share of Jefferies Group Inc.‘s common stock outstanding was converted into common shares of Leucadia at an Exchange Ratio of 0.81 of a Leucadia common share for each share of Jefferies Group, Inc. (the “Exchange Ratio”). Leucadia exchanged Jefferies Group, Inc.’s $125.0 million 3.25% Series A-1 Convertible Cumulative Preferred Stock for a new series of Leucadia $125.0 million 3.25% Cumulative Convertible Preferred Shares. In addition, each restricted share and restricted stock unit of Jefferies Group, Inc. common stock was converted at the Exchange Ratio, into an equivalent award of shares of Leucadia, with all such awards for Leucadia shares subject to the same terms and conditions, including, without limitation, vesting and, in the case of performance-based restricted stock units, performance being measured at existing targets.

	Leucadia did not assume or guarantee any of our outstanding debt securities, but our 3.875% Convertible senior Debentures due 2029 with an aggregate principal amount of $345.0 million are now convertible into common shares of Leucadia. Other than the conversion into Leucadia common shares, the terms of the debenture remain the same.
	The merger resulted in a change in our ownership and was recorded under the acquisition method of accounting by Leucadia and pushed-down to us by allocating the total purchase consideration of $4.8 billion to the cost of the assets acquired, including intangible assets, and liabilities assumed based on their estimated fair values at the date of the merger. The excess of the total purchase price over the fair value of assets acquired and the liabilities assumed is recorded as goodwill. The goodwill arising from the merger consists largely of our commercial potential and the value of our assembled workforce.
	In connection with the merger, we recognized $2.5 million, $11.5 million and $2.1 million in transaction costs during the three and six months ended August 31, 2013 and three months ended February 28, 2013, respectively.
	The summary computation of the purchase price and the fair values assigned to the assets and liabilities are presented as follows (in thousands except share amounts):


	Purchase Price

	Jefferies common stock outstanding			205,368,031
	Less: Jefferies common stock owned by Leucadia			(58,006,024	)

	Jefferies common stock acquired by Leucadia			147,362,007
	Exchange ratio			0.81

	Leucadia’s shares issued (excluding for Jefferies shares held by Leucadia)			119,363,226
	Less: restricted shares issued for share-base payment awards (1)			(6,894,856	)

	Leucadia’s shares issued, excluding share-based payment awards			112,468,370
	Closing price of Leucadia’s common stock (2)		$	26.9

	Fair value of common shares acquired by Leucadia			3,025,399
	Fair value of 3.25% cumulative convertible preferred shares (3)			125,000
	Fair value of shares-based payment awards (4)			343,811
	Fair value of Jefferies shares owned by Leucadia (5)			1,259,891

	Total purchase price		$	4,754,101


	-1	Represents shares of restricted stock included in Jefferies common stock outstanding that contained a future service requirement as of March 1, 2013.
	-2	The value of the shares of common stock exchanged with Jefferies shareholders was based upon the closing price of Leucadia’s common stock at February 28, 2013, the last trading day prior to the date of acquisition.
	-3	Represents Leucadia’s 3.25% Cumulative Convertible Preferred Shares issued in exchange for Jefferies Group, Inc.’s 3.25% Series A-1 Convertible Cumulative Preferred Stock.
	-4	The fair value of share-based payment awards is calculated in accordance with ASC 718, Compensation – Stock Compensation. Share-based payment awards attributable to pre-combination service are included as part of the total purchase price. Share-based payment awards attributable to pre-combination service is estimated based on the ratio of the pre-combination service performed to the original service period of the award.
	-5	The fair value of Jefferies shares owned by Leucadia was based upon a price of $21.72, the closing price of Jefferies common stock at February 28, 2013.


	Assets acquired (1):
	Cash and cash equivalents		$	3,017,958
	Cash and securities segregated			3,728,742
	Financial instruments owned, at fair value			16,413,535
	Investments in managed funds			59,976
	Loans to and investments in related parties			766,893
	Securities borrowed			5,315,488
	Securities purchased under agreements to resell			3,578,366
	Securities received as collateral			25,338
	Receivables:
	Brokers, dealers and clearing organizations			2,444,085
	Customers			1,045,251
	Fees, interest and other			225,555
	Premises and equipment			192,603
	Indefinite-lived intangible exchange memberships and licenses (2)			15,551
	Finite-lived intangible customer relationships (2)(3)			136,002
	Finite-lived trade name (2)(4)			131,299
	Other assets			939,600

	Total assets		$	38,036,242


	Liabilities assumed (1):
	Short-term borrowings		$	100,000
	Financial instruments sold, not yet purchased, at fair value			9,766,876
Securities loaned			1,902,687
Securities sold under agreements to repurchase			7,976,492
Other secured financings			122,294
Obligation to return securities received as collateral			25,338
Payables:
Brokers, dealers and clearing organizations			1,787,055
Customers			5,450,781
Accrued expenses and other liabilities			789,449
Long-term debt			6,362,024
Mandatorily redeemable preferred interests			358,951

Total liabilities		$	34,641,947


Noncontrolling interests			356,180

Fair value of net assets acquired, excluding goodwill (1)		$	3,038,115



Goodwill (1)		$	1,715,986


-1	Modifications to the purchase price allocation have been made since the initial presentation included in our Quarterly Report on Form 10-Q for the three months ended May 31, 2013, which reflect additional information obtained about the fair value of the assets acquired and liabilities assumed. These modifications include adjustments of $4.8 million to reduce the fair value of the total assets acquired and $9.6 million to increase the total liabilities assumed at March 1, 2013. The impact of the adjustments resulted in an increase of goodwill of $14.4 million from the previously presented balance of $1,701.6 million to $1,716.0 million as reflected in this table.
-2	Intangible assets are recorded within Other assets on the Consolidated Statements of Financial Condition.
-3	The fair value of the finite-lived customer relationships will be amortized on a straight line basis over a weighted average useful life of approximately 14.4 years.
-4	The fair value of the finite-lived trade name will be amortized on a straight line basis over a useful life of 35 years.
Intangible assets, not including goodwill, totaling approximately $282.9 million were identified and recognized as part of the acquisition accounting. The goodwill of $1.7 billion resulting from the Merger Transaction is not deductible for tax purposes.

Reorganization of Jefferies High Yield Holdings, LLC
On March 1, 2013, we commenced a reorganization of our high yield joint venture with Leucadia, conducted through Jefferies High Yield Holdings, LLC (“JHYH”) (the parent of Jefferies High Yield Trading, LLC (our high yield trading broker-dealer)). On March 1, 2013, we redeemed the outstanding third party noncontrolling interests in JHYH of $347.6 million. On March 31, 2013, Leucadia contributed its mandatorily redeemable preferred interests in JHYH of $362.3 million to Jefferies Group LLC as member’s equity. We subsequently redeemed the mandatorily redeemable preferred interests in JHYH on April 1, 2013. In addition, on April 1, 2013, our high yield trading broker-dealer was merged into Jefferies LLC (our U.S. securities broker-dealer).

Hoare_Govett_Acquisition

Hoare Govett Acquisition	9 Months Ended
Hoare Govett Acquisition	Aug. 31, 2013
Business Combinations [Abstract]
Hoare Govett Acquisition	Note 5. Hoare Govett Acquisition
	On February 1, 2012, we acquired the corporate broking business of Hoare Govett from RBS. Total cash consideration paid by us to RBS for the acquisition was £1. In addition, under the terms of the purchase agreement RBS agreed to pay us approximately £1.9 million towards retention payments made to certain employees, which constituted a reduction of the final purchase price. The business acquired represents the corporate broking business carried on under the name RBS Hoare Govett in the United Kingdom and comprised corporate broking advice and services, as well as certain equity sales and trading activities. The acquisition included the Hoare Govett trade name, domain name, client agreements and the exclusive right to carry on the business in succession to RBS.
	We accounted for the acquisition under the acquisition method of accounting. Accordingly, the assets acquired, including identifiable intangible assets, and liabilities assumed were recorded at their respective fair values as of the date of acquisition. The fair values of the net assets acquired, including identifiable intangible assets, specifically the Hoare Govett trademark/trade name, was approximately $0.3 million, which exceeded the negative purchase price of $3.1 million (cash consideration paid of £1 less remittance from RBS of £1.9 million), resulting in a bargain purchase gain of approximately $3.4 million. The bargain purchase gain is included within Other revenues in the Consolidated Statement of Earnings for the nine months ended August 31, 2012 and is reported within the Capital Markets business segment.
	Our results of operations for the nine months ended August 31, 2012 include the results of operations of Hoare Govett for seven months for the period from February 1, 2012 to August 31, 2012. The acquisition closed on February 29, 2012.

Cash_Cash_Equivalents_and_Shor

Cash, Cash Equivalents and Short-Term Investments	9 Months Ended
Cash, Cash Equivalents and Short-Term Investments	Aug. 31, 2013
Cash And Cash Equivalents [Abstract]
Cash, Cash Equivalents and Short-Term Investments	Note 6.	Cash, Cash Equivalents and Short-Term Investments
	We generally invest our excess cash in money market funds and other short-term instruments. Cash equivalents include highly liquid investments not held for resale and with original maturities of three months or less. The following are financial instruments classified as cash and cash equivalents that are deemed by us to be generally readily convertible into cash as of August 31, 2013 and November 30, 2012 (in thousands):


			Successor		Predecessor
			August 31,		November 30,
			2013		2012

	Cash and cash equivalents:
	Cash in banks		$	938,881	$	1,038,664
	Money market investments			3,180,215		1,653,931


	Total cash and cash equivalents		$	4,119,096	$	2,692,595


	Cash and securities segregated (1)		$	3,457,926	$	4,082,595


	-1	Consists of deposits at exchanges and clearing organizations, as well as deposits in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, which subjects Jefferies as a broker-dealer carrying client accounts to requirements related to maintaining cash or qualified securities in a segregated reserve account for the exclusive benefit of its clients, and Jefferies Bache, LLC which, as a futures commission merchant, is subject to the segregation requirements pursuant to the Commodity Exchange Act.

Fair_Value_Disclosures

Fair Value Disclosures	9 Months Ended
Fair Value Disclosures	Aug. 31, 2013
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Note 7.	Fair Value Disclosures
	The following is a summary of our financial assets and liabilities that are accounted for at fair value on a recurring basis as of August 31, 2013 and November 30, 2012 by level within the fair value hierarchy (in thousands):


			Successor
			31-Aug-13
			Level 1 (1)			Level 2 (1)				Level 3				Counterparty and				Total
														Cash Collateral
														Netting (2)
	Assets:
	Financial instruments owned:
	Corporate equity securities		$	1,753,178		$	164,045			$	16,079			$	—			$	1,933,302
	Corporate debt securities			—			2,334,115				20,633				—				2,354,748
	Collateralized debt obligations			—			196,639				45,872				—				242,511
	U.S. government and federal agency securities			1,559,899			45,993				—				—				1,605,892
	Municipal securities			—			504,981				—				—				504,981
	Sovereign obligations			1,225,076			691,921				—				—				1,916,997
	Residential mortgage-backed securities			—			2,951,619				132,183				—				3,083,802
	Commercial mortgage-backed securities			—			728,365				14,423				—				742,788
	Other asset-backed securities			—			49,020				8,570				—				57,590
	Loans and other receivables			—			812,517				130,452				—				942,969
	Derivatives			38,410			1,937,799				2,567				(1,856,907	)			121,869
	Investments at fair value			—			6,465				73,452				—				79,917
	Physical commodities			—			110,915				—				—				110,915

	Total financial instruments owned		$	4,576,563		$	10,534,394			$	444,231			$	(1,856,907	)		$	13,698,281


	Cash and cash equivalents		$	4,119,096		$	—			$	—			$	—			$	4,119,096
	Investments in managed funds		$	—		$	—			$	55,897			$	—			$	55,897
	Cash and securities segregated and on deposit for regulatory purposes (3)		$	3,457,926		$	—			$	—			$	—			$	3,457,926
	Securities received as collateral		$	45,133		$	—			$	—			$	—			$	45,133

	Total Level 3 assets									$	500,128


	Liabilities:
	Financial instruments sold, not yet purchased:
	Corporate equity securities		$	1,675,406		$	64,047			$	38			$	—			$	1,739,491
	Corporate debt securities			—			1,320,896				—				—				1,320,896
	U.S. government and federal agency securities			1,299,404			—				—				—				1,299,404
	Sovereign obligations			1,043,906			644,205				—				—				1,688,111
	Residential mortgage-backed securities			—			24,569				—				—				24,569
	Commercial mortgage-backed securities			—			13,399				—				—				13,399
	Loans			—			359,561				976				—				360,537
	Derivatives			39,794			1,991,520				17,205				(1,914,692	)			133,827
	Physical commodities			—			44,796				—				—				44,796

	Total financial instruments sold, not yet purchased		$	4,058,510		$	4,462,993			$	18,219			$	(1,914,692	)		$	6,625,030


	Obligation to return securities received as collateral		$	45,133		$	—			$	—			$	—			$	45,133
	Other secured financings		$	—		$	30,000			$	3,025			$	—			$	33,025
	Embedded conversion option		$	—		$	7,336			$	—			$	—			$	7,336

	-1	During the three months ended August 31, 2013, we transferred from Level 1 to Level 2 listed equity options with a fair value of $403.0 million within Financial instruments owned and $423.0 million within Financial instruments sold, not yet purchased as adjustments to the exchange closing price are necessary to best reflect the fair value of the population at its exit price.
	-2	Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.
	-3	Securities comprise U.S. government securities segregated for regulatory purposes with a fair value of $279.3 million.


			Predecessor
			30-Nov-12
			Level 1 (1)			Level 2 (1)				Level 3				Counterparty and				Total
														Cash Collateral
Netting (2)
Assets:
Financial instruments owned:
Corporate equity securities		$	1,608,715		$	137,245			$	16,815			$	—			$	1,762,775
Corporate debt securities			—			3,034,515				3,631				—				3,038,146
Collateralized debt obligations			—			87,239				31,255				—				118,494
U.S. government and federal agency securities			1,720,617			115,310				—				—				1,835,927
Municipal securities			—			619,969				—				—				619,969
Sovereign obligations			1,722,044			975,810				—				—				2,697,854
Residential mortgage-backed securities			—			4,008,844				156,069				—				4,164,913
Commercial mortgage-backed securities			—			1,060,333				30,202				—				1,090,535
Other asset-backed securities			—			93,228				1,114				—				94,342
Loans and other receivables			—			497,918				180,393				—				678,311
Derivatives			615,024			1,547,984				328				(1,865,250	)			298,086
Investments at fair value			—			43,126				83,897				—				127,023
Physical commodities			—			144,016				—				—				144,016

Total financial instruments owned		$	5,666,400		$	12,365,537			$	503,704			$	(1,865,250	)		$	16,670,391


Level 3 financial instruments for which the firm does not bear economic exposure (3)										(53,289	)

Level 3 financial instruments for which the firm bears economic exposure									$	450,415


Cash and cash equivalents		$	2,692,595		$	—			$	—			$	—			$	2,692,595
Investments in managed funds		$	—		$	—			$	57,763			$	—			$	57,763
Cash and securities segregated and on deposit for regulatory purposes (4)		$	4,082,595		$	—			$	—			$	—			$	4,082,595

Total Level 3 assets for which the firm bears economic exposure									$	508,178


Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities		$	1,442,347		$	96,947			$	38			$	—			$	1,539,332
Corporate debt securities			—			1,389,312				—				—				1,389,312
U.S. government and federal agency securities			1,428,746			250,387				—				—				1,679,133
Sovereign obligations			1,395,355			591,624				—				—				1,986,979
Residential mortgage-backed securities			—			239,063				—				—				239,063
Commercial mortgage-backed securities			—			2,148				—				—				2,148
Loans			—			205,516				1,711				—				207,227
Derivatives			547,605			1,684,884				9,516				(2,012,878	)			229,127
Physical commodities			—			183,142				—				—				183,142

Total financial instruments sold, not yet purchased		$	4,814,053		$	4,643,023			$	11,265			$	(2,012,878	)		$	7,455,463


-1	There were no transfers between Level 1 and Level 2 for the year ended November 30, 2012.
-2	Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.
-3	Consists of Level 3 assets attributable to third party or employee noncontrolling interests in certain consolidated entities.
-4	Securities comprise U.S. government securities segregated for regulatory purposes with a fair value of $404.3 million.
The following is a description of the valuation basis, including valuation techniques and inputs, used in measuring our financial assets and liabilities that are accounted for at fair value on a recurring basis:
Corporate Equity Securities

•		Exchange Traded Equity Securities: Exchange-traded equity securities are measured based on quoted closing exchange prices, which are generally obtained from external pricing services, and are categorized within Level 1 of the fair value hierarchy, otherwise they are categorized within Level 2 or Level 3 of the fair value hierachy.

•		Non-exchange Traded Equity Securities: Non-exchange traded equity securities are measured primarily using broker quotations, pricing data from external pricing services and prices observed for recently executed market transactions and are categorized within Level 2 of the fair value hierarchy. Where such information is not available, non-exchange traded equity securities are categorized within Level 3 of the fair value hierarchy and measured using valuation techniques involving quoted prices of or market data for comparable companies, similar company ratios and multiples (e.g., price/EBITDA, price/book value), discounted cash flow analyses and transaction prices observed for subsequent financing or capital issuance by the company. When using pricing data of comparable companies, judgment must be applied to adjust the pricing data to account for differences between the measured security and the comparable security (e.g., issuer market capitalization, yield, dividend rate, geographical concentration).

•		Equity warrants: Non-exchange traded equity warrants are generally categorized within Level 3 of the fair value hierarchy and are measured using the Black-Scholes model with key inputs impacting the valuation including the underlying security price, implied volatility, dividend yield, interest rate curve, strike price and maturity date.
Corporate Debt Securities

•		Corporate Bonds: Corporate bonds are measured primarily using pricing data from external pricing services and broker quotations, where available, prices observed for recently executed market transactions of comparable size, and bond spreads or credit default swap spreads of the issuer adjusted for basis differences between the swap curve and the bond curve. Corporate bonds measured using these valuation methods are categorized within Level 2 of the fair value hierarchy. If broker quotes, pricing data or spread data is not available, alternative valuation techniques are used including cash flow models incorporating interest rate curves, single name or index credit default swap curves for comparable issuers and recovery rate assumptions. Corporate bonds measured using alternative valuation techniques are categorized within Level 3 of the fair value hierarchy and comprise a limited portion of our corporate bonds.

•		High Yield Corporate and Convertible Bonds: A significant portion of our high yield corporate and convertible bonds are categorized within Level 2 of the fair value hierarchy and are measured primarily using broker quotations and pricing data from external pricing services, where available, and prices observed for recently executed market transactions of comparable size. Where pricing data is less observable, valuations are categorized within Level 3 and are based on pending transactions involving the issuer or comparable issuers, prices implied from an issuer’s subsequent financings or recapitalizations, models incorporating financial ratios and projected cash flows of the issuer and market prices for comparable issuers.
Collateralized Debt Obligations
Collateralized debt obligations are measured based on prices observed for recently executed market transactions or based on valuations received from third party brokers and are categorized within Level 2 or Level 3 of the fair value hierarchy depending on the observability and significance of the pricing inputs.

U.S. Government and Federal Agency Securities

•		U.S. Treasury Securities: U.S. Treasury securities are measured based on quoted market prices and categorized within Level 1 of the fair value hierarchy.

•		U.S. Agency Issued Debt Securities: Callable and non-callable U.S. agency issued debt securities are measured primarily based on quoted market prices obtained from external pricing services. Non-callable U.S. agency securities are generally categorized within Level 1 and callable U.S. agency securities are categorized within Level 2 of the fair value hierarchy.
Municipal Securities
Municipal securities are measured based on quoted prices obtained from external pricing services and are generally categorized within Level 2 of the fair value hierarchy.
Sovereign Obligations
Foreign sovereign government obligations are measured based on quoted market prices obtained from external pricing services, where available, or recently executed independent transactions of comparable size. To the extent external price quotations are not available or recent transactions have not been observed, valuation techniques incorporating interest rate yield curves and country spreads for bonds of similar issuers, seniority and maturity are used to determine fair value of sovereign bonds or obligations. Foreign sovereign government obligations are classified in Level 1, 2 or Level 3 of the fair value hierarchy, primarily based on the country of issuance.
Residential Mortgage-Backed Securities

•		Agency Residential Mortgage-Backed Securities: Agency residential mortgage-backed securities include mortgage pass-through securities (fixed and adjustable rate), collateralized mortgage obligations, interest-only and principal-only securities and to-be-announced securities and are generally measured using market price quotations from external pricing services and categorized within Level 2 of the fair value hierarchy.

•		Agency Residential Inverse Interest-Only Securities (“Agency Inverse IOs”): The fair value of agency inverse IOs is estimated using expected future cash flow techniques that incorporate prepayment models and other prepayment assumptions to amortize the underlying mortgage loan collateral. We use prices observed for recently executed transactions to develop market-clearing spread and yield curve assumptions. Valuation inputs with regard to the underlying collateral incorporate weighted average coupon, loan-to-value, credit scores, geographic location, maximum and average loan size, originator, servicer, and weighted average loan age. Agency inverse IOs are categorized within Level 2 or Level 3 of the fair value hierarchy. We also use vendor data in developing our assumptions, as appropriate.

•		Non-Agency Residential Mortgage-Backed Securities: Fair values are determined primarily using discounted cash flow methodologies and securities are categorized within Level 2 or Level 3 of the fair value hierarchy based on the observability and significance of the pricing inputs used. Performance attributes of the underlying mortgage loans are evaluated to estimate pricing inputs, such as prepayment rates, default rates and the severity of credit losses. Attributes of the underlying mortgage loans that affect the pricing inputs include, but are not limited to, weighted average coupon; average and maximum loan size; loan-to-value; credit scores; documentation type; geographic location; weighted average loan age; originator; servicer; historical prepayment, default and loss severity experience of the mortgage loan pool; and delinquency rate. Yield curves used in the discounted cash flow models are based on observed market prices for comparable securities and published interest rate data to estimate market yields.

Commercial Mortgage-Backed Securities

•		Agency Commercial Mortgage-Backed Securities: GNMA project loan bonds and FNMA Delegated Underwriting and Servicing (“DUS”) mortgage-backed securities are generally measured by using prices observed for recently executed market transactions to estimate market-clearing spread levels for purposes of estimating fair value. GNMA project loan bonds and FNMA DUS mortgage-backed securities are categorized within Level 2 of the fair value hierarchy.

•		Non-Agency Commercial Mortgage-Backed Securities: Non-agency commercial mortgage-backed securities are measured using pricing data obtained from external pricing services and prices observed for recently executed market transactions and are categorized within Level 2 and Level 3 of the fair value hierarchy.
Other Asset-Backed Securities
Other asset-backed securities include, but are not limited to, securities backed by auto loans, credit card receivables and student loans and are categorized within Level 2 and Level 3 of the fair value hierarchy. Valuations are determined using pricing data obtained from external pricing services and prices observed for recently executed market transactions.
Loans and Other Receivables

•		Corporate Loans: Corporate loans categorized within Level 2 of the fair value hierarchy are measured based on market price quotations where market price quotations from external pricing services are supported by market transaction data. Corporate loans categorized within Level 3 of the fair value hierarchy are measured based on market price quotations that are considered to be less transparent, market prices for debt securities of the same creditor, and estimates of future cash flow incorporating assumptions regarding creditor default and recovery rates and consideration of the issuer’s capital structure.

•		Participation Certificates in GNMA Project and Construction Loans: Valuations of participation certificates in GNMA project and construction loans are based on observed market prices of recently executed purchases of similar loans which are then used to derive a market implied spread, which in turn is used as the primary input in estimating the fair value of loans at the measurement date. The loan participation certificates are categorized within Level 2 of the fair value hierarchy given the observability and volume of recently executed transactions.

•		Project Loans: Valuation of project loans are based on benchmarks of prices for recently executed transactions of related realized collateralized securities and are categorized within Level 2 of the fair value hierarchy.

•		Escrow and Trade Claim Receivables: Escrow and trade claim receivables are categorized within Level 3 of the fair value hierarchy where fair value is estimated based on reference to market prices and implied yields of debt securities of the same or similar issuers. Escrow and trade claim receivables are categorized within Level 2 of the fair value hierarchy where fair value is based on recent trade activity in the same security.
Derivatives

•		Listed Derivative Contracts: Listed derivative contracts are measured based on quoted exchange prices, which are generally obtained from external pricing services, and are categorized within Level 1 or Level 2 of the fair value hierarchy. Listed derivatives for which there is limited trading activity are measured based on incorporating the closing auction price of the underlying equity security and are categorized within Level 2 of the fair value hierarchy.

•		OTC Derivative Contracts: Over-the-counter (“OTC”) derivative contracts are generally valued using models, whose inputs reflect assumptions that we believe market participants would use in valuing the derivative in a current period transaction. Inputs to valuation models are appropriately calibrated to market data. For many OTC derivative contracts, the valuation models do not involve material subjectivity as the methodologies do not entail significant judgment and the inputs to valuation models do not involve a high degree of subjectivity as the valuation model inputs are readily observable or can be derived from actively quoted markets. OTC derivative contracts are primarily categorized within Level 2 of the fair value hierarchy given the observability and significance of the inputs to the valuation models. Where significant inputs to the valuation are unobservable, derivative instruments are categorized within Level 3 of the fair value hierarchy.

OTC options include OTC equity, foreign exchange and commodity options measured using various valuation models, such as the Black-Scholes, with key inputs impacting the valuation including the underlying security, foreign exchange spot rate or commodity price, implied volatility, dividend yield, interest rate curve, strike price and maturity date. Discounted cash flow models are utilized to measure certain OTC derivative contracts including the valuations of our interest rate swaps, which incorporate observable inputs related to interest rate curves, valuations of our foreign exchange forwards and swaps, which incorporate observable inputs related to foreign currency spot rates and forward curves and valuations of our commodity swaps, which incorporate observable inputs related to commodity spot prices and forward curves. Credit default swaps include both index and single-name credit default swaps. External prices are available as inputs in measuring index credit default swaps and single-name credit default swaps. For commodity and equity total return swaps, market prices are observable for the underlying asset and used as the basis for measuring the fair value of the derivative contracts. Total return swaps executed on other underlyings are measured based on valuations received from external pricing services.
Physical Commodities
Physical commodities include base and precious metals and are measured using observable inputs including spot prices and published indices. Physical commodities are categorized within Level 2 of the fair value hierarchy. To facilitate the trading in precious metals we undertake leasing of such precious metals. The fees earned or paid for such leases are recorded as Principal transaction revenues on the Consolidated Statements of Earnings.
Investments at Fair Value and Investments in Managed Funds
Investments at fair value and Investments in managed funds include investments in hedge funds, fund of funds, private equity funds, convertible bond funds and commodity funds, which are measured at fair value based on the net asset value of the funds provided by the fund managers and are categorized within Level 2 or Level 3 of the fair value hierarchy. Investments at fair value also include direct equity investments in private companies, which are measured at fair value using valuation techniques involving quoted prices of or market data for comparable companies, similar company ratios and multiples (e.g., price/EBITDA, price/book value), discounted cash flow analyses and transaction prices observed for subsequent financing or capital issuance by the company. Direct equity investments in private companies are categorized within Level 2 or Level 3 of the fair value hierarchy. Additionally, investments at fair value include investments in insurance contracts relating to our defined benefit plan in Germany and at November 30, 2012, shares in non-U.S. exchanges and clearing house. Fair value for the insurance contracts is determined using a third party and is categorized within Level 3 of the fair value hierarchy. Fair value for the shares in non-U.S. exchanges and clearing houses is determined based on recent transactions or third party model valuations and is categorized within Level 2 or Level 3 of the fair value hierarchy. The following tables present information about our investments in entities that have the characteristics of an investment company at August 31, 2013 and November 30, 2012 (in thousands):


		Successor
		31-Aug-13
		Fair Value (7)			Unfunded				Redemption Frequency
		Fair Value (7)			Commitments				(if currently eligible)
Equity Long/Short Hedge Funds ⁽¹⁾		$	20,360		$	—			Monthly, Quarterly
High Yield Hedge Funds⁽²⁾			341			—			—
Fund of Funds⁽³⁾			474			106			—
Equity Funds⁽⁴⁾			66,526			49,019			—
Convertible Bond Funds⁽⁵⁾			3,081			—			At Will
Other Investments⁽⁶⁾			17			—			Bi-Monthly

Total⁽⁸⁾		$	90,799		$	49,125



		Predecessor
		30-Nov-12
		Fair Value (7)			Unfunded				Redemption Frequency
		Fair Value (7)			Commitments				(if currently eligible)
Equity Long/Short Hedge Funds ⁽¹⁾		$	19,554		$	—			Monthly, Quarterly
High Yield Hedge Funds⁽²⁾			612			—			—
Fund of Funds⁽³⁾			604			106			—
Equity Funds⁽⁴⁾			69,223			59,272			—
Convertible Bond Funds⁽⁵⁾			3,002			—			At Will
Other Investments⁽⁶⁾			19			—			Bi-Monthly

Total⁽⁸⁾		$	93,014		$	59,378


-1	This category includes investments in hedge funds that invest, long and short, in equity securities in domestic and international markets in both the public and private sectors. At August 31, 2013 and November 30, 2012, investments representing approximately 98% and 96%, respectively, of the fair value of investments in this category are redeemable with 30 – 65 days prior written notice. The remaining investments in this category cannot be redeemed as they are in liquidation and distributions will be received through the liquidation of the underlying assets of the funds. We are unable to estimate when the underlying assets will be liquidated.
-2	Includes investments in funds that invest in domestic and international public high yield debt, private high yield investments, senior bank loans, public leveraged equities, distressed debt, and private equity investments. There are no redemption provisions. The underlying assets of the funds are being liquidated and we are unable to estimate when the underlying assets will be fully liquidated.
-3	Includes investments in fund of funds that invest in various private equity funds. At August 31, 2013 and November 30, 2012, approximately 98% and 94%, respectively, of the fair value of investments in this category are managed by us and have no redemption provisions, instead distributions are received through the liquidation of the underlying assets of the fund of funds, which are estimated to be liquidated in one to two years. For the remaining investments we have requested redemption; however, we are unable to estimate when these funds will be received.
-4	At August 31, 2013 and November 30, 2012, investments representing approximately 99% and 98%, respectively of the fair value of investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private companies in the energy, technology, internet service and telecommunication service industries. These investments cannot be redeemed, instead distributions are received through the liquidation of the underlying assets of the funds which are expected to liquidate in one to eight years. The remaining investments are in liquidation and we are unable to estimate when the underlying assets will be fully liquidated. At August 31, 2013 and November 30, 2012, this category includes investments in equity funds managed by us with a fair value of $53.7 million and $55.6 million and unfunded commitments of $47.5 million and $56.9 million, respectively.
-5	Investment in the Jefferies Umbrella Fund, an open-ended investment company managed by us that invests primarily in convertible bonds. The investment is redeemable with 5 days prior written notice.
-6	Other investments at August 31, 2013 and November 30, 2012 included investments in funds that invest in commodity futures and options contracts.
-7	Fair value has been estimated using the net asset value derived from each of the funds’ capital statements.
-8	Investments at fair value in the Consolidated Statements of Financial Condition at August 31, 2013 and November 30, 2012 include $45.0 million and $91.8 million, respectively, of direct investments which do not have the characteristics of investment companies and therefore not included within this table.
Other Secured Financings
Other secured financings includes the notes issued by VIEs related to transfers of financial assets and accounted for as financings, which are classified as Level 2 within the fair value hierarchy. Fair value is based on recent transaction prices. Other secured financings also includes mortgage-backed securities issued by a VIE for which we are deemed the primary beneficiary, categorized within Level 3 of the fair value hierarchy and measured using a discounted cashflow model with discount yield being a significant input.

Embedded Conversion Option
The embedded conversion option presented within long-term debt represents the fair value of the conversion option on Leucadia shares within our 3.875% Convertible Senior Debentures, due November 1, 2029 and categorized as Level 2 within the fair value hierarchy. The conversion option was valued using Black-Scholes methodology using as inputs the price of Leucadia’s common stock, the conversion strike price, 252-day historical volatility, a maturity date of November 1, 2017 (the first put date), dividend yield and the risk-free interest rate curve.
Pricing Information
At August 31, 2013 and November 30, 2012, our Financial instruments owned and Financial instruments sold, not yet purchased are measured using different valuation bases as follows:


		Successor									Predecessor
		August 31, 2013									November 30, 2012
		Financial			Financial						Financial				Financial
		Instruments			Instruments Sold,						Instruments				Instruments Sold,
		Owned			Not Yet						Owned				Not Yet
					Purchased										Purchased

Exchange closing prices			13	%		26	%					11	%			19	%
Recently observed transaction prices			7	%		4	%					5	%			6	%
External pricing services			56	%		65	%					70	%			71	%
Broker quotes			3	%		3	%					1	%			0	%
Valuation techniques			21	%		2	%					13	%			4	%

			100	%		100	%					100	%			100	%


The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended August 31, 2013 (in thousands):


		Successor
		Three Months Ended August 31, 2013 ⁽³⁾
		Balance,			Total gains/				Purchases				Sales				Settlements			Net			Balance,		Change in
		May 31,			losses															transfers			August 31,		unrealized gains/
		2013			(realized and															into/ (out			2013		(losses) relating
					unrealized)															of)					to instruments
					-1															Level 3					still held at
																									August 31,
																									2013 (1)
Assets:
Financial instruments owned:
Corporate equity securities		$	19,577		$	(788	)		$	—			$	(930	)		$	—		$	(1,780	)	$	16,079	$	(786	)
Corporate debt securities			18,615			(4,285	)			68				(571	)			—			6,806			20,633		(4,342	)
Collateralized debt obligations			45,124			(1,903	)			8,222				(4,236	)			—			(1,335	)		45,872		(2,388	)
Residential mortgage-backed securities			143,766			(1,876	)			33,831				(50,938	)			(2,306	)		9,706			132,183		(3,898	)
Commercial mortgage-backed securities			16,068			2,033				130				(310	)			(3,703	)		205			14,423		(1,106	)
Other asset-backed securities			1,444			2,170				7,576				(3,279	)			—			659			8,570		2,142
Loans and other receivables			117,496			(198	)			52,246				(12,139	)			(25,395	)		(1,558	)		130,452		609
Investments, at fair value			76,364			1,848				—				(101	)			(710	)		(3,949	)		73,452		2,002
Investments in managed funds			55,141			4,034				6,598				—				(9,876	)		—			55,897		4,034

Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities		$	38		$	—			$	—			$	—			$	—		$	—		$	38	$	—
Net derivatives (2)			10,799			3,899				—				—				(60	)		—			14,638		(3,899	)
Loans			15,212			—				(14,952	)			716				—			—			976		—
Other secured financing			2,294			731				—				—				—			—			3,025		(731	)

-1	Realized and unrealized gains/losses are reported in Principal transactions in the Consolidated Statements of Earnings.
-2	Net derivatives represent Financial instruments owned – Derivatives and Financial instruments sold, not yet purchased – Derivatives.
-3	There were no issuances during the three months ended August 31, 2013.
Analysis of Level 3 Assets and Liabilities for the Three Months Ended August 31, 2013
During the three months ended August 31, 2013, transfers of assets of $91.4 million from Level 2 to Level 3 of the fair value hierarchy are attributed to:

•		Non-agency residential mortgage-backed securities of $50.3 million and commercial mortgage-backed securities of $2.4 million for which no recent trade activity was observed for purposes of determining observable inputs;

•		Corporate equity securities of $5.6 million and corporate debt securities of $8.3 million due to lack of observable market transactions;

•		Collateralized debt obligations of $22.3 million which have little to no transparency in trade activity;
During the three months ended August 31, 2013, transfers of assets of $82.7 million from Level 3 to Level 2 are attributed to:

•		Non-agency residential mortgage-backed securities of $40.6 million and commercial mortgage-backed securities of $2.2 million for which market trades were observed in the period for either identical or similar securities;

•		Collateralized debt obligations of $23.6 million and loans and other receivables of $1.6 million due to a greater number of contributors for certain vendor quotes supporting classification into Level 2;

•		Corporate equity securities of $7.4 million and corporate debt securities of $1.5 million due to an increase in observable market transactions.
During the three months ended August 31, 2013, there no transfers of liabilities from Level 2 to Level 3 and from Level 3 to Level 2.
Net gains on Level 3 assets were $1.0 million and net losses on Level 3 liabilities were $4.6 million for the three months ended August 31, 2013. Net gains on Level 3 assets were primarily due to increased valuations of certain commercial mortgage-backed securities, other asset-backed securities, investments at fair value and investments in managed funds, partially offset by a decrease in valuation of certain corporate equity securities, corporate debt securities, collateralized debt obligations, residential mortgage-backed securities and loans and other receivables. Net losses on Level 3 liabilities were primarily due to increased valuations of certain derivative instruments.
The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the six months ended August 31, 2013 (in thousands):


		Successor
		Six Months Ended August 31, 2013 ⁽³⁾
		Balance,			Total gains/				Purchases				Sales				Settlements			Net			Balance,		Change in
		February 28,			losses															transfers			August 31,		unrealized gains/
		2013			(realized and															into/ (out			2013		(losses) relating
					unrealized)															of)					to instruments
					-1															Level 3					still held at
																									August 31,
																									2013 (1)
Assets:
Financial instruments owned:
Corporate equity securities		$	13,234		$	1,053			$	213			$	(753	)		$	266		$	2,066		$	16,079	$	1,243
Corporate debt securities			31,820			(17,415	)			708				(2,556	)			—			8,076			20,633		(6,933	)
Collateralized debt obligations			29,776			(2,008	)			43,152				(27,676	)			—			2,628			45,872		(3,830	)
Residential mortgage-backed securities			169,426			5,594				79,531				(105,671	)			(4,851	)		(11,846	)		132,183		586
Commercial mortgage-backed securities			17,794			(735	)			1,533				(3,054	)			(5,281	)		4,166			14,423		(5,007	)
Other asset-backed securities			1,252			2,168				7,618				(3,127	)			—			659			8,570		2,077
Loans and other receivables			170,986			(5,103	)			206,672				(26,630	)			(213,662	)		(1,811	)		130,452		(8,063	)
Investments, at fair value			70,067			653				5,000				(102	)			(3,204	)		1,038			73,452		668
Investments in managed funds			59,976			3,108				9,130				—				(16,439	)		122			55,897		3,108

Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities		$	38		$	—			$	—			$	—			$	—		$	—		$	38	$	—
Residential mortgage-backed securities			1,542			(1,542	)			—				—				—			—			—		—
Net derivatives (2)			11,185			3,453				—				—				—			—			14,638		(3,453	)
Loans			7,398			—				(20,221	)			13,799				—			—			976		—
Other secured financing			—			731				—				—				—			2,294			3,025		(731	)

-1	Realized and unrealized gains/losses are reported in Principal transactions in the Consolidated Statements of Earnings.
-2	Net derivatives represent Financial instruments owned – Derivatives and Financial instruments sold, not yet purchased – Derivatives.
-3	There were no issuances during the six months ended August 31, 2013.

Analysis of Level 3 Assets and Liabilities for the Six Months Ended August 31, 2013
During the six months ended August 31, 2013, transfers of assets of $53.6 million from Level 2 to Level 3 of the fair value hierarchy are attributed to:

•		Non-agency residential mortgage-backed securities of $17.9 million and commercial mortgage-backed securities of $5.3 million for which no recent trade activity was observed for purposes of determining observable inputs;

•		Loans and other receivables of $0.4 million due to a lower number of contributors comprising vendor quotes to support classification within Level 2.

•		Corporate equity securities of $7.0 million and corporate debt securities of $8.5 million due to lack of observable market transactions;

•		Collateralized debt obligations of $12.1 million which have little to no transparency in trade activity;
During the six months ended August 31, 2013, transfers of assets of $48.5 million from Level 3 to Level 2 are attributed to:

•		Non-agency residential mortgage-backed securities of $29.7 million and commercial mortgage-backed securities of $1.2 million for which market trades were observed in the period for either identical or similar securities;

•		Collateralized debt obligations of $9.5 million and loans and other receivables of $2.2 million due to a greater number of contributors for certain vendor quotes supporting classification into Level 2;

•		Corporate equity securities of $4.9 million and corporate debt securities of $0.4 million due to an increase in observable market transactions.
During the six months ended August 31, 2013, there were no transfers of liabilities from Level 2 to Level 3 and no transfers of liabilities from Level 3 to Level 2.
Net losses on Level 3 assets and Level 3 liabilities were $12.7 million and $2.6 million for the six months ended August 31, 2013, respectively. Net losses on Level 3 assets were primarily due to decreased valuations of certain corporate debt securities, collateralized debt obligations, commercial mortgage-backed securities and loans and other receivables, partially offset by an increase in valuation of certain corporate equity securities, residential mortgage-backed securities, other asset-backed securities, investments at fair value and investments in managed funds. Net losses on Level 3 liabilities were primarily due to increased valuations of certain derivative instruments.

The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended February 28, 2013 (in thousands):


		Predecessor
		Three Months Ended February 28, 2013 ⁽³⁾
		Balance,			Total gains/				Purchases				Sales				Settlements			Net			Balance,		Change in
		November 30,			losses															transfers			February 28,		unrealized gains/
		2012			(realized and															into/ (out			2013		(losses) relating
					unrealized)															of)					to instruments
					-1															Level 3					still held at
																									February 28,
																									2013 (1)
Assets:
Financial instruments owned:
Corporate equity securities		$	16,815		$	200			$	707			$	109			$	—		$	(4,597	)	$	13,234	$	172
Corporate debt securities			3,631			7,836				11,510				(1,918	)			—			10,761			31,820		7,833
Collateralized debt obligations			31,255			3,624				9,406				(17,374	)			—			2,865			29,776		(1,125	)
Residential mortgage-backed securities			156,069			11,906				132,773				(130,143	)			(6,057	)		4,878			169,426		4,511
Commercial mortgage-backed securities			30,202			(995	)			2,280				(2,866	)			(1,188	)		(9,639	)		17,794		(2,059	)
Other asset-backed securities			1,114			50				1,627				(1,342	)			(19	)		(178	)		1,252		(1	)
Loans and other receivables			180,393			(8,682	)			105,650				(29,828	)			(61,407	)		(15,140	)		170,986		(12,374	)
Investments, at fair value			83,897			961				952				(4,923	)			(9,721	)		(1,099	)		70,067		1,171
Investments in managed funds			57,763			(363	)			11,068				—				(8,492	)		—			59,976		(363	)

Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities		$	38		$	—			$	—			$	—			$	—		$	—		$	38	$	—
Residential mortgage-backed securities			—			25				(73,846	)			75,363				—			—			1,542		(19	)
Net derivatives (2)			9,188			2,648				—				—				—			(651	)		11,185		2,648
Loans			1,711			—				(1,711	)			7,398				—			—			7,398		—

-1	Realized and unrealized gains/losses are reported in Principal transactions in the Consolidated Statements of Earnings.
-2	Net derivatives represent Financial instruments owned – Derivatives and Financial instruments sold, not yet purchased – Derivatives.
-3	There were no issuances during the three months ended February 28, 2013.
Analysis of Level 3 Assets and Liabilities for the Three Months Ended February 28, 2013
During the three months ended February 28, 2013, transfers of assets of $100.5 million from Level 2 to Level 3 of the fair value hierarchy are attributed to:

•		Non-agency residential mortgage-backed securities of $78.4 million and commercial mortgage-backed securities of $1.3 million for which no recent trade activity was observed for purposes of determining observable inputs;

•		Corporate debt securities of $10.8 million and corporate equity securities of $0.1 million due to lack of observable market transactions;

•		Collateralized debt obligations of $5.3 million which have little to no transparency in trade activity;

•		Loans and other receivables of $4.8 million due to a lower number of contributors comprising vendor quotes to support classification within Level 2.
During the three months ended February 28, 2013, transfers of assets of $112.7 million from Level 3 to Level 2 are attributed to:

•		Non-agency residential mortgage-backed securities of $73.5 million, commercial mortgage-backed securities of $10.9 million and $0.2 million of other asset-backed securities for which market trades were observed in the period for either identical or similar securities;

•		Loans and other receivables of $19.9 million and collateralized debt obligations of $2.4 million due to a greater number of contributors for certain vendor quotes supporting classification into Level 2;

•		Corporate equity securities of $4.7 million due to an increase in observable market transactions.
During the three months ended February 28, 2013, there were no transfers of liabilities from Level 2 to Level 3 and there were $0.7 million transfers of net derivative liabilities from Level 3 to Level 2 due to an increase in observable significant inputs used in valuing the derivative contracts.
Net gains on Level 3 assets were $14.5 million and net losses on Level 3 liabilities were $2.7 million for the three months ended February 28, 2013. Net gains on Level 3 assets were primarily due to increased valuations of certain residential mortgage-backed securities, corporate debt securities, collateralized debt obligations and investments at fair value partially offset by a decrease in valuation of certain loans and other receivables, commercial mortgage backed securities and investments in managed funds. Net losses on Level 3 liabilities were primarily due to increased valuations of certain derivative instruments.
The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended August 31, 2012 (in thousands):


		Predecessor
		Three Months Ended August 31, 2012 ⁽³⁾
		Balance,			Total gains/				Purchases				Sales				Settlements			Net			Balance,		Change in
		May 31,			losses															transfers			August 31,		unrealized gains/
		2012			(realized and															into/ (out			2012		(losses) relating
					unrealized)															of)					to instruments
					-1															Level 3					still held at
																									August 31,
																									2012 (1)
Assets:
Financial instruments owned:
Corporate equity securities		$	25,789		$	260			$	2,991			$	(15,418	)		$	—		$	6,161		$	19,783	$	(907	)
Corporate debt securities			7,972			(101	)			521				(1,118	)			—			284			7,558		(136	)
Collateralized debt obligations			84,006			6,710				—				(11,008	)			—			1,890			81,598		5,836
Municipal securities			465			5				—				(387	)			—			—			83		5
Residential mortgage-backed securities			123,555			2,542				27,401				(65,422	)			(5,216	)		62,128			144,988		359
Commercial mortgage-backed securities			40,594			(1,327	)			2,092				(1,307	)			(450	)		(8,089	)		31,513		(1,310	)
Other asset-backed securities			1,273			—				—				—				(291	)		(774	)		208		—
Loans and other receivables			108,674			(528	)			57,790				(30,632	)			(56,404	)		29,889			108,789		(237	)
Investments, at fair value			91,836			(202	)			1,120				—				(775	)		—			91,979		(466	)
Investments in managed funds			68,314			(5,389	)			2,173				—				(4,987	)		10			60,121		(5,382	)

Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities		$	12,039		$	(410	)		$	(11,782	)		$	191			$	—		$	—		$	38	$	—
Corporate debt securities			74			(15	)			(59	)			—				—			—			—		—
Net derivatives (2)			4,395			7,342				—				—				—			10			11,747		6,209
Loans			—			—				—				4,285				—			—			4,285		—

-1	Realized and unrealized gains/losses are reported in Principal transactions in the Consolidated Statements of Earnings.
-2	Net derivatives represent Financial instruments owned – Derivatives and Financial instruments sold, not yet purchased – Derivatives.
-3	There were no issuances during the three months ended August 31, 2012.

