KBW LLC, a Stifel company, operates in the U.S. and Europe through its broker dealer subsidiaries, Keefe, Bruyette & Woods, Inc. and Stifel Nicolaus Europe Limited ("SNEL"), also trading as Keefe, Bruyette & Woods Europe ("KBW Europe").
Refer to the input text as context and select the correct relationship between 'Stifel' and 'broker' from the available options.
Options: product/material produced, business division, chief executive officer, location of formation