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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>As
      filed with the Securities and Exchange Commission on April 24,
      2007</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Registration
      No. 333-_________</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>UNITED
      STATES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Washington,
      D.C.&#160;&#160;20549</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>FORM
      S-8</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>REGISTRATION
      STATEMENT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Under</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>THE
      SECURITIES ACT OF 1933</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>KBW,&#160;INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>(Exact
      name of registrant as specified in its charter)</strong></font></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Delaware</strong></font></div>
            </td>
            <td valign="top" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>13-4055775</strong></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>(State
                or other jurisdiction of incorporation or
                organization)</strong></font></div>
            </td>
            <td valign="top" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>(I.R.S.
                Employer</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Identification
                No.)</strong></font></div>
            </td>
          </tr>
          <tr>
            <td colspan="2" valign="top" width="80%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>787
                Seventh Avenue</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>New
                York, New York&#160;&#160;10019</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>(212)
                887-6700</strong></font></div>
            </td>
          </tr>
          <tr>
            <td colspan="2" valign="top" width="80%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>(Address,
                including zip code, and telephone number, including area
                code,</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>of
                registrant&#8217;s principal executive
                offices)</strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>KBW,
      Inc. 2006 Equity Incentive Plan</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>(Full
      titles of the plan)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Mitchell
      B. Kleinman</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>General
      Counsel and Executive Vice President</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>KBW,
      Inc.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>787
      Seventh Avenue</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>New
      York, New York&#160;&#160;10019</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>(212)
      887-6700</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>(Name,
      address, including zip code, and telephone number, including area
      code,</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>of
      agent for service)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>CALCULATION
      OF REGISTRATION FEE</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="bottom" width="34%" style="BORDER-TOP: black 3px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Title
                  of securities</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>to
                  be registered</strong></font></div>
              </td>
              <td valign="bottom" width="13%" style="BORDER-TOP: black 3px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Amount
                  to be</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>registered
                  </strong>(1)</font></div>
              </td>
              <td valign="bottom" width="15%" style="BORDER-TOP: black 3px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Proposed
                  maximum</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>offering
                  price</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>per
                  share </strong>(2)</font></div>
              </td>
              <td valign="bottom" width="15%" style="BORDER-TOP: black 3px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Proposed
                  maximum</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>aggregate
                  offering</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>price
                  </strong>(2)</font></div>
              </td>
              <td valign="bottom" width="14%" style="BORDER-TOP: black 3px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Amount
                  of</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>registration
                  fee</strong></font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" width="34%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Common
                  Stock, par value $0.01 per share</font></div>
              </td>
              <td valign="bottom" width="13%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">3,265,439</font></div>
              </td>
              <td valign="bottom" width="15%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$34.14</font></div>
              </td>
              <td valign="bottom" width="15%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$111,482,087.46</font></div>
              </td>
              <td valign="bottom" width="14%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$3,422.50</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">____________________________________</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(1)
      This
      Registration Statement covers (i) 3,253,039 shares of common stock, par value
      $0.01 per share, of KBW, Inc. issuable pursuant to the KBW, Inc. 2006 Equity
      Incentive Plan (the &#8220;Plan&#8221;) and (ii) the registration for resale of 12,400
      shares of common stock previously issued under the Plan.&#160;&#160;In addition,
      pursuant to Rule 416 under the Securities Act of 1933, as amended (the
&#8220;Securities Act&#8221;), this registration statement also covers additional shares
      that may become issuable under the above-named plan by reason of certain
      corporate transactions or events, including any stock dividend, stock split,
      recapitalization or any other similar transaction effected without the receipt
      of consideration which results in an increase in the number of the registrant&#8217;s
      outstanding shares of common stock.</font></div>
    <div><br></div>
    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(2)
      Estimated pursuant to Rule 457(c) and 457(h) under the Securities Act, solely
      for the purpose of computing the registration fee, based on the average of
      the
      high and low prices of the securities being registered hereby on the New York
      Stock Exchange on April 20, 2007.</font></div>
    <div><br></div>
    <div><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">1</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>EXPLANATORY
      NOTE</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">This
      Registration Statement registers <strong>3,265,439</strong> shares of common
      stock, par value $0.01 per share, of KBW, Inc. (the &#8220;Company&#8221;) that may be
      issued and sold under the KBW, Inc. 2006 Equity Incentive Plan (the &#8220;Plan&#8221;) and
<strong>12,400 </strong>shares that were issued under the Plan prior to the date
      hereof.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>This
      Registration Statement contains
      two parts. The first part includes a prospectus pursuant to the requirements
      of
      part I of Form S-3 (in accordance with Section C of the General Instructions
      to
      the Form S-8) which covers reoffers and resales of &#8220;restricted securities&#8221; (as
      such terms are defined in Section C of the General Instructions to Form S-8)
      of
      the Company.&#160;&#160;This reoffer prospectus relates to up to
<strong>12,400</strong> shares of common stock that have previously been issued
      to employee under Plan.&#160;&#160;The second part of this Registration
      Statement contains Information Required in the Registration Statement pursuant
      to Part II of Form S-8.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>PART
      I</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>INFORMATION
      REQUIRED IN THE SECTION&#160;10(a)&#160;PROSPECTUS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      information called for by Part&#160;I of this registration statement on
      Form&#160;S-8 is included in the description of the Plan to be delivered to
      persons eligible to participate in the Plan. Pursuant to the Note in the
      Instructions to Part&#160;I of Form&#160;S-8, this information is not being
      filed with or included in this registration statement.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>The
      reoffer prospectus referred to
      above follows this page.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>*****</strong></font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">2</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>REOFFER
      PROSPECTUS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 0.75; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>12,400
      Shares</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 0.75; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 0.75; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>KBW,
      INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 0.75; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 0.75; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Common
      Stock</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">This
      prospectus relates to the reoffer and resale by certain selling stockholders
      of
      shares of our common stock, that have been issued by us to the selling
      stockholders in connection with restricted stock awards in connection with
      our
      initial public offering.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      will
      not receive any of the proceeds from sales of the shares by any of the selling
      stockholders. The shares may be offered from time to time by any or all of
      the
      selling stockholders (and their donees and pledgees) through ordinary brokerage
      transactions, in negotiated transactions or in other transactions at such prices
      they may determine, which may relate to market prices prevailing at the time
      of
      sale or be a negotiated price. See &#8220;Plan of Distribution&#8221; beginning on page 7.