Analysis of Level 3 Assets and Liabilities for the Three Months Ended August 31, 2012
During the three months ended August 31, 2012, transfers of assets of $156.5 million from Level 2 to Level 3 are primarily attributed to:

•		Non-agency residential mortgage-backed securities of $74.5 million and Commercial mortgage-backed securities of $9.0 million for which no recent trade activity was observed for purposes of determining observable inputs;

•		Loans and other receivables of $53.0 million due to a lack of observable market transactions or vendor quotes during the period to support classification within Level 2 as less market interest likely existed for the specific loans during the period;

•		Collateralized debt obligations of $9.3 million which have no recent trade activity; and

•		Corporate equity securities of $6.3 million and Corporate debt securities of $4.4 million due to lack of observable market transactions.
During the three months ended August 31, 2012, transfers of assets of $65.0 million from Level 3 to Level 2 are primarily attributed to:

•		Loans and other receivables of $23.1 million due to a greater number of contributors for certain vendor quotes supporting classification into Level 2 as greater market interest likely existed for the specific loans during the quarter;

•		Commercial mortgage-backed securities of $17.1 million, Non-agency residential mortgage-backed securities of $12.4 million and Other asset-backed securities of $0.8 million for which market trades were observed in the period for either identical or similar securities or for which vendor prices were corroborated to actual market transactions;

•		Collateralized debt obligations of $7.4 million due to a greater number of contributors for certain vendor quotes supporting classification into Level 2 during the period; and

•		Corporate equity securities of $0.1 million and Corporate debt securities of $4.1 million due to an increase in observable broker levels and recent trade activity in certain bonds and private equity positions.
During the three months ended August 31, 2012 there no transfers of liabilities from Level 2 to Level 3 and transfers of $0.01 million from Level 3 to Level 2.
Net gains on Level 3 assets were $2.0 million and net losses on Level 3 liabilities were $6.9 million for the three months ended August 31, 2012. Net gains on Level 3 assets were primarily due to increased valuations of certain collateralized debt obligations and residential mortgage backed securities. These gains were partially offset by decreased valuations of investments in managed funds, commercial mortgage backed securities and loans and other receivables. Net losses on Level 3 liabilities were primarily due to increased valuations of certain derivative instruments.

The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the nine months ended August 31, 2012 (in thousands):


		Predecessor
		Nine Months Ended August 31, 2012 ⁽³⁾
		Balance,			Total gains/				Purchases				Sales				Settlements			Net			Balance,		Change in
		November 30,			losses															transfers			August 31,		unrealized gains/
		2011			(realized and															into/ (out			2012		(losses) relating
					unrealized)															of)					to instruments
					-1															Level 3					still held at
																									August 31,
																									2012 (1)
Assets:
Financial instruments owned:
Corporate equity securities		$	13,489		$	(2,580	)		$	20,676			$	(13,437	)		$	—		$	1,635		$	19,783	$	(4,636	)
Corporate debt securities			48,140			85				7,228				(39,367	)			(1,276	)		(7,252	)		7,558		(656	)
Collateralized debt obligations			47,988			4,278				8,479				(18,699	)			(3,892	)		43,444			81,598		3,515
Municipal securities			6,904			(74	)			—				(1,366	)			—			(5,381	)		83		5
Sovereign obligations			140			—				—				—				—			(140	)		—		—
Residential mortgage-backed securities			149,965			(17,833	)			59,477				(101,039	)			(8,489	)		62,907			144,988		(8,884	)
Commercial mortgage-backed securities			52,407			(2,221	)			5,090				(5,441	)			(115	)		(18,207	)		31,513		(2,769	)
Other asset-backed securities			3,284			141				19,397				(20,351	)			(51	)		(2,212	)		208		3
Loans and other receivables			97,291			(2,674	)			158,305				(60,111	)			(104,476	)		20,454			108,789		(4,109	)
Investments, at fair value			78,326			15,076				1,909				(6	)			(3,326	)		—			91,979		14,412
Investments in managed funds			70,740			(17,765	)			12,683				—				(5,537	)		—			60,121		(17,765	)

Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities		$	—		$	38			$	—			$	—			$	—		$	—		$	38	$	38
Corporate debt securities			74			(15	)			(59	)			—				—			—			—		—
Net derivatives (2)			9,285			5,064				(389	)			—				—			(2,213	)		11,747		6,087
Loans			10,157			—				(10,157	)			4,285				—			—			4,285		—

-1	Realized and unrealized gains/losses are reported in Principal transactions in the Consolidated Statements of Earnings.
-2	Net derivatives represent Financial instruments owned – Derivatives and Financial instruments sold, not yet purchased – Derivatives.
-3	There were no issuances during the nine months ended August 31, 2012.
Analysis of Level 3 Assets and Liabilities for the Nine Months Ended August 31, 2012
During the nine months ended August 31, 2012, transfers of assets of $184.2 million from Level 2 to Level 3 are attributed to:

•		Non-agency residential mortgage-backed securities of $67.5 million, Commercial mortgage-backed securities of $11.7 million for which no recent trade activity was observed for purposes of determining observable inputs;

•		Loans and other receivables of $55.2 million due to a lower number of contributors comprising vendor quotes to support classification within Level 2 as less market interest likely existed for the specific loans during the period;

•		Collateralized debt obligations of $47.3 million which have little to no transparency in trade activity; and

•		Corporate equity securities of $1.7 million and Corporate debt securities of $0.6 million due to lack of observable market transactions.
During the nine months ended August 31, 2012, transfers of assets of $88.9 million from Level 3 to Level 2 are attributed to:

•		Loans and other receivables of $34.8 million and Collateralized debt obligations of $3.9 million due to a greater number of contributors for certain vendor quotes supporting classification into Level 2;

•		Commercial mortgage-backed securities of $29.9 million, Non-agency residential mortgage-backed securities of $4.5 million and $2.4 million of Other asset-backed securities for which market trades were observed in the period for either identical or similar securities or for which vendor prices were corroborated to actual market transactions; and

•		Corporate debt securities of $7.9 million and Municipal securities of $5.4 million due to increased observability of trades in certain debt and municipal securities.
During the nine months ended August 31, 2012 there were no transfers of liabilities from Level 2 to Level 3 and there were $2.2 million transfers of net derivative liabilities from Level 3 to Level 2 due to an increase in observable significant inputs used in valuing the derivative contracts.
Net losses on Level 3 assets were $23.6 million and net losses on Level 3 liabilities were $5.1 million for the nine months ended August 31, 2012. Net losses on Level 3 assets were primarily due to decreased valuations of certain residential mortgage-backed securities, investments in managed funds, loans and other receivables, commercial mortgage backed securities and corporate equity securities, offset by an increase in valuation of certain investments at fair value and collateralized debt obligations. Net losses on Level 3 liabilities were primarily due to increased valuations of certain derivative instruments.
Components or portions of interest rate and credit risk related to mortgage-backed securities categorized within Level 3 of the fair value hierarchy are frequently economically hedged with U.S. Treasury and Eurodollar futures and short U.S. Treasury securities, which are categorized within Level 1 liabilities, and with interest rate swaps and, to a lesser extent, index credit default swaps categorized within Level 2 assets or liabilities. Accordingly, a portion of the gains and losses on mortgage-backed securities reported in Level 3 are offset by gains and losses from the economic hedges attributed to instruments categorized within Level 1 and Level 2. Economic hedging is often executed on a macro-basis for a given asset class rather than an instrument-specific basis. Valuation inputs and prices for hedging instruments categorized within Level 1 and Level 2 provide a level of observability used in valuing Level 3 mortgage-backed securities; however, other inputs, such as prepayment, default rates and other credit specific factors are significant to the valuation and are not derived from the prices of the hedging instruments. Basis risk differences may also arise between the Level 3 mortgage-backed securities and the Level 1 and Level 2 hedging instruments due to the underlying interest rates and the underlying credits comprising the referenced credit index. Hedge effectiveness is limited by factors that include idiosyncratic collateral performance and basis risk as well as the sizing of the macro-hedge.
Quantitative Information about Significant Unobservable Inputs used in Level 3 Fair Value Measurements at August 31, 2013 and November 30, 2012
The tables below present information on the valuation techniques, significant unobservable inputs and their ranges for our financial assets and liabilities, subject to threshold levels related to the market value of the positions held, measured at fair value on a recurring basis with a significant Level 3 balance. The range of unobservable inputs could differ significantly across different firms given the range of products across different firms in the financial services sector. The inputs are not representative of the inputs that could have been used in the valuation of any one financial instrument; i.e., the input used for valuing one financial instrument within a particular class of financial instruments may not be appropriate for valuing other financial instruments within that given class. Additionally, the ranges of inputs presented below should not be construed to represent uncertainty regarding the fair values of our financial instruments; rather the range of inputs is reflective of the differences in the underlying characteristics of the financial instruments in each category.
For certain categories, we have provided a weighted average of the inputs allocated based on the fair values of the financial instruments comprising the category. We do not believe that the range or weighted average of the inputs is indicative of the reasonableness of uncertainty of our Level 3 fair values. The range and weighted average are driven by the individual financial instruments within each category and their relative distribution in the population. The disclosed inputs when compared with the inputs as disclosed in other quarters should not be expected to necessarily be indicative of changes in our estimates of unobservable inputs for a particular financial instrument as the population of financial instruments comprising the category will vary from period to period based on purchases and sales of financial instruments during the period as well as transfers into and out of Level 3 each period.

Successor
August 31, 2013
Financial Instruments Owned		Fair Value (in			Valuation Technique		Significant Unobservable Input(s)		Input / Range				Weighted
Financial Instruments Owned		thousands)			Valuation Technique		Significant Unobservable Input(s)		Input / Range				Average

Corporate equity securities		$	11,665
Non-exchange traded securities					Market approach		EBITDA (a) multiple			16
					Comparable pricing		Comparable share price			$76.75
Warrants					Option model		Volatility			37%

Corporate debt securities		$	18,313
					Scenario analysis		Estimated recovery percentage			21%
					Comparable pricing		Comparable bond or loan price			$63.70 to $126			$	78.28
					Market approach		Yield			12.60%
Collateralized debt obligations		$	35,512
					Discounted cash flows		Constant prepayment rate			0% to 20%				14	%
							Constant default rate			0% to 10%				2	%
							Loss severity			13% to 75%				49	%
							Yield			5% to 75%				24	%
Residential mortgage-backed		$	114,278
					Discounted cash flows		Constant prepayment rate			0% to 22%				5	%
							Constant default rate			1% to 50%				6	%
							Loss severity			25% to 75%				50	%
							Yield			0% to 28%				7	%
Commercial mortgage-backed		$	5,847
					Comparable pricing		Comparable bond or loan price			$12.50
					Discounted cash flows		Yield			15% to 26%				21	%
							Cumulative loss rate			0% to 22%				12	%
Other asset-backed securities		$	7,711
					Discounted cash flows		Constant prepayment rate			0% to 30%				22	%
							Constant default rate			0% to 11%				8	%
							Loss severity			75% to 92%				89	%
							Yield			9% to 25%				20	%
Loans and other receivables		$	81,282
					Comparable pricing		Comparable bond or loan price			$90.50 to $100			$	98.9
					Market approach		Yield			12%
							EBITDA (a) multiple			6.5
					Scenario analysis		Estimated recovery percentage			17% to 86%				52	%

Derivatives		$	1,600
Loan Commitments					Comparable pricing		Comparable bond or loan price			$101.38

Investments at fair value		$	5,975
Private equity securities					Comparable pricing		Comparable share price		$	414


Financial Instruments Sold, Not Yet		Fair Value (in			Valuation Technique		Significant Unobservable Input(s)		Input / Range		Weighted
Purchased		thousands)			Valuation Technique		Significant Unobservable Input(s)		Input / Range		Average

Derivatives		$	(12,879	)
Equity options					Option model		Volatility		36% to 41%			39	%
Loan commitments					Comparable pricing		Comparable bond or loan price		$101.38

(a)	Earnings before interest, taxes, depreciation and amortization (“EBITDA”).


Predecessor
30-Nov-12
Financial Instruments Owned		Fair Value (in			Valuation Technique		Significant Unobservable Input(s)		Range
Financial Instruments Owned		thousands)			Valuation Technique		Significant Unobservable Input(s)		Range

Corporate equity securities		$	16,815
Non-exchange traded securities					Market approach		EBITDA (a) multiple		4.0 to 16.3
					Scenario analysis		Estimated recovery percentage		35%
Warrants					Option model		Volatility		39%

Collateralized debt obligations		$	26,705
					Discounted cash flows		Constant prepayment rate		0% to 5%
							Constant default rate		0% to 10%
							Loss severity		13% to 75%
							Yield		10% to 35%

Residential mortgage-backed securities		$	156,069
					Discounted cash flows		Constant prepayment rate		0% to 25%
							Constant default rate		0% to 50%
							Loss severity		0% to 80%
							Yield		1% to 50%

Commercial mortgage-backed securities		$	30,202
					Discounted cash flows		Yield		22% to 57%
							Cumulative loss rate		2% to 20%

Loans and other receivables		$	153,365
					Comparable pricing		Comparable bond or loan price		$81.88 to $101.25
					Discounted cash flows		Yield		19%
							Cumulative loss rate		0%
					Market approach		Yield		5% to 54%
							EBITDA (a) multiple		8.3
					Scenario analysis		Estimated recovery percentage		15%

Investments at fair value		$	32,751
Private equity securities					Market approach		EBITDA (a) multiple		6.6
					Comparable pricing		Comparable share price		$400.00
					Scenario analysis		Estimated recovery percentage		50%


Financial Instruments Sold, Not Yet Purchased		Fair Value (in			Valuation Technique		Significant Unobservable Input(s)		Range
Financial Instruments Sold, Not Yet Purchased		thousands)			Valuation Technique		Significant Unobservable Input(s)		Range

Derivatives		$	(9,516	)
Equity options					Option model		Volatility			39%
Loan commitments					Comparable pricing		Comparable bond or loan price		$	101.13

(a)	Earnings before interest, taxes, depreciation and amortization (“EBITDA”).
The fair values of certain Level 3 assets that were determined based on third-party pricing information, unadjusted past transaction prices, reported net asset value or a percentage of the reported enterprise fair value are excluded from the above table. At August 31, 2013 and November 30, 2012, the exclusions consisted of $106.1 million and $82.7 million, respectively, primarily comprised of investments in private equity and hedge funds, investments in reinsurance contracts, certain collateralized debt obligations and corporate loans.

Sensitivity of Fair Values to Changes in Significant Unobservable Inputs
For recurring fair value measurements categorized within Level 3 of the fair value hierarchy, the sensitivity of the fair value measurement to changes in significant unobservable inputs and interrelationships between those unobservable inputs (if any) are described below:

	•		Private equity securities, corporate debt securities, commercial mortgage-backed securities, loans and other receivables and loan commitments using comparable pricing valuation techniques. A significant increase (decrease) in the comparable share, bond or loan price in isolation would result in a significant higher (lower) fair value measurement.

	•		Non-exchange traded securities, corporate debt securities and loans and other receivables using a market approach valuation technique. A significant increase (decrease) in the EBITDA or other multiples in isolation would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the yield of a corporate debt security, loan and other receivable would result in a significantly lower (higher) fair value measurement.

	•		Corporate debt securities, and loans and other receivables using scenario analysis. A significant increase (decrease) in the possible recovery rates of the cash flow outcomes underlying the investment would result in a significantly higher (lower) fair value measurement for the financial instrument.

	•		Collateralized debt obligations, residential and commercial mortgage-backed securities and other asset-backed securities using a discounted cash flow valuation technique. A significant increase (decrease) in isolation in the constant default rate, loss severities or cumulative loss rate and discount rate would result in a significantly lower (higher) fair value measurement. The impact of changes in the constant prepayment rate would have differing impacts depending on the capital structure of the security. A significant increase (decrease) in the loan or bond yield would result in a significant lower (higher) fair value measurement.

	•		Derivative equity options and equity warrants using an option model. A significant increase (decrease) in volatility would result in a significant higher (lower) fair value measurement.
Fair Value Option Election
We have elected the fair value option for all loans and loan commitments made by our capital markets businesses. These loans and loan commitments include loans entered into by our investment banking division in connection with client bridge financing and loan syndications, loans purchased by our leveraged credit trading desk as part of its bank loan trading activities and mortgage loan commitments and fundings in connection with mortgage-backed securitization activities. Loans and loan commitments originated or purchased by our leveraged credit and mortgage-backed businesses are managed on a fair value basis. Loans are included in Financial instruments owned and loan commitments are included in Financial instruments owned-derivatives and Financial instruments sold, not yet purchased – derivatives on the Consolidated Statements of Financial Condition. The fair value option election is not applied to loans made to affiliate entities as such loans are entered into as part of ongoing, strategic business ventures. Loans to affiliate entities are included within Loans to and investments in related parties on the Consolidated Statements of Financial Condition and are accounted for on an amortized cost basis. We have elected the fair value option for our investment in Knight Capital Group, Inc., which is included in Financial Instruments owned – Corporate equity securities on the Consolidated Statement of Financial Condition. See Note 12, Investments for further details regarding our investment in Knight Capital Group, Inc. We have also elected the fair value option for certain financial instruments held by subsidiaries as the investments are risk managed by us on a fair value basis. The fair value option has also been elected for secured financings that arise in connection with our securitization activities and other structural financings. Other secured financings, Receivables – Brokers, dealers and clearing organizations, Receivables – Customers, Receivables – Fees, interest and other, Payables – Brokers, dealers and clearing organizations and Payables – Customers, are not accounted for at fair value; however, the recorded amounts approximate fair value due to their liquid or short-term nature.

The following is a summary of gains (losses) due to changes in instrument specific credit risk on loans and other receivables and loan commitments measured at fair value under the fair value option (in thousands):


		Successor			Successor								Predecessor
		Three Months Ended			Six Months Ended								Three Months Ended				Three Months Ended			Nine Months Ended
		August 31, 2013			August 31, 2013								February 28, 2013				August 31, 2012			August 31, 2012
Financial Instruments Owned:
Loans and other receivables		$	1,097		$	2,284							$	3,924			$	5,012		$	9,664

Financial Instruments Sold:
Loans		$	—		$	—							$	—			$	(320	)	$	(466	)
Loan commitments			4,440			(2,059	)							(2,746	)			(5,213	)		(7,088	)
The following is a summary of the amount by which contractual principal exceeds fair value for loans and other receivables measured at fair value under the fair value option (in thousands):


		Successor					Predecessor
		August 31,					November 30,
		2013					2012
Financial Instruments Owned:
Loans and other receivables (2)		$	226,332				$	256,271
Loans greater than 90 days past due (1) (2)			7,809					10,433

-1	The aggregate fair value of loans that were 90 or more days past due was $5.2 million and $34.7 million at August 31, 2013 and November 30, 2012.
-2	Interest income is recognized separately from other changes in fair value and is included within Interest revenues on the Consolidated Statements of Earnings.
There was one loan on nonaccrual status at August 31, 2013 and no loan receivables on non-accrual status at November 30, 2012.

Derivative_Financial_Instrumen

Derivative Financial Instruments	9 Months Ended
Derivative Financial Instruments	Aug. 31, 2013
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Note 8.	Derivative Financial Instruments
	Off-Balance Sheet Risk
	We have contractual commitments arising in the ordinary course of business for securities loaned or purchased under agreements to resell, repurchase agreements, future purchases and sales of foreign currencies, securities transactions on a when-issued basis and underwriting. Each of these financial instruments and activities contains varying degrees of off-balance sheet risk whereby the fair values of the securities underlying the financial instruments may be in excess of, or less than, the contract amount. The settlement of these transactions is not expected to have a material effect upon our consolidated financial statements.
	Derivative Financial Instruments
	Our derivative activities are recorded at fair value in the Consolidated Statements of Financial Condition in Financial instruments owned – derivatives and Financial instruments sold, not yet purchased – derivatives net of cash paid or received under credit support agreements and on a net counterparty basis when a legal right to offset exists under a master netting agreement. Net realized and unrealized gains and losses are recognized in Principal transactions in the Consolidated Statements of Earnings on a trade date basis and as a component of cash flows from operating activities in the Consolidated Statements of Cash Flows. Acting in a trading capacity, we may enter into derivative transactions to satisfy the needs of our clients and to manage our own exposure to market and credit risks resulting from our trading activities. (See Note 7, Fair Value Disclosures and Note 22, Commitments, Contingencies and Guarantees for additional disclosures about derivative instruments.)

	Derivatives are subject to various risks similar to other financial instruments, including market, credit and operational risk. The risks of derivatives should not be viewed in isolation, but rather should be considered on an aggregate basis along with our other trading-related activities. We manage the risks associated with derivatives on an aggregate basis along with the risks associated with proprietary trading as part of our firm wide risk management policies. In connection with our derivative activities, we may enter into master netting agreements and collateral arrangements with counterparties. These agreements provide us with the ability to offset a counterparty’s rights and obligations, request additional collateral when necessary or liquidate the collateral in the event of counterparty default.
	The following tables present the fair value and related number of derivative contracts at August 31, 2013 and November 30, 2012 categorized by type of derivative contract. The fair value of assets/liabilities related to derivative contracts represents our receivable/payable for derivative financial instruments, gross of counterparty netting and cash collateral received and pledged (in thousands, except contract amounts):


			Successor
			31-Aug-13
			Assets								Liabilities
			Fair Value				Number of				Fair Value				Number of
			Fair Value				Contracts				Fair Value				Contracts

	Interest rate contracts		$	846,497				32,663			$	881,518				57,449
	Foreign exchange contracts			534,443				120,650				548,061				114,965
	Equity contracts			447,376				1,853,291				468,562				1,875,348
	Commodity contracts			135,866				464,064				130,612				464,679
	Credit contracts: centrally cleared swaps			10,015				19				10,855				17
	Credit contracts: other credit derivatives			4,580				24				8,910				19

	Total			1,978,777								2,048,518
	Counterparty/cash-collateral netting			(1,856,908	)							(1,914,691	)

	Total per Consolidated Statement of Financial Condition		$	121,869							$	133,827



			Predecessor
			30-Nov-12
			Assets								Liabilities
			Fair Value				Number of				Fair Value				Number of
			Fair Value				Contracts				Fair Value				Contracts

	Interest rate contracts		$	927,896				67,410			$	1,065,788				90,831
	Foreign exchange contracts			387,325				118,958				357,277				116,758
	Equity contracts			577,964				1,526,127				528,979				1,396,213
	Commodity contracts			265,703				754,987				278,660				728,696
	Credit contracts			4,448				13				11,301				40

	Total			2,163,336								2,242,005
	Counterparty/cash-collateral netting			(1,865,250	)							(2,012,878	)

	Total per Consolidated Statement of Financial Condition		$	298,086							$	229,127


	The following table presents unrealized and realized gains (losses) on derivative contracts for the three and six months ended August 31, 2013, three months ended February 28, 2013 and for the three and nine months ended August 31, 2012 (in thousands):


			Successor										Predecessor
	Gains (Losses)		Three Months Ended				Six Months Ended						Three Months Ended				Three Months Ended				Nine Months Ended
	Gains (Losses)		31-Aug-13				31-Aug-13						28-Feb-13				31-Aug-12				31-Aug-12

	Interest rate contracts		$	65,628			$	95,009					$	25,713			$	38,067			$	(39,667	)
	Foreign exchange contracts			(4,149	)			(13	)					11,895				(4,616	)			4,193
	Equity contracts			32,918				66,811						(5,436	)			(46,930	)			(72,691	)
	Commodity contracts			15,080				36,593						19,585				11,074				57,586
	Credit contracts			(904	)			(11,914	)					(3,742	)			(5,887	)			(15,274	)

	Total		$	108,573			$	186,486					$	48,015			$	(8,292	)		$	(65,853	)

	OTC Derivatives. The following tables set forth by remaining contract maturity the fair value of OTC derivative assets and liabilities as of August 31, 2013 (in thousands):


		Successor
		OTC Derivative Assets (1) (2) (4)
		0 – 12				1 – 5 Years				Greater Than				Cross-				Total
		Months								5 Years				Maturity
														Netting (3)

Commodity swaps, options and forwards		$	36,869			$	783			$	—			$	(47	)		$	37,605
Credit default swaps			73				607				—								680
Equity swaps and options			3,650				—				—				—				3,650
Total return swaps			817				—				—				(114	)			703
Foreign currency forwards, swaps and options			70,110				32,782				—				(16,218	)			86,674
Interest rate swaps and options			7,340				64,407				147,654				(82,057	)			137,344

Total		$	118,859			$	98,579			$	147,654			$	(98,436	)			266,656

Cross product counterparty netting																			(579	)

Total OTC derivative assets included in Financial instruments owned																		$	266,077


-1	At August 31, 2013, we held exchange traded derivative assets and other credit agreements with a fair value of $10.9 million, which are not included in this table.
-2	OTC derivative assets in the table above are gross of collateral received. OTC derivative assets are recorded net of collateral received on the Consolidated Statements of Financial Condition. At August 31, 2013, cash collateral received was $155.1 million.
-3	Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories.
-4	Derivative fair values include counterparty netting within product category.


		Successor
		OTC Derivative Liabilities (1) (2) (4)
		0 – 12				1 – 5 Years				Greater Than				Cross-				Total
		Months								5 Years				Maturity
														Netting (3)

Commodity swaps, options and forwards		$	28,734			$	47			$	—			$	(47	)		$	28,734
Credit default swaps			—				2,062				380				—				2,442
Equity swaps and options			8,455				—				2,852				—				11,307
Total return swaps			650				—				549				(114	)			1,085
Foreign currency forwards, swaps and options			81,858				34,725				—				(16,218	)			100,365
Interest rate swaps and options			16,291				89,710				151,371				(82,057	)			175,315

Total		$	135,988			$	126,544			$	155,152			$	(98,436	)			319,248

Cross product counterparty netting																			(579	)

Total OTC derivative liabilities included in Financial instruments sold, not yet purchased																		$	318,669


-1	At August 31, 2013, we held exchange traded derivative liabilities and other credit agreements with a fair value of $28.0 million, which are not included in this table.
-2	OTC derivative liabilities in the table above are gross of collateral pledged. OTC derivative liabilities are recorded net of collateral pledged on the Consolidated Statements of Financial Condition. At August 31, 2013, cash collateral pledged was $212.9 million.
-3	Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories.
-4	Derivative fair values include counterparty netting within product category.
At August 31, 2013, the counterparty credit quality with respect to the fair value of our OTC derivatives assets was as follows (in thousands):


Counterparty credit quality (1):
A- or higher		$	199,298
BBB- to BBB+			9,447
BB+ or lower			51,448
Unrated			5,884

Total		$	266,077


-1	We utilize internal credit ratings determined by our Risk Management. Credit ratings determined by Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies.
Contingent Features
Certain of our derivative instruments contain provisions that require our debt to maintain an investment grade credit rating from each of the major credit rating agencies. If our debt were to fall below investment grade, it would be in violation of these provisions and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on our derivative instruments in liability positions. The aggregate fair value of all derivative instruments with such credit-risk-related contingent features that are in a liability position at August 31, 2013 and November 30, 2012 is $67.2 million and $164.8 million, respectively, for which we have posted collateral of $61.3 million and $129.2 million, respectively, in the normal course of business. If the credit-risk-related contingent features underlying these agreements were triggered on August 31, 2013 and November 30, 2012, we would have been required to post an additional $10.6 million and $38.1 million, respectively, of collateral to our counterparties.

Collateralized_Transactions

Collateralized Transactions	9 Months Ended
Collateralized Transactions	Aug. 31, 2013
Text Block [Abstract]
Collateralized Transactions	Note 9.	Collateralized Transactions
	We enter into secured borrowing and lending arrangements to obtain collateral necessary to effect settlement, finance inventory positions, meet customer needs or re-lend as part of our dealer operations. We manage our exposure to credit risk associated with these transactions by entering into master netting agreements. We also monitor the fair value of the securities loaned and borrowed on a daily basis as compared with the related payable or receivable, and request additional collateral or return excess collateral, as appropriate. We pledge financial instruments as collateral under repurchase agreements, securities lending agreements and other secured arrangements, including clearing arrangements. Our agreements with counterparties generally contain contractual provisions allowing the counterparty the right to sell or repledge the collateral. Pledged securities owned that can be sold or repledged by the counterparty are included within Financial instruments owned and noted parenthetically as Securities pledged on our Consolidated Statements of Financial Condition.
	We receive securities as collateral under resale agreements, securities borrowing transactions and customer margin loans. We also receive securities as collateral in connection with securities-for-securities transactions in which we are the lender of securities. In many instances, we are permitted by contract or custom to rehypothecate the securities received as collateral. These securities may be used to secure repurchase agreements, enter into securities lending transactions, satisfy margin requirements on derivative transactions or cover short positions. At August 31, 2013 and November 30, 2012, the approximate fair value of securities received as collateral by us that may be sold or repledged was $21.4 billion and $21.1 billion, respectively. The fair value of securities received as collateral at August 31, 2013 and November 30, 2012 that pertains to our securities financing activities at August 31, 2013 and November 30, 2012 are as follows (in thousands):


			Successor		Predecessor
			August 31,		November 30,
			2013		2012
	Carrying amount:
	Securities purchased under agreements to resell		$	4,420,886	$	3,357,602
	Securities borrowed			5,316,449		5,094,679
	Securities received as collateral			45,133		—

	Total assets on Consolidated Statement of Financial Condition			9,782,468		8,452,281
	Netting of securities purchased under agreements to resell (1)			8,481,994		9,982,752

				18,264,462		18,435,033
	Fair value of additional collateral received (2)			3,098,873		2,683,767


	Fair value of securities received as collateral		$	21,363,335	$	21,118,800


	-1	Represents the netting of securities purchased under agreements to resell with securities sold under agreements to repurchase balances for the same counterparty under legally enforceable netting agreements.
	-2	Includes 1) collateral received from customers for margin balances unrelated to arrangements for securities purchased under agreements to resell or securities borrowed with a fair value of $1,092.2 million and $1,252.6 million at August 31, 2013 and November 30, 2012, respectively, of which $634.5 million and $727.7 million had been rehypothecated, 2) collateral received on securities for securities transactions of $1,669.8 million and $1,378.8 million at August 31, 2013 and November 30, 2012, respectively and 3) collateral received in excess of the reverse repurchase and securities borrowed contract amounts.
	At August 31, 2013 and November 30, 2012, a substantial portion of the securities received by us had been sold or repledged.

	In instances where we receive securities as collateral in connection with securities-for-securities transactions in which we are the lender of securities and are permitted to sell or repledge the securities received as collateral, we report the fair value of the collateral received and the related obligation to return the collateral in the Consolidated Statements of Financial Condition. At August 31, 2013 and November 30, 2012, $45.1 million and $-0- million, respectively, were reported as Securities received as collateral and as Obligation to return securities received as collateral.

Securitization_Activities

Securitization Activities	9 Months Ended
Securitization Activities	Aug. 31, 2013
Text Block [Abstract]
Securitization Activities	Note 10.	Securitization Activities
	We engage in securitization activities related to corporate loans, commercial mortgage loans and mortgage-backed and other asset-backed securities. In our securitization transactions, we transfer these assets to special purpose entities (“SPEs”) and act as the placement or structuring agent for the beneficial interests sold to investors by the SPE. A significant portion of our securitization transactions are securitization of assets issued or guaranteed by U.S. government agencies. These SPEs generally meet the criteria of variable interest entities; however we generally do not consolidate the SPEs as we are not considered the primary beneficiary for these SPEs. See Note 11, Variable Interest Entities for further discussion on variable interest entities and our determination of the primary beneficiary.
	We account for our securitization transactions as sales provided we have relinquished control over the transferred assets. Transferred assets are carried at fair value with unrealized gains and losses reflected in Principal transactions revenues in the Consolidated Statement of Earnings prior to the identification and isolation for securitization. Revenues subsequent to such identification and isolation, including revenues recognized from the sales of the beneficial interests to investors, are reflected as net underwriting revenues. If we have not relinquished control over the transferred assets, the assets continue to be recognized in Financial instruments owned and a corresponding secured borrowing is recognized in Other secured financings.
	We generally receive cash proceeds in connection with the transfer of assets to an SPE. We may, however, have continuing involvement with the transferred assets, which is limited to retaining one or more tranches of the securitization (primarily senior and subordinated debt securities), which are included within Financial instruments owned. We apply fair value accounting to the securities.
	The following table presents activity related to our securitizations that were accounted for as sales in which we had continuing involvement (in millions):


			Successor						Predecessor
			Three Months Ended			Six Months Ended			Three Months Ended		Three Months Ended		Nine Months Ended
			31-Aug-13			31-Aug-13			28-Feb-13		31-Aug-12		31-Aug-12

	Transferred assets		$	918.4		$	3,102.40		$	2,735.20	$	2,132.30	$	7,070.90
	Proceeds on new securitizations			921.5			3,112.50			2,751.30		2,375.00		7,654.10
	Net revenues			1.7			6.5			12.9		2.4		16.5

	Cash flows received on retained interests		$	13		$	24.2		$	32.3	$	19.7	$	44.6
	Assets received as proceeds in the form of mortgage-backed-securities or collateralized loan obligations issued by the SPEs have been initially categorized as Level 2 within the fair value hierarchy. For further information on fair value measurements and the fair value hierarchy, refer to Note 2, Summary of Significant Accounting Policies and Note 7, Fair Value Disclosures. We have no explicit or implicit arrangements to provide additional financial support to these SPEs and have no liabilities related to these SPEs at August 31, 2013 and November 30, 2012. Although not obligated, in connection with secondary market-making activities we may make a market in the securities issued by these SPEs. In these market-making transactions, we buy these securities from and sell these securities to investors. Securities purchased through these market-making activities are not considered to be continuing involvement in these SPEs, although the securities are included in Financial instruments owned – Mortgage- and asset-backed securities. To the extent the securities purchased through these market-marking activities meet specific thresholds and we are not deemed to be the primary beneficiary of the variable interest entity, these securities are included in agency and non-agency mortgage- and asset-backed securitizations in the nonconsolidated variable interest entities table presented in Note 11, Variable Interest Entities.
	The following tables summarize our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment (in millions):


			Successor
			As of August 31, 2013
	Securitization Type		Total Assets			Retained
	Securitization Type		Total Assets			Interests

	U.S. government agency residential mortgage-backed securities		$	7,056.50		$	362.8	(1)
	U.S. government agency commercial mortgage-backed securities			2,263.30			102.3	(1)
	Collateralized loan obligations			1,191.50	(2)		13.8	(2)

	-1	A portion of these securities have been subsequently sold in secondary-market transactions to third parties. As of September 23, 2013, we continue to hold approximately $285.0 million and $91.0 million of these Residential mortgage-backed securities and Commercial mortgage-backed securities, respectively, in inventory.
	-2	Total assets include assets transferred by unrelated transferors. Retained interests at September 23, 2013 was $9.3 million.


			Predecessor
			As of November 30, 2012
	Securitization Type		Total Assets			Retained
	Securitization Type		Total Assets			Interests

	U.S. government agency residential mortgage-backed securities		$	3,791.50		$	335.2	(1)
	U.S. government agency commercial mortgage-backed securities			2,193.40			28.9	(1)

	-1	A significant portion of these securities have been subsequently sold in secondary-market transactions to third parties. As of September 23, 2013, we continue to hold approximately $57.9 million and $13.0 million of these Residential mortgage-backed securities and Commercial mortgage-backed securities, respectively, in inventory.
	We do not have any derivative contracts executed in connection with these securitization activities. Total assets represent the unpaid principal amount of assets in the SPEs in which we have continuing involvement and are presented solely to provide information regarding the size of the transaction and the size of the underlying assets supporting our retained interests, and are not considered representative of the risk of potential loss. Assets retained in connection with a securitization transaction represent the fair value of the securities of one or more tranches issued by an SPE, including senior and subordinated tranches. Our risk of loss is limited to this fair value amount which is included within total Financial instruments owned – Mortgage- and asset-backed securities on our Consolidated Statements of Financial Condition.

Variable_Interest_Entities

Variable Interest Entities	9 Months Ended
Variable Interest Entities	Aug. 31, 2013
Text Block [Abstract]
Variable Interest Entities	Note 11.	Variable Interest Entities
	Variable interest entities (“VIEs”) are entities in which equity investors lack the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. VIEs are consolidated by the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a variable interest entity that most significantly impact the entity’s economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity.

	We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires significant judgment. In determining whether we are the party with the power to direct the VIE’s most significant activities, we first identify the activities of the VIE that most significantly impact its economic performance. Our considerations in determining the VIE’s most significant activities primarily include, but are not limited to, the VIE’s purpose and design and the risks passed through to investors. We then assess whether we have the power to direct those significant activities. Our considerations in determining whether we have the power to direct the VIE’s most significant activities include, but are not limited to, voting interests of the VIE, management, service and/or other agreements of the VIE, involvement in the VIE’s initial design and the existence of explicit or implicit financial guarantees. In situations where we have determined that the power over the VIE’s most significant activities is shared, we assess whether we are the party with the power over the majority of the significant activities. If we are the party with the power over the majority of the significant activities, we meet the “power” criteria of the primary beneficiary. If we do not have the power over a majority of the significant activities or we determine that decisions require consent of each sharing party, we do not meet the “power” criteria of the primary beneficiary.
	We assess our variable interests in a VIE both individually and in aggregate to determine whether we have an obligation to absorb losses of or a right to receive benefits from the VIE that could potentially be significant to the VIE. The determination of whether our variable interest is significant to the VIE requires significant judgment. In determining the significance of our variable interest, we consider the terms, characteristics and size of the variable interests, the design and characteristics of the VIE, our involvement in the VIE and our market-making activities related to the variable interests. Our variable interests in VIEs include debt and equity interests, commitments and certain fees. Our involvement with VIEs arises primarily from:

		•		Purchases of mortgage-backed securities and collateralized debt and loan obligations in connection with our trading and secondary market making activities,

		•		Retained interests held as a result of securitization activities as part of primary market making activities, including the resecuritizations of mortgage-backed securities and the securitization of corporate loans,

		•		Financing of agency and non-agency mortgage-securities through financing vehicles utilizing master repurchase agreements,

		•		Prior to the merger of Jefferies High Yield Holdings, LLC with Jefferies on April 1, 2013, ownership of debt, equity and partnership interests in Jefferies High Yield Holdings, LLC and related entities,

		•		Management and performance fees in the Jefferies Umbrella Fund, and

		•		Loans to and investments in investment fund vehicles.

	Consolidated VIEs
	The following table presents information about the assets and liabilities of our consolidated VIEs, which are presented within our Consolidated Statements of Financial Condition in the respective asset and liability categories, as of August 31, 2013 and November 30, 2012. The assets and liabilities in the tables below are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation. We have aggregated our consolidated VIEs based upon principal business activity.


			Successor								Predecessor
	(in millions)		31-Aug-13								30-Nov-12
			High Yield			Securitization			Other		High Yield		Securitization		Other
			High Yield			Vehicles			Other		High Yield		Vehicles		Other

	Cash		$	43.8		$	—		$	0.2	$	388.1	$	—	$	0.2
	Financial instruments owned			—			108.7			0.5		894.2		10		0.5
	Securities borrowed			—			—			—		372.1		—		—
	Securities purchased under agreement to resell (3)			—			195.1			—		—		60		—
	Receivable from brokers and dealers			—			—			—		264.5		—		—
	Other			—			—			—		11.4		—		—

			$	43.8		$	303.8		$	0.7	$	1,930.30	$	70	$	0.7


	Financial instruments sold, not yet purchased		$	—		$	—		$	—	$	526.1	$	—	$	—
	Securities loaned			—			—			—		112		—		—
	Payable to brokers and dealers			—			—			—		201.2		—		—
	Mandatorily redeemable interests (1)			—			—			—		1,076.00		—		—
	Redemption payable			40.8			—			—		—		—		—
	Other secured financings (2)			—			303.7			—		—		70		—
	Other			2.9			—			0.2		15		—		0.2

			$	43.7		$	303.7		$	0.2	$	1,930.30	$	70	$	0.2


	-1	After consolidation, which eliminates our interests and the interests of our consolidated subsidiaries, JSOP and JESOP, the carrying amount of the mandatorily redeemable financial interests pertaining to the above VIEs included within Mandatorily redeemable preferred interests of consolidated subsidiaries was approximately $348.1 million at November 30, 2012. These amounts represent the portion of the mandatorily redeemable preferred interests held by our joint venture partner.
	-2	Approximately $75.7 million and $7.7 million of the secured financing represents an amount held by us in inventory and eliminated in consolidation at August 31, 2013 and November 30, 2012, respectively.
	-3	Securities purchased under agreement to resell represent an amount due under a collateralized transaction on a related consolidated entity, which is eliminated in consolidation.
	High Yield. We have historically conducted our high yield secondary market trading activities through Jefferies High Yield Trading, LLC (“JHYT”) and Jefferies Leveraged Credit Products, LLC (“JLCP”). JHYT was a registered broker-dealer engaged in the secondary sales and trading of high yield and special situation securities, including bank debt, post-reorganization equity, public and private equity, equity derivatives and other financial instruments. JHYT made markets in high yield and distressed securities and provided research coverage on these types of securities. JLCP was engaged in the trading of bank debt, credit default swaps and trade claims. JHYT and JLCP were wholly owned subsidiaries of JHYH. As of November 30, 2012, we owned voting and non-voting interests in JHYH and had entered into management, clearing, and other services agreements with JHYH. We and Leucadia each had the right to nominate two of a total of four directors to JHYH’s board of directors. Further, two funds managed by us, JSOP and JESOP, were also investors in JHYH. We determined that JHYH, JSOP and JESOP met the definition of a variable interest entity and, as the primary beneficiary of JHYH, JSOP and JESOP, consolidated JHYH (and the assets, liabilities and results of operations of its wholly owned subsidiaries JHYT and JLCP), JSOP and JESOP. At November 30, 2012, the carrying amount of our variable interest was $389.4 million, which consists of our debt, equity and partnership interests in JHYH, JSOP and JESOP, which were eliminated in consolidation.
	On April 1, 2013, we merged JHYH and JHYT into Jefferies with Jefferies as the surviving entity. In addition, JLCP became a wholly-owned subsidiary of Jefferies Group LLC. Accordingly, the high yield entities that were consolidated VIEs no longer exist at August 31, 2013. See Note 17, Noncontrolling Interests and Mandatorily Redeemable Preferred Interests of Consolidated Subsidiaries for further discussion of JSOP, JESOP and the mandatorily redeemable interests in JHYH.
	Effective March 1, 2013, we deconsolidated JSOP and JESOP following their liquidation and dissolution and we redeemed third party interest in JSOP and JESOP for cash of $347.6 million (after giving effect to redemption of their respective interests in JHYH for cash, equal to the valuation of JHYH as of February 28, 2013). A portion of the redemption is still to be remitted to third party interests and are held in liquidating trusts, which we consider to be VIEs, and are recognized as redemptions payable and included within Accrued expenses and other liabilities on our Consolidated Statement of Financial Condition. There was no gain or loss recognized on the deconsolidation of JSOP and JESOP.
	Securitization Vehicles. We are the primary beneficiary of securitization vehicles to which we transferred loans and may retain servicing rights over the loans as well as retain a portion of the securities issued by the securitization vehicles. Our variable interests in these vehicles consist of the securities and a contractual servicing fee. The asset of these VIEs consists of project and corporate loans, which is available for the benefit of the vehicles’ beneficial interest holders. The creditors of these VIEs do not have recourse to our general credit.
	We are also the primary beneficiary of mortgage-backed financing vehicles to which we sell agency and non-agency residential and commercial mortgage-backed securities pursuant to the terms of a master repurchase agreement. We manage the assets within these vehicles. Our variable interests in these vehicles consist of our collateral margin maintenance obligations under the master repurchase agreement. The assets of these VIEs consist of reverse repurchase agreements, which are available for the benefit of the vehicle’s debt holders. The creditors of these VIEs do not have recourse to our general credit.
	Other. We are the primary beneficiary of certain investment vehicles set up for the benefit of our employees. We manage and invest alongside our employees in these vehicles. The assets of these VIEs consist of private equity securities, and are available for the benefit of the entities’ equity holders. Our variable interests in these vehicles consist of equity securities. The creditors of these VIEs do not have recourse to our general credit.
	Nonconsolidated VIEs
	We also hold variable interests in VIEs in which we are not the primary beneficiary and do not have the power to direct the activities that most significantly impact their economic performance and, accordingly, do not consolidate. We have not provided financial or other support to these VIEs during the Successor period three and six months ended August 31, 2013, and Predecessor periods three months ended February 28, 2013 and year ended November 30, 2012. We have no explicit or implicit arrangements to provide additional financial support to these VIEs and have no liabilities related to these VIEs at August 31, 2013 and November 30, 2012.

