Jefferies is set to close down its outsourced fixed income trading desk, a year after the firm officially launched the offering in the US, The TRADE understands.
In addition, the shuttering also sees the firm’s head of fixed income outsourced trading, Joram Siegel, depart.
Siegel initially joined Jefferies in April 2024 following a 5-month stint at Marex where he held the same position.
He has also previously served as head of fixed income outsourced trading at Cowen – now TD Securities – a role he worked in for three years.
Jefferies declined to comment when contacted by The TRADE.
Read more – The great trading migration: Why senior institutional talent is moving to outsourced trading
Jefferies began building out its outsourced fixed income capabilities in early 2024, and the dedicated desk went live in the US in November 2025.
Since then, expanding Jefferies’ fixed income outsourced trading has been a core focus for the firm in recent months, and the shuttering of operations comes after the firm selected TS Imagine’s integrated order and execution management (OEMS) platform in February 2026.
The move was aimed at facilitating the scaling of Jefferies’ fixed income outsourced trading operations, while also maintaining risk controls, streamlining workflows and improving execution across fixed income markets.
Jefferies also confirmed at the time that the adoption played into a wider push toward next-generation technology to support fixed income execution at scale.
Outside of fixed income, the firm has also increasingly focused on bolstering its wider outsourced trading offering, and Brandon Peoples joined the firm earlier this year, to serve as the new global head of outsourced trading.
Peoples’ appointment supports the expansion of the firm’s outsourced trading platform, and he joined the firm from Cantor Fitzgerald, where he spent the last six years leading the global outsourced trading offering.