      All costs, expenses and fees in connection with the registration of the shares
      will be borne by us. Brokerage commissions and similar selling expenses, if
      any,
      attributable to the offer or sale of the shares will be borne by the selling
      stockholders (or their donees and pledgees).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Our
      shares are listed on the New York Stock Exchange under the symbol
&#8220;KBW&#8221;.&#160;&#160;On April 20, 2007, the closing price of our common stock was
      $33.86 per share.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Investing
      in our common stock involves risks. You should carefully consider the risk
      factors included in our Annual Report on Form 10-K which is incorporated by
      reference in this prospectus.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Neither
      the Securities and Exchange Commission nor any state securities commission
      has
      approved or determined if this prospectus is truthful or
      complete.&#160;&#160;Any representation to the contrary is a criminal
      offense.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Our
      principal offices are located at 787 Seventh Avenue, New York, New York
      10019.&#160;&#160;Our telephone number is (212) 887-7777.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      date
      of this prospectus is April 23, 2007.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">3</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Table
      of Contents</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td align="left" valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Company
                  Overview</font></div>
              </td>
              <td align="right" valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">5</font></div>
              </td>
            </tr>
            <tr>
              <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td align="left" valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Risk
                  Factors</font></div>
              </td>
              <td align="right" valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">5</font></div>
              </td>
            </tr>
            <tr>
              <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td align="left" valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Incorporation
                  of Certain Documents by Reference</font></div>
              </td>
              <td align="right" valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">5</font></div>
              </td>
            </tr>
            <tr>
              <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td align="left" valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Cautionary
                  Statement Regarding Forward-Looking Statements</font></div>
              </td>
              <td align="right" valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">6</font></div>
              </td>
            </tr>
            <tr>
              <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td align="left" valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Use
                  of Proceeds</font></div>
              </td>
              <td align="right" valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">6</font></div>
              </td>
            </tr>
            <tr>
              <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td align="left" valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Dividend
                  Policy</font></div>
              </td>
              <td align="right" valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">7</font></div>
              </td>
            </tr>
            <tr>
              <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td align="left" valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Selling
                  Stockholders</font></div>
              </td>
              <td align="right" valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">9</font></div>
              </td>
            </tr>
            <tr>
              <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td align="left" valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Plan
                  of Distribution</font></div>
              </td>
              <td align="right" valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">9</font></div>
              </td>
            </tr>
            <tr>
              <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td align="left" valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Where
                  You Can Find More Information About Us</font></div>
              </td>
              <td align="right" valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">9</font></div>
              </td>
            </tr>
            <tr>
              <td width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td align="left" valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Indemnification
                  of Directors and Officers.</font></div>
              </td>
              <td align="right" valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">9</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">You
      should rely only on the information contained in this prospectus. We have not
      authorized any other person to provide you with different information. If anyone
      provides you with different or inconsistent information, you should not rely
      on
      it. The selling stockholders are not making an offer to sell these securities
      in
      any jurisdiction where the offer or sale is not permitted. You should assume
      that the information appearing in this prospectus is accurate only as of the
      date on the front cover of this prospectus. Our business, financial condition,
      results of operations and prospects may have changed since that
      date.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">4</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div align="center">&#160;</div>
    <div align="center">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Company
      Overview</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      are a
      full service investment bank specializing in the financial services industry.
      Since our founding in 1962, our commitment to this industry, our long-term
      relationships with clients and our recognized industry expertise have made
      us a
      trusted advisor to our corporate clients and a valuable resource for our
      institutional investor customers. We have built our reputation for excellence
      in
      financial services on the basis of our research platform, our senior
      professionals, our track record of market innovation, and the strength of our
      execution capabilities. Our principal activities are investment banking, equity
      and fixed income sales and trading and research.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      operate through a U.S. registered broker-dealer, Keefe, Bruyette &amp; Woods,
      Inc., a U.S. registered investment advisor, KBW Asset Management, Inc. and
      Keefe, Bruyette &amp; Woods Limited, an investment firm authorized and regulated
      by the U.K. Financial Services Authority. Our company has ten broker-dealer
      offices with our headquarters in New York City and other offices in Atlanta,
      Boston, Chicago, Columbus (Ohio), Hartford, Red Bank (New Jersey), Richmond
      (Virginia), San Francisco and London. Our asset management company is located
      in
      New York City in the same building as our headquarters.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Risk
      Factors</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Investing
      in our common stock involves risks. You should carefully consider the risk
      factors included in our Annual Report on Form 10-K which is incorporated by
      reference in this prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Incorporation
        of Certain Documents by Reference</strong></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      following documents, which have been filed with the Securities and Exchange
      Commission (the &#8220;SEC&#8221;) by KBW, Inc., a Delaware corporation (the &#8220;Company&#8221;),
      pursuant to the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;) and
      the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), as
      applicable, are hereby incorporated by reference in, and shall be deemed to
      be a
      part of, this registration statement:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 50px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;&#160;&#160;&#160;&#160;(1)</font></div>
            </td>
            <td width="934">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">the
                Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2006
                (File No. 001-33138), which was filed with the SEC on April 2, 2007
                (the
                &#8220;Annual Report&#8221;);</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 50px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;&#160;&#160;&#160;&#160;(2)</font></div>
            </td>
            <td width="934">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">each
                of the Company&#8217;s Current Reports on Form 8-K dated February 1, 2007,
                February 8, 2007 and February 20, 2007, respectively;
                and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 49px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;&#160;&#160;&#160;&#160;(3)</font></div>
            </td>
            <td width="935">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">the
                description of the Company&#8217;s common stock contained in the Company&#8217;s
                Registration Statement on Form S-1 (File No. 333-136509), filed with
                the
                SEC on August 11, 2006, as amended, which description is incorporated
                by
                reference into the Form 8-A filed with the SEC on November 8, 2006,
                pursuant to the Exchange Act, and any amendment or report filed for
                the
                purpose of further updating such
                description.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">All
      documents subsequently filed by the Company pursuant to Sections 13(a), 13(c),
      14 and 15(d) of the Exchange Act, subsequent to the date of this registration
      statement and prior to the filing of a post-effective amendment to this
      registration statement that indicates that all securities offered under this
      registration statement have been sold or which deregisters all such securities
      then remaining unsold, shall be deemed to be incorporated by reference in this
      registration statement and to be a part hereof from the date of filing of such
      documents.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">5</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Any
      statement contained in a document incorporated or deemed to be incorporated
      by
      reference herein shall be deemed to be modified or superseded for purposes
      of
      this registration statement to the extent that a statement contained herein
      (or
      in any other subsequently filed document which also is incorporated or deemed
      to
      be incorporated by reference herein), modifies or supersedes such statement.
