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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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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