Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
LEFTON ROBERT E
  2. Issuer Name and Ticker or Trading Symbol
STIFEL FINANCIAL CORP [SF]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
61 LADUE ESTATES DRIVE
3. Date of Earliest Transaction (Month/Day/Year)
01/20/2009
(Street)

ST. LOUIS, MO 63141
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 01/20/2009   M   313 A $ 0 30,582 D  
Common Stock 01/20/2009   M   650 A $ 0 31,232 D  
Common Stock 01/20/2009   M   162 A $ 0 31,394 D  
Common Stock 01/20/2009   M   269 A $ 0 31,663 D  
Common Stock 01/20/2009   M   206 A $ 0 31,869 D  
Common Stock 01/20/2009   M   53 A $ 0 31,922 D  
Common Stock 01/20/2009   M   234 A $ 0 32,156 D  
Common Stock 01/20/2009   M   59 A $ 0 32,215 D  
Common Stock 01/20/2009   M   250 A $ 0 32,465 D  
Common Stock 01/20/2009   M   253 A $ 0 32,718 D  
Common Stock 01/20/2009   M   257 A $ 0 32,975 D  
Common Stock 01/20/2009   M   510 A $ 0 33,485 D  
Common Stock 01/20/2009   M   128 A $ 0 33,613 D  
Common Stock 01/20/2009   M   242 A $ 0 33,855 D  
Common Stock 01/20/2009   M   1,287 A $ 0 35,142 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Phantom Stock Units $ 0 01/20/2009   M     313 01/30/2003 01/30/2013 Common Stock 313 $ 0 0 D  
Phantom Stock Units $ 0 01/20/2009   M     650 03/03/2003 03/03/2013 Common Stock 650 $ 0 162 D  
Phantom Stock Units $ 0 01/20/2009   M     162 03/03/2003 03/03/2013 Common Stock 162 $ 0 0 D  
Phantom Stock Units $ 0 01/20/2009   M     269 04/01/2003 04/01/2013 Common Stock 269 $ 0 0 D  
Phantom Stock Units $ 0 01/20/2009   M     206 05/01/2003 05/01/2013 Common Stock 206 $ 0 53 D  
Phantom Stock Units $ 0 01/20/2009   M     53 05/01/2003 05/01/2013 Common Stock 53 $ 0 0 D  
Phantom Stock Units $ 0 01/20/2009   M     234 05/12/2003 05/12/2013 Common Stock 234 $ 0 59 D  
Phantom Stock Units $ 0 01/20/2009   M     59 05/12/2003 05/12/2013 Common Stock 59 $ 0 0 D  
Phantom Stock Units $ 0 01/20/2009   M     250 06/01/2003 06/01/2013 Common Stock 250 $ 0 0 D  
Phantom Stock Units $ 0 01/20/2009   M     253 07/01/2003 07/01/2013 Common Stock 253 $ 0 0 D  
Phantom Stock Units $ 0 01/20/2009   M     257 08/01/2003 08/01/2013 Common Stock 257 $ 0 0 D  
Phantom Stock Units $ 0 01/20/2009   M     510 08/06/2003 08/06/2013 Common Stock 510 $ 0 128 D  
Phantom Stock Units $ 0 01/20/2009   M     128 08/06/2003 08/06/2013 Common Stock 128 $ 0 0 D  
Phantom Stock Units $ 0 01/20/2009   M     242 09/01/2003 09/01/2013 Common Stock 242 $ 0 0 D  
Phantom Stock Units $ 0 01/20/2009   M     1,287 10/01/2003 10/01/2013 Common Stock 1,287 $ 0 9 D  
Phantom Stock Units $ 0             01/01/2004 01/01/2014 Common Stock 928   928 D  
Phantom Stock Units $ 0               (1)   (2) Common Stock 13,962   13,962 D  
Stock Option (Option to Buy) $ 7.8               (3) 01/02/2012 Common Stock 2,000   2,000 D  
Stock Option (Option to Buy) $ 8.7               (4) 01/30/2013 Common Stock 2,000   2,000 D  
Stock Option (Option to Buy) $ 13.89               (5) 02/03/2014 Common Stock 2,000   2,000 D  
Stock Option (Option to Buy) $ 20.22               (6) 01/03/2015 Common Stock 1,500   1,500 D  
Stock Option (Option to Buy) $ 38.25               (7) 01/03/2016 Common Stock 1,500   1,500 D  
Stock Option (Option to Buy) (8)               (9)   (10) Common Stock 3,999   3,999 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
LEFTON ROBERT E
61 LADUE ESTATES DRIVE
ST. LOUIS, MO 63141
  X      

Signatures

 By: David M. Minnick For: Robert E. Lefton   01/21/2009
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Units vest quarterly over a one year period.
(2) No expiration date for these Units.
(3) Options vest in 20% increments on 1/2/03, 1/2/04, 1/2/05, 1/2/06 and 1/2/07.
(4) Options vest in 20% increments on 1/3/04, 1/3/05, 1/3/06, 1/3/07 and 1/3/08.
(5) Options vest in 20% increments yearly from the grant date.
(6) Options vest in 20 percent increments on 1/3/06, 1/3/07, 1/3/08, 1/3/09 and 1/3/10.
(7) Options vest in 20% increments on 1/3/07, 1/3/08, 1/3/09, 1/3/10 and 1/3/11.
(8) Various exercise prices.
(9) Currently exercisable.
(10) Various expiration dates.

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