      Any
      such statement so modified or superseded shall not be deemed, except as so
      modified or superseded, to constitute a part of this registration
      statement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Cautionary
        Statement Regarding Forward-Looking Statements</strong></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      have
      made statements in our Annual Report in Item&#160;1&#160;&#8212; &#8220;Business&#8221;,
      Item&#160;1A&#160;&#8212; &#8220;Risk Factors&#8221;, Item&#160;3&#160;&#8212; &#8220;Legal Proceedings&#8221;,
      Item&#160;7&#160;&#8212; &#8220;Management&#8217;s Discussion and Analysis of Financial Condition
      and Results of Operations&#8221; and in other sections of our Annual Report that are
      forward-looking statements. In some cases, you can identify these statements
      by
      forward-looking words such as &#8220;may,&#8221; &#8220;might,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221;
&#8220;plan,&#8221; &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;predict,&#8221; &#8220;potential&#8221; or
&#8220;continue,&#8221; the negative of these terms and other comparable terminology. These
      forward-looking statements, which are based on various underlying assumptions
      and expectations and are subject to risks, uncertainties and other unknown
      factors, may include projections of our future financial performance based
      on
      our growth strategies and anticipated trends in our business. These statements
      are only predictions based on our current expectations and projections about
      future events. There are or may be important factors that could cause our actual
      results, level of activity, performance or achievements to differ materially
      from the historical or future results, level of activity, performance or
      achievements expressed or implied by such forward-looking statements. These
      factors include, but are not limited to, those discussed under
      Item&#160;1A&#160;&#8212;&#160;&#8220;Risk Factors&#8221; in our Annual Report.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Although
      we believe the expectations reflected in the forward-looking statements are
      reasonable, we cannot guarantee future results, level of activity, performance
      or achievements. Moreover, neither we nor any other person assumes
      responsibility for the accuracy or completeness of any of these forward-looking
      statements. You should not rely upon forward-looking statements as predictions
      of future events. We are under no duty to update any of these forward-looking
      statements after the date of filing of this report to conform such statements
      to
      actual results or revised expectations.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Use
        of Proceeds</strong></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      will
      not receive any of the proceeds from the sale of the shares by the selling
      stockholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">6</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Dividend
          Policy</strong></font></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>We
      do not anticipate that we will pay any cash
      dividends on our common stock in the foreseeable future.&#160;&#160;We intend to
      retain all available funds and any future earnings to fund the development
      and
      growth of our businesses.</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Selling
        Stockholders</strong></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">This
      Reoffer Prospectus covers possible sales by certain of our employees who are
      non-affiliates (as such term is defined in Rule 144 under the Securities Act)
      and who hold 1,000 shares or less which they acquired in connection with our
      initial public offering which we completed in November 2006.&#160;&#160;It is
      anticipated that, following the expiration of the lock-up agreement entered
      into
      with the underwriters of our initial public offering in May 2007, the selling
      stockholders may, from time to time, sell all or part of the shares covered
      by
      this Reoffer Prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Plan
        of Distribution</strong></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>The
      selling stockholders, which as used
      herein includes donees, pledgees, transferees or other successors-in-interest
      selling shares of our common stock or interests in shares of our common stock
      received after the date of this prospectus from a selling stockholder as a
      gift,
      pledge, partnership distribution or other transfer, may, from time to time,
      sell, transfer or otherwise dispose of any or all of their shares or interests
      in our shares on any stock exchange, market or trading facility on which the
      shares are traded or in private transactions. These dispositions may be at
      fixed
      prices, at prevailing market prices at the time of sale, or negotiated
      prices.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>The
      selling stockholders may use any
      one or more of the following methods when</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">disposing
      of shares or interests therein:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#8226;&#160;&#160;&#160;market
      transactions in accordance with the rules of the New York Stock Exchange or
      any
      other available markets or exchanges;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#8226;&#160;&#160;&#160;ordinary
        brokerage transactions and transactions in which the broker-dealer solicits
        purchasers;</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#8226;&#160;&#160;&#160;block
        trades in which the broker-dealer&#160;&#160;will attempt to sell the shares as
        agent, but may position and resell a portion of the block as principal to
        facilitate the transaction;</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#8226;&#160;&#160;&#160;purchases
        by a broker-dealer as principal and resale by the broker-dealer for its
        account;</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#8226;&#160;&#160;&#160;an
        exchange distribution in accordance with the rules of the applicable
        exchange;</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#8226;&#160;&#160;&#160;privately
        negotiated transactions;</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#8226;&#160;&#160;&#160;through
        the writing or settlement of options or other hedging transactions, whether
        through an options exchange or otherwise;</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">7</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#8226;&#160;&#160;&#160;broker-dealers
        may agree with the selling stockholders to sell a specified number of such
        shares at a stipulated price per share;</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#8226;&#160;&#160;&#160;a
        combination of any such methods of sale; and</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#8226;&#160;&#160;&#160;any
        other method permitted pursuant to applicable law.</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>In
      connection with the sale of our
      shares or interests therein, the selling stockholders may enter into hedging
      transactions with broker-dealers or other financial institutions, which may
      in
      turn engage in short sales of our shares in the course of hedging the positions
      they assume with the selling stockholders.&#160;&#160;The selling stockholders
      may also enter into option or other transactions with broker-dealers or other
      financial institutions or the creation of one or more derivative securities
      which require the delivery to such broker-dealer or other financial institution
      of shares offered by this Reoffer Prospectus, which shares such broker-dealer
      or
      other financial institution may resell pursuant to this prospectus (as
      supplemented or amended to reflect such transaction).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>The
      aggregate proceeds to the selling
      stockholder from the sale of our shares offered by them will be the purchase
      price of our shares less discounts or commissions, if any. Each of the selling
      stockholders reserves the right to accept and, together with their agents from
      time to time, to reject, in whole or in part, any proposed purchase of our
      shares to be made directly or through agents. We will not receive any of the
      proceeds from this offering.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>The
      selling stockholders also may
      resell all or a portion of the shares in open market transactions in reliance
      upon Rule 144 under the Securities Act, provided that they meet the criteria
      and
      conform to the requirements of that rule.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>The
      selling stockholders and any
      underwriters, broker-dealers or agents that participate in the sale of our
      shares or interests therein may be &#8220;underwriters&#8221; within the meaning of Section
      2(a)(11) of the Securities Act.&#160;&#160;Any discounts, commissions,
      concessions or profits they earn on any resale of the shares may be underwriting
      discounts and commissions under the Securities Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>To
      the extent required, the shares to
      be sold, the names of the selling stockholders, the respective purchase prices
      and public offering prices, the names of any agents, dealers or underwriters,
      any applicable commissions or discounts with respect to a particular offer
      will
      be set forth in an accompanying prospectus supplement or, if appropriate, a
      post-effective amendment to the registration statement that includes this
      prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>In
      order to comply with the securities
      laws of some states, if applicable, our </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">shares
      may be sold in these jurisdictions only through registered or licensed brokers
      or dealers. In addition, in some states our shares may not be sold unless it
      has
      been registered or qualified for sale or an exemption from registration or
      qualification requirements is available and is complied with.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">8</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>We
      have advised the selling
      stockholders that the anti-manipulation rules of Regulation M under the Exchange
      Act may apply to sales of shares in the market and to the activities of the
      selling stockholders and their affiliates. In addition, we will make copies
      of
      this prospectus (as it may be supplemented or amended from time to time)
      available to the selling stockholders for the purpose of satisfying the
      prospectus delivery requirements of the Securities Act. The selling stockholders
      may indemnify any broker-dealer that participates in transactions involving
      the
      sale of the shares against certain liabilities, including liabilities arising
      under the Securities Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Legal
      Matters</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      validity of the shares offered hereby has been passed upon for the Company
      by
      Mitchell B. Kleinman, General Counsel of the Company.&#160;&#160;As of April 20,
      2007, Mr. Kleinman was the beneficial owner of 291,358 shares of Common
      Stock.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Where
        You Can Find More Information About Us</strong></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">This
      prospectus is a part of a registration statement on Form&#160;S-8, which we
      filed with the SEC under the Securities Act. It omits some of the information
      set forth in the registration statement. You can find additional information
      about us in the registration statement. Copies of the registration statement
      are
      on file at the offices of the SEC. You may obtain them by paying the prescribed
      fee or you may examine them without charge at the SEC&#8217;s public reference
      facilities described below.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      are
      subject to the informational requirements of the Exchange Act and as required
      by
      the Exchange Act, we file reports, proxy statements and other information with
      the SEC. You may inspect these reports, proxy statements and other information
      without charge and copy them at the Public Reference Room maintained by the
      SEC
      at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on
      the
      operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330.