	The following tables present information about nonconsolidated VIEs in which we had variable interests aggregated by principal business activity. The tables include VIEs where we have determined that the maximum exposure to loss is greater than specific thresholds or meets certain other criteria.


			Successor
		31-Aug-13
		Variable Interests
(in millions)		Financial Statement			Maximum			VIE Assets
(in millions)		Carrying Amount			exposure to loss			VIE Assets

Collateralized loan obligations		$	17.8	⁽²⁾	$	17.8	⁽⁴⁾	$	1,784.50
Agency mortgage- and asset-backed securitizations (1)			1,122.40	⁽²⁾		1,122.40	⁽⁴⁾		5,397.10
Non-agency mortgage- and asset-backed securitizations (1)			647	⁽²⁾		647	⁽⁴⁾		69,737.10
Asset management vehicle			3.1	⁽³⁾		3.1	⁽⁴⁾		377.4
Private equity vehicles			51.9	⁽³⁾		89.9			92.4

Total		$	1,842.20		$	1,880.20		$	77,388.50


-1	VIE assets represent the unpaid principal balance of the assets in these vehicles at August 31, 2013 and represent the underlying assets that provide the cash flows supporting our variable interests.
-2	Consists of debt securities accounted for at fair value, which are included within Financial instruments owned.
-3	Consists of equity interests and loans, which are included within Investments in managed funds and Loans to and investments in related parties.
-4	Our maximum exposure to loss in these non-consolidated VIEs is limited to our investment, which is represented by the financial statement carrying amount of our purchased or retained interests.


		Predecessor
		30-Nov-12
		Variable Interests
(in millions)		Financial Statement			Maximum			VIE Assets
(in millions)		Carrying Amount			exposure to loss			VIE Assets

Collateralized loan obligations		$	5.3	⁽²⁾	$	5.3	⁽⁴⁾	$	499.7
Agency mortgage- and asset-backed securitizations (1)			1,579.10	⁽²⁾		1,579.10	⁽⁴⁾		6,396.60
Non-agency mortgage- and asset-backed securitizations (1)			814.1	⁽²⁾		814.1	⁽⁴⁾		54,436.20
Asset management vehicle			3	⁽³⁾		3	⁽⁴⁾		505.3
Private equity vehicles			55	⁽³⁾		107.7			82.1

Total		$	2,456.50		$	2,509.20		$	61,919.90


-1	VIE assets represent the unpaid principal balance of the assets in these vehicles at November 30, 2012 and represent the underlying assets that provide the cash flows supporting our variable interests.
-2	Consists of debt securities accounted for at fair value, which are included within Financial instruments owned.
-3	Consists of equity interests and loans, which are included within Investments in managed funds and Loans to and investments in related parties.
-4	Our maximum exposure to loss in these non-consolidated VIEs is limited to our investment, which is represented by the financial statement carrying amount of our purchased or retained interests.
Collateralized Loan Obligations. We acted as transferor and underwriter in several collateralized loan obligation (“CLOs”) transactions during the period and retained securities representing variable interests in the CLOs. Assets collateralizing the CLOs include bank loans, participation interests and sub-investment grade and senior secured U.S. loans. In addition, we own variable interests in CLOs previously managed by us. These CLOs represent interests in assets consisting primarily of senior secured loans, unsecured loans and high yield bonds. Our exposure to loss from these entities is limited to our investments in the debt securities held. Regarding the CLOs previously managed by us, our variable interests consists of debt securities (with a fair value of $3.9 million and $5.3 million at August 31, 2013 and November 30, 2012, respectively) and a right to a portion of the CLOs’ management and incentive fees. Management and incentives fees are accrued as the amounts become realizable.
Mortgage- and Asset-Backed Vehicles. In connection with our trading and market making activities, we buy and sell mortgage- and asset-backed securities. Mortgage- and asset-backed securities issued by securitization entities are generally considered variable interests in VIEs. A substantial portion of our variable interests in mortgage- and asset-backed VIEs are sponsored by unrelated third parties. The variable interests consist entirely of mortgage- and asset-backed securities and are accounted for at fair value and included in Financial instruments owned on our Consolidated Statements of Financial Condition. In addition to the agency mortgage- and asset-backed securities of $1,122.4 million, non-agency mortgage- and asset-backed securities of $647.0 million and collateralized loan obligations of $17.8 million at August 31, 2013 presented in the above table, we owned additional securities issued by securitization SPEs for which the maximum exposure to loss is less than specific thresholds. These additional securities were acquired in connection with our secondary market making activities and our securitization activities. Total securities issued by securitization SPEs at August 31, 2013 consist of the following (in millions):


		Nonagency			Agency			Total
Variable interests in collateralized loan obligations		$	17.8		$	—		$	17.8
Variable interests in agency mortgage- and asset-backed securitizations			—			1,122.40			1,122.40
Variable interests in nonagency mortgage- and asset-backed securitizations			647			—			647
Additional securities in connection with trading and market making activities:
Residential mortgage-backed securities			47.9			1,692.40			1,740.30
Commercial mortgage-backed securities			38.7			505.3			544
Collateralized debt obligations			25			—			25
Other asset-backed securities			30.2			—			30.2

Total mortgage- and asset-backed securities on the Consolidated Statement of Financial Condition		$	806.6		$	3,320.10		$	4,126.70

Asset Management Vehicle. We manage the Jefferies Umbrella Fund, an “umbrella structure” company that enables investors to choose between one or more investment objectives by investing in one or more sub-funds within the same structure. The assets of the Jefferies Umbrella Fund primarily consist of convertible bonds. Accounting changes to consolidation standards under generally accepted accounting principles have been deferred for entities that are considered to be investment companies; accordingly, consolidation continues to be determined under a risk and reward model. The Jefferies Umbrella Fund is subject to the deferral guidance and we are not the primary beneficiary as of August 31, 2013 and November 30, 2012 under the risk and reward model. Our variable interests in the Jefferies Umbrella Fund consist of equity interests, management fees and performance fees.
Private Equity Vehicles. On July 26, 2010, we committed to invest equity of up to $75.0 million in Jefferies SBI USA Fund L.P. (the “SBI USA Fund”). As of August 31, 2013 and November 30, 2012, we funded approximately $41.2 million and $27.1 million, respectively, of our commitment. The carrying amount of our equity investment was $32.6 million and $20.8 million at August 31, 2013 and November 30, 2012, respectively. Our exposure to loss is limited to our equity commitment. The SBI USA Fund has assets consisting primarily of private equity and equity related investments.
We have variable interests in Jefferies Employees Partners IV, LLC (“JEP IV”) consisting of an equity investment and a loan commitment up to an aggregate principal amount of $21.6 million. The carrying amount of our equity investment was $1.8 million and $1.5 million at August 31, 2013 and November 30, 2012, respectively. As of August 31, 2013 and November 30, 2012, we funded approximately $17.4 million and $32.7 million, respectively, of the aggregate principal balance, which is included in Loans to and investments in related parties. Our exposure to loss is limited to our equity investment and the aggregate amount of our loan commitment. JEP IV has assets consisting primarily of private equity and equity related investments.

Investments

Investments	9 Months Ended
	Aug. 31, 2013
Investments Schedule [Abstract]
Investments	Note 12.	Investments
	We have investments in Jefferies Finance, LLC (“Jefferies Finance”), Jefferies LoanCore LLC (“Jefferies LoanCore”) and Knight Capital Group, Inc. (“Knight Capital”). Our investment in Knight Capital is accounted for at fair value by electing the fair value option available under U.S. GAAP and is included in Financial instruments owned, at fair value – Corporate equity securities on the Consolidated Statement of Financial Condition with changes in fair value recognized in Principal transaction revenues on the Consolidated Statement of Earnings. Our investments in Jefferies Finance and Jefferies LoanCore are accounted for under the equity method and are included in Loans to and investments in related parties on the Consolidated Statements of Financial Condition with our share of the investees’ earnings recognized in Other revenues in the Consolidated Statements of Earnings.
	Jefferies Finance
	On October 7, 2004, we entered into an agreement with Babson Capital Management LLC (“Babson Capital”) and Massachusetts Mutual Life Insurance Company (“MassMutual”) to form Jefferies Finance, a joint venture entity. Jefferies Finance is a commercial finance company whose primary focus is the origination and syndication of senior secured debt to middle market and growth companies in the form of term and revolving loans. Loans are originated primarily through the investment banking efforts of Jefferies, with Babson Capital providing primary credit analytics and portfolio management services. Jefferies Finance can also originate other debt products such as second lien term, bridge and mezzanine loans, as well as related equity co-investments. Jefferies Finance also purchases syndicated loans in the secondary market, including loans that are performing, stressed and distressed loan obligations.
	As of August 31, 2013, we and MassMutual each have equity commitments to Jefferies Finance of $600.0 million for total committed equity capital to Jefferies Finance of $1.2 billion. As of August 31, 2013, we have funded $314.6 million of our aggregate $600.0 million commitment, leaving $285.4 million unfunded. The investment commitment is scheduled to mature on March 1, 2016 with automatic one year extensions subject to a 60 day termination notice by either party.
	Jefferies Finance has executed a Secured Revolving Credit Facility with us and MassMutual, to be funded equally, to support loan underwritings by Jefferies Finance. The Secured Revolving Credit Facility bears interest based on the interest rates of the related Jefferies Finance underwritten loans and is secured by the underlying loans funded by the proceeds of the facility. The total committed Secured Revolving Credit Facility is $700.0 million. The facility is scheduled to mature on March 1, 2016 with automatic one year extensions subject to a 60 day termination notice by either party. At August 31, 2013, we have not funded any of our $350.0 million commitment. During the three and six months ended August 31, 2013 and three months ended February 28, 2013, $0.4 million, $0.8 million and $4.1 million of interest income and $0.4 million, $0.8 million and $0.3 million of unfunded commitment fees, respectively, are included in the Consolidated Statement of Earnings related to the Secured Revolving Credit Facility. During the three and nine months ended August 31, 2012, we earned interest income of $2.3 million and $5.7 million and unfunded commitment fees of $0.5 million and $1.4 million, respectively.
	The following is a summary of selected financial information for Jefferies Finance as of August 31, 2013 and November 30, 2012 (in millions):


			August 31,		November 30,
			2013		2012

	Total assets		$	2,643.00	$	1,730.40
	Total liabilities			2,013.40		1,188.20
	Total equity			629.6		542.2
	Our total equity balance			314.8		271.1
	The net earnings of Jefferies Finance were $30.4 million and $87.4 million for the three and nine months ended August 31, 2013, respectively and $34.2 million and $91.8 million for the three and nine months ended August 31, 2012, respectively.

	We engage in debt capital markets transactions with Jefferies Finance related to the originations of loans by Jefferies Finance. In connection with such transactions, we earned net underwriting fees of $35.2 million and $70.4 million during the three and six months ended August 31, 2013, $31.0 million during the three months ended February 28, 2013 and $29.3 million and $85.2 million during the three and nine months ended August 31, 2012, respectively. In addition, in relation to these transactions, we paid fees to Jefferies Finance of $1.6 million and $7.9 million during the three and six months ended August 31, 2013, $0.8 million during the three months ended February 28, 2013, and $1.0 million and $7.2 million during the three and nine months ended August 31, 2012, respectively, recognized within Business development expenses on the Consolidated Statements of Earnings.
	Under a service agreement, we charged Jefferies Finance $4.1 million and $9.5 million for certain administrative services for the three and six months ended August 31, 2013, $15.7 million during the three months ended February 28, 2013, and $3.6 million and $21.4 million for the three and nine months ended August 31, 2012, respectively. Receivables from Jefferies Finance, included within Other assets on the Consolidated Statements of Financial Condition, were $17.9 million and $32.1 million at August 31, 2013 and November 30, 2012, respectively.
	Jefferies LoanCore
	On February 23, 2011, we entered into a joint venture agreement with the Government of Singapore Investment Corporation and LoanCore, LLC and formed Jefferies LoanCore, a commercial real estate finance company. Jefferies LoanCore originates and purchases commercial real estate loans throughout the United States with the support of the investment banking and securitization capabilities of Jefferies and the real estate and mortgage investment expertise of the Government of Singapore Investment Corporation and LoanCore, LLC. Jefferies LoanCore has aggregate equity commitments of $600.0 million. As of August 31, 2013 and November 30, 2012, we have funded $174.8 million and $110.0 million, respectively, of our $291.0 million equity commitment and have a 48.5% voting interest in Jefferies LoanCore.
	The following is a summary of selected financial information for Jefferies LoanCore as of August 31, 2013 and November 30, 2012 (in millions):


			August 31,		November 30,
			2013		2012

	Total assets		$	1,048.20	$	372
	Total liabilities			594.1		98.4
	Total equity			454.1		273.6
	Our total equity balance			220.2		132.7
	The net earnings of Jefferies LoanCore were $16.7 million and $65.8 million for the three and nine months ended August 31, 2013, respectively, and $5.5 million and $50.1 million for the three and nine months ended August 31, 2012, respectively.
	Under a service agreement, we charged Jefferies LoanCore $0.1 million and $0.2 million for administrative services for the three and six months ended August 31, 2013, $0.6 million for the three months ended February 28, 2013 and $0.1 million and $0.4 million for the three and nine months ended August 31, 2012, respectively. Receivables from Jefferies LoanCore, included within Other assets on the Consolidated Statements of Financial Condition, were $31,000 and $37,000, at August 31, 2013 and November 30, 2012, respectively.
	Jefferies LoanCore enters into derivative transactions with us to hedge its loan portfolio. As of August 31, 2013, the aggregate net fair value of derivative transactions outstanding with Jefferies LoanCore was $0.6 million and is included within Financial instruments owned on the Consolidated Statement of Financial Condition. On derivative transactions with Jefferies LoanCore, we recognized a net loss of $3.8 million and a net gain of $3.2 million during the Successor period three and six months ended August 31, 2013, respectively, and during the Predecessor periods a net gain of $0.2 million during the three months ended February 28, 2013, and a net gain of $1.1 million and $20.9 million during the three and nine months ended August 31, 2012, respectively, which are included in Principal transactions revenue on the Consolidated Statements of Earnings.
	Knight Capital
	On August 6, 2012, we entered into a Securities Purchase Agreement with Knight Capital, a publicly-traded global financial services firm, (“the Agreement”). Under the Agreement, we purchased preferred stock in exchange for cash consideration of $125.0 million. The preferred stock consisted of 24,876 shares of Series A-1 Cumulative Perpetual Convertible Preferred Stock (“Series A-1 Shares”) and 100,124 shares of Series A-2 Non-voting Cumulative Perpetual Convertible Preferred Stock (“Series A-2 Shares”) (collectively the “Series A Securities”). Each Series A-1 Share is convertible into shares of common stock at the conversion rate of 666.667 shares of common stock. Each Series A-2 Share is convertible into one Series A-1 Share. On August 29, 2012, we exercised our conversion options and converted our holding of Series A Securities to common stock of Knight Capital. On July 1, 2013, Knight Capital Group, Inc. merged with GETCO Holding Company, LLC (the merged company referred to as “KCG Holdings, Inc.”). In connection with the consummation of the merger, we received cash consideration of $3.75 per share, or approximately $192.0 million, with respect to approximately 63% of our holdings in Knight Capital Group, Inc. and stock consideration of one third of a share of KCG Holdings, Inc. common stock for each share of Knight Capital common stock for the remainder of our holdings. As of August 31, 2013, we owned approximately 9.1% of the outstanding common stock of KCG Holdings, Inc.
	We elected to record our investment in KCG Holdings, Inc. at fair value under the fair value option as the investment was acquired as part of our capital markets activities. The valuation of our investment at August 31, 2013 is based on the closing exchange price of KCG Holdings, Inc.’s common stock and included within Level 1 of the fair value hierarchy. Changes in the fair value of our investment of $(16.0) million and $(21.7) million for the three and six months ended August 31, 2013, $26.5 million for three months ended February 28, 2013, and $103.3 million for the three and nine months ended August 31, 2012, are recognized in Revenues – Principal transactions on the Consolidated Statement of Earnings.
	The following is a summary of selected financial information for Knight Capital as of June 30, 2013 and December 31, 2012, the most recently available public financial information for the company (in millions):


			June 30,		December 31,
			2013		2012

	Total assets		$	11,433.00	$	9,778.40
	Total liabilities			9,951.30		8,295.90
	Total equity and convertible preferred stock			1,481.70		1,482.50
	For the three and six months ended June 30, 2013, Knight Capital reported a net loss of $30.8 million and $40.2 million, respectively.
	We have separately entered into securities lending transactions with KCG Holdings, Inc. in the normal course of our capital markets activities. At August 31, 2013, the balances of securities borrowed and securities loaned were $6.2 million and $30.6 million, respectively. During the current quarter we earned a fee of $10.0 million in connection with a $535.0 million senior secured credit agreement provided by Jefferies Finance in connection with financing the merger of Knight Capital Group, Inc. and GETCO Holding Company, LLC announced on July 1, 2013.

Goodwill_and_Other_Intangible_

Goodwill and Other Intangible Assets	9 Months Ended
Goodwill and Other Intangible Assets	Aug. 31, 2013
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Note 13.	Goodwill and Other Intangible Assets
	In connection with the Merger Transaction, goodwill of $1.7 billion was recorded on March 1, 2013. In addition, as of March 1, 2013, certain existing intangible assets and new intangible assets were identified and recorded at their fair values. See Note 4, Leucadia Merger and Related Transactions for further information.
	Goodwill
	The following table presents goodwill resulting from the Merger Transaction attributed to our reportable segments:


			August 31, 2013
	Capital Markets		$	1,707,315
	Asset Management			10,800

	Total goodwill		$	1,718,115

	The following table is a summary of the changes to goodwill for the three and six months ended August 31, 2013, three months ended February 28, 2013 and twelve months ended November 30, 2012 (in thousands):


			Successor									Predecessor
			Three Months Ended			Six Months Ended						Three Months Ended				Twelve Months Ended
			31-Aug-13			31-Aug-13						28-Feb-13				30-Nov-12

	Balance, at beginning of period		$	1,713,776		$	1,715,986	(2)				$	365,670			$	365,574
	Add: Contingent consideration			—			—						2,394				—
	Add: Translation adjustments			4,339			2,129						-1,287				96

	Balance, at end of period		$	1,718,115		$	1,718,115					$	366,777	(1)		$	365,670


	-1	Predecessor Company goodwill as of February 28, 2013 was reduced to $-0- as of March 1, 2013, as a result of purchase accounting adjustments.
	-2	The balance of goodwill as March 1, 2013 has been adjusted from the prior presentation in our Quarterly Report on Form 10-Q for the three months ended May 31, 2013 based on refinements to the purchase price allocation for additional information obtained regarding the fair values of the assets acquired and liabilities assumed. See Note 4, Leucadia Merger and Related Transactions for further information.
	Contingent consideration recorded during the three months ended February 28, 2013 relates to the lapse of certain conditions as specified in the purchase agreements associated with an acquisition in 2007.
	Goodwill Impairment Testing
	Goodwill associated with the merger is allocated to related reporting units, which are determined based on financial information provided to management in connection with its management of the businesses. A reporting unit is an operating segment or one level below an operating segment. As part of the push down of the acquisition method of accounting for the Merger Transaction and the resulting creation of a new Successor reporting entity, our annual goodwill impairment testing date is designated as August 1. Prior to the merger, our annual goodwill impairment test date was June 1.
	The quantitative goodwill impairment test is performed at the level of the reporting unit and consists of two steps. In the first step, the fair value of each reporting unit is compared with its carrying value, including goodwill and allocated intangible assets. If the fair value is in excess of the carrying value, the goodwill for the reporting unit is considered not to be impaired. If the fair value is less than the carrying value, then a second step is performed in order to measure the amount of the impairment loss, if any, which is based on comparing the implied fair value of the reporting unit’s goodwill to the fair value of the net assets of the reporting unit.
	Allocated equity plus goodwill and allocated intangible assets are used as a proxy for the carrying amount of each reporting unit. The amount of equity allocated to a reporting unit is based on our cash capital model deployed in managing our businesses, which seeks to approximate the capital a business would require if it were operating independently. Intangible assets are allocated to a reporting unit based on either specifically identifying a particular intangible asset as pertaining to a reporting unit or, if shared among reporting units, based on an assessment of the reporting unit’s benefit from the intangible asset in order to generate results.
	Estimating the fair value of a reporting unit requires management judgment. Estimated fair values for our reporting units were determined using a market valuation method that incorporate price-to-earnings and price-to-book multiples of comparable public companies and, for certain reporting units, a net asset value method. In addition, as the fair values determined under the market approach represent a noncontrolling interest, we applied a control premium to arrive at the estimated fair value of each reporting unit on a controlling basis. We engaged an independent valuation specialist to assist us in our valuation process as of August 1, 2013.
	Our annual goodwill impairment testing as of August 1, 2013 did not indicate any goodwill impairment in any of our reporting units. Substantially all of our goodwill is allocated to our Investment Banking, Equities and Fixed Income reporting units for which the results of our assessment indicated that these reporting units had a fair value substantially in excess of their carrying amounts based on current projections. Goodwill allocated to these reporting units is $1,655.4 million of total goodwill of $1,718.1 million at August 31, 2013. For the remaining less significant reporting units, which contain approximately 3.6% of our total goodwill, we have used a net asset approach for valuation and the fair value of each of the reporting units is equal to its book value.
	Intangible Assets
	The following tables present the gross carrying amount, accumulated amortization, net carrying amount and weighted average amortization period of identifiable intangible assets as of August 31, 2013 and November 30, 2012 (in thousands):


			Successor
			31-Aug-13
			Gross cost			Impairment				Accumulated				Net carrying				Weighted
						losses				amortization				amount				average
																		remaining
																		lives (years)
	Customer relationships		$	136,311		$	—			$	(11,711	)		$	124,600				14.6
	Trade name			131,609			—				(1,876	)			129,733				34.5
	Exchange and clearing organization membership interests and registrations			15,492			(378	)			—				15,114				N/A

			$	283,412		$	(378	)		$	(13,587	)		$	269,447



			Predecessor
			30-Nov-12
			Gross cost			Impairment				Accumulated				Net carrying				Weighted
						losses				amortization				amount				average
																		remaining
																		lives (years)
	Customer relationships		$	10,542		$	—			$	(4,107	)			6,435				7.9
	Trade name			1,680			—				(1,287	)			393				3.5
	Other			100			—				(15	)			85				12.8
	Exchange and clearing organization membership interests and registrations			11,219			(2,873	)			—			$	8,346				N/A

		$	23,541		$	(2,873	)		$	(5,409	)		$	15,259


We performed our annual impairment testing of intangible assets with an indefinite useful, which consists of exchange and clearing organization membership interests and registrations, as of August 1. We elected to perform a quantitative assessment of membership interests and registrations that have available quoted sales prices, and a qualitative assessment of the remainder of our intangible assets. In applying our quantitative assessment, we recognized an impairment loss of $378,000 on certain exchange memberships based on a decline in fair value at August 1, 2013 as observed based on quoted sales prices. With regard to our qualitative assessment of the remaining indefinite-life intangible assets, based on our assessment of market conditions, the utilization of the assets and the replacement costs associated with the assets since the most recent valuation date of March 1, 2013 as part of acquisition accounting, we have concluded that it is not more likely than not that the intangible assets are impaired. Prior to our merger with Leucadia, our annual impairment testing date was June 1.
During the second fiscal quarter of 2012, as a result of a significant decline in the fair value of our exchange and clearing organization membership interests and registrations we recognized an impairment loss of $2.9 million. Fair values were based on prices of public sales which had declined over the past year.
For intangible assets with a finite life, aggregate amortization expense amounted to $7.2 million and $14.0 million for the three and six months ended August 31, 2013 (Successor period), and for the Predecessor periods $0.4 million for the three months ended February 28, 2013 and $0.6 million and $1.7 million for the three and nine months ended August 31, 2012, respectively, which is included in Other expenses on the Consolidated Statements of Earnings.
Estimated future amortization expense for the next five fiscal years are as follows (in thousands):


Fiscal year		Estimated future
Fiscal year		amortization expense

Remainder of 2013		$	6,767
2014			12,668
2015			12,668
2016			12,668
2017			12,668
Mortgage Servicing Rights
On November 30, 2012, (Predecessor period), we sold substantially all of our mortgage servicing rights for military housing for approximately $30.9 million; and on May 20, 2013 (Successor period), we sold the remaining servicing rights for $2.0 million.
Mortgage servicing rights for military housing mortgage loans were accounted for as an intangible asset and included within Other assets in the Consolidated Statements of Financial Condition. The mortgage servicing rights were amortized over the period of the estimated net servicing income, which is reported in Other revenues in the Consolidated Statements of Earnings. We provided no credit support in connection with the servicing of these loans and were not required to make servicing advances on the loans in the underlying portfolios. We determined that the servicing rights represented one class of servicing rights based on the availability of market inputs to measure the fair value of the asset and our treatment of the asset as one aggregate pool for risk management purposes. We earned no fees related to these servicing rights during the three months ended August 31, 2013, $104,000 during the six months ended August 31, 2013, $114,000 during the three months ended February 28, 2013 and $0.9 million and $2.8 million during the three and nine months ended August 31, 2012, respectively.

The following presents the activity in the balance of these servicing rights for the three and six months ended August 31, 2013, three months ended February 28, 2013 and year ended November 30, 2012 (in thousands):


					Predecessor
		Six Months Ended			Three Months Ended				Twelve Months Ended
		31-Aug-13			28-Feb-13				30-Nov-12
Balance, beginning of period		$	2,000		$	805			$	8,202
Add: Acquisition			—			—				162
Less: Sales, net			(2,000	)		—				(6,959	)
Less: Pay down			—			—				(211	)
Less: Amortization			—			(10	)			(389	)

Balance, end of period		$	—		$	795			$	805

There was no activity during the three months ended August 31, 2013 as all servicing rights were sold as of May 20, 2013.

ShortTerm_Borrowings

Short-Term Borrowings	9 Months Ended
	Aug. 31, 2013
Debt Disclosure [Abstract]
Short-Term Borrowings	Note 14.	Short-Term Borrowings
	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 financial instruments owned or clearing related balances, but are not part of our systemic funding model. Bank loans at August 31, 2013 and November 30, 2012 totaled $50.0 million and $150.0 million, respectively, of which $100.0 million at November 30, 2012 is secured financing. At August 31, 2013, the interest rate on short-term borrowings outstanding is 1.07%. Average daily bank loans outstanding for the six months ended August 31, 2013, three months ended February 28, 2013 and year ended November 30, 2012 are $34.0 million, $110.0 million and $66.4 million, respectively.

LongTerm_Debt

Long-Term Debt	9 Months Ended
Long-Term Debt	Aug. 31, 2013
Debt Disclosure [Abstract]
Long-Term Debt	Note 15.	Long-Term Debt
	In conjunction with pushdown accounting for the Merger Transaction with Leucadia on March 1, 2013, we recorded our long-term debt at its then current fair value of $6.1 billion, which included $536.5 million of excess of the fair value over the total principal amount of our debt at March 1, 2013, in aggregate. The premium is being amortized to interest expense using the effective yield method over the remaining lives of the underlying debt obligations. See Note 4, Leucadia Merger and Related Transactions for further information.

	The following summarizes our long-term debt carrying values (including unamortized discounts and premiums and valuation adjustment, where applicable) at August 31, 2013 and November 30, 2012 (in thousands):


			Successor		Predecessor
			August 31,		November 30,
			2013		2012
	Unsecured Long-Term Debt
			$	258,377	$	249,564
	5.875% Senior Notes, due June 8, 2014 (effective interest rate of 1.51%)		$	258,377	$	249,564
	3.875% Senior Notes, due November 9, 2015 (effective interest rate of 2.17%)			518,241		499,382
	5.5% Senior Notes, due March 15, 2016 (effective interest rate of 2.52%)			375,626		349,248
	5.125% Senior Notes, due April 13, 2018 (effective interest rate of 3.46%)			856,862		771,450
	8.5% Senior Notes, due July 15, 2019 (effective interest rate of 4.00%)			864,673		706,990
	6.875% Senior Notes, due April 15, 2021 (effective interest rate of 4.40%)			870,136		743,945
	2.25% Euro Medium Term Notes, due July 13, 2022 (effective rate of 3.82%)			4,647		3,708
	5.125% Senior Notes, due January 20, 2023 (effective interest rate of 4.55%)			626,188		—
	6.45% Senior Debentures, due June 8, 2027 (effective interest rate of 5.46%)			383,637		346,792
	3.875% Convertible Senior Debentures, due November 1, 2029 (effective interest rate of 3.50%) (1)			357,323		290,617
	6.25% Senior Debentures, due January 15, 2036 (effective interest rate of 6.03%)			513,415		492,904
	6.50% Senior Notes, due January 20, 2043 (effective interest rate of 6.09%)			422,314		—

			$	6,051,439	$	4,454,600

	Secured Long-Term Debt
	Credit facility, due August 26, 2014			295,000		350,007

			$	6,346,439	$	4,804,607


	-1	As a result of the Merger Transaction with Leucadia on March 1, 2013, the value of the 3.875% Convertible Senior debentures at August 31, 2013 includes the fair value of the conversion feature of $7.3 million. The change in fair value is included within Revenues – Principal transactions in the Consolidated Statement of Earnings and amounted to a gain of $16.3 million and $9.2 million for the three and six months ended August 31, 2013, respectively. The fair value of the embedded option at August 31, 2013 and the unrealized gain for the second quarter has been adjusted to reflect the retrospective adjustment to the valuation of the embedded option at the date of the merger and for the three months ended May 31, 2013. See Note 1, Organization and Basis of Presentation for further information.
	On January 15, 2013, we issued $1.0 billion in senior unsecured long-term debt, comprising 5.125% Senior Notes, due 2023 and 6.5% Senior Notes, due 2043. The 5.125% Senior Notes were issued with a principal amount of $600.0 million and we received proceeds of $595.6 million. The 6.5% Senior Notes were issued with a principal amount of $400.0 million and we received proceeds of $391.7 million.
	On July 13, 2012, under our Euro Medium Term Note Program (“EMTN Program”) we issued senior unsecured notes with a principal amount of €4.0 million which bear interest at 2.25% per annum and mature on July 13, 2022. Proceeds net of original issue discount amounted to €2.8 million.
	On April 19, 2012, we issued an additional $200.0 million aggregate principal amount of our 6.875% Senior Notes due April 15, 2021. Proceeds before underwriting discount and expenses amounted to $197.7 million. The total aggregate principal amount issued under this series of notes is $750.0 million.
	Our U.S. broker-dealer, from time to time, makes a market in our long-term debt securities (i.e., purchases and sells our long-term debt securities). During November and December 2011, there was extreme volatility in the price of our debt and a significant amount of secondary trading volume through our market-making desk. Given the volume of activity and significant price volatility, purchases and sales of our Senior Notes due 2018 and Convertible Senior Debentures due 2029 were treated as debt extinguishments and reissuances of debt, respectively. We recognized a gain of $9.9 million on debt extinguishment which is reported in Other revenues for the three months ended February 29, 2012. Discounts arose as a result of the repurchase and subsequent reissuance of our debt below par during November and December 2011 which was being amortized over the remaining life of the debt using the effective yield method. The unamortized balance of $30.9 million at February 28, 2013, was reduced to $-0- on March 1, 2013 by application of the acquisition method of accounting.

	In October 2009, we issued 3.875% convertible senior debentures due 2029 (the “debentures”) with an aggregate principal amount of $345.0 million. Upon completion of the Merger with Leucadia, the debentures remain issued and outstanding but are now convertible into common shares of Leucadia. Other than the conversion into Leucadia common shares, the terms of the debenture remain the same. Each $1,000 debenture is currently convertible into 21.922 shares of Leucadia’s common stock (equivalent to a conversion price of approximately $45.62 per share of Leucadia’s common stock). The debentures are convertible at the holders’ option any time beginning on August 1, 2029 and convertible at any time if: 1) Leucadia’s common stock price is greater than or equal to 130% of the conversion price for at least 20 trading days in a period of 30 consecutive trading days; 2) if the trading price per debenture is less than 95% of the price of the common stock times the conversion ratio for any 10 consecutive trading days; 3) if the debentures are called for redemption; or 4) upon the occurrence of specific corporate actions. The debentures may be redeemed for par, plus accrued interest, on or after November 1, 2012 if the price of Leucadia’s common stock is greater than 130% of the conversion price for at least 20 days in a period of 30 consecutive trading days and we may redeem the debentures for par, plus accrued interest, at our election any time on or after November 1, 2017. Holders may require us to repurchase the debentures for par, plus accrued interest, on November 1, 2017, 2019 and 2024. In addition to ordinary interest, commencing November 1, 2017, contingent interest will accrue at 0.375% if the average trading price of a debenture for 5 trading days ending on and including the third trading day immediately preceding a six-month interest period equals or exceed $1,200 per $1,000 debenture. As of the merger, the conversion option to Leucadia common shares embedded within the debentures meets the definition of a derivative contract, does not qualify to be accounted for within member’s equity and is not clearly and closely related to the economic interest rate or credit risk characteristics of our debt. Accordingly, as of March 1, 2013, the conversion option is accounted for on a standalone basis at fair value with changes in fair value recognized in Principal transaction revenues and is presented within Long-term debt on the Consolidated Statement of Financial Condition.
	Secured Long-Term Debt – On August 26, 2011, we entered into a committed senior secured revolving credit facility (“Credit Facility”) with a group of commercial banks in U.S. dollars, Euros and Sterling, in an aggregate committed amount of $950.0 million with availability subject to one or more borrowing bases and of which $250.0 million can be borrowed by Jefferies Bache Limited without a borrowing base requirement. The borrowers under the Credit Facility are Jefferies Bache Financial Services, Inc., Jefferies Bache, LLC and Jefferies Bache Limited. The Credit Facility is guaranteed by Jefferies Group LLC and contains certain financial covenants, including, but not limited to, restrictions on future indebtedness of our subsidiaries, requires Jefferies Group LLC and certain of our subsidiaries to maintain specified level of tangible net worth and liquidity amounts and to maintain specified levels of regulated capital. The Credit Facility terminates on August 26, 2014. Interest is based on, in the case of U.S. dollar borrowings, the Federal funds rate or the London Interbank Offered Rate or, in the case of Euro and Sterling borrowings, the Euro Interbank Offered Rate and the London Interbank Offered Rate, respectively. At August 31, 2013 and November 30, 2012, borrowings under the Credit Facility were denominated in U.S. dollar and we were in compliance with debt covenants under the Credit Facility.

Mandatorily_Redeemable_Convert

Mandatorily Redeemable Convertible Preferred Stock	9 Months Ended
	Aug. 31, 2013
Equity [Abstract]
Mandatorily Redeemable Convertible Preferred Stock	Note 16.	Mandatorily Redeemable Convertible Preferred Stock
	As of February 28, 2013 (Predecessor period), we had issued and outstanding 125,000 shares of 3.25% Series A Convertible Cumulative Preferred Stock, all of which were held by controlled affiliates of MassMutual. Dividends paid on the Series A Convertible Cumulative Preferred Stock were recorded as a component of Interest expense as the preferred stock is treated as debt for accounting purposes. For tax purposes, the dividend is not tax-deductible because the Series A Convertible Cumulative Preferred Stock are considered “equity”.
	On March 1, 2013, pursuant to the merger with Leucadia, the Series A Convertible Cumulative Preferred Stock was exchanged for a comparable series of convertible preferred shares of Leucadia. The assumption by Leucadia of our convertible cumulative preferred stock is considered part of the purchase price and resulted in an increase in member’s equity. See Note 4. Leucadia Merger and Related Transactions for further details.

Noncontrolling_Interests_and_M

Noncontrolling Interests and Mandatorily Redeemable Preferred Interests of Consolidated Subsidiaries	9 Months Ended
	Aug. 31, 2013
Noncontrolling Interest [Abstract]
Noncontrolling Interests and Mandatorily Redeemable Preferred Interests of Consolidated Subsidiaries	Note 17.	Noncontrolling Interests and Mandatorily Redeemable Preferred Interests of Consolidated Subsidiaries
	Noncontrolling Interests
	Noncontrolling interests represent equity interests in consolidated subsidiaries that are not attributable, either directly or indirectly, to us (i.e., minority interests). The following table presents noncontrolling interests at August 31, 2013 and November 30, 2012 (in thousands):


			Successor		Predecessor
			August 31,		November 30,
			2013		2012

	JSOP		$	—	$	303,178
	JESOP			—		35,239
	Other (1)			77,048		8,321


	Noncontrolling interests		$	77,048	$	346,738


	-1	Other includes asset management entities and investment vehicles set up for the benefit of our employees, and includes an investment by Leucadia in a consolidated asset management entity of $50.0 million at August 21, 2013.
	Noncontrolling ownership interests in consolidated subsidiaries are presented in the accompanying Consolidated Statement of Financial Condition within Equity as a component separate from Member’s equity. Net Earnings in the accompanying Consolidated Statements of Earnings includes earnings attributable to both our equity investor and the noncontrolling interests. There has been no other comprehensive income or loss attributed to noncontrolling interests for the three and six months ended August 31, 2013, three months ended February 28, 2013 and three and nine months ended August 31, 2012 because all other comprehensive income or loss is attributed to us. On March 1, 2013, ownership interests in JSOP and JESOP were redeemed at the carrying value of the interests as of February 28, 2013 and the entities dissolved at no gain or loss to us. Residual cash redemption payments are expected to be made in the fourth quarter of 2013.
	Mandatorily Redeemable Preferred Interests of Consolidated Subsidiaries
	Interests in consolidated subsidiaries that meet the definition of mandatorily redeemable financial instruments require liability classification and remeasurement at the estimated amount of cash that would be due and payable to settle such interests under the applicable entity’s organization agreement. On April 1, 2013, mandatorily redeemable financial instruments, representing Leucadia’s member’s equity interests held in Jefferies High Yield Holdings, LLC (“JHYH”), were redeemed and subsequently contributed back to us by Leucadia as additional equity in Jefferies Group LLC.
	Prior to redemption, the mandatorily redeemable financial instruments were entitled to a pro rata share of the profits and losses of JHYH and changes to these mandatorily redeemable financial instruments of JHYH reported in Net revenues and reflected as Interest on mandatorily redeemable preferred interests of consolidated subsidiaries on our Consolidated Statements of Earnings. The carrying amount of the Mandatorily redeemable preferred interests of consolidated subsidiaries was approximately $348.1 million at November 30, 2012.

Benefit_Plans

Benefit Plans	9 Months Ended
Benefit Plans	Aug. 31, 2013
Compensation And Retirement Disclosure [Abstract]
Benefit Plans	Note 18.	Benefit Plans
	U.S. Pension Plan
	We sponsor a defined benefit pension plan, Jefferies Group LLC Employees’ Pension Plan (the “U.S. Pension Plan”), which is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended, and covers certain of our employees. Under the U.S. Pension Plan, benefits to participants are based on years of service and the employee’s career average pay. Effective December 31, 2005, benefits under the U.S. Pension Plan were frozen with no further benefit accruing to participants for future service after December 31, 2005.
	German Pension Plan
	In connection with the acquisition of Jefferies Bache from Prudential on July 1, 2011, we acquired a defined benefits pension plan located in Germany (the “German Pension Plan”) for the benefit of eligible employees of Jefferies Bache in that territory. As part of purchase accounting, a liability of $21.8 million was recognized on July 1, 2011 as a pension obligation within Accrued expenses and other liabilities. The German Pension Plan has no plan assets and is therefore unfunded. We have purchased insurance contracts from multi-national insurers held in the name of Jefferies Bache Limited to provide for the plan’s future obligations. The investments in these insurance contracts are included in Financial Instruments owned – Investments at fair value in the Consolidated Statements of Financial Condition and has a fair value of $19.2 million and $18.6 million at August 31, 2013 and November 30, 2012, respectively. We expect to pay the pension obligation from the cash flows available to us under the insurance contracts. All costs relating to the plan (including insurance premiums and other costs as computed by the insurers) are paid by us. In connection with the acquisition, it was agreed with Prudential that any insurance premiums and funding obligations related to pre-acquisition date service will be reimbursed to us by Prudential.
	The following tables summarize the components of our net periodic pension cost (in thousands):


			U.S. Pension Plan
			Successor						Predecessor
			Three Months Ended			Six Months Ended			Three Months Ended			Three Months Ended			Nine Months Ended
			31-Aug-13			31-Aug-13			28-Feb-13			31-Aug-12			31-Aug-12
	Components of net periodic pension cost

	Service cost		$	56		$	112		$	56		$	44		$	132
	Interest cost on projected benefit obligation			557			1,114			529			584			1,752
	Expected return on plan assets			(680	)		(1,360	)		(665	)		(616	)		(1,848	)
	Net amortization			—			—			300			317			951

	Net periodic pension cost		$	(67	)	$	(134	)	$	220		$	329		$	987



			German Pension Plan
			Successor						Predecessor
			Three Months Ended			Six Months Ended			Three Months Ended			Three Months Ended			Nine Months Ended
			31-Aug-13			31-Aug-13			28-Feb-13			31-Aug-12			31-Aug-12
	Components of net periodic pension cost

	Service cost		$	16		$	32		$	16		$	9		$	27
	Interest cost on projected benefit obligation			220			433			220			252			767
	Net amortization			45			89			45			—			—

	Net periodic pension cost		$	281		$	554		$	281		$	261		$	794

	We contributed $3.0 million to our U.S. Pension Plan during the three months ended August 31, 2013 for a total contribution of $3.0 million for the 2013 fiscal year. We do not anticipate contributing to the plans during the remainder of the fiscal year.

Compensation_Plans

Compensation Plans	9 Months Ended
	Aug. 31, 2013
Compensation Related Costs [Abstract]
Compensation Plans	Note 19.	Compensation Plans
	Prior to the merger with Leucadia, we sponsored the following share-based compensation plans: incentive compensation plan, employee stock purchase plan and the deferred compensation plan. Subsequent to the merger with Leucadia, sponsorship of share-based compensation plans was transferred to Leucadia, with outstanding share-based awards relating to Leucadia common shares and future awards to relate to Leucadia common shares. The fair value of share-based awards is estimated on the date of grant based on the market price of the underlying common stock less the impact of selling restrictions subsequent to vesting, if any, and is amortized as compensation expense over the related requisite service periods. We are allocated costs associated with awards granted to our employees under such plans.
	In addition, we sponsor non-share-based compensation plans. Non-share-based compensation plans sponsored by us include a profit sharing plan and other forms of restricted cash awards.
	The following are descriptions of the compensation plans and the activity of such plans for the three and six months ended August 31, 2013 (Successor Period), three months ended February 28, 2013 (Predecessor period) and three and nine months ended August 31, 2012 (Predecessor period):
	Incentive Compensation Plan. The Incentive Compensation Plan (“Incentive Plan”) allows awards in the form of incentive stock options (within the meaning of Section 422 of the Internal Revenue Code), nonqualified stock options, stock appreciation rights, restricted stock, unrestricted stock, performance awards, RSUs, dividend equivalents or other share-based awards. In connection with the merger with Leucadia, the Incentive Plan was amended to provide for awards to be issued relating to shares of Leucadia, our parent company as of March 1, 2013. Share-based awards outstanding at March 1, 2013 were converted into awards for shares of Leucadia at the Exchange Ratio, with all such awards subject to the same terms and conditions that existed prior to the merger (except for the elimination of fractional shares).
	The Incentive Plan allows for grants of restricted stock awards, whereby employees are granted restricted common shares subject to a risk of forfeiture. The Incentive Plan also allows for grants of restricted stock units. RSUs give a participant the right to receive fully vested common shares at the end of a specified deferral period allowing a participant to hold an interest tied to common stock on a tax deferred basis. Prior to settlement, RSUs carry no voting or dividend rights associated with the stock ownership, but dividend equivalents are accrued to the extent there are dividends declared on the underlying common shares as cash amounts or as deemed reinvestments in additional RSUs.
	Restricted stock and RSUs may be granted to new employees as “sign-on” awards, to existing employees as “retention” awards and to certain executive officers as awards for multiple years. Sign-on and retention awards are generally subject to annual ratable vesting over a four-year service period and are amortized as compensation expense on a straight line basis over the related four years. Restricted stock and RSUs are granted to certain senior executives with both performance and service conditions. These awards granted to senior executives are amortized over the service period as we have determined that it is probable that the performance condition will be achieved.
	The total compensation cost associated with restricted stock and RSUs amounted to $20.7 million and $44.1 million for the three and six months ended August 31, 2013 (Successor period), $22.3 million for the three months ended February 28, 2013 (Predecessor period) and $44.2 million and $136.6 million for the three and nine months ended August 31, 2012 (Predecessor period), respectively. Total compensation cost includes the amortization of sign-on, retention and senior executive awards, less forfeitures and clawbacks.

