Utilize the input text as a context reference, choose the right relationship between 'Stifel' and 'broker' from the options.
Options: chief executive officer, business division, product/material produced, 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