      The
      information we file with the SEC is also available through the SEC&#8217;s web site
<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Courier New;">(<u>http://www.sec.gov</u>)</font>
      and our web site (<font style="DISPLAY: inline; FONT-FAMILY: Courier New, monospace;"><u>http://www.kbw.com</u></font>).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Indemnification
        of Directors and Officers</strong></font></div>
      <div align="center">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section&#160;145
      of the Delaware General Corporation Law provides that a corporation may
      indemnify directors and officers as well as other employees and individuals
      against expenses (including attorneys&#8217; fees), judgments, fines and amounts paid
      in settlement actually and reasonably incurred by such person in connection
      with
      any threatened, pending or completed actions, suits or proceedings in which
      such
      person is made a party by reason of such person being or having been a director,
      officer, employee or agent to the Registrant.&#160;&#160;The Delaware General
      Corporation Law provides that Section&#160;145 is not exclusive of other rights
      to which those seeking indemnification may be entitled under any bylaw,
      agreement, vote of stockholders or disinterested directors or
      otherwise.&#160;&#160;The Company&#8217;s Certificate of Incorporation provides for
      indemnification by the Company of its directors, officers and employees to
      the
      fullest extent permitted by the Delaware General Corporation Law.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">9</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section&#160;102(b)(7)
      of the Delaware General Corporation Law permits a corporation to provide in
      its
      certificate of incorporation that a director of the corporation shall not be
      personally liable to the corporation or its stockholders for monetary damages
      for breach of fiduciary duty as a director, except for liability (i)&#160;for
      any breach of the director&#8217;s duty of loyalty to the corporation or its
      stockholders, (ii)&#160;for acts or omissions not in good faith or which involve
      intentional misconduct or a knowing violation of law, (iii)&#160;for unlawful
      payments of dividends or unlawful stock repurchases, redemptions or other
      distributions, or (iv)&#160;for any transaction from which the director derived
      an improper personal benefit.&#160;&#160;The Company&#8217;s Certificate of
      Incorporation and By-laws provides for such limitation of liability to the
      fullest extent permitted by the Delaware General Corporation Law.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      Company maintains standard policies of insurance under which coverage is
      provided (a)&#160;to its directors and officers against loss rising from claims
      made by reason of breach of duty or other wrongful act, while acting in their
      capacity as directors and officers of the Company, and (b)&#160;to the Company
      with respect to payments which may be made by the Company to such officers
      and
      directors pursuant to any indemnification provision contained in the Company&#8217;s
      Certificate of Incorporation or otherwise as a matter of law.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Insofar
      as indemnification for liabilities arising under the Securities Act may be
      permitted to directors, officers or persons controlling the registrant pursuant
      to the foregoing provisions, the registrant has been informed that in the
      opinion of the Securities and Exchange SEC such indemnification is against
      public policy as expressed in the Act and is therefore
      unenforceable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>PART
      II</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>INFORMATION
      REQUIRED IN THE REGISTRATION STATEMENT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
        3.&#160;&#160;Incorporation of Certain Documents by
        Reference.</strong></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      following documents, which have been filed with the Securities and Exchange
      Commission (the &#8220;SEC&#8221;) by KBW, Inc., a Delaware corporation (the &#8220;Company&#8221;),
      pursuant to the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;) and
      the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), as
      applicable, are hereby incorporated by reference in, and shall be deemed to
      be a
      part of, this registration statement:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 60px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;&#160;&#160;&#160;&#160;(1)</font></div>
            </td>
            <td width="924">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">the
                Annual Report on Form 10-K for the year ended December 31, 2006 (File
                No.
                001-33138), which was filed with the SEC on April 2, 2007 (the &#8220;Annual
                Report&#8221;); and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 60px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;&#160;&#160;&#160;&#160;(2)</font></div>
            </td>
            <td width="924">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">each
                of the Current Reports on Form 8-K dated February 1, 2007, February
                8,
                2007 and February 20, 2007, respectively;
                and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 59px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;&#160;&#160;&#160;&#160;(3)</font></div>
            </td>
            <td width="925">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">the
                description of the Company&#8217;s common stock contained in the Company&#8217;s
                Registration Statement on Form S-1 (File No. 333-136509), filed with
                the
                SEC on August 11, 2006, as amended, which description is incorporated
                by
                reference into the Form 8-A filed with the SEC on November 8, 2006,
                pursuant to the Exchange Act, and any amendment or report filed for
                the
                purpose of further updating such
                description.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">All
      documents subsequently filed by the Company pursuant to Sections 13(a), 13(c),
      14 and 15(d) of the Exchange Act, subsequent to the date of this registration
      statement and prior to the filing of a post-effective amendment to this
      registration statement that indicates that all securities offered under this
      registration statement have been sold or which deregisters all such securities
      then remaining unsold, shall be deemed to be incorporated by reference in this
      registration statement and to be a part hereof from the date of filing of such
      documents.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">10</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Any
      statement contained in a document incorporated or deemed to be incorporated
      by
      reference herein shall be deemed to be modified or superseded for purposes
      of
      this registration statement to the extent that a statement contained herein
      (or
      in any other subsequently filed document which also is incorporated or deemed
      to
      be incorporated by reference herein), modifies or supersedes such statement.
      Any
      such statement so modified or superseded shall not be deemed, except as so
      modified or superseded, to constitute a part of this registration
      statement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
        4.&#160;&#160;Description of Securities.</strong></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Not
      applicable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
        5.&#160;&#160;Interests of Named Experts and
        Counsel.</strong></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      legality of the shares offered hereby has been passed upon for the Company
      by
      Mitchell B. Kleinman, General Counsel of the Company.&#160;&#160;As of April 20,
      2007, Mr. Kleinman was the beneficial owner of 291,358 shares of Common
      Stock.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      consolidated financial statements of the Company as of December&#160;31, 2006
      and 2005 and for each of the years in the three-year period ended
      December&#160;31, 2006, are included in the Company&#8217;s Annual Report which is
      incorporated by reference in this&#160;registration statement, in reliance upon
      the report of KPMG LLP, independent registered public accounting firm, included
      therein, and upon authority of said firm as experts in accounting and
      auditing.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
        6.&#160;&#160;Indemnification of Directors and
        Officers.</strong></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section&#160;145
      of the Delaware General Corporation Law provides that a corporation may
      indemnify directors and officers as well as other employees and individuals
      against expenses (including attorneys&#8217; fees), judgments, fines and amounts paid
      in settlement actually and reasonably incurred by such person in connection
      with
      any threatened, pending or completed actions, suits or proceedings in which
      such
      person is made a party by reason of such person being or having been a director,
      officer, employee or agent to the Registrant.&#160;&#160;The Delaware General
      Corporation Law provides that Section&#160;145 is not exclusive of other rights
      to which those seeking indemnification may be entitled under any bylaw,
      agreement, vote of stockholders or disinterested directors or
      otherwise.&#160;&#160;The Company&#8217;s Certificate of Incorporation provides for
      indemnification by the Company of its directors, officers and employees to
      the
      fullest extent permitted by the Delaware General Corporation Law.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Section&#160;102(b)(7)
      of the Delaware General Corporation Law permits a corporation to provide in
      its
      certificate of incorporation that a director of the corporation shall not be
      personally liable to the corporation or its stockholders for monetary damages
      for breach of fiduciary duty as a director, except for liability (i)&#160;for
      any breach of the director&#8217;s duty of loyalty to the corporation or its
      stockholders, (ii)&#160;for acts or omissions not in good faith or which involve
      intentional misconduct or a knowing violation of law, (iii)&#160;for unlawful
      payments of dividends or unlawful stock repurchases, redemptions or other
      distributions, or (iv)&#160;for any transaction from which the director derived
      an improper personal benefit.&#160;&#160;The Company&#8217;s Certificate of
      Incorporation and By-laws provides for such limitation of liability to the
      fullest extent permitted by the Delaware General Corporation Law.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">11</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      Company maintains standard policies of insurance under which coverage is
      provided (a)&#160;to its directors and officers against loss rising from claims
      made by reason of breach of duty or other wrongful act, while acting in their
      capacity as directors and officers of the Company, and (b)&#160;to the Company
      with respect to payments which may be made by the Company to such officers
      and
      directors pursuant to any indemnification provision contained in the Company&#8217;s
      Certificate of Incorporation or otherwise as a matter of law.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
        7.&#160;&#160;Exemption from Registration Claimed.</strong></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Not
      applicable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
        8.&#160;&#160;Exhibits.</strong></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">4.1</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Second
                Amended and Restated Certificate of Incorporation of KBW,&#160;Inc.