	The fair values of outstanding restricted stock and RSUs with future service requirements were remeasured as part of the acquisition accounting, resulting in an increase of approximately $45.1 million to the unrecognized compensation cost allocated to us at March 1, 2013. As of August 31, 2013, we had $221.1 million of total unrecognized compensation cost allocated to us related to nonvested share-based awards, which is expected to be recognized over a remaining weighted average vesting period of approximately 2.5 years.
	Employee Stock Purchase Plan. There is also an Employee Stock Purchase Plan (“ESPP”) which we consider noncompensatory effective January 1, 2007. The ESPP permits all regular full-time employees and employees who work part time over 20 hours per week to purchase, at a discount, Leucadia common shares (since the merger) and permitted purchase of Jefferies Group, Inc. common stock (prior to the merger). Annual employee contributions are limited to $21,250, are voluntary and made through payroll deduction. The stock purchase price is equal to 95% of the closing price of common stock on the last day of the applicable session (monthly).
	Deferred Compensation Plan. There is also a Deferred Compensation Plan, which was established in 2001. Eligible employees are able to defer compensation on a pre-tax basis, with deferred amounts deemed invested at a discount in Leucadia common shares (since the merger) and in Jefferies Group, Inc. common stock (prior to the merger) (“DCP shares”), or by allocating among any combination of other investment funds available under the Deferred Compensation Plan. In connection with the merger with Leucadia on March 1, 2013, the Deferred Compensation Plan was amended and deferrals denominated as DCP shares became settleable by delivery of Leucadia common shares. We often invest directly, as a principal, in investments corresponding to the other investment funds, relating to our obligations to perform under the Deferred Compensation Plan. The compensation deferred by our employees is expensed in the period earned. The change in fair value of our investments in assets corresponding to the specified other investment funds are recognized in Principal transactions and changes in the corresponding deferral compensation liability are reflected as Compensation and benefits expense in our Consolidated Statements of Earnings.
	Additionally, we recognize compensation cost related to the discount provided to employees in electing to defer compensation in DCP shares. This compensation cost was approximately $22,000 and $73,000 for the three and six months ended August 31, 2013 (Successor period), $72,000 for the three months ended February 28, 2013 (Predecessor period) and $41,000 and $164,000 for the three and nine months ended August 31, 2012 (Predecessor period), respectively.
	Profit Sharing Plan. We have a profit sharing plan, covering substantially all employees, which includes a salary reduction feature designed to qualify under Section 401(k) of the Internal Revenue Code. The compensation cost related to this plan was $1.3 million and $3.0 million for the three and six months ended August 31, 2013 (Successor period), $2.6 million for the three months ended February 28, 2013 (Predecessor period) and $1.1 million and $5.5 million for the three and nine months ended August 31, 2012 (Predecessor period), respectively.
	Restricted Cash Awards. We provide compensation to new and existing employees in the form of loans and/or other cash awards which are subject to ratable vesting terms with service requirements ranging from one to eight years, with an approximate average term of two years. We amortize these awards to compensation expense over the relevant service period. The compensation cost associated with these awards amounted to $43.7 million and $89.1 million for the three and six months ended August 31, 2013 (Successor period), $44.7 million for the three months ended February 28, 2013 (Predecessor period) and $56.0 million and $140.8 million for the three and nine months ended August 31, 2012 (Predecessor period), respectively. At August 31, 2013 (Successor period) and November 30, 2012 (Predecessor period), the remaining unamortized amount of these awards was $214.4 million and $198.9 million, respectively and is included within Other assets on the Consolidated Statements of Financial Condition.

Earnings_per_Share

Earnings per Share	9 Months Ended
Earnings per Share	Aug. 31, 2013
Earnings Per Share [Abstract]
Earnings per Share	Note 20.	Earnings per Share
	Earnings per share data is not provided for the three and six months ended August 31, 2013 (Successor period) as we are now a limited liability company and wholly-owned subsidiary of Leucadia. The following is a reconciliation of the numerators and denominators of the Basic and Diluted earnings per common share computations for the three months ended February 28, 2013 and the three and nine months ended August 31, 2012 (in thousands, except per share amounts):


			Predecessor
			Three Months Ended		Three Months Ended		Nine Months Ended
			28-Feb-13		31-Aug-12		31-Aug-12
	Earnings for basic earnings per common share:
	Net earnings		$	90,842	$	78,321	$	243,417
	Net earnings to noncontrolling interests			10,704		8,150		32,612

	Net earnings to common shareholders			80,138		70,171		210,805
	Less: Allocation of earnings to participating securities (1)			5,890		3,913		12,243

	Net earnings available to common shareholders		$	74,248	$	66,258	$	198,562

	Earnings for diluted earnings per common share:
	Net earnings		$	90,842	$	78,321	$	243,417
	Net earnings to noncontrolling interests			10,704		8,150		32,612

	Net earnings to common shareholders			80,138		70,171		210,805
	Add: Mandatorily redeemable convertible preferred stock dividends			1,016		1,016		3,047
	Less: Allocation of earnings to participating securities (1)			5,882		3,916		12,254

	Net earnings available to common shareholders		$	75,272	$	67,271	$	201,598

	Shares:
	Average common shares used in basic computation			213,732		214,756		216,509
	Stock options			2		1		2
	Mandatorily redeemable convertible preferred stock			4,110		4,110		4,110
	Convertible debt			—		—		—

	Average common shares used in diluted computation			217,844		218,867		220,621

	Earnings per common share:
	Basic		$	0.35	$	0.31	$	0.92
	Diluted		$	0.35	$	0.31	$	0.91

	-1	Represents dividends declared during the period on participating securities plus an allocation of undistributed earnings to participating securities. Net losses are not allocated to participating securities. Participating securities represent restricted stock and restricted stock units for which requisite service has not yet been rendered and amounted to weighted average shares of 16,756,000, 12,732,000 and 13,337,000 for the three months ended February 28, 2013 and three and nine months ended August 31, 2012, respectively. Dividends declared on participating securities during the three months ended February 28, 2013 and three and nine months ended August 31, 2012 amounted to approximately $1,315,000, $924,000 and $2,988,000, respectively. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed.
	Our ability to pay distributions to Leucadia is subject to the restrictions set forth in certain financial covenants associated with the $950.0 million Credit Facility as described in Note 15, Long-Term Debt and the governing provisions of the Delaware Limited Liability Company Act.
	Dividends per share of common stock declared during the quarter are reflected below:


			1^stQuarter		2^ndQuarter		3r^dQuarter
	2013		$	0.075		N/a		N/a
	2012		$	0.075	$	0.075	$	0.075

Income_Taxes

Income Taxes	9 Months Ended
Income Taxes	Aug. 31, 2013
Income Tax Disclosure [Abstract]
Income Taxes	Note 21.	Income Taxes
	As of August 31, 2013 (Successor period) and November 30, 2012 (Predecessor period), we had approximately $132.7 million and $110.5 million respectively, of total gross unrecognized tax benefits. The total amount of unrecognized benefit that, if recognized, would favorably affect the effective tax rate was $87.4 million and $72.4 million (net of federal benefits of taxes) at August 31, 2013 and November 30, 2012, respectively.
	We recognize interest accrued related to unrecognized tax benefits in Interest expense. Penalties, if any, are recognized in Other expenses in the Consolidated Statements of Earnings. As of August 31, 2013 (Successor period) and November 30, 2012 (Predecessor period), we had interest accrued of approximately $20.9 million and $15.3 million, respectively, included in Accrued expenses and other liabilities. No material penalties were accrued at August 31, 2013 and November 30, 2012.
	We are currently under examination by the Internal Revenue Service and other major tax jurisdictions. We do not expect that resolution of these examinations will have a material effect on our consolidated financial position, but could have a material impact on the consolidated results of operations for the period in which resolution occurs. It is reasonably possible that, within the next twelve months, various tax examinations will be concluded and statutes of limitation will expire. However, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits and impact on the effective tax rate over the next 12 months.
	The table below summarizes the earliest tax years that remain subject to examination in the major tax jurisdictions in which we operate:


	Jurisdiction		Tax Year
	United States			2006
	United Kingdom			2011
	California			2004
	Connecticut			2006
	Massachusetts			2006
	New Jersey			2007
	New York State			2001
	New York City			2003

Commitments_Contingencies_and_

Commitments, Contingencies and Guarantees	9 Months Ended
Commitments, Contingencies and Guarantees	Aug. 31, 2013
Commitments And Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Note 22.	Commitments, Contingencies and Guarantees
	Commitments
	The following table summarizes our commitments associated with our capital market and asset management business activities at August 31, 2013 (in millions):


			Expected Maturity Date
									2015			2017			2019
									and			and			and			Maximum
			2013			2014			2016			2018			Later			Payout

	Equity commitments (1)		$	0.3		$	1.7		$	7.2		$	0.8		$	444.8		$	454.8
	Loan commitments (1)			4.2			7.6			354.7			114			—			480.5
	Mortgage-related commitments			507.1			213.2			796.2			—			—			1,516.50
	Forward starting reverse repos and repos			848.8			—			—			—			—			848.8

			$	1,360.40		$	222.5		$	1,158.10		$	114.8		$	444.8		$	3,300.60


	-1	Equity and loan commitments are presented by contractual maturity date. The amounts are however available on demand.

	The table below presents our credit exposure from our loan commitments, including funded amounts, summarized by period of expiration as of August 31, 2013. Credit exposure is based on the external credit ratings of the underlyings or referenced assets of our loan commitments. Since commitments associated with these business activities may expire unused, they do not necessarily reflect the actual future cash funding requirements (in millions):


												Total			Corporate
												Corporate			Lending
			0 – 12						Greater Than			Lending			Exposure at			Corporate Lending
	Credit Ratings		Months			1 – 5 Years			5 Years			Exposure (1)			Fair Value (2)			Commitments (3)

	Non-investment grade		$	—		$	48.2		$	—		$	48.2		$	8		$	40.2
	Unrated			26.8			613.8			—			640.6			200.3			440.3

	Total		$	26.8		$	662		$	—		$	688.8		$	208.3		$	480.5


	-1	Total corporate lending exposure represents the potential loss assuming the fair value of funded loans and lending commitments were zero.
	-2	The corporate lending exposure includes $211.0 million of funded loans included in Financial instruments owned – Loans and Loans to and investments in related parties, and a $2.7 million net liability related to lending commitments recorded in Financial instruments sold – Derivatives and Financial instruments owned – Derivatives in the Consolidated Statement of Financial Condition as of August 31, 2013.
	-3	Amounts represent the notional amount of unfunded lending commitments.
	Equity Commitments. We have commitments to invest $600.0 million and $291.0 million in Jefferies Finance and Jefferies LoanCore as of August 31, 2013, and have funded $314.6 million and $174.8 million, respectively. See Note 12, Investments for additional information regarding these investments.
	As of August 31, 2013, we have committed to invest $5.9 million in Jefferies Capital Partners LLC, the manager of Jefferies Capital Partners IV L.P., Jefferies Capital Partners V L.P. and a related parallel fund, the SBI USA Fund (Jefferies Capital Partners V L.P. and the SBI USA Fund are collectively “Fund V”). As of August 31, 2013, we have funded approximately $1.0 million of our commitment to Jefferies Capital Partners LLC, leaving $4.9 million unfunded.
	We have committed to invest in aggregate up to $85.0 million in Fund V, private equity funds managed by a team led by Brian P. Friedman, one of our directors and Chairman of the Executive Committee, comprised of up to $75.0 million in the SBI USA Fund and $10.0 million in Jefferies Capital Partners V L.P. As of August 31, 2013, we have funded approximately $41.2 million and $5.5 million of our commitments to the SBI USA Fund and Jefferies Capital Partners V L.P., respectively, leaving approximately $38.3 million unfunded in aggregate.
	We have committed to invest up to $45.9 million in Jefferies Capital Partners IV L.P. and $3.1 million in JCP IV LLC, the General Partner of Jefferies Capital Partners IV L.P. As of August 31, 2013, we have funded approximately $38.7 million and $2.3 million of our commitments to Jefferies Capital Partners IV L.P. and JCP IV LLC, respectively, leaving approximately $8.0 million unfunded in aggregate.
	As of August 31, 2013, we had other equity commitments to invest up to $23.8 million in various other investments of which $2.0 million remained unfunded.
	Loan Commitments. From time to time we make commitments to extend credit to investment banking and other clients in loan syndication, acquisition finance and securities transactions. These commitments and any related drawdowns of these facilities typically have fixed maturity dates and are contingent on certain representations, warranties and contractual conditions applicable to the borrower. As of August 31, 2013, we had $126.3 million of outstanding loan commitments to clients.
	On March 1, 2011, we and MassMutual entered into a secured revolving credit facility with Jefferies Finance, to be funded equally, to support loan underwritings by Jefferies Finance. At August 31, 2013, the facility of $700.0 million, is scheduled to mature on March 1, 2016 with automatic one year extensions subject to a 60 day termination notice by either party. As of August 31, 2013, we have not funded any of the aggregate principal balance and $350.0 million of our commitment remained unfunded.
	We entered into a credit agreement with JEP IV, a related party, whereby we are committed to extend loans up to the maximum aggregate principal amount of $21.6 million. As of August 31, 2013, we funded approximately $17.4 million of the aggregate principal balance, which is included in Loans to and investments in related parties in our Consolidated Statements of Financial Condition, and $4.2 million of our commitment remained unfunded.
	The unfunded loan commitments to Jefferies Finance and JEP IV of $354.2 million in aggregate are unrated and included in the total unrated lending commitments of $440.3 million presented in the table above.
	Mortgage-Related Commitments. We enter into forward contracts to purchase mortgage participation certificates and mortgage-backed securities. The mortgage participation certificates evidence interests in mortgage loans insured by the Federal Housing Administration and the mortgage-backed securities are insured or guaranteed by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or the Government National Mortgage Association (Ginnie Mae). We frequently securitize the mortgage participation certificates and mortgage-backed securities. The fair value of mortgage-related commitments recorded in the Consolidated Statement of Financial Condition was $3.1 million at August 31, 2013.
	Forward Starting Reverse Repos and Repos. We enter into commitments to take possession of securities with agreements to resell on a forward starting basis and to sell securities with agreements to repurchase on a forward starting basis that are primarily secured by U.S. government and agency securities.
	Contingencies
	Seven putative class action lawsuits have been filed in New York and Delaware concerning the merger transactions whereby Jefferies Group LLC became a wholly owned subsidiary of Leucadia. The class actions, filed on behalf of our shareholders prior to the merger transactions, name as defendants Jefferies Group, Inc., the members of the board of directors of Jefferies Group, Inc., Leucadia and, in certain of the actions, certain merger-related subsidiaries. The actions allege that the directors breached their fiduciary duties in connection with the merger transactions by engaging in a flawed process and agreeing to sell Jefferies Group, Inc. for inadequate consideration pursuant to an agreement that contains improper deal protection terms. The actions allege that Jefferies Group, Inc. and Leucadia aided and abetted the directors’ breach of fiduciary duties. The actions filed in New York have been stayed, and the actions filed in Delaware are proceeding. We are unable to predict the outcome of this litigation or to estimate the amount of or range of any reasonably possible loss.
	Guarantees
	Derivative Contracts. Our dealer activities cause us to make markets and trade in a variety of derivative instruments. Certain derivative contracts that we have entered into meet the accounting definition of a guarantee under U.S. GAAP, including credit default swaps, written foreign currency options and written equity put options. On certain of these contracts, such as written interest rate caps and foreign currency options, the maximum payout cannot be quantified since the increase in interest or foreign exchange rates are not contractually limited by the terms of the contract. As such, we have disclosed notional values as a measure of our maximum potential payout under these contracts.

	The following table summarizes the notional amounts associated with our derivative contracts meeting the definition of a guarantee under U.S. GAAP at August 31, 2013 (in millions):


			Expected Maturity Date
									2015			2017			2019			Notional/
									and			and			and			Maximum
	Guarantee Type		2013			2014			2016			2018			Later			Payout

	Derivative contracts - non-credit related		$	831,159.50		$	7,556.10		$	2,974.80		$	1.2		$	523		$	842,214.60

	Written derivative contracts - credit related			—			—			—			1,184.00			—			1,184.00


Total derivative contracts		$	831,159.50		$	7,556.10		$	2,974.80		$	1,185.20		$	523		$	843,398.60

At August 31, 2013 the external credit ratings of the underlyings or referenced assets for our credit related derivatives contracts (in millions):


		External Credit Rating
														Below						Notional/
		AAA/												Investment						Maximum
		Aaa			AA/Aa			A			BBB/Baa			Grade			Unrated			Payout

Credit related derivative contracts:
Index credit default swaps		$	1,115.00		$	—		$	—		$	—		$	—		$	—		$	1,115.00
Single name credit default swaps			7			—			—			49.5			12.5			—			69
The derivative contracts deemed to meet the definition of a guarantee under U.S. GAAP are before consideration of hedging transactions and only reflect a partial or “one-sided” component of any risk exposure. Written equity options and written credit default swaps are often executed in a strategy that is in tandem with long cash instruments (e.g., equity and debt securities). We substantially mitigate our exposure to market risk on these contracts through hedges, such as other derivative contracts and/or cash instruments and we manage the risk associated with these contracts in the context of our overall risk management framework. We believe notional amounts overstate our expected payout and that fair value of these contracts is a more relevant measure of our obligations. At August 31, 2013, the fair value of derivative contracts meeting the definition of a guarantee is approximately $347.3 million.
Stand by Letters of Credit. At August 31, 2013, we provided guarantees to certain counterparties in the form of standby letters of credit in the amount of $28.3 million, which expire within one year. Stand by letters of credit commit us to make payment to the beneficiary if the guaranteed party fails to fulfill its obligation under a contractual arrangement with that beneficiary. Since commitments associated with these collateral instruments may expire unused, the amount shown does not necessarily reflect the actual future cash funding requirement.
Other Guarantees. We are members of various exchanges and clearing houses. In the normal course of business we provide guarantees to securities clearinghouses and exchanges. These guarantees generally are required under the standard membership agreements, such that members are required to guarantee the performance of other members. Additionally, if a member becomes unable to satisfy its obligations to the clearinghouse, other members would be required to meet these shortfalls. To mitigate these performance risks, the exchanges and clearinghouses often require members to post collateral. Our obligations under such guarantees could exceed the collateral amounts posted. Our maximum potential liability under these arrangements cannot be quantified; however, the potential for us to be required to make payments under such guarantees is deemed remote. Accordingly no liability has been recognized for these arrangements.

Net_Capital_Requirements

Net Capital Requirements	9 Months Ended
Net Capital Requirements	Aug. 31, 2013
Text Block [Abstract]
Net Capital Requirements	Note 23.	Net Capital Requirements
	As broker-dealers registered with the SEC and member firms of the Financial Industry Regulatory Authority (“FINRA”), Jefferies and Jefferies Execution are subject to the Securities and Exchange Commission Uniform Net Capital Rule (“Rule 15c3-1”), which requires the maintenance of minimum net capital and which may limit distributions from the broker-dealers. Jefferies and Jefferies Execution have elected to calculate minimum capital requirements under the alternative method as permitted by Rule 15c3-1. Jefferies Bache, LLC is also registered as a Futures Commission Merchants and is subject to Rule 1.17 of the Commodities Futures Trading Commission (“CFTC”). Our designated self-regulatory organization is FINRA for our U.S. broker-dealers and the Chicago Mercantile Exchange for Jefferies Bache, LLC. Subsequent to the closing of the merger with Leucadia, Jefferies High Yield Trading merged with Jefferies and voluntarily withdrew its registration with the SEC as a broker-dealer on April 2, 2013 and resigned as a member of FINRA.
	As of August 31, 2013, Jefferies and Jefferies Execution and Jefferies Bache, LLC’s net capital, adjusted net capital, and excess net capital were as follows (in thousands):


			Net Capital		Excess Net Capital
	Jefferies		$	1,303,564	$	1,260,099
	Jefferies Execution			3,751		3,501


			Adjusted Net Capital		Excess Net Capital
	Jefferies Bache, LLC		$	242,273	$	113,424
	Certain other U.S. and non-U.S. subsidiaries are subject to capital adequacy requirements as prescribed by the regulatory authorities in their respective jurisdictions, including Jefferies International Limited and Jefferies Bache Limited which are subject to the regulatory supervision and requirements of the Financial Conduct Authority in the United Kingdom (“U.K.”).
	The regulatory capital requirements referred to above may restrict our ability to withdraw capital from our subsidiaries.

Segment_Reporting

Segment Reporting	9 Months Ended
Segment Reporting	Aug. 31, 2013
Segment Reporting [Abstract]
Segment Reporting	Note 24.	Segment Reporting
	We operate in two principal segments – Capital Markets and Asset Management. The Capital Markets segment includes our securities, commodities, futures and foreign exchange brokerage trading activities and investment banking comprising of underwriting and financial advisory activities. The Capital Markets reportable segment provides the sales, trading, origination and advisory effort for various fixed income, equity and advisory products and services. The Asset Management segment provides investment management services to investors in the U.S. and overseas.
	Our reportable business segment information is prepared using the following methodologies:

		•		Net revenues and expenses directly associated with each reportable business segment are included in determining earnings before taxes.

		•		Net revenues and expenses not directly associated with specific reportable business segments are allocated based on the most relevant measures applicable, including each reportable business segment’s net revenues, headcount and other factors.

		•		Reportable business segment assets include an allocation of indirect corporate assets that have been fully allocated to our reportable business segments, generally based on each reportable business segment’s capital utilization.

	Our net revenues and expenses by segment are summarized below for the Successor period three and six months ended August 31, 2013 and Predecessor periods three months ended February 28, 2013 and August 31, 2012 and nine months ended August 31, 2012 (in millions):


			Successor				Predecessor
			Three Months Ended		Six Months Ended		Three Months Ended		Three Months Ended		Nine Months Ended
			31-Aug-13		31-Aug-13		February 28, 2013 (1)		31-Aug-12		31-Aug-12

	Capital Markets:
	Net revenues		$	500.6		1,119.40	$	792.5	$	735.8	$	2,219.30
	Expenses		$	485.4		1,047.00	$	645.4	$	603.6	$	1,794.10

	Asset Management:
	Net revenues		$	16.4		40.2	$	10.9	$	3.1	$	10.6
	Expenses		$	8.2		20.6	$	7.5	$	4.7	$	23.4

	Total:
	Net revenues		$	517		1,159.60	$	803.4	$	738.9	$	2,229.90
	Expenses		$	493.6		1,067.60	$	652.9	$	608.3	$	1,817.50

	-1	Our consolidated net earnings for the three months ended February 28, 2013 reflects an adjustment of $5.3 million, after tax, to correct for the effect of an overstatement of professional service fees of $8.5 million relating to the Merger Transaction with Leucadia. We evaluated the effects of this error and concluded that it is not material to the previously issued Quarterly Report on Form 10-Q for the three month period ended February 28, 2013. Nevertheless, in the table above we have revised our consolidated expenses for the three month period ended February 28, 2013 to correct for the effect of this error and appropriately reflected the $8.5 million of professional service fees as an expense in the three months ended May 31, 2013.
	The following table summarizes our total assets by segment as of August 31, 2013 and November 30, 2012 (in millions):


			Successor		Predecessor
			August 31, 2013		November 30, 2012
	Segment Assets:
	Capital Markets		$	37,978.60	$	35,588.60
	Asset Management			851.6		704.9

	Total assets		$	38,830.20	$	36,293.50


	Net Revenues by Geographic Region
	Net revenues for the Capital Market segment are recorded in the geographic region in which the position was risk-managed or, in the case of investment banking, in which the senior coverage banker is located. For Asset Management, net revenues are allocated according to the location of the investment advisor. Net revenues by geographic region for the Successor period three and six months ended August 31 , 2013 and the Predecessor periods three months ended February 28, 2013 and August 31, 2012 and nine months ended August 31, 2012, were as follows (in thousands):


			Successor				Predecessor
			Three Months Ended		Six Months Ended		Three Months Ended		Three Months Ended		Nine Months Ended
			31-Aug-13		31-Aug-13		28-Feb-13		31-Aug-12		31-Aug-12
	Americas (1)		$	353,173	$	865,190	$	653,608	$	577,646	$	1,832,523
	Europe (2)			154,491		265,901		127,970		127,237		330,092
	Asia			9,365		28,465		21,809		34,055		67,320

	Net revenues		$	517,029	$	1,159,556	$	803,387	$	738,938	$	2,229,935


	-1	Substantially all relates to U.S. results.
	-2	Substantially all relates to U.K. results.

Related_Party_Transactions

Related Party Transactions

9 Months Ended

Aug. 31, 2013

Related Party Transactions [Abstract]

Related Party Transactions

Note 25.

Related Party Transactions

Jefferies Capital Partners and JEP IV Related Funds. We have loans to and/or equity investments in private equity funds and in Jefferies Capital Partners, LLC, the manager of the Jefferies Capital Partners funds, which are managed by a team led by Brian P. Friedman, one of our directors and our Chairman of the Executive Committee (“Private Equity Related Funds”). At August 31, 2013 (Successor period) and November 30, 2012 (Predecessor period), loans to and/or equity investments in Private Equity Related Funds were in aggregate $80.9 million and $104.2 million, respectively. The following table presents interest income earned on loans to Private Equity Related Funds and other revenues and investment income related to net gains and losses on our investment in Private Equity Related Funds (in thousands):

Successor

Predecessor

Three Months Ended

Six Months Ended

Three Months Ended

Nine Months Ended

31-Aug-13

28-Feb-13

31-Aug-12

Interest income

339

837

516

767

2,462

Other revenues and investment income (loss)

4,005

3,031

947

(6,354

)

(15,625

)

For further information regarding our commitments and funded amounts to Private Equity Related Funds, see Note 22, Commitments, Contingencies and Guarantees.

Berkadia Commercial Mortgage, LLC. At August 31, 2013 (Successor period) and November 30, 2012 (Predecessor period), we have commitments to purchase $169.6 million and $411.6 million, respectively, in agency commercial mortgage-backed securities from Berkadia Commercial Mortgage, LLC, which is partially owned by Leucadia.

Officers, Directors and Employees. At August 31, 2013 (Successor period) and November 30, 2012 (Predecessor period), we had $14.0 million and $16.3 million, respectively, of loans outstanding to certain of our employees (none of whom are executive officers or directors) that are included in Other assets on the Consolidated Statements of Financial Condition.

Leucadia. During the Predecessor periods three months ended February 28, 2013, and three and nine months ended August 31, 2012, we received commissions and commission equivalents for providing brokerage services to Leucadia and its affiliates of $5,000, $1.5 million and $9.8 million, respectively which is recorded in Commission income on the Consolidated Statements of Earnings. During the six months ended August, 2013 (Successor period) and three months ended February 28, 2013 (Predecessor period), we distributed to Leucadia approximately $65,000 and $61,000, respectively, and $42,000 and $5.3 million for the three and nine months ended August 31, 2012. Leucadia invested $25.0 million on May 1, 2013 and a further $25.0 million on July 1, 2013 in an asset management entity that is consolidated by us. See Note 17, Noncontrolling Interests and Mandatorily Redeemable Preferred Interests of Consolidated Subsidiaries. In addition, see Note 4, Leucadia Merger and Related Transactions for information regarding the merger on March 1, 2013.

For information on transactions with our equity method investees, see Note 12, Investments.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Aug. 31, 2013
Accounting Policies [Abstract]
Revenue Recognition Policies	Revenue Recognition Policies
	Commissions. All customer securities transactions are reported on the Consolidated Statements of Financial Condition on a settlement date basis with related income reported on a trade-date basis. We permit institutional customers to allocate a portion of their gross commissions to pay for research products and other services provided by third parties. The amounts allocated for those purposes are commonly referred to as soft dollar arrangements. These arrangements are accounted for on an accrual basis and, as we are not the primary obligor for these arrangements, netted against commission revenues in the Consolidated Statements of Earnings. The commissions and related expenses on client transactions executed by Jefferies Bache, LLC, a futures commission merchant, are recorded on a half-turn basis.
	Principal Transactions. Financial instruments owned and Financial instruments sold, but not yet purchased (all of which are recorded on a trade-date basis) are carried at fair value with gains and losses reflected in Principal transactions in the Consolidated Statements of Earnings on a trade date basis. Fees received on loans carried at fair value are also recorded within Principal transactions.
	Investment Banking. Underwriting revenues and fees from mergers and acquisitions, restructuring and other investment banking advisory assignments or engagements are recorded when the services related to the underlying transactions are completed under the terms of the assignment or engagement. Expenses associated with such assignments are deferred until reimbursed by the client, the related revenue is recognized or the engagement is otherwise concluded. Expenses are recorded net of client reimbursements and netted against revenues. Unreimbursed expenses with no related revenues are included in Business development and Professional services expenses in the Consolidated Statements of Earnings.
	Asset Management Fees and Investment Income From Managed Funds. Asset management fees and investment income from managed funds include revenues we earn from management, administrative and performance fees from funds and accounts managed by us, revenues from management and performance fees we earn from related-party managed funds and investment income from our investments in these funds. We earn fees in connection with management and investment advisory services performed for various funds and managed accounts. These fees are based on assets under management or an agreed upon notional amount and may include performance fees based upon the performance of the funds. Management and administrative fees are generally recognized over the period that the related service is provided. Generally, performance fees are earned when the return on assets under management exceeds certain benchmark returns, “high-water marks” or other performance targets. Performance fees are accrued (or reversed) on a monthly basis based on measuring performance to date versus any relevant benchmark return hurdles stated in the investment management agreement. Performance fees are not subject to adjustment once the measurement period ends (generally annual periods) and the performance fees have been realized.

	Interest Revenue and Expense. We recognize contractual interest on Financial instruments owned and Financial instruments sold, but not yet purchased, on an accrual basis as a component of interest revenue and expense. Interest flows on derivative trading transactions and dividends are included as part of the fair valuation of these contracts and recognized in Principal transactions in the Consolidated Statements of Earnings rather than as a component of interest revenue or expense. We account for our short-term borrowings, long-term borrowings and our mandatorily redeemable convertible preferred stock on an accrual basis with related interest recorded as Interest expense. Discounts/premiums arising on our long-term debt are accreted / amortized to Interest expense using the effective yield method over the remaining lives of the underlying debt obligations. In addition, we recognize interest revenue related to our securities borrowed and securities purchased under agreements to resell activities and interest expense related to our securities loaned and securities sold under agreements to repurchase activities on an accrual basis.
Cash Equivalents	Cash Equivalents
	Cash equivalents include highly liquid investments, including money market funds, not held for resale with original maturities of three months or less.
Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited With Clearing and Depository Organizations	Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited With Clearing and Depository Organizations
	In accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, Jefferies as a broker-dealer carrying client accounts, is subject to requirements related to maintaining cash or qualified securities in a segregated reserve account for the exclusive benefit of its clients. In addition, certain financial instruments used for initial and variation margin purposes with clearing and depository organizations are recorded in this caption. Jefferies Bache, LLC, as a futures commission merchant, is obligated by rules mandated by the Commodities Futures Trading Commission under the Commodities Exchange Act, to segregate or set aside cash or qualified securities to satisfy such regulations, which regulations have been promulgated to protect customer assets. Certain other entities are also obligated by rules mandated by their primary regulators to segregate or set aside cash or equivalent securities to satisfy regulations, promulgated to protect customer assets.
Financial Instruments	Financial Instruments
	Financial instruments owned and Financial instruments sold, not yet purchased are recorded at fair value, either as required by accounting pronouncements or through the fair value option election. These instruments primarily represent our trading activities and include both cash and derivative products. Gains and losses are recognized in Principal transactions in our Consolidated Statements of Earnings. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price).

	Fair Value Hierarchy
	In determining fair value, we maximize the use of observable inputs and minimize the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs reflect our assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. We apply a hierarchy to categorize our fair value measurements broken down into three levels based on the transparency of inputs as follows:


	Level 1:	Quoted prices are available in active markets for identical assets or liabilities as of the reported date.

	Level 2:	Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these financial instruments include cash instruments for which quoted prices are available but traded less frequently, derivative instruments whose fair value have been derived using a model where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed.

	Level 3:	Instruments that have little to no pricing observability as of the reported date. These financial instruments are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation.
	Financial instruments are valued at quoted market prices, if available. Certain financial instruments have bid and ask prices that can be observed in the marketplace. For financial instruments whose inputs are based on bid-ask prices, the financial instrument is valued at the point within the bid-ask range that meets our best estimate of fair value. We use prices and inputs that are current as of the measurement date. For financial instruments that do not have readily determinable fair values using quoted market prices, the determination of fair value is based upon consideration of available information, including types of financial instruments, current financial information, restrictions on dispositions, fair values of underlying financial instruments and quotations for similar instruments.
	The valuation of financial instruments may include the use of valuation models and other techniques. Adjustments to valuations derived from valuation models may be made when, in management’s judgment, features of the financial instrument such as its complexity, the market in which the financial instrument is traded and risk uncertainties about market conditions require that an adjustment be made to the value derived from the models. Adjustments from the price derived from a valuation model reflect management’s judgment that other participants in the market for the financial instrument being measured at fair value would also consider in valuing that same financial instrument. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.
	The availability of observable inputs can vary and is affected by a wide variety of factors, including, for example, the type of financial instrument and market conditions. As the observability of prices and inputs may change for a financial instrument from period to period, this condition may cause a transfer of an instrument among the fair value hierarchy levels. Transfers among the levels are recognized at the beginning of each period. The degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
	Valuation Process for Financial Instruments
	Our Independent Price Verification (“IPV”) Group, which is part of our Finance department, in partnership with Risk Management, is responsible for establishing our valuation policies and procedures. The IPV Group and Risk Management, which are independent of our business functions, play an important role and serve as a control function in determining that our financial instruments are appropriately valued and that fair value measurements are reliable. This is particularly important where prices or valuations that require inputs are less observable. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and that the assumptions are reasonable. The IPV Group reports to the Global Controller and is subject to the oversight of the IPV Committee, which is comprised of our Chief Financial Officer, Global Controller, Global Head of Product Control, Chief Risk Officer and Principal Accounting Officer, among other personnel. Our independent price verification policies and procedures are reviewed, at a minimum, annually and changes to the policies require the approval of the IPV Committee.
	Price Testing Process. The business units are responsible for determining the fair value of our financial instruments using approved valuation models and methodologies. In order to ensure that the business unit valuations represent a fair value exit price, the IPV Group tests and validates the fair value of our financial instruments inventory. In the testing process, the IPV Group obtains prices and valuation inputs from sources independent of Jefferies, consistently adheres to established procedures set forth in our valuation policies for sourcing prices and valuation inputs and utilizing valuation methodologies. Sources used to validate fair value prices and inputs include, but are not limited to, exchange data, recently executed transactions, pricing data obtained from third party vendors, pricing and valuation services, broker quotes and observed comparable transactions.
	To the extent discrepancies between the business unit valuations and the pricing or valuations resulting from the price testing process are identified, such discrepancies are investigated by the IPV Group and fair values are adjusted, as appropriate. The IPV Group maintains documentation of its testing, results, rationale and recommendations and prepares a monthly summary of its valuation results. This process also forms the basis for our classification of fair values within the fair value hierarchy (i.e., Level 1, Level 2 or Level 3). The IPV Group utilizes the additional expertise of Risk Management personnel in valuing more complex financial instruments and financial instruments with less or limited pricing observability. The results of the valuation testing are reported to the IPV Committee on a monthly basis, which discusses the results and is charged with the final conclusions as to the financial instrument fair values in the consolidated financial statements. This process specifically assists the Chief Financial Officer in asserting as to the fair presentation of our financial condition and results of operations as included within our Quarterly Reports on Form 10-Q and Annual Report on Form 10-K. At each quarter end, the overall valuation results, as concluded upon by the IPV Committee, are presented to the Audit Committee.
	Judgment exercised in determining Level 3 fair value measurements is supplemented by daily analysis of profit and loss performed by the Product Control functions. Gains and losses, which result from changes in fair value, are evaluated and corroborated daily based on an understanding of each of the trading desks’ overall risk positions and developments in a particular market on the given day. Valuation techniques generally rely on recent transactions of suitably comparable financial instruments and use the observable inputs from those comparable transactions as a validation basis for Level 3 inputs. Level 3 fair value measurements are further validated through subsequent sales testing and market comparable sales, if such information is available. Level 3 fair value measurements require documentation of the valuation rationale applied, which is reviewed for consistency in application from period to period; and the documentation includes benchmarking the assumptions underlying the valuation rationale against relevant analytic data.
	Third Party Pricing Information. Pricing information obtained from external data providers (including independent pricing services and brokers) may incorporate a range of market quotes from dealers, recent market transactions and benchmarking model derived prices to quoted market prices and trade data for comparable securities. External pricing data is subject to evaluation for reasonableness by the IPV Group using a variety of means including comparisons of prices to those of similar product types, quality and maturities, consideration of the narrowness or wideness of the range of prices obtained, knowledge of recent market transactions and an assessment of the similarity in prices to comparable dealer offerings in a recent time period. We have a process whereby we challenge the appropriateness of pricing information obtained from external data providers (including independent pricing services and brokers) in order to validate the data for consistency with the definition of a fair value exit price. Our process includes understanding and evaluating the external data providers’ valuation methodologies. For corporate, U.S. government and agency, and municipal debt securities, and loans, to the extent independent pricing services or broker quotes are utilized in our valuation process, the vendor service providers are collecting and aggregating observable market information as to recent trade activity and active bid-ask submissions. The composite pricing information received from the independent pricing service is not based on unobservable inputs or proprietary models. For mortgage- and other asset-backed securities and collateralized debt obligations, our independent pricing service uses a matrix evaluation approach incorporating both observable yield curves and market yields on comparable securities as well as implied inputs from observed trades for comparable securities in order to determine prepayment speeds, cumulative default rates and loss severity. Further, we consider pricing data from multiple service providers as available as well as compare pricing data to prices we have observed for recent transactions, if any, in order to corroborate our valuation inputs.
	Model Review Process. Where a pricing model is to be used to determine fair value, the pricing model is reviewed for theoretical soundness and appropriateness by Risk Management, independent from the trading desks, and then approved by Risk Management to be used in the valuation process. Review and approval of a model for use includes benchmarking the model against relevant third party valuations, testing sample trades in the model, backtesting the results of the model against actual trades and stress-testing the sensitivity of the pricing model using varying inputs and assumptions. In addition, recently executed comparable transactions and other observable market data are considered for purposes of validating assumptions underlying the model. Models are independently reviewed and validated by Risk Management annually or more frequently if market conditions or use of the valuation model changes.
Investments in Managed Funds	Investments in Managed Funds
	Investments in managed funds include our investments in funds managed by us and our investments in related-party managed funds in which we are entitled to a portion of the management and/or performance fees. Investments in nonconsolidated managed funds are accounted for at fair value with gains or losses included in Asset management fees and investment income from managed funds in the Consolidated Statements of Earnings.
Loans to and Investments in Related Parties	Loans to and Investments in Related Parties
	Loans to and investments in related parties include investments in private equity and other operating entities made in connection with our capital markets activities in which we exercise significant influence over operating and capital decisions and loans issued in connection with such activities. Loans to and investments in related parties are accounted for using the equity method or at cost, as appropriate. Revenues on Loans to and investments in related parties are included in Other revenues in the Consolidated Statements of Earnings. See Note 12, Investments, and Note 25, Related Party Transactions, for additional information regarding certain of these investments.
Receivable from and Payable to Customers	Receivable from and Payable to Customers
	Receivable from and payable to customers includes amounts receivable and payable on cash and margin transactions. Securities owned by customers and held as collateral for these receivables are not reflected in the accompanying consolidated financial statements. Receivable from officers and directors included within this financial statement line item represents balances arising from their individual security transactions. These transactions are subject to the same regulations as customer transactions and are provided on substantially the same terms.
Securities Borrowed and Securities Loaned	Securities Borrowed and Securities Loaned
	Securities borrowed and securities loaned are carried at the amounts of cash collateral advanced and received in connection with the transactions and accounted for as collateralized financing transactions. In connection with both trading and brokerage activities, we borrow securities to cover short sales and to complete transactions in which customers have failed to deliver securities by the required settlement date, and lend securities to other brokers and dealers for similar purposes. We have an active securities borrowed and lending matched book business in which we borrow securities from one party and lend them to another party. When we borrow securities, we generally provide cash to the lender as collateral, which is reflected in our Consolidated Statements of Financial Condition as Securities borrowed. We earn interest revenues on this cash collateral. Similarly, when we lend securities to another party, that party provides cash to us as collateral, which is reflected in our Consolidated Statements of Financial Condition as Securities loaned. We pay interest expense on the cash collateral received from the party borrowing the securities. The initial collateral advanced or received approximates or is greater than the fair value of the securities borrowed or loaned. We monitor the fair value of the securities borrowed and loaned on a daily basis and request additional collateral or return excess collateral, as appropriate.
Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase	Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase
	Securities purchased under agreements to resell and Securities sold under agreements to repurchase (collectively “repos”) are accounted for as collateralized financing transactions and are recorded at their contracted resale or repurchase amount plus accrued interest. We earn and incur interest over the term of the repo, which is reflected in Interest income and Interest expense on our Consolidated Statements of Earnings on an accrual basis. Repos are presented in the Consolidated Statements of Financial Condition on a net-basis-by counterparty, where permitted by generally accepted accounting principles. We monitor the fair value of the underlying securities daily versus the related receivable or payable balances. Should the fair value of the underlying securities decline or increase, additional collateral is requested or excess collateral is returned, as appropriate.
Premises and Equipment	Premises and Equipment
	Premises and equipment are depreciated using the straight-line method over the estimated useful lives of the related assets (generally three to ten years). Leasehold improvements are amortized using the straight-line method over the term of the related leases or the estimated useful lives of the assets, whichever is shorter. Premises and equipment includes internally developed software, which was increased to its fair market value in the allocation of the purchase price on March 1, 2013. The revised carrying values of internally developed software ready for its intended use are depreciated over the remaining useful life. See Note 4, Leucadia Merger and Related Transactions for more information regarding the allocation of the purchase price.
Goodwill and Intangible Assets	Goodwill and Intangible Assets
	Goodwill. Goodwill represents the excess acquisition cost over the fair value of net tangible and intangible assets acquired. Goodwill is not amortized and is subject to annual impairment testing on August 1 or between annual tests if an event or change in circumstance occurs that would more likely than not reduce the fair value of a reporting unit below its carrying value. In testing for goodwill impairment, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events and circumstances, we conclude that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then performing the two-step impairment test is not required. If we conclude otherwise, we are required to perform the two-step impairment test. The goodwill impairment test is performed at the reporting unit level by comparing the estimated fair value of a reporting unit with its respective carrying value. If the estimated fair value exceeds the carrying value, goodwill at the reporting unit level is not impaired. If the estimated fair value is less than carrying value, further analysis is necessary to determine the amount of impairment, if any.
	The fair value of reporting units are based on widely accepted valuation techniques that we believe market participants would use, although the valuation process requires significant judgment and often involves the use of significant estimates and assumptions. The methodologies we utilize in estimating the fair value of reporting units include market capitalization, price-to-book multiples of comparable exchange traded companies and multiples of merger and acquisitions of similar businesses. The estimates and assumptions used in determining fair value could have a significant effect on whether or not an impairment charge is recorded and the magnitude of such a charge. Adverse market or economic events could result in impairment charges in future periods. Refer to Note 13, Goodwill and Other Intangible Assets, for further information on our assessment of goodwill.
	Intangible Assets. Intangible assets deemed to have finite lives are amortized on a straight line basis over their estimated useful lives, where the useful life is the period over which the asset is expected to contribute directly, or indirectly, to our future cash flows. Intangible assets are reviewed for impairment on an interim basis when certain events or circumstances exist. For amortizable intangible assets, impairment exists when the carrying amount of the intangible asset exceeds its fair value. At least annually, the remaining useful life is evaluated.
	An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. Impairment exists when the carrying amount exceeds its fair value. In testing for impairment, we have the option to first perform a qualitative assessment to determine whether it is more likely than not that an impairment exists. If it is determined that it is not more likely than not that an impairment exists, a quantitative impairment test is not necessary. If we conclude otherwise, we are required to perform a quantitative impairment test. Subsequent reversal of impairment losses is not permitted. Our annual indefinite-lived intangible asset impairment testing date is August 1.
	To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset that is amortized over the remaining useful life of that asset, if any. Subsequent reversal of impairment losses is not permitted.
Income Taxes	Income Taxes
	We are a single-member limited liability company treated as a disregarded entity for federal and state income tax purposes and our results of operations are included in the consolidated federal and applicable state income tax returns filed by Leucadia. Prior to the Merger Transaction we filed a consolidated U.S. federal income tax return, which included all of our qualifying subsidiaries. We also are subject to income tax in various states and municipalities and those foreign jurisdictions in which we operate. Amounts provided for income taxes are based on income reported for financial statement purposes and do not necessarily represent amounts currently payable. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for tax loss carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Under acquisition accounting for the Merger Transaction the recognition of certain assets and liabilities at fair value created a change in the financial reporting basis for our assets and liabilities, while the tax basis of our assets and liabilities remained the same. As a result, deferred tax assets and liabilities were recognized for the change in the basis differences. The realization of deferred tax assets is assessed and a valuation allowance is recorded to the extent that it is more likely than not that any portion of the deferred tax asset will not be realized.
	The tax benefit related to dividends and dividend equivalents paid on nonvested share-based payment awards are recognized as an increase to Additional paid-in capital. These amounts are included in tax benefits for issuance of share-based awards on the Consolidated Statements of Changes in Equity.
Legal Reserves	Legal Reserves
	In the normal course of business, we have been named, from time to time, as a defendant in legal and regulatory proceedings. We are also involved, from time to time, in other exams, investigations and similar reviews (both formal and informal) by governmental and self-regulatory agencies regarding our businesses, certain of which may result in judgments, settlements, fines, penalties or other injunctions.
	We recognize a liability for a contingency in Accrued expenses and other liabilities when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If the reasonable estimate of a probable loss is a range, we accrue the most likely amount of such loss, and if such amount is not determinable, then we accrue the minimum in the range as the loss accrual. The determination of the outcome and loss estimates requires significant judgment on the part of management.
	In many instances, it is not possible to determine whether any loss is probable or even possible or to estimate the amount of any loss or the size of any range of loss. We believe that, in the aggregate, the pending legal actions or regulatory proceedings and any other exams, investigations or similar reviews (both formal and informal) should not have a material adverse effect on our consolidated results of operations, cash flows or financial condition. In addition, we believe that any amount that could be reasonably estimated of potential loss or range of potential loss in excess of what has been provided in the consolidated financial statements is not material.
Share-based Compensation	Share-based Compensation
	Share-based awards are measured based on the grant-date fair value of the award and recognized over the period from the service inception date through the date the employee is no longer required to provide service to earn the award. Expected forfeitures are included in determining share-based compensation expense.
Foreign Currency Translation	Foreign Currency Translation
	Assets and liabilities of foreign subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the end of a period. Revenues and expenses are translated at average exchange rates during the period. The gains or losses resulting from translating foreign currency financial statements into U.S. dollars, net of hedging gains or losses and taxes, if any, are included in Other comprehensive income. Gains or losses resulting from foreign currency transactions are included in Principal transactions in the Consolidated Statements of Earnings.
Earnings per Common Share	Earnings per Common Share
	As a single member limited liability company, earnings per share is not calculated for Jefferies Group LLC (the Successor company).
	Prior to the Merger Transaction, Jefferies Group, Inc. (the Predecessor company) had common shares and other common share equivalents outstanding. For the Predecessor periods, basic earnings per share (“EPS”) is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding and certain other shares committed to be, but not yet issued. Net earnings available to common shareholders represent net earnings to common shareholders reduced by the allocation of earnings to participating securities. Losses are not allocated to participating securities. Common shares outstanding and certain other shares committed to be, but not yet issued, include restricted stock and restricted stock units (“RSUs”) for which no future service is required. For Predecessor periods, diluted EPS is computed by dividing net earnings available to common shareholders plus dividends on dilutive mandatorily redeemable convertible preferred stock by the weighted average number of common shares outstanding and certain other shares committed to be, but not yet issued, plus all dilutive common stock equivalents outstanding during the period. Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and, therefore, are included in the earnings allocation in computing earnings per share under the two-class method of earning per share. Restricted stock and RSUs granted as part of our share-based compensation contain nonforfeitable rights to dividends and dividend equivalents, respectively, and therefore, prior to the requisite service being rendered for the right to retain the award, restricted stock and RSUs meet the definition of a participating security. As such, we calculate Basic and Diluted earnings per share under the two-class method.
Securitization Activities	Securitization Activities
	We engage in securitization activities related to corporate loans, commercial mortgage loans and mortgage-backed and other asset-backed securities. Such transfers of financial assets are accounted for as sales when we have relinquished control over the transferred assets. The gain or loss on sale of such financial assets depends, in part, on the previous carrying amount of the assets involved in the transfer allocated between the assets sold and the retained interests, if any, based upon their respective fair values at the date of sale. We may retain interests in the securitized financial assets as one or more tranches of the securitization. These retained interests are included within Financial instruments owned in the Consolidated Statements of Financial Condition at fair value. Any changes in the fair value of such retained interests are recognized within Principal transactions revenues in the Consolidated Statements of Earnings.
	When a transfer of assets does not meet the criteria of a sale, we account for the transfer as a secured borrowing and continue to recognize the assets of a secured borrowing in Financial instruments owned and recognize the associated financing in Other secured financings in the Consolidated Statements of Financial Condition.

