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Jefferies Financial Group

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Financial services are economic services tied to finance provided by financial institutions . Financial services encompass a broad range of service sector activities, especially as concerns financial management and consumer finance .

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35-648: Jefferies Financial Group Inc. is an American financial services company based in New York City . It is listed on the New York Stock Exchange and is a part of the Fortune 1000 . The company's major holdings are as follows: Financial services The finance industry in its most common sense concerns commercial banks that provide market liquidity , risk instruments , and brokerage for large public companies and multinational corporations at

70-406: A central bank which is used for all transactions around the world, regardless of the nationality of the entities (individuals, corporations, governments, or other organizations) involved in the transaction. No such official currency currently exists, although non-inflationary current funds such as MXV/UDI ( Mexican unidad de inversión ) have been used as a model for a General Global Currency (GGC),

105-886: A macroeconomic scale that impacts domestic politics and foreign relations . The extragovernmental power and scale of the finance industry remains an ongoing controversy in many industrialized Western economies, as seen in the American Occupy Wall Street civil protest movement of 2011. Styles of financial institution include credit union , bank , savings and loan association , trust company , building society , brokerage firm , payment processor , many types of broker , and some government-sponsored enterprise . Financial services include accountancy , investment banking , investment management , and personal asset management . Financial products include insurance , credit cards , mortgage loans , and pension funds . The term "financial services" became more prevalent in

140-425: A world currency , supranational currency , or global currency is a currency that would be transacted internationally, with no set borders. The first European banknotes were issued in 1661 by Stockholms Banco . Founded by Johan Palmstruch , it was a predecessor of Sweden's central bank Sveriges Riksbank . As commercial activity and trade shifted northward in 17th century Europe, deposits at and notes issued by

175-481: A business, helps businesses raise money from other firms in the form of bonds (debt) or share capital (equity). The primary operations of commercial banks include: The United States is the largest commercial banking services location. New York City and London are the largest centers of investment banking services. NYC is dominated by U.S. domestic business, while in London international business and commerce make up

210-647: A fixed amount of gold. This reinforced the dominance of the US dollar as a global currency. Since the collapse of the fixed exchange rate regime and the gold standard and the institution of floating exchange rates following the Smithsonian Agreement in 1971, most currencies around the world have no longer been pegged to the United States dollar. However, as the United States has the world's largest economy, most international transactions continue to be conducted with

245-453: A new supranational reserve currency by showing off a coin minted with the words " unity in diversity ". The coin, an example of a future world currency, emphasized his call for creating a mix of regional currencies as a way to address the global financial crisis. On 30 March 2009, at the second South America-Arab League Summit in Qatar , Venezuelan president Hugo Chavez proposed the creation of

280-538: A petro-currency. It would be backed by the huge oil reserves of oil-producing countries. Chavez's successor, Nicolás Maduro , in 2018 announced the Petro cryptocurrency , but it does not appear to be used as a currency . An alternative definition of a world or global currency refers to a hypothetical single global currency or supercurrency , as the proposed terra or the DEY (acronym for Dollar Euro Yen), produced and supported by

315-495: A principal reserved current fund based on a complex relationship between national currencies. Advocates, notably Keynes , of a global currency often argue that such a currency would not suffer from inflation, which, in extreme cases, has had disastrous effects for economies. In addition, many argue that a single global currency would make conducting international business more efficient and would encourage foreign direct investment (FDI). There are many different variations of

350-526: A significant portion of investment banking activity. FX or Foreign exchange services are provided by many banks and specialists foreign exchange brokers around the world. Foreign exchange services include: London handled 36.7% of global currency transactions in 2009 – an average daily turnover of US$ 1.85 trillion – with more US dollars traded in London than New York, and more Euros traded than in every other city in Europe combined. New York City

385-460: A singular market system. The rise of digital global currencies owned by privately held companies or groups such as Ven suggest that multiple global currencies may offer wider formats for trade as they gain strength and wider acceptance. WOCU currency, based on the WOCU synthetic global currency quotation derived from a weighted basket of currencies of fiat currency pairs covering the top 20 economies of