                (incorporated by reference to Exhibit 3.1 to the Company&#8217;s Quarterly
                Report on Form 10-Q, filed on December 18,
                2006).</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">4.2</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Amended
                and Restated Bylaws of KBW,&#160;Inc. (incorporated by reference to
                Exhibit 3.2 to the Company&#8217;s Quarterly Report on Form 10-Q, filed on
                December 18, 2006).</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">4.3</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Specimen
                Common Stock Certificate of KBW, Inc. (incorporated by reference
                to the
                Company&#8217;s Registration Statement on Form S-1/A (Registration No.
                333-136509) filed on September 28,
                2006).</font></div>
            </td>
          </tr>

      </table>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">4.4</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Second
                Amended and Restated Stockholders&#8217; Agreement (incorporated by reference to
                Exhibit 4.1 to the Company&#8217;s Quarterly Report on Form 10-Q, filed on
                December 18,
                2006).&#160;&#160;&#160;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">5.1</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Opinion
                of Mitchell B. Kleinman, General Counsel of the
                Company.</font></div>
            </td>
          </tr>

      </table>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">23.1</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Consent
                of KPMG LLP.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">24.1</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Power
                of Attorney (included on signature page to this registration
                statement).</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">99.1</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">KBW,
                Inc. 2006 Equity Incentive Plan (incorporated by reference to Exhibit
                10.4
                to the Company&#8217;s Quarterly Report on Form 10-Q, filed on December 18,
                2006).</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
        9.&#160;&#160;Undertakings.</strong></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(a)
      The
      undersigned Registrant hereby undertakes:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(1)
      To
      file, during any period in which offers or sales are being made, a
      post-effective amendment to this registration statement:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">12</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 63pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(i)
      To
      include any prospectus required by Section 10(a)(3) of the Securities
      Act;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 63pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(ii)
      To
      reflect in the prospectus any facts or events arising after the effective date
      of the registration statement (or the most recent post-effective amendment
      thereof) which, individually or in the aggregate, represent a fundamental change
      in the information in the registration statement.&#160;&#160;Notwithstanding the
      foregoing, any increase or decrease in volume of securities offered (if the
      total dollar value of securities offered would not exceed that which was
      registered) and any deviation from the low or high end of the estimated maximum
      offering range may be reflected in the form of prospectus filed with the
      Securities Exchange SEC pursuant to Rule 424(b) if, in the aggregate, the
      changes in volume and price represent no more than a 20% change in the maximum
      aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221;
table in the effective registration statement; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 63pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(iii)
      To
      include any material information with respect to the plan of distribution not
      previously disclosed in the registration statement or any material change to
      such information in the registration statement;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(2)
      That,
      for the purpose of determining any liability under the Securities Act, each
      such
      post-effective amendment shall be deemed to be a new registration statement
      relating to the securities offered therein, and the offering of such securities
      at that time shall be deemed to be the initial <em>bona fide</em> offering
      thereof; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(3)
      To
      remove from registration by means of a post-effective amendment any of the
      securities being registered which remain unsold at the termination of the
      offering;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">provided,
      however, that paragraphs (a)(1)(i)&#160;and (a)(1)(ii)&#160;of this section do
      not apply if the information required to be included in a post-effective
      amendment by those paragraphs is contained in periodic reports filed with or
      furnished to the SEC by the registrant pursuant to section 13 or section
      15(d)&#160;of the Exchange Act that are incorporated by reference in the
      registration statement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(b)
      The
      undersigned registrant hereby undertakes that, for purposes of determining
      any
      liability under the Securities Act, each filing of the registrant's annual
      report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where
      applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to
      Section 15(d) of the Exchange Act), that is incorporated by reference in the
      registration statement shall be deemed to be a new registration statement
      relating to the securities offered therein, and the offering of such securities
      at that time shall be deemed to be the initial bona fide offering
      thereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">13</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(c)&#160;&#160;Insofar
      as indemnification for liabilities arising under the Securities Act may be
      permitted to directors, officers and controlling persons of the registrant
      pursuant to the foregoing provisions, or otherwise, the registrant has been
      advised that in the opinion of the Securities and Exchange Commission such
      indemnification is against public policy as expressed in the Securities Act
      and
      is, therefore, unenforceable. In the event that a claim for indemnification
      against such liabilities (other than the payment by the registrant of expenses
      incurred or paid by a director, officer or controlling person of the registrant
      in the successful defense of any action, suit or proceeding) is asserted by
      such
      director, officer or controlling person in connection with the securities being
      registered, the registrant will, unless in the opinion of its counsel the matter
      has been settled by controlling precedent, submit to a court of appropriate
      jurisdiction the question whether such indemnification by it is against public
      policy as expressed in the Securities Act and will be governed by the final
      adjudication of such issue.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">14</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>SIGNATURES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Pursuant
      to the requirements of the Securities Act, the Company certifies that it has
      reasonable grounds to believe that it meets all of the requirements for filing
      this registration statement and has duly caused this registration statement
      to
      be signed on its behalf by the undersigned, thereunto duly authorized, in the
      City of New York, State of New York, on the 20<font style="DISPLAY: inline; FONT-SIZE: 10pt;"><sup>th</sup></font> day of
      April,
      2007.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table border="0" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
            <td colspan="2" valign="top" width="38%">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>KBW,
                INC.</strong></font></div>
            </td>
            <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
            <td valign="top" width="3%">
              <div>&#160;</div>
              <div>&#160;</div>
            </td>
            <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
            <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="50%" style="BORDER-BOTTOM: #ffffff solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td valign="top" width="3%" style="BORDER-BOTTOM: #ffffff solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">By:
                </font></div>
            </td>
            <td align="left" nowrap valign="top" width="35%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">/s/
              M<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">itchell
              B. Kleinman</font></font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: #ffffff solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">Name&#160;&#160;
M<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">itchell
              B. Kleinman</font></font></td>
            <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
            <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">Title&#160;&#160;&#160;&#160;
              <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">General
              Counsel</font></font></td>
            <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
            <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
            <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>POWER
      OF ATTORNEY</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">KNOW
      ALL
      MEN BY THESE PRESENTS, that each person whose signature appears below,
      constitutes and appoints, each of Mitchell B. Kleinman and Robert Giambrone
      his
