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Jefferies Group Inc. Chairman, President and CEO Richard Handler said the repricing of assets and lack of client activity led to the company's poor fixed-income trading results during its fiscal third quarter.
Jefferies saw its revenue from fixed-income trading plummet to $33.1 million for the three-month period ended Aug. 31, compared to $161.0 million of revenue recorded during the three-month period ended Aug. 31, 2010. During an earnings conference call Sept. 20, Handler said June and July were slow, but the last month of its quarter proved detrimental as the market gripped the reality of the European sovereign debt crisis and the U.S. debt ceiling negotiations.
"The...