Leucadia_Merger_and_Related_Tr1

Leucadia Merger and Related Transactions (Tables)	9 Months Ended
Leucadia Merger and Related Transactions (Tables)	Aug. 31, 2013
Business Combinations [Abstract]
Summary Computation of Purchase Price and Fair Values Assigned to Assets and Liabilities	The summary computation of the purchase price and the fair values assigned to the assets and liabilities are presented as follows (in thousands except share amounts):


	Purchase Price

	Jefferies common stock outstanding			205,368,031
	Less: Jefferies common stock owned by Leucadia			(58,006,024	)

	Jefferies common stock acquired by Leucadia			147,362,007
	Exchange ratio			0.81

	Leucadia’s shares issued (excluding for Jefferies shares held by Leucadia)			119,363,226
	Less: restricted shares issued for share-base payment awards (1)			(6,894,856	)

	Leucadia’s shares issued, excluding share-based payment awards			112,468,370
	Closing price of Leucadia’s common stock (2)		$	26.9

	Fair value of common shares acquired by Leucadia			3,025,399
	Fair value of 3.25% cumulative convertible preferred shares (3)			125,000
	Fair value of shares-based payment awards (4)			343,811
	Fair value of Jefferies shares owned by Leucadia (5)			1,259,891

	Total purchase price		$	4,754,101


	-1	Represents shares of restricted stock included in Jefferies common stock outstanding that contained a future service requirement as of March 1, 2013.
	-2	The value of the shares of common stock exchanged with Jefferies shareholders was based upon the closing price of Leucadia’s common stock at February 28, 2013, the last trading day prior to the date of acquisition.
	-3	Represents Leucadia’s 3.25% Cumulative Convertible Preferred Shares issued in exchange for Jefferies Group, Inc.‘s 3.25% Series A-1 Convertible Cumulative Preferred Stock.
	-4	The fair value of share-based payment awards is calculated in accordance with ASC 718, Compensation – Stock Compensation. Share-based payment awards attributable to pre-combination service are included as part of the total purchase price. Share-based payment awards attributable to pre-combination service is estimated based on the ratio of the pre-combination service performed to the original service period of the award.
	-5	The fair value of Jefferies shares owned by Leucadia was based upon a price of $21.72, the closing price of Jefferies common stock at February 28, 2013.
Assets Acquired and Liabilities Assumed by Major Class
	Assets acquired (1):
	Cash and cash equivalents		$	3,017,958
	Cash and securities segregated			3,728,742
	Financial instruments owned, at fair value			16,413,535
	Investments in managed funds			59,976
	Loans to and investments in related parties			766,893
	Securities borrowed			5,315,488
	Securities purchased under agreements to resell			3,578,366
	Securities received as collateral			25,338
	Receivables:
	Brokers, dealers and clearing organizations			2,444,085
	Customers			1,045,251
	Fees, interest and other			225,555
	Premises and equipment			192,603
	Indefinite-lived intangible exchange memberships and licenses (2)			15,551
	Finite-lived intangible customer relationships (2)(3)			136,002
	Finite-lived trade name (2)(4)			131,299
	Other assets			939,600

	Total assets		$	38,036,242


	Liabilities assumed (1):
	Short-term borrowings		$	100,000
	Financial instruments sold, not yet purchased, at fair value			9,766,876
	Securities loaned			1,902,687
	Securities sold under agreements to repurchase			7,976,492
	Other secured financings			122,294
	Obligation to return securities received as collateral			25,338
	Payables:
	Brokers, dealers and clearing organizations			1,787,055
	Customers			5,450,781
	Accrued expenses and other liabilities			789,449
	Long-term debt			6,362,024
	Mandatorily redeemable preferred interests			358,951

	Total liabilities		$	34,641,947


	Noncontrolling interests			356,180

	Fair value of net assets acquired, excluding goodwill (1)		$	3,038,115



	Goodwill (1)		$	1,715,986


	-1	Modifications to the purchase price allocation have been made since the initial presentation included in our Quarterly Report on Form 10-Q for the three months ended May 31, 2013, which reflect additional information obtained about the fair value of the assets acquired and liabilities assumed. These modifications include adjustments of $4.8 million to reduce the fair value of the total assets acquired and $9.6 million to increase the total liabilities assumed at March 1, 2013. The impact of the adjustments resulted in an increase of goodwill of $14.4 million from the previously presented balance of $1,701.6 million to $1,716.0 million as reflected in this table.
	-2	Intangible assets are recorded within Other assets on the Consolidated Statements of Financial Condition.
	-3	The fair value of the finite-lived customer relationships will be amortized on a straight line basis over a weighted average useful life of approximately 14.4 years.
	-4	The fair value of the finite-lived trade name will be amortized on a straight line basis over a useful life of 35 years.

Cash_Cash_Equivalents_and_Shor1

Cash, Cash Equivalents and Short-Term Investments (Tables)	9 Months Ended
Cash, Cash Equivalents and Short-Term Investments (Tables)	Aug. 31, 2013
Cash And Cash Equivalents [Abstract]
Schedule of Cash, Cash Equivalents and Short-Term Investments	The following are financial instruments classified as cash and cash equivalents that are deemed by us to be generally readily convertible into cash as of August 31, 2013 and November 30, 2012 (in thousands):



			Successor		Predecessor
			August 31,		November 30,
			2013		2012
	Cash and cash equivalents:
	Cash in banks		$	938,881	$	1,038,664
	Money market investments			3,180,215		1,653,931

	Total cash and cash equivalents		$	4,119,096	$	2,692,595

	Cash and securities segregated (1)		$	3,457,926	$	4,082,595


	-1	Consists of deposits at exchanges and clearing organizations, as well as deposits in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, which subjects Jefferies as a broker-dealer carrying client accounts to requirements related to maintaining cash or qualified securities in a segregated reserve account for the exclusive benefit of its clients, and Jefferies Bache, LLC which, as a futures commission merchant, is subject to the segregation requirements pursuant to the Commodity Exchange Act.

Fair_Value_Disclosures_Tables

Fair Value Disclosures (Tables)	9 Months Ended
Fair Value Disclosures (Tables)	Aug. 31, 2013
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis	The following is a summary of our financial assets and liabilities that are accounted for at fair value on a recurring basis as of August 31, 2013 and November 30, 2012 by level within the fair value hierarchy (in thousands):


			Successor
			31-Aug-13
			Level 1 (1)				Level 2 (1)				Level 3				Counterparty and				Total
															Cash Collateral
															Netting (2)
	Assets:
	Financial instruments owned:
	Corporate equity securities		$	1,753,178			$	164,045			$	16,079			$	—			$	1,933,302
	Corporate debt securities			—				2,334,115				20,633				—				2,354,748
	Collateralized debt obligations			—				196,639				45,872				—				242,511
	U.S. government and federal agency securities			1,559,899				45,993				—				—				1,605,892
	Municipal securities			—				504,981				—				—				504,981
	Sovereign obligations			1,225,076				691,921				—				—				1,916,997
	Residential mortgage-backed securities			—				2,951,619				132,183				—				3,083,802
	Commercial mortgage-backed securities			—				728,365				14,423				—				742,788
	Other asset-backed securities			—				49,020				8,570				—				57,590
	Loans and other receivables			—				812,517				130,452				—				942,969
	Derivatives			38,410				1,937,799				2,567				(1,856,907	)			121,869
	Investments at fair value			—				6,465				73,452				—				79,917
	Physical commodities			—				110,915				—				—				110,915

	Total financial instruments owned		$	4,576,563			$	10,534,394			$	444,231			$	(1,856,907	)		$	13,698,281


	Cash and cash equivalents		$	4,119,096			$	—			$	—			$	—			$	4,119,096
	Investments in managed funds		$	—			$	—			$	55,897			$	—			$	55,897
	Cash and securities segregated and on deposit for regulatory purposes (3)		$	3,457,926			$	—			$	—			$	—			$	3,457,926
	Securities received as collateral		$	45,133			$	—			$	—			$	—			$	45,133

	Total Level 3 assets										$	500,128


	Liabilities:
	Financial instruments sold, not yet purchased:
	Corporate equity securities		$	1,675,406			$	64,047			$	38			$	—			$	1,739,491
	Corporate debt securities			—				1,320,896				—				—				1,320,896
	U.S. government and federal agency securities			1,299,404				—				—				—				1,299,404
	Sovereign obligations			1,043,906				644,205				—				—				1,688,111
	Residential mortgage-backed securities			—				24,569				—				—				24,569
	Commercial mortgage-backed securities			—				13,399				—				—				13,399
	Loans			—				359,561				976				—				360,537
	Derivatives			39,794				1,991,520				17,205				(1,914,692	)			133,827
	Physical commodities			—				44,796				—				—				44,796

	Total financial instruments sold, not yet purchased		$	4,058,510			$	4,462,993			$	18,219			$	(1,914,692	)		$	6,625,030


	Obligation to return securities received as collateral		$	45,133			$	—			$	—			$	—			$	45,133
	Other secured financings		$	—			$	30,000			$	3,025			$	—			$	33,025
	Embedded conversion option		$	—			$	7,336			$	—			$	—			$	7,336

	-1	During the three months ended August 31, 2013, we transferred from Level 1 to Level 2 listed equity options with a fair value of $403.0 million within Financial instruments owned and $423.0 million within Financial instruments sold, not yet purchased as adjustments to the exchange closing price are necessary to best reflect the fair value of the population at its exit price.
	-2	Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.
	-3	Securities comprise U.S. government securities segregated for regulatory purposes with a fair value of $279.3 million.


			Predecessor
			30-Nov-12
			Level 1 (1)				Level 2 (1)				Level 3				Counterparty and				Total
															Cash Collateral
															Netting (2)
Assets:
Financial instruments owned:
Corporate equity securities		$	1,608,715			$	137,245			$	16,815			$	—			$	1,762,775
Corporate debt securities			—				3,034,515				3,631				—				3,038,146
Collateralized debt obligations			—				87,239				31,255				—				118,494
U.S. government and federal agency securities			1,720,617				115,310				—				—				1,835,927
Municipal securities			—				619,969				—				—				619,969
Sovereign obligations			1,722,044				975,810				—				—				2,697,854
Residential mortgage-backed securities			—				4,008,844				156,069				—				4,164,913
Commercial mortgage-backed securities			—				1,060,333				30,202				—				1,090,535
Other asset-backed securities			—				93,228				1,114				—				94,342
Loans and other receivables			—				497,918				180,393				—				678,311
Derivatives			615,024				1,547,984				328				(1,865,250	)			298,086
Investments at fair value			—				43,126				83,897				—				127,023
Physical commodities			—				144,016				—				—				144,016

Total financial instruments owned		$	5,666,400			$	12,365,537			$	503,704			$	(1,865,250	)		$	16,670,391


Level 3 financial instruments for which the firm does not bear economic exposure (3)											(53,289	)

Level 3 financial instruments for which the firm bears economic exposure										$	450,415


Cash and cash equivalents		$	2,692,595			$	—			$	—			$	—			$	2,692,595
Investments in managed funds		$	—			$	—			$	57,763			$	—			$	57,763
Cash and securities segregated and on deposit for regulatory purposes (4)		$	4,082,595			$	—			$	—			$	—			$	4,082,595

Total Level 3 assets for which the firm bears economic exposure										$	508,178


Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities		$	1,442,347			$	96,947			$	38			$	—			$	1,539,332
Corporate debt securities			—				1,389,312				—				—				1,389,312
U.S. government and federal agency securities			1,428,746				250,387				—				—				1,679,133
Sovereign obligations			1,395,355				591,624				—				—				1,986,979
Residential mortgage-backed securities			—				239,063				—				—				239,063
Commercial mortgage-backed securities			—				2,148				—				—				2,148
Loans			—				205,516				1,711				—				207,227
Derivatives			547,605				1,684,884				9,516				(2,012,878	)			229,127
Physical commodities			—				183,142				—				—				183,142

Total financial instruments sold, not yet purchased		$	4,814,053			$	4,643,023			$	11,265			$	(2,012,878	)		$	7,455,463


-1	There were no transfers between Level 1 and Level 2 for the year ended November 30, 2012.
-2	Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.
-3	Consists of Level 3 assets attributable to third party or employee noncontrolling interests in certain consolidated entities.
-4	Securities comprise U.S. government securities segregated for regulatory purposes with a fair value of $404.3 million.
Investments Measured at Fair Value Based on Net Asset Value Per Share	The following tables present information about our investments in entities that have the characteristics of an investment company at August 31, 2013 and November 30, 2012 (in thousands):


			Successor
			31-Aug-13
			Fair Value (7)				Unfunded				Redemption Frequency
			Fair Value (7)				Commitments				(if currently eligible)
	Equity Long/Short Hedge Funds ⁽¹⁾		$	20,360			$	—			Monthly, Quarterly
	High Yield Hedge Funds⁽²⁾			341				—			—
	Fund of Funds⁽³⁾			474				106			—
	Equity Funds⁽⁴⁾			66,526				49,019			—
	Convertible Bond Funds⁽⁵⁾			3,081				—			At Will
	Other Investments⁽⁶⁾			17				—			Bi-Monthly

	Total⁽⁸⁾		$	90,799			$	49,125



			Predecessor
			30-Nov-12
			Fair Value (7)				Unfunded				Redemption Frequency
			Fair Value (7)				Commitments				(if currently eligible)
	Equity Long/Short Hedge Funds ⁽¹⁾		$	19,554			$	—			Monthly, Quarterly
	High Yield Hedge Funds⁽²⁾			612				—			—
	Fund of Funds⁽³⁾			604				106			—
	Equity Funds⁽⁴⁾			69,223				59,272			—
	Convertible Bond Funds⁽⁵⁾			3,002				—			At Will
	Other Investments⁽⁶⁾			19				—			Bi-Monthly

	Total⁽⁸⁾		$	93,014			$	59,378


	-1	This category includes investments in hedge funds that invest, long and short, in equity securities in domestic and international markets in both the public and private sectors. At August 31, 2013 and November 30, 2012, investments representing approximately 98% and 96%, respectively, of the fair value of investments in this category are redeemable with 30 – 65 days prior written notice. The remaining investments in this category cannot be redeemed as they are in liquidation and distributions will be received through the liquidation of the underlying assets of the funds. We are unable to estimate when the underlying assets will be liquidated.
	-2	Includes investments in funds that invest in domestic and international public high yield debt, private high yield investments, senior bank loans, public leveraged equities, distressed debt, and private equity investments. There are no redemption provisions. The underlying assets of the funds are being liquidated and we are unable to estimate when the underlying assets will be fully liquidated.
	-3	Includes investments in fund of funds that invest in various private equity funds. At August 31, 2013 and November 30, 2012, approximately 98% and 94%, respectively, of the fair value of investments in this category are managed by us and have no redemption provisions, instead distributions are received through the liquidation of the underlying assets of the fund of funds, which are estimated to be liquidated in one to two years. For the remaining investments we have requested redemption; however, we are unable to estimate when these funds will be received.
	-4	At August 31, 2013 and November 30, 2012, investments representing approximately 99% and 98%, respectively of the fair value of investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private companies in the energy, technology, internet service and telecommunication service industries. These investments cannot be redeemed, instead distributions are received through the liquidation of the underlying assets of the funds which are expected to liquidate in one to eight years. The remaining investments are in liquidation and we are unable to estimate when the underlying assets will be fully liquidated. At August 31, 2013 and November 30, 2012, this category includes investments in equity funds managed by us with a fair value of $53.7 million and $55.6 million and unfunded commitments of $47.5 million and $56.9 million, respectively.
	-5	Investment in the Jefferies Umbrella Fund, an open-ended investment company managed by us that invests primarily in convertible bonds. The investment is redeemable with 5 days prior written notice.
	-6	Other investments at August 31, 2013 and November 30, 2012 included investments in funds that invest in commodity futures and options contracts.
	-7	Fair value has been estimated using the net asset value derived from each of the funds’ capital statements.
	-8	Investments at fair value in the Consolidated Statements of Financial Condition at August 31, 2013 and November 30, 2012 include $45.0 million and $91.8 million, respectively, of direct investments which do not have the characteristics of investment companies and therefore not included within this table.
Summary of Valuation Bases (Pricing Information) for Financial Instruments	At August 31, 2013 and November 30, 2012, our Financial instruments owned and Financial instruments sold, not yet purchased are measured using different valuation bases as follows:


			Successor										Predecessor
			31-Aug-13										30-Nov-12
			Financial				Financial						Financial				Financial
			Instruments				Instruments Sold,						Instruments				Instruments Sold,
			Owned				Not Yet						Owned				Not Yet
							Purchased										Purchased
	Exchange closing prices			13	%			26	%					11	%			19	%
	Recently observed transaction prices			7	%			4	%					5	%			6	%
	External pricing services			56	%			65	%					70	%			71	%
	Broker quotes			3	%			3	%					1	%			0	%
	Valuation techniques			21	%			2	%					13	%			4	%

				100	%			100	%					100	%			100	%


Summary of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3	The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended August 31, 2013 (in thousands):


			Successor
			Three Months Ended August 31, 2013 ⁽³⁾
			Balance,				Total gains/				Purchases				Sales				Settlements				Net				Balance,			Change in
			May 31,				losses																transfers				August 31,			unrealized gains/
			2013				(realized and																into/ (out				2013			(losses) relating
							unrealized)																of)							to instruments
							-1																Level 3							still held at
																														August 31,
																														2013 (1)
	Assets:
	Financial instruments owned:
	Corporate equity securities		$	19,577			$	(788	)		$	—			$	(930	)		$	—			$	(1,780	)		$	16,079		$	(786	)
	Corporate debt securities			18,615				(4,285	)			68				(571	)			—				6,806				20,633			(4,342	)
	Collateralized debt obligations			45,124				(1,903	)			8,222				(4,236	)			—				(1,335	)			45,872			(2,388	)
	Residential mortgage-backed securities			143,766				(1,876	)			33,831				(50,938	)			(2,306	)			9,706				132,183			(3,898	)
	Commercial mortgage-backed securities			16,068				2,033				130				(310	)			(3,703	)			205				14,423			(1,106	)
	Other asset-backed securities			1,444				2,170				7,576				(3,279	)			—				659				8,570			2,142
	Loans and other receivables			117,496				(198	)			52,246				(12,139	)			(25,395	)			(1,558	)			130,452			609
	Investments, at fair value			76,364				1,848				—				(101	)			(710	)			(3,949	)			73,452			2,002
	Investments in managed funds			55,141				4,034				6,598				—				(9,876	)			—				55,897			4,034

	Liabilities:
	Financial instruments sold, not yet purchased:
	Corporate equity securities		$	38			$	—			$	—			$	—			$	—			$	—			$	38		$	—
	Net derivatives (2)			10,799				3,899				—				—				(60	)			—				14,638			(3,899	)
	Loans			15,212				—				(14,952	)			716				—				—				976			—
	Other secured financing			2,294				731				—				—				—				—				3,025			(731	)

	-1	Realized and unrealized gains/losses are reported in Principal transactions in the Consolidated Statements of Earnings.
	-2	Net derivatives represent Financial instruments owned – Derivatives and Financial instruments sold, not yet purchased – Derivatives.
	-3	There were no issuances during the three months ended August 31, 2013.
	The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the six months ended August 31, 2013 (in thousands):


			Successor
			Six Months Ended August 31, 2013 ⁽³⁾
			Balance,				Total gains/				Purchases				Sales				Settlements				Net				Balance,			Change in
			February 28,				losses																transfers				August 31,			unrealized gains/
			2013				(realized and																into/ (out				2013			(losses) relating
							unrealized)																of)							to instruments
							-1																Level 3							still held at
																														August 31,
																														2013 (1)
	Assets:
	Financial instruments owned:
	Corporate equity securities		$	13,234			$	1,053			$	213			$	(753	)		$	266			$	2,066			$	16,079		$	1,243
	Corporate debt securities			31,820				(17,415	)			708				(2,556	)			—				8,076				20,633			(6,933	)
	Collateralized debt obligations			29,776				(2,008	)			43,152				(27,676	)			—				2,628				45,872			(3,830	)
	Residential mortgage-backed securities			169,426				5,594				79,531				(105,671	)			(4,851	)			(11,846	)			132,183			586
	Commercial mortgage-backed securities			17,794				(735	)			1,533				(3,054	)			(5,281	)			4,166				14,423			(5,007	)
	Other asset-backed securities			1,252				2,168				7,618				(3,127	)			—				659				8,570			2,077
	Loans and other receivables			170,986				(5,103	)			206,672				(26,630	)			(213,662	)			(1,811	)			130,452			(8,063	)
	Investments, at fair value			70,067				653				5,000				(102	)			(3,204	)			1,038				73,452			668
	Investments in managed funds			59,976				3,108				9,130				—				(16,439	)			122				55,897			3,108

	Liabilities:
	Financial instruments sold, not yet purchased:
	Corporate equity securities		$	38			$	—			$	—			$	—			$	—			$	—			$	38		$	—
	Residential mortgage-backed securities			1,542				(1,542	)			—				—				—				—				—			—
	Net derivatives (2)			11,185				3,453				—				—				—				—				14,638			(3,453	)
	Loans			7,398				—				(20,221	)			13,799				—				—				976			—
Other secured financing			—				731				—				—				—				2,294				3,025			(731	)

-1	Realized and unrealized gains/losses are reported in Principal transactions in the Consolidated Statements of Earnings.
-2	Net derivatives represent Financial instruments owned – Derivatives and Financial instruments sold, not yet purchased – Derivatives.
-3	There were no issuances during the six months ended August 31, 2013.

The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended February 28, 2013 (in thousands):


		Predecessor
		Three Months Ended February 28, 2013 ⁽³⁾
		Balance,				Total gains/				Purchases				Sales				Settlements				Net				Balance,			Change in
		November 30,				losses																transfers				February 28,			unrealized gains/
		2012				(realized and																into/ (out				2013			(losses) relating
						unrealized)																of)							to instruments
						-1																Level 3							still held at
																													February 28,
																													2013 (1)
Assets:
Financial instruments owned:
Corporate equity securities		$	16,815			$	200			$	707			$	109			$	—			$	(4,597	)		$	13,234		$	172
Corporate debt securities			3,631				7,836				11,510				(1,918	)			—				10,761				31,820			7,833
Collateralized debt obligations			31,255				3,624				9,406				(17,374	)			—				2,865				29,776			(1,125	)
Residential mortgage-backed securities			156,069				11,906				132,773				(130,143	)			(6,057	)			4,878				169,426			4,511
Commercial mortgage-backed securities			30,202				(995	)			2,280				(2,866	)			(1,188	)			(9,639	)			17,794			(2,059	)
Other asset-backed securities			1,114				50				1,627				(1,342	)			(19	)			(178	)			1,252			(1	)
Loans and other receivables			180,393				(8,682	)			105,650				(29,828	)			(61,407	)			(15,140	)			170,986			(12,374	)
Investments, at fair value			83,897				961				952				(4,923	)			(9,721	)			(1,099	)			70,067			1,171
Investments in managed funds			57,763				(363	)			11,068				—				(8,492	)			—				59,976			(363	)

Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities		$	38			$	—			$	—			$	—			$	—			$	—			$	38		$	—
Residential mortgage-backed securities			—				25				(73,846	)			75,363				—				—				1,542			(19	)
Net derivatives (2)			9,188				2,648				—				—				—				(651	)			11,185			2,648
Loans			1,711				—				(1,711	)			7,398				—				—				7,398			—

-1	Realized and unrealized gains/losses are reported in Principal transactions in the Consolidated Statements of Earnings.
-2	Net derivatives represent Financial instruments owned – Derivatives and Financial instruments sold, not yet purchased – Derivatives.
-3	There were no issuances during the three months ended February 28, 2013.
The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended August 31, 2012 (in thousands):


		Predecessor
		Three Months Ended August 31, 2012 ⁽³⁾
		Balance,				Total gains/				Purchases				Sales				Settlements				Net				Balance,			Change in
		May 31,				losses																transfers				August 31,			unrealized gains/
		2012				(realized and																into/ (out				2012			(losses) relating
						unrealized)																of)							to instruments
						-1																Level 3							still held at
																													August 31,
																													2012 (1)
Assets:
Financial instruments owned:
Corporate equity securities		$	25,789			$	260			$	2,991			$	(15,418	)		$	—			$	6,161			$	19,783		$	(907	)
Corporate debt securities			7,972				(101	)			521				(1,118	)			—				284				7,558			(136	)
Collateralized debt obligations			84,006				6,710				—				(11,008	)			—				1,890				81,598			5,836
Municipal securities			465				5				—				(387	)			—				—				83			5
Residential mortgage-backed securities			123,555				2,542				27,401				(65,422	)			(5,216	)			62,128				144,988			359
Commercial mortgage-backed securities			40,594				(1,327	)			2,092				(1,307	)			(450	)			(8,089	)			31,513			(1,310	)
Other asset-backed securities			1,273				—				—				—				(291	)			(774	)			208			—
Loans and other receivables			108,674				(528	)			57,790				(30,632	)			(56,404	)			29,889				108,789			(237	)
Investments, at fair value			91,836				(202	)			1,120				—				(775	)			—				91,979			(466	)
Investments in managed funds			68,314				(5,389	)			2,173				—				(4,987	)			10				60,121			(5,382	)

Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities		$	12,039			$	(410	)		$	(11,782	)		$	191			$	—			$	—			$	38		$	—
Corporate debt securities			74				(15	)			(59	)			—				—				—				—			—
Net derivatives (2)			4,395				7,342				—				—				—				10				11,747			6,209
Loans			—				—				—				4,285				—				—				4,285			—

-1	Realized and unrealized gains/losses are reported in Principal transactions in the Consolidated Statements of Earnings.
-2	Net derivatives represent Financial instruments owned – Derivatives and Financial instruments sold, not yet purchased – Derivatives.
-3	There were no issuances during the three months ended August 31, 2012.
The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the nine months ended August 31, 2012 (in thousands):


		Predecessor
		Nine Months Ended August 31, 2012 ⁽³⁾
		Balance,				Total gains/				Purchases				Sales				Settlements				Net				Balance,			Change in
		November 30,				losses																transfers				August 31,			unrealized gains/
		2011				(realized and																into/ (out				2012			(losses) relating
						unrealized)																of)							to instruments
						-1																Level 3							still held at
																													August 31,
																													2012 (1)
Assets:
Financial instruments owned:
Corporate equity securities		$	13,489			$	(2,580	)		$	20,676			$	(13,437	)		$	—			$	1,635			$	19,783		$	(4,636	)
Corporate debt securities			48,140				85				7,228				(39,367	)			(1,276	)			(7,252	)			7,558			(656	)
Collateralized debt obligations			47,988				4,278				8,479				(18,699	)			(3,892	)			43,444				81,598			3,515
Municipal securities			6,904				(74	)			—				(1,366	)			—				(5,381	)			83			5
Sovereign obligations			140				—				—				—				—				(140	)			—			—
Residential mortgage-backed securities			149,965				(17,833	)			59,477				(101,039	)			(8,489	)			62,907				144,988			(8,884	)
Commercial mortgage-backed securities			52,407				(2,221	)			5,090				(5,441	)			(115	)			(18,207	)			31,513			(2,769	)
Other asset-backed securities			3,284				141				19,397				(20,351	)			(51	)			(2,212	)			208			3
Loans and other receivables			97,291				(2,674	)			158,305				(60,111	)			(104,476	)			20,454				108,789			(4,109	)
Investments, at fair value			78,326				15,076				1,909				(6	)			(3,326	)			—				91,979			14,412
Investments in managed funds			70,740				(17,765	)			12,683				—				(5,537	)			—				60,121			(17,765	)

Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities		$	—			$	38			$	—			$	—			$	—			$	—			$	38		$	38
Corporate debt securities			74				(15	)			(59	)			—				—				—				—			—
Net derivatives (2)			9,285				5,064				(389	)			—				—				(2,213	)			11,747			6,087
Loans			10,157				—				(10,157	)			4,285				—				—				4,285			—

-1	Realized and unrealized gains/losses are reported in Principal transactions in the Consolidated Statements of Earnings.
-2	Net derivatives represent Financial instruments owned – Derivatives and Financial instruments sold, not yet purchased – Derivatives.
-3	There were no issuances during the nine months ended August 31, 2012.
Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements	The disclosed inputs when compared with the inputs as disclosed in other quarters should not be expected to necessarily be indicative of changes in our estimates of unobservable inputs for a particular financial instrument as the population of financial instruments comprising the category will vary from period to period based on purchases and sales of financial instruments during the period as well as transfers into and out of Level 3 each period.

	Successor
	August 31, 2013
	Financial Instruments Owned		Fair Value (in				Valuation Technique		Significant Unobservable Input(s)		Input / Range				Weighted
	Financial Instruments Owned		thousands)				Valuation Technique		Significant Unobservable Input(s)		Input / Range				Average

	Corporate equity securities		$	11,665
	Non-exchange traded securities						Market approach		EBITDA (a) multiple			16
							Comparable pricing		Comparable share price			$76.75
	Warrants						Option model		Volatility			37%

	Corporate debt securities		$	18,313
							Scenario analysis		Estimated recovery percentage			21%
							Comparable pricing		Comparable bond or loan price			$63.70 to $126			$	78.28
							Market approach		Yield			12.60%
	Collateralized debt obligations		$	35,512
							Discounted cash flows		Constant prepayment rate			0% to 20%				14	%
									Constant default rate			0% to 10%				2	%
									Loss severity			13% to 75%				49	%
									Yield			5% to 75%				24	%
	Residential mortgage-backed		$	114,278
							Discounted cash flows		Constant prepayment rate			0% to 22%				5	%
									Constant default rate			1% to 50%				6	%
									Loss severity			25% to 75%				50	%
									Yield			0% to 28%				7	%
	Commercial mortgage-backed		$	5,847
							Comparable pricing		Comparable bond or loan price			$12.50
							Discounted cash flows		Yield			15% to 26%				21	%
									Cumulative loss rate			0% to 22%				12	%
	Other asset-backed securities		$	7,711
							Discounted cash flows		Constant prepayment rate			0% to 30%				22	%
									Constant default rate			0% to 11%				8	%
									Loss severity			75% to 92%				89	%
									Yield			9% to 25%				20	%
	Loans and other receivables		$	81,282
							Comparable pricing		Comparable bond or loan price			$90.50 to $100			$	98.9
							Market approach		Yield			12%
									EBITDA (a) multiple			6.5
							Scenario analysis		Estimated recovery percentage			17% to 86%				52	%

	Derivatives		$	1,600
	Loan Commitments						Comparable pricing		Comparable bond or loan price			$101.38

	Investments at fair value		$	5,975
	Private equity securities						Comparable pricing		Comparable share price		$	414


	Financial Instruments Sold, Not Yet		Fair Value (in				Valuation Technique		Significant Unobservable Input(s)		Input / Range		Weighted
	Purchased		thousands)				Valuation Technique		Significant Unobservable Input(s)		Input / Range		Average

	Derivatives		$	(12,879	)
	Equity options						Option model		Volatility		36% to 41%			39	%
	Loan commitments						Comparable pricing		Comparable bond or loan price		$101.38

	(a)	Earnings before interest, taxes, depreciation and amortization (“EBITDA”).


	Predecessor
	30-Nov-12
	Financial Instruments Owned		Fair Value (in				Valuation Technique		Significant Unobservable Input(s)		Range
	Financial Instruments Owned		thousands)				Valuation Technique		Significant Unobservable Input(s)		Range

	Corporate equity securities		$	16,815
Non-exchange traded securities						Market approach		EBITDA (a) multiple		4.0 to 16.3
						Scenario analysis		Estimated recovery percentage		35%
Warrants						Option model		Volatility		39%

Collateralized debt obligations		$	26,705
						Discounted cash flows		Constant prepayment rate		0% to 5%
								Constant default rate		0% to 10%
								Loss severity		13% to 75%
								Yield		10% to 35%

Residential mortgage-backed securities		$	156,069
						Discounted cash flows		Constant prepayment rate		0% to 25%
								Constant default rate		0% to 50%
								Loss severity		0% to 80%
								Yield		1% to 50%

Commercial mortgage-backed securities		$	30,202
						Discounted cash flows		Yield		22% to 57%
								Cumulative loss rate		2% to 20%

Loans and other receivables		$	153,365
						Comparable pricing		Comparable bond or loan price		$81.88 to $101.25
						Discounted cash flows		Yield		19%
								Cumulative loss rate		0%
						Market approach		Yield		5% to 54%
								EBITDA (a) multiple		8.3
						Scenario analysis		Estimated recovery percentage		15%

Investments at fair value		$	32,751
Private equity securities						Market approach		EBITDA (a) multiple		6.6
						Comparable pricing		Comparable share price		$400.00
						Scenario analysis		Estimated recovery percentage		50%


Financial Instruments Sold, Not Yet Purchased		Fair Value (in				Valuation Technique		Significant Unobservable Input(s)		Range
Financial Instruments Sold, Not Yet Purchased		thousands)				Valuation Technique		Significant Unobservable Input(s)		Range

Derivatives		$	(9,516	)
Equity options						Option model		Volatility			39%
Loan commitments						Comparable pricing		Comparable bond or loan price		$	101.13

(a)	Earnings before interest, taxes, depreciation and amortization (“EBITDA”).
Summary of Gains (Losses) Due to Changes in Instrument Specific Credit Risk and Summary of Contractual Principal Exceeds Fair Value for Loans and Other Receivables	The following is a summary of gains (losses) due to changes in instrument specific credit risk on loans and other receivables and loan commitments measured at fair value under the fair value option (in thousands):


			Successor				Successor								Predecessor
			Three Months Ended				Six Months Ended								Three Months Ended				Three Months Ended				Nine Months Ended
			August 31, 2013				August 31, 2013								February 28, 2013				August 31, 2012				August 31, 2012
	Financial Instruments Owned:
	Loans and other receivables		$	1,097			$	2,284							$	3,924			$	5,012			$	9,664

	Financial Instruments Sold:
	Loans		$	—			$	—							$	—			$	(320	)		$	(466	)
	Loan commitments			4,440				(2,059	)							(2,746	)			(5,213	)			(7,088	)
	The following is a summary of the amount by which contractual principal exceeds fair value for loans and other receivables measured at fair value under the fair value option (in thousands):


			Successor						Predecessor
			August 31,						November 30,
			2013						2012
	Financial Instruments Owned:
	Loans and other receivables (2)		$	226,332					$	256,271
	Loans greater than 90 days past due (1) (2)			7,809						10,433

	-1	The aggregate fair value of loans that were 90 or more days past due was $5.2 million and $34.7 million at August 31, 2013 and November 30, 2012.
	-2	Interest income is recognized separately from other changes in fair value and is included within Interest revenues on the Consolidated Statements of Earnings.

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	9 Months Ended
Derivative Financial Instruments (Tables)	Aug. 31, 2013
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Fair Value and Related Number of Derivative Contracts Categorized by Type of Derivative Contract	The following tables present the fair value and related number of derivative contracts at August 31, 2013 and November 30, 2012 categorized by type of derivative contract. The fair value of assets/liabilities related to derivative contracts represents our receivable/payable for derivative financial instruments, gross of counterparty netting and cash collateral received and pledged (in thousands, except contract amounts):


			Successor
			31-Aug-13
			Assets						Liabilities
			Fair Value			Number of			Fair Value				Number of
			Fair Value			Contracts			Fair Value				Contracts
	Interest rate contracts		$	846,497			32,663		$	881,518				57,449
	Foreign exchange contracts			534,443			120,650			548,061				114,965
	Equity contracts			447,376			1,853,291			468,562				1,875,348
	Commodity contracts			135,866			464,064			130,612				464,679
	Credit contracts: centrally cleared swaps			10,015			19			10,855				17
	Credit contracts: other credit derivatives			4,580			24			8,910				19

	Total			1,978,777						2,048,518
	Counterparty/cash-collateral netting			(1,856,908	)					(1,914,691	)

	Total per Consolidated Statement of Financial Condition		$	121,869					$	133,827



			Predecessor
			30-Nov-12
			Assets						Liabilities
			Fair Value			Number of			Fair Value				Number of
			Fair Value			Contracts			Fair Value				Contracts
	Interest rate contracts		$	927,896			67,410		$	1,065,788				90,831
	Foreign exchange contracts			387,325			118,958			357,277				116,758
	Equity contracts			577,964			1,526,127			528,979				1,396,213
	Commodity contracts			265,703			754,987			278,660				728,696
	Credit contracts			4,448			13			11,301				40

	Total			2,163,336						2,242,005
	Counterparty/cash-collateral netting			(1,865,250	)					(2,012,878	)

	Total per Consolidated Statement of Financial Condition		$	298,086					$	229,127


Unrealized and Realized Gains (Losses) on Derivative Contracts	The following table presents unrealized and realized gains (losses) on derivative contracts for the three and six months ended August 31, 2013, three months ended February 28, 2013 and for the three and nine months ended August 31, 2012 (in thousands):


			Successor								Predecessor
	Gains (Losses)		Three Months Ended			Six Months Ended					Three Months Ended				Three Months Ended				Nine Months Ended
	Gains (Losses)		31-Aug-13			31-Aug-13					28-Feb-13				31-Aug-12				31-Aug-12

	Interest rate contracts		$	65,628		$	95,009				$	25,713			$	38,067			$	(39,667	)
	Foreign exchange contracts			(4,149	)		(13	)				11,895				(4,616	)			4,193
	Equity contracts			32,918			66,811					(5,436	)			(46,930	)			(72,691	)
	Commodity contracts			15,080			36,593					19,585				11,074				57,586
	Credit contracts			(904	)		(11,914	)				(3,742	)			(5,887	)			(15,274	)

	Total		$	108,573		$	186,486				$	48,015			$	(8,292	)		$	(65,853	)

Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities	The following tables set forth by remaining contract maturity the fair value of OTC derivative assets and liabilities as of August 31, 2013 (in thousands):



			Successor
			OTC Derivative Assets (1) (2) (4)
			0 – 12			1 – 5 Years			Greater Than				Cross-				Total
			Months						5 Years				Maturity
													Netting (3)

	Commodity swaps, options and forwards		$	36,869		$	783		$	—			$	(47	)		$	37,605
	Credit default swaps			73			607			—								680
	Equity swaps and options			3,650			—			—				—				3,650
	Total return swaps			817			—			—				(114	)			703
	Foreign currency forwards, swaps and options			70,110			32,782			—				(16,218	)			86,674
	Interest rate swaps and options			7,340			64,407			147,654				(82,057	)			137,344

	Total		$	118,859		$	98,579		$	147,654			$	(98,436	)			266,656

	Cross product counterparty netting																	(579	)

	Total OTC derivative assets included in Financial instruments owned																$	266,077


	-1	At August 31, 2013, we held exchange traded derivative assets and other credit agreements with a fair value of $10.9 million, which are not included in this table.
	-2	OTC derivative assets in the table above are gross of collateral received. OTC derivative assets are recorded net of collateral received on the Consolidated Statements of Financial Condition. At August 31, 2013, cash collateral received was $155.1 million.
	-3	Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories.
	-4	Derivative fair values include counterparty netting within product category.


			Successor
			OTC Derivative Liabilities (1) (2) (4)
			0 – 12			1 – 5 Years			Greater Than				Cross-				Total
			Months						5 Years				Maturity
													Netting (3)

	Commodity swaps, options and forwards		$	28,734		$	47		$	—			$	(47	)		$	28,734
	Credit default swaps			—			2,062			380				—				2,442
	Equity swaps and options			8,455			—			2,852				—				11,307
	Total return swaps			650			—			549				(114	)			1,085
	Foreign currency forwards, swaps and options			81,858			34,725			—				(16,218	)			100,365
	Interest rate swaps and options			16,291			89,710			151,371				(82,057	)			175,315

	Total		$	135,988		$	126,544		$	155,152			$	(98,436	)			319,248

	Cross product counterparty netting																	(579	)

	Total OTC derivative liabilities included in Financial instruments sold, not yet purchased																$	318,669


	-1	At August 31, 2013, we held exchange traded derivative liabilities and other credit agreements with a fair value of $28.0 million, which are not included in this table.
	-2	OTC derivative liabilities in the table above are gross of collateral pledged. OTC derivative liabilities are recorded net of collateral pledged on the Consolidated Statements of Financial Condition. At August 31, 2013, cash collateral pledged was $212.9 million.
	-3	Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories.
	-4	Derivative fair values include counterparty netting within product category.
Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets	At August 31, 2013, the counterparty credit quality with respect to the fair value of our OTC derivatives assets was as follows (in thousands):


	Counterparty credit quality (1):
	A- or higher		$	199,298
	BBB- to BBB+			9,447
	BB+ or lower			51,448
	Unrated			5,884

	Total		$	266,077


	-1	We utilize internal credit ratings determined by our Risk Management. Credit ratings determined by Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies.

Collateralized_Transactions_Ta

Collateralized Transactions (Tables)	9 Months Ended
Collateralized Transactions (Tables)	Aug. 31, 2013
Text Block [Abstract]
Fair Value of Securities Received as Collateral	The fair value of securities received as collateral at August 31, 2013 and November 30, 2012 that pertains to our securities financing activities at August 31, 2013 and November 30, 2012 are as follows (in thousands):


			Successor		Predecessor
			August 31,		November 30,
			2013		2012
	Carrying amount:
	Securities purchased under agreements to resell		$	4,420,886	$	3,357,602
	Securities borrowed			5,316,449		5,094,679
	Securities received as collateral			45,133		—

	Total assets on Consolidated Statement of Financial Condition			9,782,468		8,452,281
	Netting of securities purchased under agreements to resell (1)			8,481,994		9,982,752

				18,264,462		18,435,033
	Fair value of additional collateral received (2)			3,098,873		2,683,767


	Fair value of securities received as collateral		$	21,363,335	$	21,118,800


	-1	Represents the netting of securities purchased under agreements to resell with securities sold under agreements to repurchase balances for the same counterparty under legally enforceable netting agreements.
	-2	Includes 1) collateral received from customers for margin balances unrelated to arrangements for securities purchased under agreements to resell or securities borrowed with a fair value of $1,092.2 million and $1,252.6 million at August 31, 2013 and November 30, 2012, respectively, of which $634.5 million and $727.7 million had been rehypothecated, 2) collateral received on securities for securities transactions of $1,669.8 million and $1,378.8 million at August 31, 2013 and November 30, 2012, respectively and 3) collateral received in excess of the reverse repurchase and securities borrowed contract amounts.