      true and lawful attorney-in-fact and agent, with full power of substitution
      and
      resubstitution, to do any and all acts and things and execute, in the name
      of
      the undersigned, any and all instruments which said attorney-in-fact and agent
      may deem necessary or advisable in order to enable the Company to comply with
      the Securities Act, and any requirements of the SEC in respect thereof, in
      connection with the filing with the SEC of this registration statement on Form
      S-8 under the Securities Act, including specifically but without limitation,
      power and authority to sign the name of the undersigned to such registration
      statement, and any amendments to such registration statement (including
      post-effective amendments), and to file the same with all exhibits thereto
      and
      other documents in connection therewith, with the SEC and any applicable
      securities exchange or securities regulatory body, to sign any and all
      applications, registration statements, notices or other documents necessary
      or
      advisable to comply with applicable securities laws, including without
      limitation state securities laws, and to file the same, together with other
      documents in connection therewith with the appropriate authorities, including
      without limitation state securities authorities, granting unto said
      attorney-in-fact and agent, full power and authority to do and to perform each
      and every act and thing requisite or necessary to be done in and about the
      premises, as fully and to all intents and purposes as the undersigned might
      or
      could do in person, hereby ratifying and confirming all that said
      attorney-in-fact and agent, or his substitute, may lawfully do or cause to
      be
      done by virtue hereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Pursuant
      to the requirements of the Securities Act, as amended, this registration
      statement has been signed by the following persons in the capacities and on
      April 20<font style="DISPLAY: inline; FONT-SIZE: 10pt;"><sup>th</sup></font>
      2007.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">15</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div align="left">
        <div align="left">
          <div align="left">
            <table cellpadding="0" cellspacing="0" width="100%">

                <tr>
                  <td align="left" valign="top" width="48%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;/s/
                    John G. Duffy</font></td>
                  <td width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
                  <td align="left" valign="top" width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;/s/
                    Andrew M. Senchak</font></td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="48%" style="BORDER-TOP: black 2px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;John
                      G. Duffy</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Director,
                      Chairman and Chief Executive Officer</font></div>
                  </td>
                  <td width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
                  <td align="left" valign="top" width="49%" style="BORDER-TOP: black 2px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;Andrew
                      M. Senchak</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Director,
                      Vice Chairman, President and Co-Head of Investment
                      Banking</font></div>
                  </td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="48%">
                    <div>&#160;</div>
                    <div>&#160;</div>
                    <div>/s/ <font size="2">Thomas B. Michaud</font></div>
                  </td>
                  <td width="3%">&#160;</td>
                  <td align="left" valign="bottom" width="49%">
                    <div>&#160;</div>
                    <div>&#160;</div>
                    <div>/s/ <font size="2">Daniel M. Healy</font></div>
                  </td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="48%" style="BORDER-TOP: black 2px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Thomas
                      B. Michaud</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>Director,
                      Vice Chairman, Chief Operating Officer, President of Keefe,
                      Bruyette &amp;
                      Woods, Inc.</em></font></div>
                  </td>
                  <td width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
                  <td align="left" valign="top" width="49%" style="BORDER-TOP: black 2px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Daniel
                      M. Healy</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Director</font></div>
                  </td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="48%">
                    <div>&#160;</div>
                    <div>&#160;</div>
                    <div>/s/&#160;<font size="2">Robert Giambrone</font></div>
                  </td>
                  <td width="3%">&#160;</td>
                  <td align="left" valign="bottom" width="49%">&#160;/s/ <font size="2">Christopher
                    M. Condron</font></td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="48%" style="BORDER-TOP: black 2px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Robert
                      Giambrone</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Chief
                      Financial and Administrative Officer</font></div>
                  </td>
                  <td width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
                  <td align="left" valign="top" width="49%" style="BORDER-TOP: black 2px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Christopher
                      M. Condron</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Director</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">16</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>INDEX
      TO EXHIBITS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">4.1</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Second
                Amended and Restated Certificate of Incorporation of KBW,&#160;Inc.
                (incorporated by reference to Exhibit 3.1 to the Company&#8217;s Quarterly
                Report on Form 10-Q, filed on December 18,
                2006).</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">4.2</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Amended
                and Restated Bylaws of KBW,&#160;Inc. (incorporated by reference to
                Exhibit 3.2 to the Company&#8217;s Quarterly Report on Form 10-Q, filed on
                December 18, 2006).</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">4.3</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Specimen
                Common Stock Certificate of KBW, Inc. (incorporated by reference
                to the
                Company&#8217;s Registration Statement on Form S-1/A (Registration No.
                333-136509) filed on September 28,
                2006).</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">4.4</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Second
                Amended and Restated Stockholders&#8217; Agreement (incorporated by reference to
                Exhibit 4.1 to the Company&#8217;s Quarterly Report on Form 10-Q, filed on
                December 18, 2006).</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">5.1</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Opinion
                of Mitchell B. Kleinman, General Counsel of the
                Company.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">23.1</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Consent
                of KPMG LLP.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">24.1</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Power
                of Attorney (included on signature page to this registration
                statement).</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">99.1</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">KBW,
                Inc. 2006 Equity Incentive Plan (incorporated by reference to Exhibit
                10.4
                to the Company&#8217;s Quarterly Report on Form 10-Q, filed on December 18,
                2006).</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">17</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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[{"type": "S-8", "sequence": "1", "filename": "efc7-1258_6169062forms8.htm", "description": "FORM S-8", "secsgml_size_bytes": 143341}]
{"company-data": {"conformed-name": "KBW, INC.", "cik": "0001063494", "assigned-sic": "6199", "irs-number": "134055775", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-142327", "film-number": "07784755"}, "business-address": {"street1": "787 SEVENTH AVENUE", "city": "NEW YORK", "state": "NY", "zip": "10019", "phone": "212887-7777"}, "mail-address": {"street1": "787 SEVENTH AVENUE", "city": "NEW YORK", "state": "NY", "zip": "10019"}, "former-company": {"former-conformed-name": "KBW INC", "date-changed": "19980605"}}
efc7-1258_6169062forms8.htm
As
      filed with the Securities and Exchange Commission on April 24,
      2007
Registration
      No. 333-_________
UNITED
      STATES
SECURITIES
      AND EXCHANGE COMMISSION
Washington,
      D.C.  20549
FORM
      S-8
REGISTRATION
      STATEMENT
Under
THE
      SECURITIES ACT OF 1933
KBW, INC.
(Exact
      name of registrant as specified in its charter)
Delaware
13-4055775
(State
                or other jurisdiction of incorporation or
                organization)
(I.R.S.
                Employer
Identification
                No.)
787
                Seventh Avenue
New
                York, New York  10019
(212)
                887-6700
(Address,
                including zip code, and telephone number, including area
                code,
of
                registrant's principal executive
                offices)
KBW,
      Inc. 2006 Equity Incentive Plan
(Full
      titles of the plan)
Mitchell
      B. Kleinman
General
      Counsel and Executive Vice President
KBW,
      Inc.
