Auctions of Treasury securities usually aren’t anything special for dealer firms on Wall Street, but this week’s sale of roughly $40 billion worth of two-year paper for the U.S. government was something more meaningful for Jefferies & Co.

New York-based Jefferies, which has aggressively expanded its presence in fixed income, was participating as a primary dealer in Tuesday’s auction of notes -– a first, since it only received the coveted status from the Federal Reserve on June 17.

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