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420-529: A super-sovereign reserve currency, saying that it would not be easily influenced by the policies of individual countries. Then-US President Barack Obama , however, rejected China's call for a new global currency. He stated, "As far as confidence in the US economy or the dollar, I would just point out that the dollar is extraordinarily strong right now." At the G8 summit in July 2009, Dmitry Medvedev expressed Russia's desire for

455-573: A variety of reasons. Some smaller financial centres, such as Bermuda , Luxembourg , and the Cayman Islands , lack sufficient size for a domestic financial services sector and have developed a role providing services to non-residents as offshore financial centres . The increasing competitiveness of financial services has meant that some countries, such as Japan, which were once self-sufficient, have increasingly imported financial services. The leading financial exporter, in terms of exports less imports,

490-815: Is the United Kingdom , which had $ 95 billion of financial exports in 2014. The UK's position is helped by both unique institutions (such as Lloyd's of London for insurance, the Baltic Exchange for shipping etc.) and an environment that attracts foreign firms; many international corporations have global or regional headquarters in the London and are listed on the London Stock Exchange , and many banks and other financial institutions operate there or in Edinburgh . World currency In international finance ,

525-593: Is the largest center of investment services, followed by London. The United States, followed by Japan and the United Kingdom are the largest insurance markets in the world. A financial export is a financial service provided by a domestic firm (regardless of ownership) to a foreign firm or individual. While financial services such as banking, insurance, and investment management are often seen as domestic services, an increasing proportion of financial services are now being handled abroad, in other financial centres , for

560-408: Is traditionally among those to receive government support in times of widespread economic crisis. Such bailouts, however, enjoy less public support than those for other industries. A commercial bank is what is commonly referred to as simply a bank. The term " commercial " is used to distinguish it from an investment bank , a type of financial services entity which instead of lending money directly to

595-736: The Americas it was legal tender in all of South and Central America (except Brazil ) and in the US and Canada until the 19th century. The Spanish dollar was legal tender in the United States until the Coinage Act of 1857 . In Europe it was legal tender in the Iberian Peninsula , as well as most of Italy including Milan , the Kingdom of Naples , Sicily and Sardinia ; in the Franche-Comté ( France ); and in

630-622: The Bank of Amsterdam denominated in Dutch guilders became the means of payment for much trade in the western world. In the 17th and 18th centuries, the use of silver Spanish dollars or eight-real coins, also known as "pieces of eight", extended from the Spanish territories in the Americas westwards to Asia and eastwards to Europe . This then formed the first worldwide currency. Spain's political supremacy on

665-524: The International Monetary Fund , as an evolution of the existing special drawing rights and used as reserve assets by all national and regional central banks. On 26 March 2009, a UN panel of expert economists called for a new global currency reserve scheme to replace the current US dollar-based system. The panel's report pointed out that the "greatly expanded SDR (special drawing rights), with regular or cyclically adjusted emissions calibrated to

700-560: The People's Bank of China , called for a replacement of the US dollar with a different standard using "creative reform of the existing international monetary system towards an international reserve currency," believing it would "significantly reduce the risks of a future crisis and enhance crisis management capability." Zhou suggested that the IMF's special drawing rights (a currency basket then comprising dollars, euros, sterling and yen) could serve as

735-690: The Spanish Netherlands . It was also used in other European states including the Austrian Habsburg territories. After Mexican Independence in 1821, the Spanish dollar continued to be used in many parts of the Americas, together with the Mexican Peso from the 1860s onward. The Mexican peso, the US dollar , and the Canadian dollar all trace their origins back to the Spanish dollar. This also includes

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770-527: The United States partly as a result of the Gramm–Leach–Bliley Act of the late 1990s, which enabled different types of companies operating in the U.S. financial services industry at that time to merge. Companies usually have two distinct approaches to this new type of business. One approach would be a bank that simply buys an insurance company or an investment bank , keeps the original brands of

805-684: The eurozone expands. As with the dollar, some of the world's currencies are pegged against the euro. They are usually Eastern European currencies like the Bulgarian lev , plus several west African currencies like the Cape Verdean escudo and the CFA franc . Other European countries, while not being EU members, have adopted the euro due to currency unions with member states, or by unilaterally superseding their own currencies: Andorra, Monaco, Kosovo, Montenegro, San Marino, and Vatican City. As of December 2006 ,