787
      Seventh Avenue
New
      York, New York  10019
(212)
      887-6700
(Name,
      address, including zip code, and telephone number, including area
      code,
of
      agent for service)
CALCULATION
      OF REGISTRATION FEE
Title
                  of securities
to
                  be registered
Amount
                  to be
registered
(1)
Proposed
                  maximum
offering
                  price
per
                  share
(2)
Proposed
                  maximum
aggregate
                  offering
price
(2)
Amount
                  of
registration
                  fee
Common
                  Stock, par value $0.01 per share
3,265,439
$34.14
$111,482,087.46
$3,422.50
____________________________________
(1)
      This
      Registration Statement covers (i) 3,253,039 shares of common stock, par value
      $0.01 per share, of KBW, Inc. issuable pursuant to the KBW, Inc. 2006 Equity
      Incentive Plan (the "Plan") and (ii) the registration for resale of 12,400
      shares of common stock previously issued under the Plan.  In addition,
      pursuant to Rule 416 under the Securities Act of 1933, as amended (the
"Securities Act"), this registration statement also covers additional shares
      that may become issuable under the above-named plan by reason of certain
      corporate transactions or events, including any stock dividend, stock split,
      recapitalization or any other similar transaction effected without the receipt
      of consideration which results in an increase in the number of the registrant's
      outstanding shares of common stock.
(2)
      Estimated pursuant to Rule 457(c) and 457(h) under the Securities Act, solely
      for the purpose of computing the registration fee, based on the average of
      the
      high and low prices of the securities being registered hereby on the New York
      Stock Exchange on April 20, 2007.
1
EXPLANATORY
      NOTE
This
      Registration Statement registers
3,265,439
shares of common
      stock, par value $0.01 per share, of KBW, Inc. (the "Company") that may be
      issued and sold under the KBW, Inc. 2006 Equity Incentive Plan (the "Plan") and
12,400
shares that were issued under the Plan prior to the date
      hereof.
This
      Registration Statement contains
      two parts. The first part includes a prospectus pursuant to the requirements
      of
      part I of Form S-3 (in accordance with Section C of the General Instructions
      to
      the Form S-8) which covers reoffers and resales of "restricted securities" (as
      such terms are defined in Section C of the General Instructions to Form S-8)
      of
      the Company.  This reoffer prospectus relates to up to
12,400
shares of common stock that have previously been issued
      to employee under Plan.  The second part of this Registration
      Statement contains Information Required in the Registration Statement pursuant
      to Part II of Form S-8.
PART
      I
INFORMATION
      REQUIRED IN THE SECTION 10(a) PROSPECTUS
The
      information called for by Part I of this registration statement on
      Form S-8 is included in the description of the Plan to be delivered to
      persons eligible to participate in the Plan. Pursuant to the Note in the
      Instructions to Part I of Form S-8, this information is not being
      filed with or included in this registration statement.
The
      reoffer prospectus referred to
      above follows this page.
*****
2
REOFFER
      PROSPECTUS
12,400
      Shares
KBW,
      INC.
Common
      Stock
This
      prospectus relates to the reoffer and resale by certain selling stockholders
      of
      shares of our common stock, that have been issued by us to the selling
      stockholders in connection with restricted stock awards in connection with
      our
      initial public offering.
We
      will
      not receive any of the proceeds from sales of the shares by any of the selling
      stockholders. The shares may be offered from time to time by any or all of
      the
      selling stockholders (and their donees and pledgees) through ordinary brokerage
      transactions, in negotiated transactions or in other transactions at such prices
      they may determine, which may relate to market prices prevailing at the time
      of
      sale or be a negotiated price. See "Plan of Distribution" beginning on page 7.
      All costs, expenses and fees in connection with the registration of the shares
      will be borne by us. Brokerage commissions and similar selling expenses, if
      any,
      attributable to the offer or sale of the shares will be borne by the selling
      stockholders (or their donees and pledgees).
Our
      shares are listed on the New York Stock Exchange under the symbol
"KBW".  On April 20, 2007, the closing price of our common stock was
      $33.86 per share.
Investing
      in our common stock involves risks. You should carefully consider the risk
      factors included in our Annual Report on Form 10-K which is incorporated by
      reference in this prospectus.
Neither
      the Securities and Exchange Commission nor any state securities commission
      has
      approved or determined if this prospectus is truthful or
      complete.  Any representation to the contrary is a criminal
      offense.
Our
      principal offices are located at 787 Seventh Avenue, New York, New York
      10019.  Our telephone number is (212) 887-7777.
The
      date
      of this prospectus is April 23, 2007.
3
Table
      of Contents
Company
                  Overview
5
Risk
                  Factors
5
Incorporation
                  of Certain Documents by Reference
5
Cautionary
                  Statement Regarding Forward-Looking Statements
6
Use
                  of Proceeds
6
Dividend
                  Policy
7
Selling
                  Stockholders
9
Plan
                  of Distribution
9
Where
                  You Can Find More Information About Us
9
Indemnification
                  of Directors and Officers.
9
You
      should rely only on the information contained in this prospectus. We have not
      authorized any other person to provide you with different information. If anyone
      provides you with different or inconsistent information, you should not rely
      on
      it. The selling stockholders are not making an offer to sell these securities
      in
      any jurisdiction where the offer or sale is not permitted. You should assume
      that the information appearing in this prospectus is accurate only as of the
      date on the front cover of this prospectus. Our business, financial condition,
      results of operations and prospects may have changed since that
      date.
4
Company
      Overview
We
      are a
      full service investment bank specializing in the financial services industry.
      Since our founding in 1962, our commitment to this industry, our long-term
      relationships with clients and our recognized industry expertise have made
      us a
      trusted advisor to our corporate clients and a valuable resource for our
      institutional investor customers. We have built our reputation for excellence
      in
      financial services on the basis of our research platform, our senior
      professionals, our track record of market innovation, and the strength of our
      execution capabilities. Our principal activities are investment banking, equity
      and fixed income sales and trading and research.
We
      operate through a U.S. registered broker-dealer, Keefe, Bruyette & Woods,
      Inc., a U.S. registered investment advisor, KBW Asset Management, Inc. and
      Keefe, Bruyette & Woods Limited, an investment firm authorized and regulated
      by the U.K. Financial Services Authority. Our company has ten broker-dealer
      offices with our headquarters in New York City and other offices in Atlanta,
      Boston, Chicago, Columbus (Ohio), Hartford, Red Bank (New Jersey), Richmond
      (Virginia), San Francisco and London. Our asset management company is located
      in
      New York City in the same building as our headquarters.
Risk
      Factors
Investing
      in our common stock involves risks. You should carefully consider the risk
      factors included in our Annual Report on Form 10-K which is incorporated by
      reference in this prospectus.