Securitization_Activities_Tabl

Securitization Activities (Tables)	9 Months Ended
Securitization Activities (Tables)	Aug. 31, 2013
Text Block [Abstract]
Activity Related to Securitizations Accounted for as Sales	The following table presents activity related to our securitizations that were accounted for as sales in which we had continuing involvement (in millions):


			Successor						Predecessor
			Three Months			Six Months Ended			Three Months		Three Months		Nine Months Ended
			Ended			31-Aug-13			Ended		Ended		31-Aug-12
			August 31, 2013						February 28, 2013		August 31, 2012
	Transferred assets		$	918.4		$	3,102.40		$	2,735.20	$	2,132.30	$	7,070.90
	Proceeds on new securitizations			921.5			3,112.50			2,751.30		2,375.00		7,654.10
	Net revenues			1.7			6.5			12.9		2.4		16.5

	Cash flows received on retained interests		$	13		$	24.2		$	32.3	$	19.7	$	44.6
Summary of Retained Interests in SPEs	The following tables summarize our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment (in millions):


			Successor
			As of August 31, 2013
	Securitization Type		Total Assets			Retained
	Securitization Type		Total Assets			Interests

	U.S. government agency residential mortgage-backed securities		$	7,056.50		$	362.8	(1)
	U.S. government agency commercial mortgage-backed securities			2,263.30			102.3	(1)
	Collateralized loan obligations			1,191.50	(2)		13.8	(2)

	-1	A portion of these securities have been subsequently sold in secondary-market transactions to third parties. As of September 23, 2013, we continue to hold approximately $285.0 million and $91.0 million of these Residential mortgage-backed securities and Commercial mortgage-backed securities, respectively, in inventory.
	-2	Total assets include assets transferred by unrelated transferors. Retained interests at September 23, 2013 was $9.3 million.


			Predecessor
			As of November 30, 2012
	Securitization Type		Total Assets			Retained
	Securitization Type		Total Assets			Interests

	U.S. government agency residential mortgage-backed securities		$	3,791.50		$	335.2	(1)
	U.S. government agency commercial mortgage-backed securities			2,193.40			28.9	(1)

	-1	A significant portion of these securities have been subsequently sold in secondary-market transactions to third parties. As of September 23, 2013, we continue to hold approximately $57.9 million and $13.0 million of these Residential mortgage-backed securities and Commercial mortgage-backed securities, respectively, in inventory.

Variable_Interest_Entities_Tab

Variable Interest Entities (Tables)	9 Months Ended
Variable Interest Entities (Tables)	Aug. 31, 2013
Assets and Liabilities of Consolidated VIEs Prior to Consolidation	The following table presents information about the assets and liabilities of our consolidated VIEs, which are presented within our Consolidated Statements of Financial Condition in the respective asset and liability categories, as of August 31, 2013 and November 30, 2012. The assets and liabilities in the tables below are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation. We have aggregated our consolidated VIEs based upon principal business activity.


			Successor								Predecessor
	(in millions)		31-Aug-13								30-Nov-12
			High Yield			Securitization			Other		High Yield		Securitization		Other
			High Yield			Vehicles			Other		High Yield		Vehicles		Other

	Cash		$	43.8		$	—		$	0.2	$	388.1	$	—	$	0.2
	Financial instruments owned			—			108.7			0.5		894.2		10		0.5
	Securities borrowed			—			—			—		372.1		—		—
	Securities purchased under agreement to resell (3)			—			195.1			—		—		60		—
	Receivable from brokers and dealers			—			—			—		264.5		—		—
	Other			—			—			—		11.4		—		—

			$	43.8		$	303.8		$	0.7	$	1,930.30	$	70	$	0.7


	Financial instruments sold, not yet purchased		$	—		$	—		$	—	$	526.1	$	—	$	—
	Securities loaned			—			—			—		112		—		—
	Payable to brokers and dealers			—			—			—		201.2		—		—
	Mandatorily redeemable interests (1)			—			—			—		1,076.00		—		—
	Redemption payable			40.8			—			—		—		—		—
	Other secured financings (2)			—			303.7			—		—		70		—
	Other			2.9			—			0.2		15		—		0.2

			$	43.7		$	303.7		$	0.2	$	1,930.30	$	70	$	0.2


	-1	After consolidation, which eliminates our interests and the interests of our consolidated subsidiaries, JSOP and JESOP, the carrying amount of the mandatorily redeemable financial interests pertaining to the above VIEs included within Mandatorily redeemable preferred interests of consolidated subsidiaries was approximately $348.1 million at November 30, 2012. These amounts represent the portion of the mandatorily redeemable preferred interests held by our joint venture partner.
	-2	Approximately $75.7 million and $7.7 million of the secured financing represents an amount held by us in inventory and eliminated in consolidation at August 31, 2013 and November 30, 2012, respectively.
	-3	Securities purchased under agreement to resell represent an amount due under a collateralized transaction on a related consolidated entity, which is eliminated in consolidation.
Variable Interest Entity Not Primary Beneficiary [Member]
Non-Consolidated Variable Interest Entities	The following tables present information about nonconsolidated VIEs in which we had variable interests aggregated by principal business activity. The tables include VIEs where we have determined that the maximum exposure to loss is greater than specific thresholds or meets certain other criteria.


			Successor
			31-Aug-13
			Variable Interests
	(in millions)		Financial Statement			Maximum			VIE Assets
	(in millions)		Carrying Amount			exposure to loss			VIE Assets

	Collateralized loan obligations		$	17.8	⁽²⁾	$	17.8	⁽⁴⁾	$	1,784.50
	Agency mortgage- and asset-backed securitizations (1)			1,122.40	⁽²⁾		1,122.40	⁽⁴⁾		5,397.10
	Non-agency mortgage- and asset-backed securitizations (1)			647	⁽²⁾		647	⁽⁴⁾		69,737.10
	Asset management vehicle			3.1	⁽³⁾		3.1	⁽⁴⁾		377.4
	Private equity vehicles			51.9	⁽³⁾		89.9			92.4

	Total		$	1,842.20		$	1,880.20		$	77,388.50


	-1	VIE assets represent the unpaid principal balance of the assets in these vehicles at August 31, 2013 and represent the underlying assets that provide the cash flows supporting our variable interests.
	-2	Consists of debt securities accounted for at fair value, which are included within Financial instruments owned.
	-3	Consists of equity interests and loans, which are included within Investments in managed funds and Loans to and investments in related parties.
	-4	Our maximum exposure to loss in these non-consolidated VIEs is limited to our investment, which is represented by the financial statement carrying amount of our purchased or retained interests.


			Predecessor
			30-Nov-12
			Variable Interests
	(in millions)		Financial Statement			Maximum			VIE Assets
	(in millions)		Carrying Amount			exposure to loss			VIE Assets

	Collateralized loan obligations		$	5.3	⁽²⁾	$	5.3	⁽⁴⁾	$	499.7
	Agency mortgage- and asset-backed securitizations (1)			1,579.10	⁽²⁾		1,579.10	⁽⁴⁾		6,396.60
	Non-agency mortgage- and asset-backed securitizations (1)			814.1	⁽²⁾		814.1	⁽⁴⁾		54,436.20
	Asset management vehicle			3	⁽³⁾		3	⁽⁴⁾		505.3
	Private equity vehicles			55	⁽³⁾		107.7			82.1

	Total		$	2,456.50		$	2,509.20		$	61,919.90


	-1	VIE assets represent the unpaid principal balance of the assets in these vehicles at November 30, 2012 and represent the underlying assets that provide the cash flows supporting our variable interests.
	-2	Consists of debt securities accounted for at fair value, which are included within Financial instruments owned.
	-3	Consists of equity interests and loans, which are included within Investments in managed funds and Loans to and investments in related parties.
	-4	Our maximum exposure to loss in these non-consolidated VIEs is limited to our investment, which is represented by the financial statement carrying amount of our purchased or retained interests.
Summary of Securities Issued by Securitization Vehicles	Total securities issued by securitization SPEs at August 31, 2013 consist of the following (in millions):




			Nonagency			Agency			Total
	Variable interests in collateralized loan obligations		$	17.8		$	—		$	17.8
	Variable interests in agency mortgage- and asset-backed securitizations			—			1,122.40			1,122.40
	Variable interests in nonagency mortgage- and asset-backed securitizations			647			—			647
	Additional securities in connection with trading and market making activities:
	Residential mortgage-backed securities			47.9			1,692.40			1,740.30
	Commercial mortgage-backed securities			38.7			505.3			544
	Collateralized debt obligations			25			—			25
	Other asset-backed securities			30.2			—			30.2

	Total mortgage- and asset-backed securities on the Consolidated Statement of Financial Condition		$	806.6		$	3,320.10		$	4,126.70

Investments_Tables

Investments (Tables)	9 Months Ended
Investments (Tables)	Aug. 31, 2013
Jefferies Finance, LLC [Member]
Summary of Selected Financial Information	The following is a summary of selected financial information for Jefferies Finance as of August 31, 2013 and November 30, 2012 (in millions):




		August 31,		November 30,
		2013		2012
	Total assets	$	2,643.00	$	1,730.40
	Total liabilities		2,013.40		1,188.20
	Total equity		629.6		542.2
	Our total equity balance		314.8		271.1
Jefferies LoanCore, LLC [Member]
Summary of Selected Financial Information	The following is a summary of selected financial information for Jefferies LoanCore as of August 31, 2013 and November 30, 2012 (in millions):



		August 31,		November 30,
		2013		2012

	Total assets	$	1,048.20	$	372
	Total liabilities		594.1		98.4
	Total equity		454.1		273.6
	Our total equity balance		220.2		132.7
Knight Capital Group, Inc. [Member]
Summary of Selected Financial Information for Knight Capital	The following is a summary of selected financial information for Knight Capital as of June 30, 2013 and December 31, 2012, the most recently available public financial information for the company (in millions):




		June 30,		December 31,
		2013		2012
	Total assets	$	11,433.00	$	9,778.40
	Total liabilities		9,951.30		8,295.90
	Total equity and convertible preferred stock		1,481.70		1,482.50

Goodwill_and_Other_Intangible_1

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
Goodwill and Other Intangible Assets (Tables)	Aug. 31, 2013
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Goodwill from Merger Transaction Attributable to Reportable Segments	The following table presents goodwill resulting from the Merger Transaction attributed to our reportable segments:


			August 31, 2013
	Capital Markets		$	1,707,315
	Asset Management			10,800

	Total goodwill		$	1,718,115

Summary of Goodwill	The following table is a summary of the changes to goodwill for the three and six months ended August 31, 2013, three months ended February 28, 2013 and twelve months ended November 30, 2012 (in thousands):


			Successor								Predecessor
			Three Months Ended			Six Months Ended					Three Months Ended				Twelve Months Ended
			31-Aug-13			31-Aug-13					28-Feb-13				30-Nov-12

	Balance, at beginning of period		$	1,713,776		$	1,715,986	(2)			$	365,670			$	365,574
	Add: Contingent consideration			—			—					2,394				—
	Add: Translation adjustments			4,339			2,129					-1,287				96

	Balance, at end of period		$	1,718,115		$	1,718,115				$	366,777	(1)		$	365,670


	-1	Predecessor Company goodwill as of February 28, 2013 was reduced to $-0- as of March 1, 2013, as a result of purchase accounting adjustments.
	-2	The balance of goodwill as March 1, 2013 has been adjusted from the prior presentation in our Quarterly Report on Form 10-Q for the three months ended May 31, 2013 based on refinements to the purchase price allocation for additional information obtained regarding the fair values of the assets acquired and liabilities assumed. See Note 4, Leucadia Merger and Related Transactions for further information.
Intangible Assets	The following tables present the gross carrying amount, accumulated amortization, net carrying amount and weighted average amortization period of identifiable intangible assets as of August 31, 2013 and November 30, 2012 (in thousands):




			Successor
			31-Aug-13
			Gross cost			Impairment			Accumulated				Net carrying				Weighted
						losses			amortization				amount				average
																	remaining
																	lives (years)
	Customer relationships		$	136,311		$	—		$	(11,711	)		$	124,600				14.6
	Trade name			131,609			—			(1,876	)			129,733				34.5
	Exchange and clearing organization membership interests and registrations			15,492			(378	)		—				15,114				N/A

			$	283,412		$	(378	)	$	(13,587	)		$	269,447


			Predecessor
			30-Nov-12
			Gross cost			Impairment			Accumulated				Net carrying				Weighted
						losses			amortization				amount				average
																	remaining
																	lives (years)
	Customer relationships		$	10,542		$	—		$	(4,107	)			6,435				7.9
	Trade name			1,680			—			(1,287	)			393				3.5
	Other			100			—			(15	)			85				12.8
	Exchange and clearing organization membership interests and registrations			11,219			(2,873	)		—			$	8,346				N/A

			$	23,541		$	(2,873	)	$	(5,409	)		$	15,259

Future Amortization Expense Related to Intangible Assets	Estimated future amortization expense for the next five fiscal years are as follows (in thousands):




	Fiscal year		Estimated future
	Fiscal year		amortization expense
	Remainder of 2013		$	6,767
	2014			12,668
	2015			12,668
	2016			12,668
	2017			12,668
Mortgage Servicing Rights	The following presents the activity in the balance of these servicing rights for the three and six months ended August 31, 2013, three months ended February 28, 2013 and year ended November 30, 2012 (in thousands):


						Predecessor
			Six Months Ended			Three Months Ended			Twelve Months Ended
			31-Aug-13			28-Feb-13			30-Nov-12
	Balance, beginning of period		$	2,000		$	805		$	8,202
	Add: Acquisition			—			—			162
	Less: Sales, net			(2,000	)		—			(6,959	)
	Less: Pay down			—			—			(211	)
	Less: Amortization			—			(10	)		(389	)

	Balance, end of period		$	—		$	795		$	805

LongTerm_Debt_Tables

Long-Term Debt (Tables)	9 Months Ended
Long-Term Debt (Tables)	Aug. 31, 2013
Debt Disclosure [Abstract]
Summary of Long-Term Debt Carrying Values Including Unamortized Discounts and Premiums	The following summarizes our long-term debt carrying values (including unamortized discounts and premiums and valuation adjustment, where applicable) at August 31, 2013 and November 30, 2012 (in thousands):


			Successor		Predecessor
			August 31,		November 30,
			2013		2012
	Unsecured Long-Term Debt
			$	258,377	$	249,564
	5.875% Senior Notes, due June 8, 2014 (effective interest rate of 1.51%)		$	258,377	$	249,564
	3.875% Senior Notes, due November 9, 2015 (effective interest rate of 2.17%)			518,241		499,382
	5.5% Senior Notes, due March 15, 2016 (effective interest rate of 2.52%)			375,626		349,248
	5.125% Senior Notes, due April 13, 2018 (effective interest rate of 3.46%)			856,862		771,450
	8.5% Senior Notes, due July 15, 2019 (effective interest rate of 4.00%)			864,673		706,990
	6.875% Senior Notes, due April 15, 2021 (effective interest rate of 4.40%)			870,136		743,945
	2.25% Euro Medium Term Notes, due July 13, 2022 (effective rate of 3.82%)			4,647		3,708
	5.125% Senior Notes, due January 20, 2023 (effective interest rate of 4.55%)			626,188		—
	6.45% Senior Debentures, due June 8, 2027 (effective interest rate of 5.46%)			383,637		346,792
	3.875% Convertible Senior Debentures, due November 1, 2029 (effective interest rate of 3.50%) (1)			357,323		290,617
	6.25% Senior Debentures, due January 15, 2036 (effective interest rate of 6.03%)			513,415		492,904
	6.50% Senior Notes, due January 20, 2043 (effective interest rate of 6.09%)			422,314		—

			$	6,051,439	$	4,454,600

	Secured Long-Term Debt
	Credit facility, due August 26, 2014			295,000		350,007

			$	6,346,439	$	4,804,607


	-1	As a result of the Merger Transaction with Leucadia on March 1, 2013, the value of the 3.875% Convertible Senior debentures at August 31, 2013 includes the fair value of the conversion feature of $7.3 million. The change in fair value is included within Revenues – Principal transactions in the Consolidated Statement of Earnings and amounted to a gain of $16.3 million and $9.2 million for the three and six months ended August 31, 2013, respectively. The fair value of the embedded option at August 31, 2013 and the unrealized gain for the second quarter has been adjusted to reflect the retrospective adjustment to the valuation of the embedded option at the date of the merger and for the three months ended May 31, 2013. See Note 1, Organization and Basis of Presentation for further information.

Noncontrolling_Interests_and_M1

Noncontrolling Interests and Mandatorily Redeemable Preferred Interests of Consolidated Subsidiaries (Tables)	9 Months Ended
	Aug. 31, 2013
Noncontrolling Interest [Abstract]
Noncontrolling Interests	The following table presents noncontrolling interests at August 31, 2013 and November 30, 2012 (in thousands):



			Successor		Predecessor
			August 31,		November 30,
			2013		2012

	JSOP		$	—	$	303,178
	JESOP			—		35,239
	Other (1)			77,048		8,321


	Noncontrolling interests		$	77,048	$	346,738


	-1	Other includes asset management entities and investment vehicles set up for the benefit of our employees, and includes an investment by Leucadia in a consolidated asset management entity of $50.0 million at August 21, 2013.

Benefit_Plans_Tables

Benefit Plans (Tables)	9 Months Ended
Benefit Plans (Tables)	Aug. 31, 2013
Compensation And Retirement Disclosure [Abstract]
Net Periodic Pension Cost	The following tables summarize the components of our net periodic pension cost (in thousands):


		U.S. Pension Plan
		Successor						Predecessor
		Three Months Ended			Six Months Ended			Three Months Ended			Three Months Ended			Nine Months Ended
		31-Aug-13			31-Aug-13			28-Feb-13			31-Aug-12			31-Aug-12
	Components of net periodic pension cost

	Service cost	$	56		$	112		$	56		$	44		$	132
	Interest cost on projected benefit obligation		557			1,114			529			584			1,752
	Expected return on plan assets		(680	)		(1,360	)		(665	)		(616	)		(1,848	)
	Net amortization		—			—			300			317			951

	Net periodic pension cost	$	(67	)	$	(134	)	$	220		$	329		$	987



		German Pension Plan
		Successor						Predecessor
		Three Months Ended			Six Months Ended			Three Months Ended			Three Months Ended			Nine Months Ended
		31-Aug-13			31-Aug-13			28-Feb-13			31-Aug-12			31-Aug-12
	Components of net periodic pension cost

	Service cost	$	16		$	32		$	16		$	9		$	27
	Interest cost on projected benefit obligation		220			433			220			252			767
	Net amortization		45			89			45			—			—

	Net periodic pension cost	$	281		$	554		$	281		$	261		$	794

Earnings_per_Share_Tables

Earnings per Share (Tables)	9 Months Ended
Earnings per Share (Tables)	Aug. 31, 2013
Earnings Per Share [Abstract]
Basic and Diluted Earnings per Common Share	The following is a reconciliation of the numerators and denominators of the Basic and Diluted earnings per common share computations for the three months ended February 28, 2013 and the three and nine months ended August 31, 2012 (in thousands, except per share amounts):



			Predecessor
			Three Months Ended		Three Months Ended		Nine Months Ended
			28-Feb-13		31-Aug-12		31-Aug-12
	Earnings for basic earnings per common share:
	Net earnings		$	90,842	$	78,321	$	243,417
	Net earnings to noncontrolling interests			10,704		8,150		32,612

	Net earnings to common shareholders			80,138		70,171		210,805
	Less: Allocation of earnings to participating securities (1)			5,890		3,913		12,243

	Net earnings available to common shareholders		$	74,248	$	66,258	$	198,562

	Earnings for diluted earnings per common share:
	Net earnings		$	90,842	$	78,321	$	243,417
	Net earnings to noncontrolling interests			10,704		8,150		32,612

	Net earnings to common shareholders			80,138		70,171		210,805
	Add: Mandatorily redeemable convertible preferred stock dividends			1,016		1,016		3,047
	Less: Allocation of earnings to participating securities (1)			5,882		3,916		12,254

	Net earnings available to common shareholders		$	75,272	$	67,271	$	201,598

	Shares:
	Average common shares used in basic computation			213,732		214,756		216,509
	Stock options			2		1		2
	Mandatorily redeemable convertible preferred stock			4,110		4,110		4,110
	Convertible debt			—		—		—

	Average common shares used in diluted computation			217,844		218,867		220,621

	Earnings per common share:
	Basic		$	0.35	$	0.31	$	0.92
	Diluted		$	0.35	$	0.31	$	0.91

	-1	Represents dividends declared during the period on participating securities plus an allocation of undistributed earnings to participating securities. Net losses are not allocated to participating securities. Participating securities represent restricted stock and restricted stock units for which requisite service has not yet been rendered and amounted to weighted average shares of 16,756,000, 12,732,000 and 13,337,000 for the three months ended February 28, 2013 and three and nine months ended August 31, 2012, respectively. Dividends declared on participating securities during the three months ended February 28, 2013 and three and nine months ended August 31, 2012 amounted to approximately $1,315,000, $924,000 and $2,988,000, respectively. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed.
Dividends per Share of Common Stock Declared	Dividends per share of common stock declared during the quarter are reflected below:



			1^stQuarter		2^ndQuarter		3r^dQuarter
	2013		$	0.075		N/a		N/a
	2012		$	0.075	$	0.075	$	0.075

Income_Taxes_Tables

Income Taxes (Tables)	9 Months Ended
Income Taxes (Tables)	Aug. 31, 2013
Income Tax Disclosure [Abstract]
Earliest Tax Years Subject to Examination in the Major Tax Jurisdictions in which Company Operates	The table below summarizes the earliest tax years that remain subject to examination in the major tax jurisdictions in which we operate:


	Jurisdiction	Tax Year
	United States	2006
	United Kingdom	2011
	California	2004
	Connecticut	2006
	Massachusetts	2006
	New Jersey	2007
	New York State	2001
	New York City	2003

Commitments_Contingencies_and_1

Commitments, Contingencies and Guarantees (Tables)	9 Months Ended
Commitments, Contingencies and Guarantees (Tables)	Aug. 31, 2013
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	The following table summarizes our commitments associated with our capital market and asset management business activities at August 31, 2013 (in millions):


			Expected Maturity Date
							2015		2017		2019
							and		and		and		Maximum
			2013		2014		2016		2018		Later		Payout

	Equity commitments (1)		$	0.3	$	1.7	$	7.2	$	0.8	$	444.8	$	454.8
	Loan commitments (1)			4.2		7.6		354.7		114		—		480.5
	Mortgage-related commitments			507.1		213.2		796.2		—		—		1,516.50
	Forward starting reverse repos and repos			848.8		—		—		—		—		848.8

			$	1,360.40	$	222.5	$	1,158.10	$	114.8	$	444.8	$	3,300.60


	-1	Equity and loan commitments are presented by contractual maturity date. The amounts are however available on demand.
Credit Exposure from Loan Commitments	The table below presents our credit exposure from our loan commitments, including funded amounts, summarized by period of expiration as of August 31, 2013. Credit exposure is based on the external credit ratings of the underlyings or referenced assets of our loan commitments. Since commitments associated with these business activities may expire unused, they do not necessarily reflect the actual future cash funding requirements (in millions):


									Total		Corporate
									Corporate		Lending
			0 – 12				Greater Than		Lending		Exposure at		Corporate Lending
	Credit Ratings		Months		1 – 5 Years		5 Years		Exposure (1)		Fair Value (2)		Commitments (3)

	Non-investment grade		$	—	$	48.2	$	—	$	48.2	$	8	$	40.2
	Unrated			26.8		613.8		—		640.6		200.3		440.3

	Total		$	26.8	$	662	$	—	$	688.8	$	208.3	$	480.5


	-1	Total corporate lending exposure represents the potential loss assuming the fair value of funded loans and lending commitments were zero.
	-2	The corporate lending exposure includes $211.0 million of funded loans included in Financial instruments owned – Loans and Loans to and investments in related parties, and a $2.7 million net liability related to lending commitments recorded in Financial instruments sold – Derivatives and Financial instruments owned – Derivatives in the Consolidated Statement of Financial Condition as of August 31, 2013.
	-3	Amounts represent the notional amount of unfunded lending commitments.
Guarantees	The following table summarizes the notional amounts associated with our derivative contracts meeting the definition of a guarantee under U.S. GAAP at August 31, 2013 (in millions):


			Expected Maturity Date
							2015		2017		2019		Notional/
							and		and		and		Maximum
	Guarantee Type		2013		2014		2016		2018		Later		Payout

	Derivative contracts - non-credit related		$	831,159.50	$	7,556.10	$	2,974.80	$	1.2	$	523	$	842,214.60

	Written derivative contracts - credit related			—		—		—		1,184.00		—		1,184.00


	Total derivative contracts		$	831,159.50	$	7,556.10	$	2,974.80	$	1,185.20	$	523	$	843,398.60

External Credit Ratings of Underlying or Referenced Assets for Credit Related Derivatives Contracts	At August 31, 2013 the external credit ratings of the underlyings or referenced assets for our credit related derivatives contracts (in millions):


			External Credit Rating
											Below				Notional/
			AAA/								Investment				Maximum
			Aaa		AA/Aa		A		BBB/Baa		Grade		Unrated		Payout

	Credit related derivative contracts:
	Index credit default swaps		$	1,115.00	$	—	$	—	$	—	$	—	$	—	$	1,115.00
	Single name credit default swaps			7		—		—		49.5		12.5		—		69

Net_Capital_Requirements_Table

Net Capital Requirements (Tables)	9 Months Ended
Net Capital Requirements (Tables)	Aug. 31, 2013
Text Block [Abstract]
Net Capital Adjusted and Excess Net Capital	As of August 31, 2013, Jefferies and Jefferies Execution and Jefferies Bache, LLC’s net capital, adjusted net capital, and excess net capital were as follows (in thousands):


		Net Capital		Excess Net Capital
	Jefferies	$	1,303,564	$	1,260,099
	Jefferies Execution		3,751		3,501


		Adjusted Net Capital		Excess Net Capital
	Jefferies Bache, LLC	$	242,273	$	113,424

Segment_Reporting_Tables

Segment Reporting (Tables)	9 Months Ended
Segment Reporting (Tables)	Aug. 31, 2013
Segment Reporting [Abstract]
Net Revenues, Expenses and Total Assets by Segment	Our net revenues and expenses by segment are summarized below for the Successor period three and six months ended August 31, 2013 and Predecessor periods three months ended February 28, 2013 and August 31, 2012 and nine months ended August 31, 2012 (in millions):


			Successor				Predecessor
			Three Months Ended		Six Months Ended		Three Months Ended		Three Months Ended		Nine Months Ended
			31-Aug-13		31-Aug-13		February 28, 2013 (1)		31-Aug-12		31-Aug-12

	Capital Markets:
	Net revenues		$	500.6		1,119.40	$	792.5	$	735.8	$	2,219.30
	Expenses		$	485.4		1,047.00	$	645.4	$	603.6	$	1,794.10

	Asset Management:
	Net revenues		$	16.4		40.2	$	10.9	$	3.1	$	10.6
	Expenses		$	8.2		20.6	$	7.5	$	4.7	$	23.4

	Total:
	Net revenues		$	517		1,159.60	$	803.4	$	738.9	$	2,229.90
	Expenses		$	493.6		1,067.60	$	652.9	$	608.3	$	1,817.50

	-1	Our consolidated net earnings for the three months ended February 28, 2013 reflects an adjustment of $5.3 million, after tax, to correct for the effect of an overstatement of professional service fees of $8.5 million relating to the Merger Transaction with Leucadia. We evaluated the effects of this error and concluded that it is not material to the previously issued Quarterly Report on Form 10-Q for the three month period ended February 28, 2013. Nevertheless, in the table above we have revised our consolidated expenses for the three month period ended February 28, 2013 to correct for the effect of this error and appropriately reflected the $8.5 million of professional service fees as an expense in the three months ended May 31, 2013.
	The following table summarizes our total assets by segment as of August 31, 2013 and November 30, 2012 (in millions):


			Successor		Predecessor
			August 31, 2013		November 30, 2012
	Segment Assets:
	Capital Markets		$	37,978.60	$	35,588.60
	Asset Management			851.6		704.9

	Total assets		$	38,830.20	$	36,293.50


Net Revenues by Geographic Region	Net revenues for the Capital Market segment are recorded in the geographic region in which the position was risk-managed or, in the case of investment banking, in which the senior coverage banker is located. For Asset Management, net revenues are allocated according to the location of the investment advisor. Net revenues by geographic region for the Successor period three and six months ended August 31 , 2013 and the Predecessor periods three months ended February 28, 2013 and August 31, 2012 and nine months ended August 31, 2012, were as follows (in thousands):


			Successor				Predecessor
			Three Months Ended		Six Months Ended		Three Months Ended		Three Months Ended		Nine Months Ended
			31-Aug-13		31-Aug-13		28-Feb-13		31-Aug-12		31-Aug-12
	Americas (1)		$	353,173	$	865,190	$	653,608	$	577,646	$	1,832,523
	Europe (2)			154,491		265,901		127,970		127,237		330,092
	Asia			9,365		28,465		21,809		34,055		67,320

	Net revenues		$	517,029	$	1,159,556	$	803,387	$	738,938	$	2,229,935


	-1	Substantially all relates to U.S. results.
	-2	Substantially all relates to U.K. results.

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	9 Months Ended
Related Party Transactions (Tables)	Aug. 31, 2013
Related Party Transactions [Abstract]
Summary of Interest Income, Other Revenues and Investment Income to Private Equity Related Funds	The following table presents interest income earned on loans to Private Equity Related Funds and other revenues and investment income related to net gains and losses on our investment in Private Equity Related Funds (in thousands):


		Successor				Predecessor
		Three Months Ended		Six Months Ended		Three Months Ended		Three Months Ended			Nine Months Ended
		31-Aug-13		31-Aug-13		28-Feb-13		31-Aug-12			31-Aug-12
	Interest income	$	339	$	837	$	516	$	767		$	2,462
	Other revenues and investment income (loss)		4,005		3,031		947		(6,354	)		(15,625	)

Organization_and_Basis_of_Pres1

Organization and Basis of Presentation - Additional Information (Detail) (USD $)

3 Months Ended

6 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

31-May-13

Aug. 31, 2013

Feb. 28, 2013

31-May-13

Feb. 28, 2013

Aug. 31, 2013

Segment

Immaterial Restatement [Member]

Leucadia [Member]

Overstatement [Member]

Revised value [Member]

Previously Reported [Member]

Restatement Adjustment [Member]

3.875% Convertible Senior Debentures, due 2029 [Member]

Preferred Stock Subject to Mandatory Redemption [Member]

Immaterial Restatement [Member]

Leucadia [Member]

Organization And Basis Of Presentation [Line Items]

Number of operating segments

Number of shares of Leucadia common stock received for each share of Jefferies common stock

0.81

Convertible Senior Debentures, interest rate

3.88%

Convertible Senior Debentures, due date

2029

Dividend of Series A Convertible Preferred Stock

3.25%

Reduction in principal transaction revenues

$3,900,000

Reduction in Net earnings

2,500,000

Conversion option liability recognized at fair value

7,700,000

16,500,000

Purchase price allocation

5,300,000

1,715,986,000

Increase in goodwill

5,300,000

Professional services

24,100,000

8,500,000

32,600,000

Professional service fees related to merger transaction, net of taxes

5,300,000

Net earnings

$80,100,000

Summary_of_Significant_Account2

Summary of Significant Accounting Policies - Additional Information (Detail)	9 Months Ended
	Aug. 31, 2013
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Useful life of premises and equipment	3 years
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Useful life of premises and equipment	10 years

Leucadia_Merger_and_Related_Tr2

Leucadia Merger and Related Transactions - Additional Information (Detail) (USD $)

31-May-13

Feb. 28, 2013

31-May-13

Mar. 31, 2013

Aug. 31, 2013

Feb. 28, 2013

Aug. 31, 2013

Feb. 28, 2013

Leucadia [Member]

Jefferies High Yield Holdings, LLC [Member]

3.875% Convertible Senior Debentures, due 2029 [Member]

3.25% Cumulative Convertible Preferred Shares [Member]

Series A-1 Convertible Cumulative Preferred Stock [Member]

Successor [Member]

Predecessor [Member]

Successor [Member]

Leucadia [Member]

Jefferies Group Inc. [Member]

Business Acquisition [Line Items]

Exchange ratio

0.81

Convertible Cumulative Preferred Stock

$125,000,000

Convertible Cumulative Preferred Stock, dividend rate

3.25%

Debt instrument principal amount

345,000,000

Debt instrument interest rate

3.88%

Debt instrument maturity year

2029

Cost of assets acquired

4,754,101,000

Business acquisition transaction cost

2,500,000

11,500,000

2,100,000

Intangible assets, not including good will

282,900,000

Goodwill

5,300,000

1,715,986,000

Third party noncontrolling interests redeemed

347,600,000

Redeemable preferred interests

$362,300,000

Leucadia_Merger_and_Related_Tr3

Leucadia Merger and Related Transactions - Summary Computation of Purchase Price and Fair Values Assigned to Assets and Liabilities (Detail) (Leucadia [Member], USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Feb. 28, 2013
Leucadia [Member]
Business Acquisition [Line Items]
Jefferies common stock outstanding	205,368,031
Less: Jefferies common stock owned by Leucadia	-58,006,024
Jefferies common stock acquired by Leucadia	147,362,007
Exchange ratio	0.81
Leucadia's shares issued (excluding for Jefferies shares held by Leucadia)	119,363,226
Less: restricted shares issued for share-base payment awards	-6,894,856
Leucadia's shares issued, excluding share-based payment awards	112,468,370
Closing price of Leucadia's common stock	$26.90
Fair value of common shares acquired by Leucadia	$3,025,399
Fair value of 3.25% cumulative convertible preferred shares	125,000
Fair value of shares-based payment awards	343,811
Fair value of Jefferies shares owned by Leucadia	1,259,891
Total purchase price	$4,754,101

Leucadia_Merger_and_Related_Tr4

Leucadia Merger and Related Transactions - Summary Computation of Purchase Price and Fair Values Assigned to Assets and Liabilities (Parenthetical) (Detail) (USD $)	3 Months Ended
	Feb. 28, 2013
Leucadia [Member]
Business Acquisition [Line Items]
Convertible Cumulative Preferred Stock, dividend rate	3.25%
Closing price common stock	$21.72
3.25% Cumulative Convertible Preferred Shares [Member]
Business Acquisition [Line Items]
Convertible Cumulative Preferred Stock, dividend rate	3.25%
3.25% Cumulative Convertible Preferred Shares [Member] \| Leucadia [Member]
Business Acquisition [Line Items]
Convertible Cumulative Preferred Stock, dividend rate	3.25%
Series A-1 Convertible Cumulative Preferred Stock [Member]
Business Acquisition [Line Items]
Convertible Cumulative Preferred Stock, dividend rate	3.25%

Leucadia_Merger_and_Related_Tr5

Leucadia Merger and Related Transactions - Assets Acquired and Liabilities Assumed by Major Class (Detail) (USD $)	31-May-13	Feb. 28, 2013	Feb. 28, 2013	Feb. 28, 2013
In Thousands, unless otherwise specified		Leucadia [Member]	Customer relationships [Member]	Trade names (intangible assets) [Member]
			Leucadia [Member]	Leucadia [Member]
Assets acquired:
Cash and cash equivalents		$3,017,958
Cash and securities segregated		3,728,742
Financial instruments owned, at fair value		16,413,535
Investments in managed funds		59,976
Loans to and investments in related parties		766,893
Securities borrowed		5,315,488
Securities purchased under agreements to resell		3,578,366
Securities received as collateral		25,338
Brokers, dealers and clearing organizations		2,444,085
Customers		1,045,251
Fees, interest and other		225,555
Premises and equipment		192,603
Indefinite-lived intangible exchange memberships and licenses		15,551
Finite-lived intangible assets			136,002	131,299
Other assets		939,600
Total assets		38,036,242
Liabilities assumed:
Short-term borrowings		100,000
Financial instruments sold, not yet purchased, at fair value		9,766,876
Securities loaned		1,902,687
Securities sold under agreements to repurchase		7,976,492
Other secured financings		122,294
Obligation to return securities received as collateral		25,338
Brokers, dealers and clearing organizations		1,787,055
Customers		5,450,781
Accrued expenses and other liabilities		789,449
Long-term debt		6,362,024
Mandatorily redeemable preferred interests		358,951
Total liabilities		34,641,947
Noncontrolling interests		356,180
Fair value of net assets acquired, excluding goodwill		3,038,115
Goodwill	$5,300	$1,715,986

Leucadia_Merger_and_Related_Tr6

Leucadia Merger and Related Transactions - Assets Acquired and Liabilities Assumed by Major Class (Parenthetical) (Detail) (Leucadia [Member], USD $)	3 Months Ended
In Millions, unless otherwise specified	Feb. 28, 2013
Business Acquisition [Line Items]
Increase of goodwill	$14.40
Fair value of the assets acquired	4.8
Fair value of the liabilities assumed	$9.60
Customer relationships [Member]
Business Acquisition [Line Items]
Finite-lived Intangible Assets, Weighted Average Useful Life	14 years 4 months 24 days
Trade names (intangible assets) [Member]
Business Acquisition [Line Items]
Useful life of intangible assets	35 years

Hoare_Govett_Acquisition_Addit

Hoare Govett Acquisition - Additional Information (Detail)	Feb. 01, 2012	Aug. 31, 2012	Feb. 01, 2012	Feb. 01, 2012
	GBP (£)	Hoare Govett [Member]	Hoare Govett [Member]	Hoare Govett [Member]
		USD ($)	USD ($)	GBP (£)
Business Acquisition [Line Items]
Business acquisition employee retention payments agreed by acquiree maximum	£ 1,900,000			£ 1,900,000
Cash paid for acquisition				1
Fair values of net assets acquired, including identifiable intangible assets			300,000
Purchase price of net assets acquired			3,100,000
Bargain purchase gain		$3,400,000

Cash_Cash_Equivalents_and_Shor2

Cash, Cash Equivalents and Short-Term Investments - Schedule of Cash, Cash Equivalents and Short-Term Investments (Detail) (USD $)	Aug. 31, 2013	Feb. 28, 2013	Feb. 28, 2013	Nov. 30, 2012	Aug. 31, 2012	Nov. 30, 2011
In Thousands, unless otherwise specified	Successor [Member]	Successor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]
Cash and cash equivalents:
Cash in banks	$938,881			$1,038,664
Money market investments	3,180,215			1,653,931
Total cash and cash equivalents	4,119,096	3,017,958	3,017,958	2,692,595	2,844,513	2,393,797
Cash and securities segregated	$3,457,926			$4,082,595

Fair_Value_Disclosures_Financi

Fair Value Disclosures - Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Detail) (USD $)	Aug. 31, 2013	Nov. 30, 2012	Feb. 28, 2013	Nov. 30, 2012	Aug. 31, 2012	Nov. 30, 2011	Nov. 30, 2012	Nov. 30, 2012	Nov. 30, 2012	Nov. 30, 2012	Nov. 30, 2012	Nov. 30, 2012	Nov. 30, 2012	Nov. 30, 2012	Nov. 30, 2012	Nov. 30, 2012	Nov. 30, 2012	Nov. 30, 2012	Nov. 30, 2012	Aug. 31, 2013	Feb. 28, 2013	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2013
In Thousands, unless otherwise specified			Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Successor [Member]	Successor [Member]	Successor [Member]	Successor [Member]	Successor [Member]	Successor [Member]	Successor [Member]	Successor [Member]	Successor [Member]	Successor [Member]	Successor [Member]	Successor [Member]	Successor [Member]	Successor [Member]	Successor [Member]
							Level 1 [Member]	Level 2 [Member]	Level 3 [Member]	Counterparty and Cash Collateral Netting [Member]	Residential mortgage-backed securities [Member]	Residential mortgage-backed securities [Member]	Residential mortgage-backed securities [Member]	Commercial mortgage-backed securities [Member]	Commercial mortgage-backed securities [Member]	Commercial mortgage-backed securities [Member]	Other asset-backed securities [Member]	Other asset-backed securities [Member]	Other asset-backed securities [Member]			Level 1 [Member]	Level 2 [Member]	Level 3 [Member]	Counterparty and Cash Collateral Netting [Member]	Residential mortgage-backed securities [Member]	Residential mortgage-backed securities [Member]	Residential mortgage-backed securities [Member]	Commercial mortgage-backed securities [Member]	Commercial mortgage-backed securities [Member]	Commercial mortgage-backed securities [Member]	Other asset-backed securities [Member]	Other asset-backed securities [Member]	Other asset-backed securities [Member]
												Level 2 [Member]	Level 3 [Member]		Level 2 [Member]	Level 3 [Member]		Level 2 [Member]	Level 3 [Member]								Level 2 [Member]	Level 3 [Member]		Level 2 [Member]	Level 3 [Member]		Level 2 [Member]	Level 3 [Member]
Financial instruments owned:
Corporate equity securities				$1,762,775			$1,608,715	$137,245	$16,815											$1,933,302		$1,753,178	$164,045	$16,079
Corporate debt securities				3,038,146				3,034,515	3,631											2,354,748			2,334,115	20,633
Collateralized debt obligations				118,494				87,239	31,255											242,511			196,639	45,872
U.S. government and federal agency securities				1,835,927			1,720,617	115,310												1,605,892		1,559,899	45,993
Municipal securities				619,969				619,969												504,981			504,981
Sovereign obligations				2,697,854			1,722,044	975,810												1,916,997		1,225,076	691,921
Mortgage- and asset-backed securities, assets				5,468,284							4,164,913	4,008,844	156,069	1,090,535	1,060,333	30,202	94,342	93,228	1,114	4,126,691						3,083,802	2,951,619	132,183	742,788	728,365	14,423	57,590	49,020	8,570
Loans and other receivables				678,311				497,918	180,393											942,969			812,517	130,452
Derivatives	121,869			298,086			615,024	1,547,984	328	-1,865,250										121,869		38,410	1,937,799	2,567	-1,856,907
Investments at fair value				127,023				43,126	83,897											79,917			6,465	73,452
Physical commodities				144,016				144,016												110,915			110,915
Total financial instruments owned				16,670,391			5,666,400	12,365,537	503,704	-1,865,250										13,698,281		4,576,563	10,534,394	444,231	-1,856,907
Cash and cash equivalents			3,017,958	2,692,595	2,844,513	2,393,797	2,692,595													4,119,096	3,017,958	4,119,096
Investments in managed funds				57,763					57,763											55,897				55,897
Cash and securities segregated and on deposit for regulatory purposes				4,082,595			4,082,595													3,457,926		3,457,926
Securities received as collateral	45,100	0																		45,133		45,133
Total Level 3 assets									508,178															500,128
Financial instruments sold, not yet purchased:
Corporate equity securities				1,539,332			1,442,347	96,947	38											1,739,491		1,675,406	64,047	38
Corporate debt securities				1,389,312				1,389,312												1,320,896			1,320,896
U.S. government and federal agency securities				1,679,133			1,428,746	250,387												1,299,404		1,299,404
Sovereign obligations				1,986,979			1,395,355	591,624												1,688,111		1,043,906	644,205
Mortgage- and asset-backed securities, liabilities				241,211							239,063	239,063		2,148	2,148					37,968						24,569	24,569		13,399	13,399
Loans				207,227				205,516	1,711											360,537			359,561	976
Derivatives	133,827			229,127			547,605	1,684,884	9,516	-2,012,878										133,827		39,794	1,991,520	17,205	-1,914,692
Physical commodities				183,142				183,142												44,796			44,796
Total financial instruments sold, not yet purchased				7,455,463			4,814,053	4,643,023	11,265	-2,012,878										6,625,030		4,058,510	4,462,993	18,219	-1,914,692
Obligation to return securities received as collateral																				45,133		45,133
Other secured financings																				33,025			30,000	3,025
Embedded conversion option																				7,336			7,336
Level 3 financial instruments for which the firm does not bear economic exposure									-53,289
Level 3 financial instruments for which the firm bears economic exposure									$450,415

Fair_Value_Disclosures_Financi1

Fair Value Disclosures - Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Parenthetical) (Detail) (USD $)	Nov. 30, 2012	Aug. 31, 2013
In Millions, unless otherwise specified	Predecessor [Member]	Successor [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of equity options transferred from Level 1 to Level 2 within Financial instruments owned		$403
Fair value of equity options transferred from Level 1 to Level 2 within Financial instruments sold, not yet purchased		423
U.S. government securities at fair value segregated for regulatory purposes	$404.30	$279.30

Fair_Value_Disclosures_Investm

Fair Value Disclosures - Investments Measured at Fair Value Based on Net Asset Value Per Share (Detail) (USD $)

Nov. 30, 2012

Aug. 31, 2013

In Thousands, unless otherwise specified

Predecessor [Member]

Successor [Member]

Equity Long/Short Hedge Funds [Member]

High Yield Hedge Funds [Member]

Fund of Funds [Member]

Equity Funds [Member]

Convertible Bond Funds [Member]

Other Investments [Member]

Equity Long/Short Hedge Funds [Member]

High Yield Hedge Funds [Member]

Fund of Funds [Member]

Equity Funds [Member]

Convertible Bond Funds [Member]

