Analyze the relationship between 'Stifel' and 'broker' within the context of the input sentence.
Options: chief executive officer, product/material produced, location of formation, business division

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