. . . EXHIBIT 21 SUBSIDIARIES OF JEFFERIES GROUP, INC. (excludes certain subsidiaries pursuant to Item 601 of Regulation S-K) Name Place of Formation / Incorporation Jefferies & Company, Inc. Delaware Griffin Trading Specialists LLC Delaware Jefferies Advisers, Inc. Delaware Jefferies Asset Management, LLC Delaware Jefferies Asset Management (Zurich) Switzerland Jefferies Asset Management Japan Limited England & Wales Jefferies Capital Management, Inc. Delaware Jefferies Employees Opportunity Fund, LLC Delaware Jefferies Execution Services, Inc. California Jefferies Financial Products, LLC Delaware Jefferies International Limited England & Wales Jefferies International (Holdings) Limited England & Wales Jefferies Investment Management Limited England & Wales Jefferies (Japan) Limited England & Wales Jefferies Option Execution, LLC Delaware Jefferies Pacific Limited Hong Kong Jefferies Partners Opportunity Fund, LLC Delaware Jefferies Partners Opportunity Fund II, LLC Delaware Jefferies Partners Opportunity Fund III, LLC Delaware Jefferies Partners Opportunity Fund IV, LLC Delaware Jefferies Partners Opportunity Fund V, LLC Delaware Jefferies Private Client Advisers, LLC Delaware Jefferies (Switzerland) Limited Switzerland Liberty Execution Services, Inc. Delaware