Other Investments [Member]

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Fair Value

$93,014

$19,554

$612

$604

$69,223

$3,002

$19

$90,799

$20,360

$341

$474

$66,526

$3,081

$17

Unfunded commitments

$59,378

$106

$59,272

$49,125

$106

$49,019

Redemption Frequency (if currently eligible)

Monthly, Quarterly

At Will

Bi-Monthly

Monthly, Quarterly

At Will

Bi-Monthly

Fair_Value_Disclosures_Investm1

Fair Value Disclosures - Investments Measured at Fair Value Based on Net Asset Value Per Share (Parenthetical) (Detail) (USD $)

Nov. 30, 2012

Aug. 31, 2013

Nov. 30, 2012

Aug. 31, 2013

Predecessor [Member]

Successor [Member]

Convertible Bonds [Member]

Equity Long/Short Hedge Funds [Member]

Fund of Funds [Member]

Investments Which are Not Investment Companies [Member]

Private Equity Related Funds [Member]

Equity Funds [Member]

Equity Long/Short Hedge Funds [Member]

Fund of Funds [Member]

Investments Which are Not Investment Companies [Member]

Private Equity Related Funds [Member]

Equity Funds [Member]

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Percentage of redeemable investments

96.00%

98.00%

Notice period redemption of investment prior written notice period

30 - 65 days

Percentage of investments with no redemption provisions

94.00%

98.00%

Estimated period for the liquidation of the underlying assets, Minimum

1 year

Estimated period for the liquidation of the underlying assets, Maximum

2 years

8 years

Percentage of investments at fair value expected to liquidate

98.00%

99.00%

Fair value of investments in equity funds

$55,600,000

$53,700,000

Unfunded commitments

59,378,000

106,000

56,900,000

49,125,000

106,000

47,500,000

Redeemable period of investments

5 days

Investments, at fair value

$127,023,000

$91,800,000

$79,917,000

$45,000,000

Fair_Value_Disclosures_Additio

Fair Value Disclosures - Additional Information (Detail) (USD $)	3 Months Ended				6 Months Ended	9 Months Ended		12 Months Ended		6 Months Ended		3 Months Ended			6 Months Ended	9 Months Ended	3 Months Ended			6 Months Ended	9 Months Ended	3 Months Ended			6 Months Ended	9 Months Ended	3 Months Ended			6 Months Ended	9 Months Ended	3 Months Ended			6 Months Ended	9 Months Ended	3 Months Ended			6 Months Ended	9 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2013	Feb. 28, 2013	Aug. 31, 2012	31-May-12	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2012	Nov. 30, 2012	31-May-13	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2013	Feb. 28, 2013	Aug. 31, 2012	Aug. 31, 2013	Aug. 31, 2012	Aug. 31, 2013	Feb. 28, 2013	Aug. 31, 2012	Aug. 31, 2013	Aug. 31, 2012	Aug. 31, 2013	Feb. 28, 2013	Aug. 31, 2012	Aug. 31, 2013	Aug. 31, 2012	Aug. 31, 2013	Feb. 28, 2013	Aug. 31, 2012	Aug. 31, 2013	Aug. 31, 2012	Aug. 31, 2013	Feb. 28, 2013	Aug. 31, 2012	Aug. 31, 2013	Aug. 31, 2012	Aug. 31, 2013	Feb. 28, 2013	Aug. 31, 2012	Aug. 31, 2013	Aug. 31, 2012	Feb. 28, 2013	Aug. 31, 2012	Aug. 31, 2012	Aug. 31, 2012
									Leucadia [Member]	3.875% Convertible Senior Debentures, due 2029 [Member]	Embedded Conversion Option [Member]	Residential mortgage-backed securities [Member]	Residential mortgage-backed securities [Member]	Residential mortgage-backed securities [Member]	Residential mortgage-backed securities [Member]	Residential mortgage-backed securities [Member]	Commercial mortgage-backed securities [Member]	Commercial mortgage-backed securities [Member]	Commercial mortgage-backed securities [Member]	Commercial mortgage-backed securities [Member]	Commercial mortgage-backed securities [Member]	Corporate debt securities [Member]	Corporate debt securities [Member]	Corporate debt securities [Member]	Corporate debt securities [Member]	Corporate debt securities [Member]	Corporate equity securities [Member]	Corporate equity securities [Member]	Corporate equity securities [Member]	Corporate equity securities [Member]	Corporate equity securities [Member]	Collateralized debt obligations [Member]	Collateralized debt obligations [Member]	Collateralized debt obligations [Member]	Collateralized debt obligations [Member]	Collateralized debt obligations [Member]	Loans and other receivables [Member]	Loans and other receivables [Member]	Loans and other receivables [Member]	Loans and other receivables [Member]	Loans and other receivables [Member]	Other asset-backed securities [Member]	Other asset-backed securities [Member]	Other asset-backed securities [Member]	Municipal Securities [Member]
										Leucadia [Member]	Leucadia [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Debt instrument interest rate									3.88%	3.88%
Debt instrument maturity year						1-Mar-16				1-Nov-29	1-Nov-17
Volatility curve used in valuing embedded option										252 days
Transfers of assets from Level 2 to Level 3	$91,400,000	$100,500,000	$156,500,000		$53,600,000		$184,200,000					$50,300,000	$78,400,000	$74,500,000	$17,900,000	$67,500,000	$2,400,000	$1,300,000		$5,300,000	$11,700,000	$8,300,000	$10,800,000	$6,300,000	$8,500,000	$600,000	$5,600,000	$100,000	$4,400,000	$7,000,000	$1,700,000	$22,300,000	$5,300,000	$9,300,000	$12,100,000	$47,300,000		$4,800,000	$53,000,000	$400,000	$55,200,000		$9,000,000
Transfers of assets from Level 3 to Level 2	82,700,000	112,700,000	65,000,000		48,500,000		88,900,000					40,600,000	73,500,000	12,400,000	29,700,000	4,500,000	2,200,000	10,900,000	17,100,000	1,200,000	29,900,000	1,500,000		100,000	400,000	7,900,000	7,400,000	4,700,000	4,100,000	4,900,000		23,600,000	2,400,000	7,400,000	9,500,000	3,900,000	1,600,000	19,900,000	23,100,000	2,200,000	34,800,000	200,000	800,000	2,400,000	5,400,000
Transfers of liabilities from Level 2 to Level 3	0				0
Transfers of liabilities from Level 3 to Level 2	0	700,000			0		2,200,000
Net gains/losses on Level 3 assets (realized and unrealized)	-1,000,000	14,500,000	2,000,000		-12,700,000		-23,600,000
Net gains/losses on Level 3 liabilities (realized and unrealized)	-4,600,000	-2,700,000	-6,900,000		-2,600,000		-5,100,000
Transfers of liabilities from Level 2 to Level 3				10,000
Unadjusted net asset value of the funds						$106,100,000		$82,700,000

Fair_Value_Disclosures_Summary

Fair Value Disclosures - Summary of Valuation Bases (Pricing Information) for Financial Instruments (Detail)

Aug. 31, 2013

Nov. 30, 2012

Aug. 31, 2013

Nov. 30, 2012

Aug. 31, 2013

Nov. 30, 2012

Aug. 31, 2013

Nov. 30, 2012

Aug. 31, 2013

Nov. 30, 2012

Aug. 31, 2013

Nov. 30, 2012

Successor [Member]

Predecessor [Member]

Exchange closing prices [Member]

Recently observed transaction prices [Member]

External pricing services [Member]

Broker quotes [Member]

Valuation techniques [Member]

Successor [Member]

Predecessor [Member]

Successor [Member]

Predecessor [Member]

Successor [Member]

Predecessor [Member]

Successor [Member]

Predecessor [Member]

Successor [Member]

Predecessor [Member]

Financial Instruments Owned And Sold Not Yet Purchased Measured Using Different Valuation Basis [Line Items]

Financial Instruments Owned

100.00%

13.00%

11.00%

7.00%

5.00%

56.00%

70.00%

3.00%

1.00%

21.00%

13.00%

Financial Instruments Sold, Not Yet Purchased

100.00%

26.00%

19.00%

4.00%

6.00%

65.00%

71.00%

3.00%

0.00%

2.00%

4.00%

Fair_Value_Disclosures_Summary1

Fair Value Disclosures - Summary of Changes in Fair Value of Financial Assets Classified as Level 3 (Detail) (USD $)	3 Months Ended			6 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Aug. 31, 2013	Feb. 28, 2013	Aug. 31, 2012	Aug. 31, 2013	Aug. 31, 2012
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total gains/losses (realized and unrealized)	$1,000	($14,500)	($2,000)	$12,700	$23,600
Corporate equity securities [Member] \| Successor [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	19,577			13,234
Total gains/losses (realized and unrealized)	-788			1,053
Purchases				213
Sales	-930			-753
Settlements				266
Net transfers into/ (out of) Level 3	-1,780			2,066
Ending Balance	16,079			16,079
Change in unrealized gains/(losses) relating to instruments still held	-786			1,243
Corporate equity securities [Member] \| Predecessor [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance		16,815	25,789		13,489
Total gains/losses (realized and unrealized)		200	260		-2,580
Purchases		707	2,991		20,676
Sales		109	-15,418		-13,437
Net transfers into/ (out of) Level 3		-4,597	6,161		1,635
Ending Balance		13,234	19,783		19,783
Change in unrealized gains/(losses) relating to instruments still held		172	-907		-4,636
Corporate debt securities [Member] \| Successor [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	18,615			31,820
Total gains/losses (realized and unrealized)	-4,285			-17,415
Purchases	68			708
Sales	-571			-2,556
Settlements
Net transfers into/ (out of) Level 3	6,806			8,076
Ending Balance	20,633			20,633
Change in unrealized gains/(losses) relating to instruments still held	-4,342			-6,933
Corporate debt securities [Member] \| Predecessor [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance		3,631	7,972		48,140
Total gains/losses (realized and unrealized)		7,836	-101		85
Purchases		11,510	521		7,228
Sales		-1,918	-1,118		-39,367
Settlements					-1,276
Net transfers into/ (out of) Level 3		10,761	284		-7,252
Ending Balance		31,820	7,558		7,558
Change in unrealized gains/(losses) relating to instruments still held		7,833	-136		-656
Collateralized debt obligations [Member] \| Successor [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	45,124			29,776
Total gains/losses (realized and unrealized)	-1,903			-2,008
Purchases	8,222			43,152
Sales	-4,236			-27,676
Settlements
Net transfers into/ (out of) Level 3	-1,335			2,628
Ending Balance	45,872			45,872
Change in unrealized gains/(losses) relating to instruments still held	-2,388			-3,830
Collateralized debt obligations [Member] \| Predecessor [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance		31,255	84,006		47,988
Total gains/losses (realized and unrealized)		3,624	6,710		4,278
Purchases		9,406			8,479
Sales		-17,374	-11,008		-18,699
Settlements					-3,892
Net transfers into/ (out of) Level 3		2,865	1,890		43,444
Ending Balance		29,776	81,598		81,598
Change in unrealized gains/(losses) relating to instruments still held		-1,125	5,836		3,515
Residential mortgage-backed securities [Member] \| Successor [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	143,766			169,426
Total gains/losses (realized and unrealized)	-1,876			5,594
Purchases	33,831			79,531
Sales	-50,938			-105,671
Settlements	-2,306			-4,851
Net transfers into/ (out of) Level 3	9,706			-11,846
Ending Balance	132,183			132,183
Change in unrealized gains/(losses) relating to instruments still held	-3,898			586
Residential mortgage-backed securities [Member] \| Predecessor [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance		156,069	123,555		149,965
Total gains/losses (realized and unrealized)		11,906	2,542		-17,833
Purchases		132,773	27,401		59,477
Sales		-130,143	-65,422		-101,039
Settlements		-6,057	-5,216		-8,489
Net transfers into/ (out of) Level 3		4,878	62,128		62,907
Ending Balance		169,426	144,988		144,988
Change in unrealized gains/(losses) relating to instruments still held		4,511	359		-8,884
Commercial mortgage-backed securities [Member] \| Successor [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	16,068			17,794
Total gains/losses (realized and unrealized)	2,033			-735
Purchases	130			1,533
Sales	-310			-3,054
Settlements	-3,703			-5,281
Net transfers into/ (out of) Level 3	205			4,166
Ending Balance	14,423			14,423
Change in unrealized gains/(losses) relating to instruments still held	-1,106			-5,007
Commercial mortgage-backed securities [Member] \| Predecessor [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance		30,202	40,594		52,407
Total gains/losses (realized and unrealized)		-995	-1,327		-2,221
Purchases		2,280	2,092		5,090
Sales		-2,866	-1,307		-5,441
Settlements		-1,188	-450		-115
Net transfers into/ (out of) Level 3		-9,639	-8,089		-18,207
Ending Balance		17,794	31,513		31,513
Change in unrealized gains/(losses) relating to instruments still held		-2,059	-1,310		-2,769
Other asset-backed securities [Member] \| Successor [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	1,444			1,252
Total gains/losses (realized and unrealized)	2,170			2,168
Purchases	7,576			7,618
Sales	-3,279			-3,127
Settlements
Net transfers into/ (out of) Level 3	659			659
Ending Balance	8,570			8,570
Change in unrealized gains/(losses) relating to instruments still held	2,142			2,077
Other asset-backed securities [Member] \| Predecessor [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance		1,114	1,273		3,284
Total gains/losses (realized and unrealized)		50			141
Purchases		1,627			19,397
Sales		-1,342			-20,351
Settlements		-19	-291		-51
Net transfers into/ (out of) Level 3		-178	-774		-2,212
Ending Balance		1,252	208		208
Change in unrealized gains/(losses) relating to instruments still held		-1			3
Loans and other receivables [Member] \| Successor [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	117,496			170,986
Total gains/losses (realized and unrealized)	-198			-5,103
Purchases	52,246			206,672
Sales	-12,139			-26,630
Settlements	-25,395			-213,662
Net transfers into/ (out of) Level 3	-1,558			-1,811
Ending Balance	130,452			130,452
Change in unrealized gains/(losses) relating to instruments still held	609			-8,063
Loans and other receivables [Member] \| Predecessor [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance		180,393	108,674		97,291
Total gains/losses (realized and unrealized)		-8,682	-528		-2,674
Purchases		105,650	57,790		158,305
Sales		-29,828	-30,632		-60,111
Settlements		-61,407	-56,404		-104,476
Net transfers into/ (out of) Level 3		-15,140	29,889		20,454
Ending Balance		170,986	108,789		108,789
Change in unrealized gains/(losses) relating to instruments still held		-12,374	-237		-4,109
Investments, at fair value [Member] \| Successor [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	76,364			70,067
Total gains/losses (realized and unrealized)	1,848			653
Purchases				5,000
Sales	-101			-102
Settlements	-710			-3,204
Net transfers into/ (out of) Level 3	-3,949			1,038
Ending Balance	73,452			73,452
Change in unrealized gains/(losses) relating to instruments still held	2,002			668
Investments, at fair value [Member] \| Predecessor [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance		83,897	91,836		78,326
Total gains/losses (realized and unrealized)		961	-202		15,076
Purchases		952	1,120		1,909
Sales		-4,923			-6
Settlements		-9,721	-775		-3,326
Net transfers into/ (out of) Level 3		-1,099
Ending Balance		70,067	91,979		91,979
Change in unrealized gains/(losses) relating to instruments still held		1,171	-466		14,412
Investments in managed funds [Member] \| Successor [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	55,141			59,976
Total gains/losses (realized and unrealized)	4,034			3,108
Purchases	6,598			9,130
Sales
Settlements	-9,876			-16,439
Net transfers into/ (out of) Level 3				122
Ending Balance	55,897			55,897
Change in unrealized gains/(losses) relating to instruments still held	4,034			3,108
Investments in managed funds [Member] \| Predecessor [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance		57,763	68,314		70,740
Total gains/losses (realized and unrealized)		-363	-5,389		-17,765
Purchases		11,068	2,173		12,683
Settlements		-8,492	-4,987		-5,537
Net transfers into/ (out of) Level 3			10
Ending Balance		59,976	60,121		60,121
Change in unrealized gains/(losses) relating to instruments still held		-363	-5,382		-17,765
Municipal securities [Member] \| Predecessor [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance			465		6,904
Total gains/losses (realized and unrealized)			5		-74
Sales			-387		-1,366
Net transfers into/ (out of) Level 3					-5,381
Ending Balance			83		83
Change in unrealized gains/(losses) relating to instruments still held			5		5
Sovereign obligations [Member] \| Predecessor [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance					140
Net transfers into/ (out of) Level 3					($140)

Fair_Value_Disclosures_Summary2

Fair Value Disclosures - Summary of Changes in Fair Value of Financial Liabilities Classified as Level 3 (Detail) (USD $)	3 Months Ended			6 Months Ended	9 Months Ended	3 Months Ended	6 Months Ended	3 Months Ended	9 Months Ended			6 Months Ended	3 Months Ended		6 Months Ended	3 Months Ended		9 Months Ended	3 Months Ended	6 Months Ended	3 Months Ended		9 Months Ended	3 Months Ended	6 Months Ended	3 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Aug. 31, 2013	Feb. 28, 2013	Aug. 31, 2012	Aug. 31, 2013	Aug. 31, 2012	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2012	Aug. 31, 2012	Feb. 28, 2013	Nov. 30, 2012	Aug. 31, 2013	Feb. 28, 2013	Aug. 31, 2013	Aug. 31, 2013	Feb. 28, 2013	Aug. 31, 2012	Aug. 31, 2012	Aug. 31, 2013	Aug. 31, 2013	Feb. 28, 2013	Aug. 31, 2012	Aug. 31, 2012	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2012	Aug. 31, 2012
						Corporate equity securities [Member]	Corporate equity securities [Member]	Corporate equity securities [Member]	Corporate equity securities [Member]	Corporate equity securities [Member]	Corporate equity securities [Member]	Residential mortgage-backed securities [Member]	Residential mortgage-backed securities [Member]	Net derivatives [Member]	Net derivatives [Member]	Net derivatives [Member]	Net derivatives [Member]	Net derivatives [Member]	Loans [Member]	Loans [Member]	Loans [Member]	Loans [Member]	Loans [Member]	Other secured financing [Member]	Other secured financing [Member]	Corporate debt securities [Member]	Corporate debt securities [Member]
						Successor [Member]	Successor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Successor [Member]	Predecessor [Member]	Successor [Member]	Successor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Successor [Member]	Successor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Successor [Member]	Successor [Member]	Predecessor [Member]	Predecessor [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance						$38	$38	$12,039		$38	$38	$1,542		$10,799	$11,185	$9,188	$4,395	$9,285	$15,212	$7,398	$1,711		$10,157	$2,294		$74	$74
Total gains/losses (realized and unrealized)	-4,600	-2,700	-6,900	-2,600	-5,100			-410	38			-1,542	25	3,899	3,453	2,648	7,342	5,064						731	731	-15	-15
Purchases								-11,782					-73,846					-389	-14,952	-20,221	-1,711		-10,157			-59	-59
Sales								191					75,363						716	13,799	7,398	4,285	4,285
Settlements														-60
Net transfers into/ (out of) Level 3																-651	10	-2,213							2,294
Ending Balance						38	38	38	38	38	38		1,542	14,638	14,638	11,185	11,747	11,747	976	976	7,398	4,285	4,285	3,025	3,025
Change in unrealized gains/(losses) relating to instruments still held									$38				($19)	($3,899)	($3,453)	$2,648	$6,209	$6,087						($731)	($731)

Fair_Value_Disclosures_Quantit

Fair Value Disclosures - Quantitative Information about Significant Unobservable Inputs used in Level 3 Fair Value Measurements (Detail) (USD $)

Aug. 31, 2013

Nov. 30, 2012

Successor [Member]

Predecessor [Member]

Derivatives [Member]

Corporate equity securities [Member]

Corporate debt securities [Member]

Collateralized debt obligations [Member]

Residential mortgage-backed securities [Member]

Commercial mortgage-backed securities [Member]

Other asset-backed securities [Member]

Loans and other receivables [Member]

Investments, at fair value [Member]

Derivatives [Member]

Corporate equity securities [Member]

Collateralized debt obligations [Member]

Residential mortgage-backed securities [Member]

Commercial mortgage-backed securities [Member]

Loans and other receivables [Member]

Investments, at fair value [Member]

Financial Instruments Sold, Not Yet Purchased [Member]

Equity options [Member]

Loan commitments [Member]

Non-exchange traded securities [Member]

Warrants [Member]

Range One [Member]

Range Two [Member]

Range Three [Member]

Minimum [Member]

Maximum [Member]

Range One [Member]

Range Two [Member]

Range Three [Member]

Range One [Member]

Range Two [Member]

Range Three [Member]

Range Four [Member]

Range One [Member]

Range Two [Member]

Range Three [Member]

Range One [Member]

Range Two [Member]

Range Three [Member]

Range Four [Member]

Range One [Member]

Range Two [Member]

Range Three [Member]

Range Four [Member]

Range One [Member]

Range Two [Member]

Range Three [Member]

Range Four [Member]

Range Six [Member]

Minimum [Member]

Maximum [Member]

Range Five [Member]

Range One [Member]

Private equity securities [Member]

Financial Instruments Sold, Not Yet Purchased [Member]

Equity options [Member]

Loan commitments [Member]

Non-exchange traded securities [Member]

Warrants [Member]

Range One [Member]

Range Two [Member]

Range Three [Member]

Range One [Member]

Range Two [Member]

Range Three [Member]

Range Four [Member]

Range One [Member]

Range Two [Member]

Range One [Member]

Range Two [Member]

Range Three [Member]

Range Four [Member]

Range Six [Member]

Minimum [Member]

Maximum [Member]

Range Five [Member]

Private equity securities [Member]

Financial Instruments Sold, Not Yet Purchased [Member]

Minimum [Member]

Financial Instruments Sold, Not Yet Purchased [Member]

Range One [Member]

Maximum [Member]

Range One [Member]

Range Two [Member]

Range One [Member]

Financial Instruments Sold, Not Yet Purchased [Member]

Range One [Member]

Range Two [Member]

Minimum [Member]

Maximum [Member]

Range One [Member]

Range Two [Member]

Range Three [Member]

Financial Instruments Sold, Not Yet Purchased [Member]

Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]

Valuation Technique

Option model

Comparable pricing

Option model

Comparable pricing

Market Value of Financial Instruments Sold, Not Yet Purchased

($12,879,000)

($9,516,000)

Significant Unobservable Input(s)

Volatility

Comparable bond or loan price

Volatility

Comparable bond or loan price

Weighted Average

78.28

Market Value of Financial Instruments Owned

1,600,000

11,665,000

18,313,000

35,512,000

114,278,000

5,847,000

7,711,000

81,282,000

5,975,000

16,815,000

26,705,000

156,069,000

30,202,000

153,365,000

32,751,000

Valuation Technique

Comparable pricing

Market approach

Comparable pricing

Option model

Scenario analysis

Comparable pricing

Market approach

Discounted cash flows

Comparable pricing

Discounted cash flows

Comparable pricing

Market approach

Scenario analysis

Comparable pricing

Market approach

Scenario analysis

Option model

Discounted cash flows

Comparable pricing

Discounted cash flows

Market approach

Scenario analysis

Market approach

Comparable pricing

Scenario analysis

Significant Unobservable Input(s)

Comparable bond or loan price

EBITDA multiple

Comparable share price

Volatility

Estimated recovery percentage

Comparable bond or loan price

Yield

Constant prepayment rate

Constant default rate

Loss severity

Yield

Constant prepayment rate

Constant default rate

Loss severity

Yield

Comparable bond or loan price

Yield

Cumulative loss rate

Constant prepayment rate

Constant default rate

Loss severity

Yield

Comparable bond or loan price

Yield

Estimated recovery percentage

EBITDA multiple

Comparable share price

EBITDA multiple

Estimated recovery percentage

Volatility

Constant prepayment rate

Constant default rate

Loss severity

Yield

Constant prepayment rate

Constant default rate

Loss severity

Yield

Cumulative loss rate

Comparable bond or loan price

Yield

Cumulative loss rate

Yield

Estimated recovery percentage

EBITDA multiple

Comparable share price

Estimated recovery percentage

Fair Value Inputs Comparable Share Price

76.75

414

400

Fair Value Assumptions Expected Volatility

Estimated recovery percentage

21.00%

17.00%

86.00%

35.00%

15.00%

50.00%

Fair Value Inputs Yield

12.60%

19.00%

Fair value inputs comparable bond or loan price

$101.75

$101.38

$63.70

$126

$12.50

$90.50

$100

$101.13

$81.88

$101.25

Cumulative loss rate

12.00%

0.00%

Fair Value Inputs, Earnings before Interest, Taxes, Depreciation, and Amortization Multiple

6.5

16.3

8.3

6.6

Range, Minimum

0.00%

13.00%

5.00%

0.00%

1.00%

25.00%

0.00%

15.00%

0.00%

75.00%

9.00%

0.00%

13.00%

10.00%

0.00%

1.00%

22.00%

2.00%

5.00%

Range, Maximum

20.00%

10.00%

75.00%

22.00%

50.00%

75.00%

28.00%

26.00%

22.00%

30.00%

11.00%

92.00%

25.00%

5.00%

10.00%

75.00%

35.00%

25.00%

50.00%

80.00%

50.00%

57.00%

20.00%

54.00%

Weighted Average, percentage

14.00%

2.00%

49.00%

24.00%

5.00%

6.00%

50.00%

7.00%

21.00%

12.00%

22.00%

8.00%

89.00%

20.00%

98.90%

52.00%

Fair_Value_Disclosures_Summary3

Fair Value Disclosures - Summary of Gains (Losses) Due to Changes in Instrument Specific Credit Risk for Loans and Other Receivables and Loan Commitments Measured at Fair Value under Fair Value Option (Detail) (USD $)

3 Months Ended

6 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

9 Months Ended

In Thousands, unless otherwise specified

Aug. 31, 2013

Feb. 28, 2013

Aug. 31, 2012

Aug. 31, 2013

Feb. 28, 2013

Aug. 31, 2012

Successor [Member]

Predecessor [Member]

Loans [Member]

Loan commitments [Member]

Predecessor [Member]

Successor [Member]

Predecessor [Member]

Financial Instruments Owned:

Loans and other receivables

$1,097

$2,284

$3,924

$5,012

$9,664

Financial Instruments Sold:

Loans and loan commitments

($320)

($466)

$4,440

($2,059)

($2,746)

($5,213)

($7,088)

Fair_Value_Disclosures_Summary4

Fair Value Disclosures - Summary of Amount by Which Contractual Principal Exceeds Fair Value for Loans and Other Receivables Measured at Fair Value under Fair Value Option (Detail) (USD $)	Aug. 31, 2013	Nov. 30, 2012
In Thousands, unless otherwise specified	Successor [Member]	Predecessor [Member]
Financial Instruments Owned:
Loans and other receivables	$226,332	$256,271
Loans greater than 90 days past due	$7,809	$10,433

Fair_Value_Disclosures_Summary5

Fair Value Disclosures - Summary of Amount by Which Contractual Principal Exceeds Fair Value for Loans and Other Receivables Measured at Fair Value under Fair Value Option (Parenthetical) (Detail) (USD $)	Aug. 31, 2013	Nov. 30, 2012
In Millions, unless otherwise specified	Successor [Member]	Predecessor [Member]
Gain (Loss) on Investments [Line Items]
Aggregate fair value of loans	$5.20	$34.70

Derivative_Financial_Instrumen2

Derivative Financial Instruments - Fair Value and Related Number of Derivative Contracts Categorized by Type of Derivative Contract (Detail) (USD $)	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2013	Nov. 30, 2012	Nov. 30, 2012	Nov. 30, 2012	Nov. 30, 2012	Nov. 30, 2012	Nov. 30, 2012
In Thousands, unless otherwise specified		Successor [Member]	Successor [Member]	Successor [Member]	Successor [Member]	Successor [Member]	Successor [Member]	Successor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]
			Interest rate contracts [Member]	Foreign exchange contracts [Member]	Equity contracts [Member]	Commodity contracts [Member]	Credit contracts: centrally cleared swaps [Member]	Credit contracts: other credit derivatives [Member]		Interest rate contracts [Member]	Foreign exchange contracts [Member]	Equity contracts [Member]	Commodity contracts [Member]	Credit contracts [Member]
			Contracts	Contracts	Contracts	Contracts	Contracts	Contracts		Contracts	Contracts	Contracts	Contracts	Contracts
Derivatives, Fair Value [Line Items]
Fair Value, Assets		$1,978,777	$846,497	$534,443	$447,376	$135,866	$10,015	$4,580	$2,163,336	$927,896	$387,325	$577,964	$265,703	$4,448
Number of Contracts, Assets			32,663	120,650	1,853,291	464,064	19	24		67,410	118,958	1,526,127	754,987	13
Fair Value, Liabilities		2,048,518	881,518	548,061	468,562	130,612	10,855	8,910	2,242,005	1,065,788	357,277	528,979	278,660	11,301
Number of Contracts, Liabilities			57,449	114,965	1,875,348	464,679	17	19		90,831	116,758	1,396,213	728,696	40
Counterparty/cash-collateral netting, Assets		-1,856,908							-1,865,250
Counterparty/cash-collateral netting, Liabilities		-1,914,691							-2,012,878
Total Derivative Assets per Consolidated Statement of Financial Condition	121,869	121,869							298,086
Total Derivative Liabilities per Consolidated Statement of Financial Condition	$133,827	$133,827							$229,127

Derivative_Financial_Instrumen3

Derivative Financial Instruments - Unrealized and Realized Gains (Losses) on Derivative Contracts (Detail) (USD $)

9 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

In Thousands, unless otherwise specified

Aug. 31, 2012

Aug. 31, 2013

Feb. 28, 2013

Aug. 31, 2012

Feb. 28, 2013

Aug. 31, 2012

Feb. 28, 2013

Aug. 31, 2012

Feb. 28, 2013

Aug. 31, 2012

Feb. 28, 2013

Aug. 31, 2012

Feb. 28, 2013

Aug. 31, 2012

Interest rate contracts [Member]

Foreign exchange contracts [Member]

Equity contracts [Member]

Commodity contracts [Member]

Credit contracts [Member]

Successor [Member]

Predecessor [Member]

Interest rate contracts [Member]

Foreign exchange contracts [Member]

Equity contracts [Member]

Commodity contracts [Member]

Credit contracts [Member]

Interest rate contracts [Member]

Foreign exchange contracts [Member]

Equity contracts [Member]

Commodity contracts [Member]

Credit contracts [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Unrealized and realized gains (losses)

($65,853)

($39,667)

$4,193

($72,691)

$57,586

($15,274)

$108,573

$186,486

$65,628

$95,009

($4,149)

($13)

$32,918

$66,811

$15,080

$36,593

($904)

($11,914)

$48,015

($8,292)

$25,713

$38,067

$11,895

($4,616)

($5,436)

($46,930)

$19,585

$11,074

($3,742)

($5,887)

Derivative_Financial_Instrumen4

Derivative Financial Instruments - Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities (Detail) (USD $)	Aug. 31, 2013
In Thousands, unless otherwise specified	Aug. 31, 2013
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]
Total OTC derivative assets included in Financial instruments owned	$266,077
Successor [Member]
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	118,859
OTC derivative assets having maturity period of 1 to 5 years	98,579
OTC derivative assets having maturity period of greater than 5 years	147,654
OTC derivative assets cross-maturity netting	-98,436
Total OTC derivative assets, net of cross-maturity netting	266,656
Cross product counterparty netting	-579
Total OTC derivative assets included in Financial instruments owned	266,077
OTC derivative liabilities having maturity period of 0 to 12 months	135,988
OTC derivative liabilities having maturity period of 1 to 5 years	126,544
OTC derivative liabilities having maturity period of greater than 5 years	155,152
OTC derivative liabilities cross-maturity netting	-98,436
Total OTC derivative liabilities, net of cross-maturity netting	319,248
Cross product counterparty netting	-579
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased	318,669
Successor [Member] \| Commodity swaps, options and forwards [Member]
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	36,869
OTC derivative assets having maturity period of 1 to 5 years	783
OTC derivative assets cross-maturity netting	-47
Total OTC derivative assets, net of cross-maturity netting	37,605
OTC derivative liabilities having maturity period of 0 to 12 months	28,734
OTC derivative liabilities having maturity period of 1 to 5 years	47
OTC derivative liabilities cross-maturity netting	-47
Total OTC derivative liabilities, net of cross-maturity netting	28,734
Successor [Member] \| Credit default swaps [Member]
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	73
OTC derivative assets having maturity period of 1 to 5 years	607
Total OTC derivative assets, net of cross-maturity netting	680
OTC derivative liabilities having maturity period of 1 to 5 years	2,062
OTC derivative liabilities having maturity period of greater than 5 years	380
Total OTC derivative liabilities, net of cross-maturity netting	2,442
Successor [Member] \| Equity swaps and options [Member]
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	3,650
Total OTC derivative assets, net of cross-maturity netting	3,650
OTC derivative liabilities having maturity period of 0 to 12 months	8,455
OTC derivative liabilities having maturity period of greater than 5 years	2,852
Total OTC derivative liabilities, net of cross-maturity netting	11,307
Successor [Member] \| Total return swaps [Member]
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	817
OTC derivative assets cross-maturity netting	-114
Total OTC derivative assets, net of cross-maturity netting	703
OTC derivative liabilities having maturity period of 0 to 12 months	650
OTC derivative liabilities having maturity period of greater than 5 years	549
OTC derivative liabilities cross-maturity netting	-114
Total OTC derivative liabilities, net of cross-maturity netting	1,085
Successor [Member] \| Foreign currency forwards, swaps and options [Member]
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	70,110
OTC derivative assets having maturity period of 1 to 5 years	32,782
OTC derivative assets cross-maturity netting	-16,218
Total OTC derivative assets, net of cross-maturity netting	86,674
OTC derivative liabilities having maturity period of 0 to 12 months	81,858
OTC derivative liabilities having maturity period of 1 to 5 years	34,725
OTC derivative liabilities cross-maturity netting	-16,218
Total OTC derivative liabilities, net of cross-maturity netting	100,365
Successor [Member] \| Interest rate swaps and options [Member]
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	7,340
OTC derivative assets having maturity period of 1 to 5 years	64,407
OTC derivative assets having maturity period of greater than 5 years	147,654
OTC derivative assets cross-maturity netting	-82,057
Total OTC derivative assets, net of cross-maturity netting	137,344
OTC derivative liabilities having maturity period of 0 to 12 months	16,291
OTC derivative liabilities having maturity period of 1 to 5 years	89,710
OTC derivative liabilities having maturity period of greater than 5 years	151,371
OTC derivative liabilities cross-maturity netting	-82,057
Total OTC derivative liabilities, net of cross-maturity netting	$175,315

Derivative_Financial_Instrumen5

Derivative Financial Instruments - Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities (Parenthetical) (Detail) (Successor [Member], USD $)	Aug. 31, 2013
In Millions, unless otherwise specified	Aug. 31, 2013
Successor [Member]
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]
Exchange traded derivative assets	$10.90
Cash collateral received	155.1
Exchange traded derivative liabilities, with fair value	28
Cash collateral pledged	$212.90

Derivative_Financial_Instrumen6

Derivative Financial Instruments - Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets (Detail) (USD $)	Aug. 31, 2013
In Thousands, unless otherwise specified	Aug. 31, 2013
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Fair value of OTC derivatives assets, Counterparty credit quality, A- or higher	$199,298
Fair value of OTC derivatives assets, Counterparty credit quality, BBB- to BBB+	9,447
Fair value of OTC derivatives assets, Counterparty credit quality, BB+ or lower	51,448
Fair value of OTC derivatives assets, Counterparty credit quality, Unrated	5,884
Fair value of Over the Counter Derivatives Assets Counterparty credit quality	$266,077

Derivative_Financial_Instrumen7

Derivative Financial Instruments - Additional Information (Detail) (USD $)	Aug. 31, 2013	Nov. 30, 2012
In Millions, unless otherwise specified	Aug. 31, 2013	Nov. 30, 2012
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Fair value of derivative instruments in a liability position	$67.20	$164.80
Collateral posted for derivative instruments in a liability position	61.3	129.2
Additional collateral required for derivative instruments in a liability position	$10.60	$38.10

Collateralized_Transactions_Ad

Collateralized Transactions - Additional Information (Detail) (USD $)	Aug. 31, 2013	Nov. 30, 2012
Collateralized Securities Transactions [Abstract]
Fair value of securities received as collateral	$21,363,355,000	$21,118,800,000
Securities received as collateral	$45,100,000	$0

Collateralized_Transactions_Fa

Collateralized Transactions - Fair Value of Securities Received as Collateral (Detail) (USD $)	Aug. 31, 2013	Nov. 30, 2012
In Thousands, unless otherwise specified	Aug. 31, 2013	Nov. 30, 2012
Collateralized Securities Transactions [Line Items]
Securities received as collateral	$45,100	$0
Fair value of securities received as collateral	21,363,355	21,118,800
Successor [Member]
Collateralized Securities Transactions [Line Items]
Securities purchased under agreements to resell	4,420,886
Securities borrowed	5,316,449
Securities received as collateral	45,133
Total assets on Consolidated Statement of Financial Condition	9,782,468
Netting of securities purchased under agreements to resell	8,481,994
Total	18,264,462
Fair value of additional collateral received	3,098,873
Fair value of securities received as collateral	21,363,335
Predecessor [Member]
Collateralized Securities Transactions [Line Items]
Securities purchased under agreements to resell		3,357,602
Securities borrowed		5,094,679
Total assets on Consolidated Statement of Financial Condition		8,452,281
Netting of securities purchased under agreements to resell		9,982,752
Total		18,435,033
Fair value of additional collateral received		2,683,767
Fair value of securities received as collateral		$21,118,800

Collateralized_Transactions_Fa1

Collateralized Transactions - Fair Value of Securities Received as Collateral (Parenthetical) (Detail) (USD $)	Aug. 31, 2013	Nov. 30, 2012
In Millions, unless otherwise specified	Successor [Member]	Predecessor [Member]
Collateralized Securities Transactions [Line Items]
Fair value of collateral received	$1,092.20	$1,252.60
Rehypothecated value	634.5	727.7
Collateral received on securities for securities transactions	$1,669.80	$1,378.80

Securitization_Activities_Acti

Securitization Activities - Activity Related to Securitizations Accounted for as Sales (Detail) (USD $)	3 Months Ended	6 Months Ended	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Aug. 31, 2013	Aug. 31, 2013	Feb. 28, 2013	Aug. 31, 2012	Aug. 31, 2012
	Successor [Member]	Successor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]
Securitization Vehicles [Line Items]
Transferred assets	$918.40	$3,102.40	$2,735.20	$2,132.30	$7,070.90
Proceeds on new securitizations	921.5	3,112.50	2,751.30	2,375	7,654.10
Net revenues	1.7	6.5	12.9	2.4	16.5
Cash flows received on retained interests	$13	$24.20	$32.30	$19.70	$44.60

Securitization_Activities_Summ

Securitization Activities - Summary of Retained Interests in SPEs (Detail) (USD $)	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2013	Nov. 30, 2012	Nov. 30, 2012	Nov. 30, 2012
In Millions, unless otherwise specified	Successor [Member]	Successor [Member]	Successor [Member]	Successor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]
		U.S. government agency residential mortgage-backed securities [Member]	U.S. government agency commercial mortgage-backed securities [Member]	Collateralized loan obligations securitizations [Member]		U.S. government agency residential mortgage-backed securities [Member]	U.S. government agency commercial mortgage-backed securities [Member]
Securitization Vehicles [Line Items]
Total RMBS securitization assets	$7,056.50				$3,791.50
Total CMBS securitization assets	2,263.30				2,193.40
Total Collateralized loan obligations	1,191.50
Fair Value of Securitizations Initially Retained		$362.80	$102.30	$13.80		$335.20	$28.90

Securitization_Activities_Summ1

Securitization Activities - Summary of Retained Interests in SPEs (Parenthetical) (Detail) (Subsequent event [Member], USD $)	Sep. 23, 2013
In Millions, unless otherwise specified	Sep. 23, 2013
U.S. government agency residential mortgage-backed securities [Member] \| Current year securities [Member]
Securitization Vehicles [Line Items]
Retained interests	$285
U.S. government agency residential mortgage-backed securities [Member] \| Previous year securities [Member]
Securitization Vehicles [Line Items]
Retained interests	57.9
U.S. government agency commercial mortgage-backed securities [Member] \| Current year securities [Member]
Securitization Vehicles [Line Items]
Retained interests	91
U.S. government agency commercial mortgage-backed securities [Member] \| Previous year securities [Member]
Securitization Vehicles [Line Items]
Retained interests	13
Collateralized loan obligations securitizations [Member] \| Current year securities [Member]
Securitization Vehicles [Line Items]
Retained interests	$9.30

Variable_Interest_Entities_Ass

Variable Interest Entities - Assets and Liabilities of Consolidated VIEs Prior to Consolidation (Detail) (USD $)	Nov. 30, 2012	Aug. 31, 2013	Feb. 28, 2013	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2013	Feb. 28, 2013	Nov. 30, 2012	Aug. 31, 2012	Nov. 30, 2011	Nov. 30, 2012	Nov. 30, 2012	Nov. 30, 2012
		Successor [Member]	Successor [Member]	Successor [Member]	Successor [Member]	Successor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]
				High Yield [Member]	Securitization Vehicles [Member]	Other [Member]					High Yield [Member]	Securitization Vehicles [Member]	Other [Member]
Assets and Liabilities of Consolidated VIEs [Line Items]
Cash		$4,119,096,000	$3,017,958,000	$43,800,000		$200,000	$3,017,958,000	$2,692,595,000	$2,844,513,000	$2,393,797,000	$388,100,000		$200,000
Financial instruments owned		13,698,281,000			108,700,000	500,000		16,670,391,000			894,200,000	10,000,000	500,000
Securities borrowed		5,316,449,000						5,094,679,000			372,100,000
Securities purchased under agreement to resell		4,420,886,000			195,100,000			3,357,602,000				60,000,000
Receivable from brokers and dealers		2,738,047,000						1,424,027,000			264,500,000
Other		1,168,206,000						662,713,000			11,400,000
Total assets		38,830,213,000		43,800,000	303,800,000	700,000		36,293,541,000			1,930,300,000	70,000,000	700,000
Financial instruments sold, not yet purchased		6,625,030,000						7,455,463,000			526,100,000
Securities loaned		2,578,401,000						1,934,355,000			112,000,000
Payable to brokers and dealers		1,058,396,000						2,819,677,000			201,200,000
Mandatorily redeemable interests	348,051,000							348,051,000			1,076,000,000
Redemption payable				40,800,000
Other secured financings					303,700,000							70,000,000
Other				2,900,000		200,000					15,000,000		200,000
Total liabilities		$33,589,218,000		$43,700,000	$303,700,000	$200,000		$32,510,788,000			$1,930,300,000	$70,000,000	$200,000

Variable_Interest_Entities_Ass1

Variable Interest Entities - Assets and Liabilities of Consolidated VIEs Prior to Consolidation (Parenthetical) (Detail) (USD $)	Nov. 30, 2012	Nov. 30, 2012	Aug. 31, 2013	Nov. 30, 2012
		Predecessor [Member]	Securitization Vehicles [Member]	Securitization Vehicles [Member]
			Successor [Member]	Predecessor [Member]
Assets and Liabilities of Consolidated VIEs [Line Items]
Carrying amount of mandatorily redeemable preferred interest of consolidated subsidiaries	$348,051,000	$348,051,000
Secured financing included in inventory and eliminated			$75,700,000	$7,700,000

Variable_Interest_Entities_Con

Variable Interest Entities - Consolidated VIEs - Additional Information (Detail) (High Yield [Member], USD $)	1 Months Ended
In Millions, unless otherwise specified	Feb. 28, 2013	Nov. 30, 2012
High Yield [Member]
Assets and Liabilities of Consolidated VIEs [Line Items]
Carrying amount of variable interest as debt, equity and partnership interest		$389.40
Cash payable to redeemed third party interest in consolidated VIEs	$347.60

Variable_Interest_Entities_Non

Variable Interest Entities - Non consolidated VIEs - Additional Information (Detail) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Aug. 31, 2013	Nov. 30, 2012
Assets and Liabilities of Consolidated VIEs [Line Items]
Additional financial support to securitization of vehicles	$0	$0
Liabilities related to these securitization of vehicles	0	0
Collateralized loan obligations	17.8
Jefferies Employee Partners IV, LLC [Member]
Assets and Liabilities of Consolidated VIEs [Line Items]
Carrying amount of equity investment	1.8	1.5
Maximum amount committed to make as per agreement	21.6
Funded loan commitments	17.4	32.7
USA Fund [Member]
Assets and Liabilities of Consolidated VIEs [Line Items]
Equity investment in Jefferies SBI USA Fund L.P. (the "USA Fund")		75
Funded Equity Commitments	41.2	27.1
Carrying amount of equity investment	32.6	20.8
Agency mortgage- and asset-backed securitizations [Member]
Assets and Liabilities of Consolidated VIEs [Line Items]
Carrying Amount	1,122.40
Non-agency mortgage- and asset-backed securitizations [Member]
Assets and Liabilities of Consolidated VIEs [Line Items]
Carrying Amount	647
Collateralized loan obligations securitizations [Member] \| Variable Interest Entity Not Primary Beneficiary [Member]
Assets and Liabilities of Consolidated VIEs [Line Items]
Fair value of debt securities of variable interests entities	3.9	5.3
Carrying Amount	$17.80

Variable_Interest_Entities_Non1

Variable Interest Entities - Non-Consolidated Variable Interest Entities (Detail) (USD $)