840-626: The United States dollar as a world currency have arisen. During the 1980s, the Japanese yen became increasingly used as an international currency, but that usage diminished with the Japanese recession in the 1990s. More recently, the euro has increasingly competed with the United States dollar in international finance. The euro inherited its status as a major reserve currency from the German mark (DM) and its contribution to official reserves has increased as banks seek to diversify their reserves and trade in

875-587: The United States dollar, and it has remained the de facto world currency. According to Robert Gilpin in Global Political Economy: Understanding the International Economic Order (2001): "Somewhere between 40 and 60 percent of international financial transactions are denominated in dollars. For decades the dollar has also been the world's principal reserve currency; in 1996, the dollar accounted for approximately two-thirds of

910-546: The acquired firm, and adds the acquisition to its holding company simply to diversify its earnings . Outside the U.S. (e.g. Japan ), non-financial services companies are permitted within the holding company. In this scenario, each company still looks independent and has its own customers, etc. In the other style, a bank would simply create its own insurance division or brokerage division and attempt to sell those products to its own existing customers, with incentives for combining all things with one company. The financial sector

945-495: The central bank indirectly determines the interest rate customers must pay on their bank loans. This interest rate affects the rate of interest among individuals, investments, and countries. Lending to the poor involves more risk than lending to the rich. As a result of the larger differences in wealth in different areas of the world, a central bank's ability to set interest rates to make the area prosper will be increasingly compromised, since it places wealthiest regions in conflict with

980-493: The euro surpassed the dollar in the combined value of cash in circulation. The value of euro notes in circulation has risen to more than €610 billion , equivalent to US$ 800 billion at the exchange rates at the time. A 2016 report by the World Trade Organization shows that the world's energy, food and services trade are made 60% with US dollar and 40% by euro. On 23 March 2009, Zhou Xiaochuan , then-President of

1015-424: The idea, including a possibility that it would be administered by a global central bank that would define its own monetary standard or that it would be on the gold standard . Supporters often point to the euro as an example of a supranational currency successfully implemented by a union of nations with disparate languages, cultures, and economies. A limited alternative would be a world reserve currency issued by

1050-463: The size of reserve accumulations, could contribute to global stability, economic strength and global equity." Another world currency was proposed to use conceptual currency to aid the transaction between countries. The basic idea is to utilize the balance of trade to cancel out the currency actually needed to trade. In addition to the idea of a single world currency, some evidence suggests the world may evolve multiple global currencies that exchange on

1085-506: The use of the caduceus sign ($ ), also known as the dollar sign. Before 1944, the world reference currency was the United Kingdom 's sterling . The transition between sterling and United States dollar and its impact for central banks was described recently. In the period following the Bretton Woods Conference of 1944, exchange rates around the world were pegged to the United States dollar , which could be exchanged for

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1120-478: The world does not form an optimum currency area , then it would be economically inefficient for the world to share one currency. In the present world, nations are not able to work together closely enough to be able to produce and support a common currency. There has to be a high level of trust between different countries before a true world currency could be created. A world currency might even undermine national sovereignty of smaller states. The interest rate set by

1155-594: The world stage, the importance of Spanish commercial routes across the Atlantic and the Pacific , and the coin's quality and purity of silver helped it become internationally accepted for about three centuries. It was legal tender in Spain 's Pacific territories of Philippines , Guam and Micronesia , and later in China and other Southeast Asian countries, until the mid-19th century. In

1190-400: The world's foreign exchange reserves", as compared to about one-quarter held in euros (see Reserve Currency ). Some of the world's currencies are still pegged to the dollar. Some countries, such as Ecuador, El Salvador, and Panama, have gone even further and eliminated their own currency (see dollarization ) in favor of the United States dollar. Only two serious challengers to the status of

1225-419: The world, is planned to be issued and distributed by Unite Global a centralised platform for global real-time payments and settlement. Some economists argue that a single world currency is unnecessary, because the U.S. dollar is providing many of the benefits of a world currency while avoiding some of the costs However, this de facto situation gives the U.S. government additional power over other countries. If

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