Take context from the input text and decide on the accurate relationship between 'Stifel' and 'broker' from the options provided.
Options: business division, product/material produced, chief executive officer, location of formation

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").
product/material produced