Aug. 31, 2013

Nov. 30, 2012

In Millions, unless otherwise specified

Agency mortgage- and asset-backed securitizations [Member]

Non-agency mortgage- and asset-backed securitizations [Member]

Variable Interest Entity Not Primary Beneficiary [Member]

Collateralized loan obligations securitizations [Member]

Successor [Member]

Predecessor [Member]

Collateralized loan obligations securitizations [Member]

Agency mortgage- and asset-backed securitizations [Member]

Non-agency mortgage- and asset-backed securitizations [Member]

Asset management vehicle [Member]

Private equity vehicles [Member]

Collateralized loan obligations securitizations [Member]

Agency mortgage- and asset-backed securitizations [Member]

Non-agency mortgage- and asset-backed securitizations [Member]

Asset management vehicle [Member]

Private equity vehicles [Member]

Assets and Liabilities of Consolidated VIEs [Line Items]

Financial Statement Carrying Amount

$1,122.40

$647

$17.80

$1,842.20

$17.80

$1,122.40

$647

$3.10

$51.90

$2,456.50

$5.30

$1,579.10

$814.10

$55

Maximum exposure to loss in non-consolidated VIEs

1,880.20

17.8

1,122.40

647

3.1

89.9

2,509.20

5.3

1,579.10

814.1

107.7

Size of the variable interest entity measured by total assets

$77,388.50

$1,784.50

$5,397.10

$69,737.10

$377.40

$92.40

$61,919.90

$499.70

$6,396.60

$54,436.20

$505.30

$82.10

Variable_Interest_Entities_Sum

Variable Interest Entities - Summary of Securities Issued by Securitization Vehicles (Detail) (Variable Interest Entity Not Primary Beneficiary [Member], USD $)	Aug. 31, 2013
In Millions, unless otherwise specified	Aug. 31, 2013
Mortgage- and asset-backed securitization activity - Agency [Member]
Assets and Liabilities of Consolidated VIEs [Line Items]
Carrying Amount	$1,122.40
Mortgage- and asset- backed securitization activity - Non-agency [Member]
Assets and Liabilities of Consolidated VIEs [Line Items]
Carrying Amount	647
Mortgage- and Asset-backed Vehicles [Member]
Assets and Liabilities of Consolidated VIEs [Line Items]
Carrying Amount	4,126.70
Collateralized loan obligations securitizations [Member]
Assets and Liabilities of Consolidated VIEs [Line Items]
Carrying Amount	17.8
Residential mortgage-backed securities [Member]
Assets and Liabilities of Consolidated VIEs [Line Items]
Carrying Amount	1,740.30
Commercial mortgage-backed securities [Member]
Assets and Liabilities of Consolidated VIEs [Line Items]
Carrying Amount	544
Collateralized debt obligations [Member]
Assets and Liabilities of Consolidated VIEs [Line Items]
Carrying Amount	25
Other asset-backed securities [Member]
Assets and Liabilities of Consolidated VIEs [Line Items]
Carrying Amount	30.2
Nonagency [Member]
Assets and Liabilities of Consolidated VIEs [Line Items]
Carrying Amount	806.6
Nonagency [Member] \| Mortgage- and asset- backed securitization activity - Non-agency [Member]
Assets and Liabilities of Consolidated VIEs [Line Items]
Carrying Amount	647
Nonagency [Member] \| Collateralized loan obligations securitizations [Member]
Assets and Liabilities of Consolidated VIEs [Line Items]
Carrying Amount	17.8
Nonagency [Member] \| Residential mortgage-backed securities [Member] \| Mortgage- and asset- backed securitization activity - Non-agency [Member]
Assets and Liabilities of Consolidated VIEs [Line Items]
Carrying Amount	47.9
Nonagency [Member] \| Commercial mortgage-backed securities [Member] \| Mortgage- and asset- backed securitization activity - Non-agency [Member]
Assets and Liabilities of Consolidated VIEs [Line Items]
Carrying Amount	38.7
Nonagency [Member] \| Collateralized debt obligations [Member] \| Mortgage- and asset- backed securitization activity - Non-agency [Member]
Assets and Liabilities of Consolidated VIEs [Line Items]
Carrying Amount	25
Nonagency [Member] \| Other asset-backed securities [Member] \| Mortgage- and asset- backed securitization activity - Non-agency [Member]
Assets and Liabilities of Consolidated VIEs [Line Items]
Carrying Amount	30.2
Agency [Member]
Assets and Liabilities of Consolidated VIEs [Line Items]
Carrying Amount	3,320.10
Agency [Member] \| Mortgage- and asset-backed securitization activity - Agency [Member]
Assets and Liabilities of Consolidated VIEs [Line Items]
Carrying Amount	1,122.40
Agency [Member] \| Residential mortgage-backed securities [Member] \| Mortgage- and asset-backed securitization activity - Agency [Member]
Assets and Liabilities of Consolidated VIEs [Line Items]
Carrying Amount	1,692.40
Agency [Member] \| Commercial mortgage-backed securities [Member] \| Mortgage- and asset-backed securitization activity - Agency [Member]
Assets and Liabilities of Consolidated VIEs [Line Items]
Carrying Amount	$505.30

Investments_Jefferies_Finance_

Investments - Jefferies Finance - Additional Information (Detail) (USD $)	3 Months Ended			6 Months Ended	9 Months Ended
	Aug. 31, 2013	Feb. 28, 2013	Aug. 31, 2012	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2012	Nov. 30, 2012
Guarantee Obligations [Line Items]
Equity commitments to JFIN	$600,000,000			$600,000,000	$600,000,000
Total committed equity capitalization of JIFN	1,200,000,000			1,200,000,000	1,200,000,000
Funded portion of equity commitment to subsidiary	314,600,000			314,600,000	314,600,000
Unfunded portion of equity commitment to subsidiary	285,400,000			285,400,000	285,400,000
Investment maturity date				1-Mar-16
Committed line of credit facility amount	700,000,000			700,000,000	700,000,000
Loan maturity description				Scheduled to mature on March 1, 2016 with automatic one year extentions subject to a 60 day termination notice by either party
Extension period				1 year
Termination notice period				60 days
Loan commitment	350,000,000			350,000,000	350,000,000
Interest income				800,000
Unfunded commitment fees				800,000
Net underwriting fees paid by JFIN related to originations of loans by JFIN	35,200,000	31,000,000	29,300,000	70,400,000		85,200,000
Fees paid to JFIN related to origination of loans by JFIN	1,600,000	800,000	1,000,000	7,900,000		7,200,000
Jefferies Finance, LLC [Member]
Guarantee Obligations [Line Items]
Net income earnings	30,400,000		34,200,000		87,400,000	91,800,000
Administrative services	4,100,000	15,700,000	3,600,000	9,500,000		21,400,000
Administrative services	17,900,000			17,900,000	17,900,000		32,100,000
Secured Revolving Credit Facility [Member]
Guarantee Obligations [Line Items]
Interest income	400,000	4,100,000	2,300,000			5,700,000
Unfunded commitment fees	$400,000	$300,000	$500,000			$1,400,000

Investments_Summary_of_Selecte

Investments - Summary of Selected Financial Information for Jefferies Finance (Detail) (Jefferies Finance, LLC [Member], USD $)	Aug. 31, 2013	Nov. 30, 2012
In Millions, unless otherwise specified	Aug. 31, 2013	Nov. 30, 2012
Jefferies Finance, LLC [Member]
Total assets	$2,643	$1,730.40
Total liabilities	2,013.40	1,188.20
Total equity	629.6	542.2
Our total equity balance	$314.80	$271.10

Investments_Jefferies_LoanCore

Investments - Jefferies LoanCore - Additional Information (Detail) (USD $)	3 Months Ended			6 Months Ended	9 Months Ended		12 Months Ended
	Aug. 31, 2013	Feb. 28, 2013	Aug. 31, 2012	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2012	Nov. 30, 2012
Guarantee Obligations [Line Items]
Equity commitment	$600,000,000			$600,000,000	$600,000,000
Jefferies LoanCore, LLC [Member]
Guarantee Obligations [Line Items]
Aggregate commitment	600,000,000			600,000,000	600,000,000
Funded portion of equity commitment to subsidiary					174,800,000		110,000,000
Equity commitment	291,000,000			291,000,000	291,000,000
Percentage of the Variable Interest Entity's (VIE) voting interest	48.50%			48.50%	48.50%
Net earnings from equity method investment	16,700,000		5,500,000		65,800,000	50,100,000
Reimbursed administrative services	100,000	600,000	100,000	200,000		400,000
Receivable from loan core under service agreement	31,000			31,000	31,000		37,000
Aggregate fair market value of derivative transactions outstanding	600,000			600,000	600,000
Recognized net gains within Principal transaction revenues		200,000	1,100,000	3,200,000		20,900,000
Recognized net loss within Principal transaction revenues	$3,800,000

Investments_Summary_of_Selecte1

Investments - Summary of Selected Financial Information for Jefferies LoanCore (Detail) (Jefferies LoanCore, LLC [Member], USD $)	Aug. 31, 2013	Nov. 30, 2012
In Millions, unless otherwise specified	Aug. 31, 2013	Nov. 30, 2012
Jefferies LoanCore, LLC [Member]
Total assets	$1,048.20	$372
Total liabilities	594.1	98.4
Total equity	454.1	273.6
Our total equity balance	$220.20	$132.70

Investments_Knight_Capital_Add

Investments - Knight Capital - Additional Information (Detail) (USD $)

3 Months Ended

6 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

6 Months Ended

9 Months Ended

3 Months Ended

6 Months Ended

Aug. 31, 2013

Feb. 28, 2013

Aug. 31, 2012

Aug. 31, 2013

Aug. 31, 2012

Jul. 01, 2013

Aug. 31, 2013

Feb. 28, 2013

Aug. 31, 2012

Aug. 31, 2013

Aug. 31, 2012

Aug. 31, 2013

Jun. 30, 2013

Aug. 06, 2012

KCG Holdings, Inc. [Member]

Knight Capital Group, Inc. [Member]

Ratio

Senior secured credit agreement [Member]

Series A-1 Cumulative Perpetual Convertible Preferred Stock [Member]

Series A-2 Non-voting Cumulative Perpetual Convertible Preferred Stock [Member]

Guarantee Obligations [Line Items]

Purchased preferred stock in exchange for cash consideration

$125,000,000

Preferred stock issued under Purchase Agreement

24,876

100,124

Conversion of preferred stock to common stock, conversion rate

666.667

Consummation of merger received cash consideration per share

$3.75

Consummation of merger received cash consideration

192,000,000

Percentage of holding redeemed for cash

63.00%

Stock consideration received

0.33

Percentage of outstanding common stock owned

9.10%

Recognized changes in the fair value of equity method investment

-16,000,000

26,500,000

103,300,000

-21,700,000

103,300,000

Net earnings from equity method investment

30,800,000

40,200,000

Securities borrowed

6,200,000

Securities loaned

30,600,000

Net underwriting fees paid by JFIN related to originations of loans by JFIN

35,200,000

31,000,000

29,300,000

70,400,000

85,200,000

10,000,000

Issuance of senior secured credit agreement

$535,000,000

Investments_Summary_of_Selecte2

Investments - Summary of Selected Financial Information for Knight Capital (Detail) (Knight Capital Group, Inc. [Member], USD $)	Jun. 30, 2013	Dec. 31, 2012
In Millions, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Knight Capital Group, Inc. [Member]
Schedule of Investments [Line Items]
Total assets	$11,433	$9,778.40
Total liabilities	9,951.30	8,295.90
Total equity	$1,481.70	$1,482.50

Goodwill_and_Other_Intangible_2

Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $)

3 Months Ended

6 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

6 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Feb. 28, 2013

Aug. 31, 2012

31-May-12

Aug. 31, 2013

Aug. 31, 2012

Aug. 31, 2013

20-May-13

Aug. 31, 2013

31-May-13

Feb. 28, 2013

Aug. 31, 2013

Feb. 28, 2013

Aug. 31, 2012

Nov. 30, 2012

Nov. 30, 2011

Nov. 30, 2012

Investment Banking, Equities and Fixed Income Reporting Unit [Member]

Successor [Member]

Predecessor [Member]

Exchange and clearing organization membership interests and registrations [Member]

Goodwill

$1,700,000,000

$1,718,115,000

$1,655,400,000

$1,718,115,000

$1,713,776,000

$1,715,986,000

$366,777,000

$365,670,000

$365,574,000

Percentage of goodwill not allocated to reporting units

3.60%

Impairment loss

2,900,000

378,000

2,873,000

Aggregate amortization expense

7,200,000

14,000,000

400,000

600,000

1,700,000

Mortgage servicing rights sold

30,900,000

Option to purchase servicing rights

2,000,000

Fees related to mortgage servicing rights

$114,000

$900,000

$104,000

$2,800,000

Goodwill_and_Other_Intangible_3

Goodwill and Other Intangible Assets - Schedule of Goodwill Resulting from Merger Transaction Attributable to Reportable Segments (Detail) (USD $)	Aug. 31, 2013	Feb. 28, 2013
In Thousands, unless otherwise specified	Aug. 31, 2013	Feb. 28, 2013
Business Combination Transactions [Line Items]
Total goodwill	$1,718,115	$1,700,000
Capital Markets [Member]
Business Combination Transactions [Line Items]
Total goodwill	1,707,315
Asset Management [Member]
Business Combination Transactions [Line Items]
Total goodwill	$10,800

Goodwill_and_Other_Intangible_4

Goodwill and Other Intangible Assets - Summary of Goodwill (Detail) (USD $)	Aug. 31, 2013	Feb. 28, 2013	Aug. 31, 2013	Aug. 31, 2013	Feb. 28, 2013	Nov. 30, 2012
In Thousands, unless otherwise specified	Aug. 31, 2013	Feb. 28, 2013	Successor [Member]	Successor [Member]	Predecessor [Member]	Predecessor [Member]
Balance, at beginning of period	$1,718,115	$1,700,000	$1,713,776	$1,715,986	$365,670	$365,574
Add: Contingent consideration					2,394
Add: Translation adjustments			4,339	2,129	-1,287	96
Balance, at end of period	$1,718,115	$1,700,000	$1,718,115	$1,718,115	$366,777	$365,670

Goodwill_and_Other_Intangible_5

Goodwill and Other Intangible Assets - Summary of Goodwill (Parenthetical) (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2013
Business Combinations [Abstract]
Goodwill Purchase accounting adjustments	$0

Goodwill_and_Other_Intangible_6

Goodwill and Other Intangible Assets - Intangible Assets (Detail) (USD $)	3 Months Ended	6 Months Ended		9 Months Ended	6 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	31-May-12	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2013	Nov. 30, 2012	Nov. 30, 2012	Nov. 30, 2012	Nov. 30, 2012	Nov. 30, 2012
		Successor [Member]	Successor [Member]	Successor [Member]	Successor [Member]	Successor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]
			Exchange and clearing organization membership interests and registrations [Member]	Exchange and clearing organization membership interests and registrations [Member]	Customer relationships [Member]	Trade names (intangible assets) [Member]		Exchange and clearing organization membership interests and registrations [Member]	Customer relationships [Member]	Trade names (intangible assets) [Member]	Other intangible assets [Member]
Gross Costs - finite lived intangible assets					$136,311	$131,609			$10,542	$1,680	$100
Total gross costs - intangible assets		283,412					23,541
Gross costs - indefinite lived intangible assets			15,492	15,492				11,219
Impairment losses	-2,900	-378	-378	-378			-2,873	-2,873
Net carrying amount - indefinte lived intangible assets			15,114	15,114				8,346
Accumulated amortization - finite lived intangible assets		-13,587			-11,711	-1,876	-5,409		-4,107	-1,287	-15
Net carrying amount - finite lived intangible assets					124,600	129,733			6,435	393	85
Total net carrying amount - intangible assets		$269,447					$15,259
Weighted average remaining lives (years)					14 years 7 months 6 days	34 years 6 months			7 years 10 months 24 days	3 years 6 months	12 years 9 months 18 days

Goodwill_and_Other_Intangible_7

Goodwill and Other Intangible Assets - Future Amortization Expense Related to Intangible Assets (Detail) (USD $)	Aug. 31, 2013
In Thousands, unless otherwise specified	Aug. 31, 2013
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder of 2013	$6,767
2014	12,668
2015	12,668
2016	12,668
2017	$12,668

Goodwill_and_Other_Intangible_8

Goodwill and Other Intangible Assets - Mortgage Servicing Rights (Detail) (USD $)	3 Months Ended	6 Months Ended	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Aug. 31, 2013	Aug. 31, 2013	Feb. 28, 2013	Nov. 30, 2012
	Successor [Member]	Successor [Member]	Predecessor [Member]	Predecessor [Member]
Balance, beginning of period	$2,000	$2,000	$805	$8,202
Add: Acquisition				162
Less: Sales, net	-2,000	-2,000		-6,959
Less: Pay down				-211
Less: Amortization			-10	-389
Balance, end of period			$795	$805

ShortTerm_Borrowings_Additiona

Short-Term Borrowings - Additional Information (Detail) (USD $)	3 Months Ended	6 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Feb. 28, 2013	Aug. 31, 2013	Nov. 30, 2012
Debt Disclosure [Abstract]
Short-term bank loans		$50	$150
Secured bank loans			100
Average daily bank loans outstanding	$110	$34	$66.40
Interest rate on short-term borrowings outstanding		1.07%

LongTerm_Debt_Additional_Infor

Long-Term Debt - Additional Information (Detail)

3 Months Ended

9 Months Ended

6 Months Ended

1 Months Ended

6 Months Ended

Feb. 28, 2013

Aug. 31, 2013

Aug. 26, 2011

Aug. 31, 2013

31-May-13

Jan. 15, 2013

Jul. 13, 2012

Jul. 13, 2013

Apr. 19, 2012

Oct. 31, 2009

Aug. 31, 2013

USD ($)

Leucadia [Member]

New senior unsecured long-term debt [Member]

5.125% Senior Notes, due 2023 [Member]

6.5% Senior Notes, due 2043 [Member]

2.25% Euro Medium Term Notes, due 2022 [Member]

6.875% Senior Note, due 2021 [Member]

3.875% Convertible Senior Debentures, due 2029 [Member]

USD ($)

EUR (€)

USD ($)

Leucadia [Member]

USD ($)

Debt Instrument [Line Items]

Long-term debt at fair value

$6,100,000,000

Difference between fair value over the total principal amount

536,500,000

Issuance of senior unsecured long-term debt

1,000,000,000

600,000,000

400,000,000

4,000,000

750,000,000

345,000,000

Proceeds, net of original issue discount amount

595,600,000

391,700,000

2,800,000

197,700,000

Senior long-term debt, interest rate

3.88%

5.13%

6.50%

2.25%

6.88%

3.88%

Senior long-term debt, due date

2023

2043

Expiry date of term loan

1-Mar-16

13-Jul-22

1-Nov-29

Additional aggregate principal amount

200,000,000

Gain on repurchase of long-term debt

9,900,000

Unamortized discount arising on repurchase of own long-term debt

30,900,000

Unamortized balance reduced

Debenture principal amount

1,000

Debt instrument convertible conversion ratio

21.922

Conversion price of common stock

$45.62

Debt instrument convertible conversion ratio

130.00%

Earliest period of conversion price

20 days

Latest period of conversion price

30 days

Consecutive trading days

10 days

Trading price per debenture related to common stock

95.00%

Debentures convertible at holder's options

1) Leucadia's common stock price is greater than or equal to 130% of the conversion price for at least 20 trading days in a period of 30 consecutive trading days; 2) if the trading price per debenture is less than 95% of the price of the common stock times the conversion ratio for any 10 consecutive trading days; 3) if the debentures are called for redemption; or 4) upon the occurrence of specific corporate actions.

Description to redeem the debentures for par, plus accrued interest

On or after November 1, 2012 if the price of Leucadia's common stock is greater than 130% of the conversion price for at least 20 days in a period of 30 consecutive trading days and we may redeem the debentures for par, plus accrued interest, at our election any time on or after November 1, 2017.

Description of Contingent Debenture Interest Payment

November 1, 2017, contingent interest will accrue at 0.375% if the average trading price of a debenture for 5 trading days ending on and including the third trading day immediately preceding a six-month interest period equals or exceed $1,200 per $1,000 debenture.

Trading price of contingent interest

1,200

Revolving credit facility

950,000,000

Borrowed unsecured credit facility

$250,000,000

LongTerm_Debt_Summary_of_LongT

Long-Term Debt - Summary of Long-Term Debt Carrying Values Including Unamortized Discounts and Premiums (Detail) (USD $)

Aug. 31, 2013

Nov. 30, 2012

In Thousands, unless otherwise specified

Successor [Member]

Predecessor [Member]

Unsecured debt [Member]

Secured debt [Member]

5.875% Senior Notes, due 2014 [Member]

3.875% Senior Note, due 2015 [Member]

5.5% Senior Notes, due 2016 [Member]

5.125% Senior Notes, due 2018 [Member]

8.5% Senior Notes, due 2019 [Member]

6.875% Senior Note, due 2021 [Member]

2.25% Euro Medium Term Notes, due 2022 [Member]

5.125% Senior Notes, due 2023 [Member]

6.45% Senior Debentures, due 2027 [Member]

3.875% Convertible Senior Debentures, due 2029 [Member]

6.25% Senior Debentures, due 2036 [Member]

6.50% Senior Notes, due 2043 [Member]

Unsecured debt [Member]

Secured debt [Member]

5.875% Senior Notes, due 2014 [Member]

3.875% Senior Note, due 2015 [Member]

5.5% Senior Notes, due 2016 [Member]

5.125% Senior Notes, due 2018 [Member]

8.5% Senior Notes, due 2019 [Member]

6.875% Senior Note, due 2021 [Member]

2.25% Euro Medium Term Notes, due 2022 [Member]

6.45% Senior Debentures, due 2027 [Member]

3.875% Convertible Senior Debentures, due 2029 [Member]

6.25% Senior Debentures, due 2036 [Member]

Unsecured debt [Member]

Debt Instrument [Line Items]

Long-term debt

$6,346,439

$6,051,439

$295,000

$258,377

$518,241

$375,626

$856,862

$864,673

$870,136

$4,647

$626,188

$383,637

$357,323

$513,415

$422,314

$4,804,607

$4,454,600

$350,007

$249,564

$499,382

$349,248

$771,450

$706,990

$743,945

$3,708

$346,792

$290,617

$492,904

LongTerm_Debt_Summary_of_LongT1

Long-Term Debt - Summary of Long-Term Debt Carrying Values Including Unamortized Discounts and Premiums (Parenthetical) (Detail) (USD $)

Apr. 19, 2012

Jul. 13, 2012

Aug. 31, 2013

In Millions, unless otherwise specified

6.875% Senior Note, due 2021 [Member]

2.25% Euro Medium Term Notes, due 2022 [Member]

Successor [Member]

5.875% Senior Notes, due 2014 [Member]

3.875% Senior Note, due 2015 [Member]

5.5% Senior Notes, due 2016 [Member]

5.125% Senior Notes, due 2018 [Member]

8.5% Senior Notes, due 2019 [Member]

6.875% Senior Note, due 2021 [Member]

2.25% Euro Medium Term Notes, due 2022 [Member]

5.125% Senior Notes, due 2023 [Member]

6.45% Senior Debentures, due 2027 [Member]

3.875% Convertible Senior Debentures, due 2029 [Member]

6.25% Senior Debentures, due 2036 [Member]

6.50% Senior Notes, due 2043 [Member]

Debt Instrument [Line Items]

Interest rates

6.88%

2.25%

5.88%

3.88%

5.50%

5.13%

8.50%

6.88%

2.25%

5.13%

6.45%

3.88%

6.25%

6.50%

Effective interest rates

1.51%

2.17%

2.52%

3.46%

4.00%

4.40%

3.82%

4.55%

5.46%

3.50%

6.03%

6.09%

Convertible Senior debentures includes fair value

$7.30

Consolidated Statement of Earnings loss amount

$16.30

$9.20

Mandatorily_Redeemable_Convert1

Mandatorily Redeemable Convertible Preferred Stock - Additional Information (Detail) (Preferred Stock Subject to Mandatory Redemption [Member], Predecessor [Member])	1 Months Ended
	Feb. 28, 2013
Preferred Stock Subject to Mandatory Redemption [Member] \| Predecessor [Member]
Preferred Stock [Line Items]
Dividend of Series A Convertible Preferred Stock	3.25%
Cumulative convertible preferred stock, issued	125,000
Cumulative convertible preferred stock, outstanding	125,000

Noncontrolling_Interests_and_M2

Noncontrolling Interests and Mandatorily Redeemable Preferred Interests of Consolidated Subsidiaries - Noncontrolling Interests (Detail) (USD $)	Aug. 31, 2013	Aug. 31, 2013	Nov. 30, 2012	Nov. 30, 2012	Nov. 30, 2012	Nov. 30, 2012
In Thousands, unless otherwise specified	Successor [Member]	Successor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]
		Other [Member]		JSOP [Member]	JESOP [Member]	Other [Member]
Noncontrolling Interest [Line Items]
Noncontrolling interests	$77,048	$77,048	$346,738	$303,178	$35,239	$8,321

Noncontrolling_Interests_and_M3

Noncontrolling Interests and Mandatorily Redeemable Preferred Interests of Consolidated Subsidiaries - Noncontrolling Interests (Parenthetical) (Detail) (USD $)	Aug. 31, 2013	Jul. 01, 2013	1-May-13
In Millions, unless otherwise specified	Aug. 31, 2013	Jul. 01, 2013	1-May-13
Noncontrolling Interest [Abstract]
Asset Management entity	$50	$25	$25

Noncontrolling_Interests_and_M4

Noncontrolling Interests and Mandatorily Redeemable Preferred Interests of Consolidated Subsidiaries - Additional Information (Detail) (USD $)	3 Months Ended			6 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Aug. 31, 2013	Feb. 28, 2013	Aug. 31, 2012	Aug. 31, 2013	Aug. 31, 2012	Nov. 30, 2012
Noncontrolling Interest [Abstract]
Other comprehensive income attributable to noncontrolling interests	$0	$0	$0	$0	$0
Carrying amount of mandatorily redeemable preferred interest of consolidated subsidiaries						$348,051

Benefit_Plans_Additional_Infor

Benefit Plans - Additional Information (Detail) (USD $)	1 Months Ended			3 Months Ended	9 Months Ended
In Millions, unless otherwise specified	Jul. 01, 2011	Aug. 31, 2013	Nov. 30, 2012	Aug. 31, 2013	Aug. 31, 2013
	German Pension Plan [Member]	German Pension Plan [Member]	German Pension Plan [Member]	U.S. Pension Plan [Member]	U.S. Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Liability recognized under employee benefit plan	$21.80
Investment in insurance contract		19.2	18.6
Contributions made to U.S. pension plans				$3	$3

Benefit_Plans_Net_Periodic_Pen

Benefit Plans - Net Periodic Pension Cost (Detail) (USD $)	3 Months Ended	6 Months Ended	3 Months Ended	6 Months Ended	3 Months Ended		9 Months Ended	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2013	Feb. 28, 2013	Aug. 31, 2012	Aug. 31, 2012	Feb. 28, 2013	Aug. 31, 2012	Aug. 31, 2012
	Successor [Member]	Successor [Member]	Successor [Member]	Successor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]
	U.S. Pension Plan [Member]	U.S. Pension Plan [Member]	German Pension Plan [Member]	German Pension Plan [Member]	U.S. Pension Plan [Member]	U.S. Pension Plan [Member]	U.S. Pension Plan [Member]	German Pension Plan [Member]	German Pension Plan [Member]	German Pension Plan [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Service cost	$56	$112	$16	$32	$56	$44	$132	$16	$9	$27
Interest cost on projected benefit obligation	557	1,114	220	433	529	584	1,752	220	252	767
Expected return on plan assets	-680	-1,360			-665	-616	-1,848
Net amortization			45	89	300	317	951	45
Net periodic pension cost	($67)	($134)	$281	$554	$220	$329	$987	$281	$261	$794

Compensation_Plans_Additional_

Compensation Plans - Additional Information (Detail) (USD $)

9 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Aug. 31, 2013

Feb. 28, 2013

Aug. 31, 2013

Feb. 28, 2013

Aug. 31, 2012

Nov. 30, 2012

Feb. 28, 2013

Aug. 31, 2012

Successor [Member]

Predecessor [Member]

Restricted Stock Awards [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of years in which Restricted Stock Awards amortized as compensation expense

4 years

Total compensation cost related to share-based compensation plans

$20,700,000

$44,100,000

$23,505,000

$65,457,000

$22,300,000

$44,200,000

$136,600,000

Increase in the unrecognized compensation cost

45,100,000

Total unrecognized compensation cost related to nonvested share-based awards

221,100,000

Employee service share-based compensation, unrecognized compensation costs on nonvested awards, weighted average period of recognition

2 years 6 months

Annual employee contributions

21,250

Employee service share based compensation plan stock price

95.00%

Compensation cost related to deferred compensation plan

22,000

73,000

72,000

41,000

164,000

Compensation cost related to profit sharing plan

1,300,000

3,000,000

2,600,000

1,100,000

5,500,000

Weighted average vesting period

2 years

Compensation cost associated with deferred cash awards

43,700,000

89,100,000

44,700,000

56,000,000

140,800,000

Unamortized portion of compensation expense

$214,400,000

$198,900,000

Earnings_per_Share_Basic_and_D

Earnings per Share - Basic and Diluted Earnings per Common Share (Detail) (Predecessor [Member], USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Feb. 28, 2013	Aug. 31, 2012	Aug. 31, 2012
Predecessor [Member]
Earnings for basic earnings per common share:
Net earnings	$90,842	$78,321	$243,417
Net earnings to noncontrolling interests	10,704	8,150	32,612
Net earnings to common shareholders	80,138	70,171	210,805
Less: Allocation of earnings to participating securities	5,890	3,913	12,243
Net earnings available to common shareholders	74,248	66,258	198,562
Earnings for diluted earnings per common share:
Net earnings	90,842	78,321	243,417
Net earnings to noncontrolling interests	10,704	8,150	32,612
Net earnings to common shareholders	80,138	70,171	210,805
Add: Mandatorily redeemable convertible preferred stock dividends	1,016	1,016	3,047
Less: Allocation of earnings to participating securities	5,882	3,916	12,254
Net earnings available to common shareholders	$75,272	$67,271	$201,598
Shares:
Average common shares used in basic computation	213,732	214,756	216,509
Stock options	2	1	2
Mandatorily redeemable convertible preferred stock	4,110	4,110	4,110
Convertible debt
Average common shares used in diluted computation	217,844	218,867	220,621
Earnings per common share:
Basic	$0.35	$0.31	$0.92
Diluted	$0.35	$0.31	$0.91

Earnings_per_Share_Basic_and_D1

Earnings per Share - Basic and Diluted Earnings per Common Share (Parenthetical) (Detail) (Predecessor [Member], USD $)	3 Months Ended		9 Months Ended
	Feb. 28, 2013	Aug. 31, 2012	Aug. 31, 2012
Predecessor [Member]
Earnings Per Share [Line Items]
Weighted average shares of participating securities	16,756,000	12,732,000	13,337,000
Dividends declared on participating securities	$1,315,000	$924,000	$2,988,000

Earnings_per_Share_Additional_

Earnings per Share - Additional Information (Detail) (USD $)	Aug. 31, 2013	Aug. 26, 2011
In Millions, unless otherwise specified	Aug. 31, 2013	Aug. 26, 2011
Earnings Per Share [Abstract]
Line of credit facility, maximum borrowing capacity	$950	$950

Earnings_per_Share_Dividends_p

Earnings per Share - Dividends per Share of Common Stock Declared (Detail) (USD $)	3 Months Ended
	Aug. 31, 2013	31-May-13	Feb. 28, 2013	Aug. 31, 2012	31-May-12	Feb. 29, 2012
Earnings Per Share [Abstract]
Dividends per share of common stock declared			$0.08	$0.08	$0.08	$0.08

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (USD $)	Aug. 31, 2013	Nov. 30, 2012
In Millions, unless otherwise specified	Successor [Member]	Predecessor [Member]
Income Taxes [Line Items]
Total gross unrecognized tax benefits	$132.70	$110.50
Unrecognized tax benefits that would impact effective tax rate in future	87.4	72.4
Accrued interest on unrecognized tax benefits	$20.90	$15.30

Income_Taxes_Earliest_Tax_Year

Income Taxes - Earliest Tax Years Subject to Examination in Major Tax Jurisdictions in which Company Operates (Detail)	9 Months Ended
	Aug. 31, 2013
United States [Member]
Income Tax Examination [Line Items]
Tax Year	2006
United Kingdom [Member]
Income Tax Examination [Line Items]
Tax Year	2011
California [Member]
Income Tax Examination [Line Items]
Tax Year	2004
Connecticut [Member]
Income Tax Examination [Line Items]
Tax Year	2006
Massachusetts [Member]
Income Tax Examination [Line Items]
Tax Year	2006
New Jersey [Member]
Income Tax Examination [Line Items]
Tax Year	2007
New York State [Member]
Income Tax Examination [Line Items]
Tax Year	2001
New York City [Member]
Income Tax Examination [Line Items]
Tax Year	2003

Commitments_Contingencies_and_2

Commitments, Contingencies and Guarantees - Commitments and Contingencies (Detail) (USD $)	Aug. 31, 2013
In Millions, unless otherwise specified	Aug. 31, 2013
Commitments And Guarantee Obligations [Line Items]
2013	$1,360.40
2014	222.5
2015 and 2016	1,158.10
2017 and 2018	114.8
2019 and Later	444.8
Maximum Payout	3,300.60
Equity commitments [Member]
Commitments And Guarantee Obligations [Line Items]
2013	0.3
2014	1.7
2015 and 2016	7.2
2017 and 2018	0.8
2019 and Later	444.8
Maximum Payout	454.8
Loan commitments [Member]
Commitments And Guarantee Obligations [Line Items]
2013	4.2
2014	7.6
2015 and 2016	354.7
2017 and 2018	114
Maximum Payout	480.5
Mortgage-related commitments [Member]
Commitments And Guarantee Obligations [Line Items]
2013	507.1
2014	213.2
2015 and 2016	796.2
Maximum Payout	1,516.50
Forward starting reverse repos and repos [Member]
Commitments And Guarantee Obligations [Line Items]
2013	848.8
Maximum Payout	$848.80

Commitments_Contingencies_and_3

Commitments, Contingencies and Guarantees - Credit Exposure from Loan Commitments (Detail) (USD $)	Aug. 31, 2013
In Millions, unless otherwise specified	Aug. 31, 2013
Commitments And Guarantee Obligations [Line Items]
0 - 12 Months	$26.80
1 - 5 Years	662
Greater Than 5 Years
Total Corporate Lending Exposure	688.8
Corporate Lending Exposure at Fair Value	208.3
Corporate Lending Commitments	480.5
Non-investment grade [Member]
Commitments And Guarantee Obligations [Line Items]
1 - 5 Years	48.2
Greater Than 5 Years
Total Corporate Lending Exposure	48.2
Corporate Lending Exposure at Fair Value	8
Corporate Lending Commitments	40.2
Unrated [Member]
Commitments And Guarantee Obligations [Line Items]
0 - 12 Months	26.8
1 - 5 Years	613.8
Greater Than 5 Years
Total Corporate Lending Exposure	640.6
Corporate Lending Exposure at Fair Value	200.3
Corporate Lending Commitments	$440.30

Commitments_Contingencies_and_4

Commitments, Contingencies and Guarantees - Credit Exposure from Loan Commitments (Parenthetical) (Detail) (USD $)	Aug. 31, 2013
In Millions, unless otherwise specified	Aug. 31, 2013
Offsetting [Abstract]
Corporate lending exposure included in financial instruments owned	$211
Corporate lending exposure carried at fair value included in financial instruments sold	$2.70

Commitments_Contingencies_and_5

Commitments, Contingencies and Guarantees - Additional Information (Detail) (USD $)

9 Months Ended

In Millions, unless otherwise specified

Aug. 31, 2013

Nov. 30, 2012

Aug. 31, 2013

Revolving credit facility [Member]

Unrated [Member]

Jefferies Employee Partners IV, LLC [Member]

Stand by Letters of Credit [Member]

Jefferies Finance, LLC [Member]

Jefferies LoanCore, LLC [Member]

USA Fund and Jefferies Capital Partners LP [Member]

USA Fund [Member]

Jefferies Capital Partners V L.P. [Member]

USA Fund and Jefferies Capital Partners V L.P. [Member]

Jefferies Capital Partners IV L.P. [Member]

Jefferies Capital Partners IV LLC [Member]

Jefferies Capital Partners IV L.P. and Jefferies Capital Partners IV LLC [Member]

Other Investments [Member]

Jefferies Capital Partners LLC [Member]

Commitments Contingencies And Guarantees [Line Items]

Equity Commitments

$600

$291

$85

$75

$10

$45.90

$3.10

$23.80

$5.90

Funded Equity Commitments

314.6

174.8

41.2

5.5

38.7

2.3

Unfunded equity commitments

38.3

4.9

Loan commitments outstanding to clients

126.3

Revolving credit facility

700

Revolving credit facility maturity date

1-Mar-16

Funded loan commitments

17.4

32.7

Unfunded loan commitments

350

354.2

4.2

Corporate lending commitments

440.3

21.6

Fair value of mortgage-related commitments

3.1

Fair value of derivative contracts approximated deemed to meet the definition of a guarantee

347.3

Letters of Credit Commitments

$28.30

Commitments_Contingencies_and_6

Commitments, Contingencies and Guarantees - Guarantees (Detail) (USD $)	Aug. 31, 2013
In Millions, unless otherwise specified	Aug. 31, 2013
Guarantee Obligations [Line Items]
Notional/ Maximum Payout	$3,300.60
Derivative contracts - non-credit related [Member]
Guarantee Obligations [Line Items]
2013	831,159.50
2014	7,556.10
2015 and 2016	2,974.80
2017 and 2018	1.2
2019 and Later	523
Notional/ Maximum Payout	842,214.60
Written derivative contracts - credit related [Member]
Guarantee Obligations [Line Items]
2013
2014
2015 and 2016
2017 and 2018	1,184
2019 and Later
Notional/ Maximum Payout	1,184
Derivatives [Member]
Guarantee Obligations [Line Items]
2013	831,159.50
2014	7,556.10
2015 and 2016	2,974.80
2017 and 2018	1,185.20
2019 and Later	523
Notional/ Maximum Payout	$843,398.60

Commitments_Contingencies_and_7

Commitments, Contingencies and Guarantees - External Credit Ratings of Underlying or Referenced Assets for Credit Related Derivatives Contracts (Detail) (USD $)	Aug. 31, 2013
In Millions, unless otherwise specified	Aug. 31, 2013
Index credit default swaps [Member]
Commitments And Guarantee Obligations [Line Items]
External credit ratings	$1,115
Single name credit default swaps [Member]
Commitments And Guarantee Obligations [Line Items]
External credit ratings	69
AAA/Aaa [Member] \| Index credit default swaps [Member]
Commitments And Guarantee Obligations [Line Items]
External credit ratings	1,115
AAA/Aaa [Member] \| Single name credit default swaps [Member]
Commitments And Guarantee Obligations [Line Items]
External credit ratings	7
AA/Aa [Member] \| Index credit default swaps [Member]
Commitments And Guarantee Obligations [Line Items]
External credit ratings
AA/Aa [Member] \| Single name credit default swaps [Member]
Commitments And Guarantee Obligations [Line Items]
External credit ratings
A [Member] \| Index credit default swaps [Member]
Commitments And Guarantee Obligations [Line Items]
External credit ratings
A [Member] \| Single name credit default swaps [Member]
Commitments And Guarantee Obligations [Line Items]
External credit ratings
BBB/Baa [Member] \| Index credit default swaps [Member]
Commitments And Guarantee Obligations [Line Items]
External credit ratings
BBB/Baa [Member] \| Single name credit default swaps [Member]
Commitments And Guarantee Obligations [Line Items]
External credit ratings	49.5
Below Investment Grade [Member] \| Index credit default swaps [Member]
Commitments And Guarantee Obligations [Line Items]
External credit ratings
Below Investment Grade [Member] \| Single name credit default swaps [Member]
Commitments And Guarantee Obligations [Line Items]
External credit ratings	12.5
Unrated [Member] \| Index credit default swaps [Member]
Commitments And Guarantee Obligations [Line Items]
External credit ratings
Unrated [Member] \| Single name credit default swaps [Member]
Commitments And Guarantee Obligations [Line Items]
External credit ratings

Net_Capital_Requirements_Net_C

Net Capital Requirements - Net Capital, Adjusted and Excess Net Capital (Detail) (USD $)	Aug. 31, 2013
In Thousands, unless otherwise specified	Aug. 31, 2013
Jefferies [Member]
Net Capital Requirements [Line Items]
Net Capital	$1,303,564
Excess Net Capital	1,260,099
Jefferies Execution [Member]
Net Capital Requirements [Line Items]
Net Capital	3,751
Excess Net Capital	3,501
Jefferies Bache, LLC [Member]
Net Capital Requirements [Line Items]
Adjusted Net Capital	242,273
Excess Net Capital	$113,424

Segment_Reporting_Net_Revenues

Segment Reporting - Net Revenues, Expenses and Total Assets by Segment (Detail) (USD $)

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

In Thousands, unless otherwise specified

Aug. 31, 2013

Feb. 28, 2013

Aug. 31, 2012

Nov. 30, 2012

Feb. 28, 2013

Aug. 31, 2012

Nov. 30, 2012

Feb. 28, 2013

Aug. 31, 2012

Nov. 30, 2012

Successor [Member]

Predecessor [Member]

Capital Markets [Member]

Asset Management [Member]

Capital Markets [Member]

Asset Management [Member]

Revenues from External Customers and Long-Lived Assets [Line Items]

Net revenues

$517,029

$1,159,556

$500,600

$1,119,400

$16,400

$40,200

$803,387

$738,938

$2,229,935

$792,500

$735,800

$2,219,300

$10,900

$3,100

$10,600

Expenses

493,647

1,067,553

485,400

1,047,000

8,200

20,600

652,939

608,265

1,817,511

645,400

603,600

1,794,100

7,500

4,700

23,400

Segment Assets

$38,830,213

$37,978,600

$851,600

$36,293,541

$35,588,600

$704,900

Segment_Reporting_Net_Revenues1

Segment Reporting - Net Revenues, Expenses and Total Assets by Segment (Parenthetical) (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2013	Aug. 31, 2012	Aug. 31, 2012
Overstatement [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Professional services	$8,500
Predecessor [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Professional services	24,135	14,667	45,656
Immaterial Restatement [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Professional services	24,100
Immaterial Restatement [Member] \| Predecessor [Member] \| Restatement Adjustment [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Professional service fees related to merger transaction, net of taxes	5,300
Immaterial Restatement [Member] \| Predecessor [Member] \| Overstatement [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Professional services	$8,500

Segment_Reporting_Net_Revenues2

Segment Reporting - Net Revenues by Geographic Region (Detail) (USD $)

3 Months Ended

6 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

9 Months Ended

In Thousands, unless otherwise specified

Aug. 31, 2013

Feb. 28, 2013

Aug. 31, 2012

Aug. 31, 2013

Feb. 28, 2013

Aug. 31, 2012

Aug. 31, 2013

Feb. 28, 2013

Aug. 31, 2012

Aug. 31, 2013

Feb. 28, 2013

Aug. 31, 2012

Successor [Member]

Predecessor [Member]

Americas [Member]

Europe [Member]

Asia [Member]

Successor [Member]

Predecessor [Member]

Successor [Member]

Predecessor [Member]

Successor [Member]

Predecessor [Member]

Revenues:

Net revenues

$517,029

$1,159,556

$803,387

$738,938

$2,229,935

$353,173

$865,190

$653,608

$577,646

$1,832,523

$154,491

$265,901

$127,970

$127,237

$330,092

$9,365

$28,465

$21,809

$34,055

$67,320

Related_Party_Transactions_Add

Related Party Transactions - Additional Information (Detail) (USD $)

Aug. 31, 2013

Jul. 01, 2013

1-May-13

Aug. 31, 2013

Feb. 28, 2013

Aug. 31, 2012

Nov. 30, 2012

Feb. 28, 2013

Aug. 31, 2012

Successor [Member]

Predecessor [Member]

Private Equity Related Funds [Member]

Leucadia [Member]

Private Equity Related Funds [Member]

Leucadia [Member]

Related Party Transaction [Line Items]

Equity investments loans in related funds

$80,900,000

$104,200,000

Purchase commitments from Bercadia Commercial Mortgage, LLC

169,600,000

411,600,000

Loans outstanding to certain employees

14,000,000

16,300,000

Commissions for conducting brokerage services

138,736,000

285,584,000

131,083,000

119,200,000

358,495,000

5,000

1,500,000

9,800,000

Earnings associated with their investment

65,000

61,000

42,000

5,300,000

Asset Management Investment

$50,000,000

$25,000,000

Related_Party_Transactions_Sum

Related Party Transactions - Summary of Interest Income, Other Revenues and Investment Income to Private Equity Related Funds (Detail) (Private Equity Related Funds [Member], USD $)	3 Months Ended	6 Months Ended	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Aug. 31, 2013	Aug. 31, 2013	Feb. 28, 2013	Aug. 31, 2012	Aug. 31, 2012
	Successor [Member]	Successor [Member]	Predecessor [Member]	Predecessor [Member]	Predecessor [Member]
Related Party Transaction [Line Items]
Interest income	$339	$837	$516	$767	$2,462
Other revenues and investment income (loss)	$4,005	$3,031	$947	($6,354)	($15,625)