Incorporation
        of Certain Documents by Reference
The
      following documents, which have been filed with the Securities and Exchange
      Commission (the "SEC") by KBW, Inc., a Delaware corporation (the "Company"),
      pursuant to the Securities Act of 1933, as amended (the "Securities Act") and
      the Securities Exchange Act of 1934, as amended (the "Exchange Act"), as
      applicable, are hereby incorporated by reference in, and shall be deemed to
      be a
      part of, this registration statement:
(1)
the
                Company's Annual Report on Form 10-K for the year ended December 31, 2006
                (File No. 001-33138), which was filed with the SEC on April 2, 2007
                (the
                "Annual Report");
(2)
each
                of the Company's Current Reports on Form 8-K dated February 1, 2007,
                February 8, 2007 and February 20, 2007, respectively;
                and
(3)
the
                description of the Company's common stock contained in the Company's
                Registration Statement on Form S-1 (File No. 333-136509), filed with
                the
                SEC on August 11, 2006, as amended, which description is incorporated
                by
                reference into the Form 8-A filed with the SEC on November 8, 2006,
                pursuant to the Exchange Act, and any amendment or report filed for
                the
                purpose of further updating such
                description.
All
      documents subsequently filed by the Company pursuant to Sections 13(a), 13(c),
      14 and 15(d) of the Exchange Act, subsequent to the date of this registration
      statement and prior to the filing of a post-effective amendment to this
      registration statement that indicates that all securities offered under this
      registration statement have been sold or which deregisters all such securities
      then remaining unsold, shall be deemed to be incorporated by reference in this
      registration statement and to be a part hereof from the date of filing of such
      documents.
5
Any
      statement contained in a document incorporated or deemed to be incorporated
      by
      reference herein shall be deemed to be modified or superseded for purposes
      of
      this registration statement to the extent that a statement contained herein
      (or
      in any other subsequently filed document which also is incorporated or deemed
      to
      be incorporated by reference herein), modifies or supersedes such statement.
      Any
      such statement so modified or superseded shall not be deemed, except as so
      modified or superseded, to constitute a part of this registration
      statement.
Cautionary
        Statement Regarding Forward-Looking Statements
We
      have
      made statements in our Annual Report in Item 1 — "Business",
      Item 1A — "Risk Factors", Item 3 — "Legal Proceedings",
      Item 7 — "Management's Discussion and Analysis of Financial Condition
      and Results of Operations" and in other sections of our Annual Report that are
      forward-looking statements. In some cases, you can identify these statements
      by
      forward-looking words such as "may," "might," "will," "should," "expect,"
"plan," "anticipate," "believe," "estimate," "predict," "potential" or
"continue," the negative of these terms and other comparable terminology. These
      forward-looking statements, which are based on various underlying assumptions
      and expectations and are subject to risks, uncertainties and other unknown
      factors, may include projections of our future financial performance based
      on
      our growth strategies and anticipated trends in our business. These statements
      are only predictions based on our current expectations and projections about
      future events. There are or may be important factors that could cause our actual
      results, level of activity, performance or achievements to differ materially
      from the historical or future results, level of activity, performance or
      achievements expressed or implied by such forward-looking statements. These
      factors include, but are not limited to, those discussed under
      Item 1A — "Risk Factors" in our Annual Report.
Although
      we believe the expectations reflected in the forward-looking statements are
      reasonable, we cannot guarantee future results, level of activity, performance
      or achievements. Moreover, neither we nor any other person assumes
      responsibility for the accuracy or completeness of any of these forward-looking
      statements. You should not rely upon forward-looking statements as predictions
      of future events. We are under no duty to update any of these forward-looking
      statements after the date of filing of this report to conform such statements
      to
      actual results or revised expectations.
Use
        of Proceeds
We
      will
      not receive any of the proceeds from the sale of the shares by the selling
      stockholders.
6
Dividend
          Policy
We
      do not anticipate that we will pay any cash
      dividends on our common stock in the foreseeable future.  We intend to
      retain all available funds and any future earnings to fund the development
      and
      growth of our businesses.
Selling
        Stockholders
This
      Reoffer Prospectus covers possible sales by certain of our employees who are
      non-affiliates (as such term is defined in Rule 144 under the Securities Act)
      and who hold 1,000 shares or less which they acquired in connection with our
      initial public offering which we completed in November 2006.  It is
      anticipated that, following the expiration of the lock-up agreement entered
      into
      with the underwriters of our initial public offering in May 2007, the selling
      stockholders may, from time to time, sell all or part of the shares covered
      by
      this Reoffer Prospectus.
Plan
        of Distribution
The
      selling stockholders, which as used
      herein includes donees, pledgees, transferees or other successors-in-interest
      selling shares of our common stock or interests in shares of our common stock
      received after the date of this prospectus from a selling stockholder as a
      gift,
      pledge, partnership distribution or other transfer, may, from time to time,
      sell, transfer or otherwise dispose of any or all of their shares or interests
      in our shares on any stock exchange, market or trading facility on which the
      shares are traded or in private transactions. These dispositions may be at
      fixed
      prices, at prevailing market prices at the time of sale, or negotiated
      prices.
The
      selling stockholders may use any
      one or more of the following methods when
disposing
      of shares or interests therein:
•   market
      transactions in accordance with the rules of the New York Stock Exchange or
      any
      other available markets or exchanges;
•   ordinary
        brokerage transactions and transactions in which the broker-dealer solicits
        purchasers;
•   block
        trades in which the broker-dealer  will attempt to sell the shares as
        agent, but may position and resell a portion of the block as principal to
        facilitate the transaction;
•   purchases
        by a broker-dealer as principal and resale by the broker-dealer for its
        account;
•   an
        exchange distribution in accordance with the rules of the applicable
        exchange;
•   privately
        negotiated transactions;
•   through
        the writing or settlement of options or other hedging transactions, whether
        through an options exchange or otherwise;
7
•   broker-dealers
        may agree with the selling stockholders to sell a specified number of such
        shares at a stipulated price per share;
•   a
        combination of any such methods of sale; and
•   any
        other method permitted pursuant to applicable law.
In
      connection with the sale of our
      shares or interests therein, the selling stockholders may enter into hedging
      transactions with broker-dealers or other financial institutions, which may
      in
      turn engage in short sales of our shares in the course of hedging the positions
      they assume with the selling stockholders.  The selling stockholders
      may also enter into option or other transactions with broker-dealers or other
      financial institutions or the creation of one or more derivative securities
      which require the delivery to such broker-dealer or other financial institution
      of shares offered by this Reoffer Prospectus, which shares such broker-dealer
      or
      other financial institution may resell pursuant to this prospectus (as
      supplemented or amended to reflect such transaction).
The
      aggregate proceeds to the selling
      stockholder from the sale of our shares offered by them will be the purchase
      price of our shares less discounts or commissions, if any. Each of the selling
      stockholders reserves the right to accept and, together with their agents from
      time to time, to reject, in whole or in part, any proposed purchase of our
      shares to be made directly or through agents. We will not receive any of the
      proceeds from this offering.
The
      selling stockholders also may
      resell all or a portion of the shares in open market transactions in reliance
      upon Rule 144 under the Securities Act, provided that they meet the criteria
      and
      conform to the requirements of that rule.
The
      selling stockholders and any
      underwriters, broker-dealers or agents that participate in the sale of our
      shares or interests therein may be "underwriters" within the meaning of Section
      2(a)(11) of the Securities Act.  Any discounts, commissions,
      concessions or profits they earn on any resale of the shares may be underwriting
      discounts and commissions under the Securities Act.
To
      the extent required, the shares to
      be sold, the names of the selling stockholders, the respective purchase prices
      and public offering prices, the names of any agents, dealers or underwriters,
      any applicable commissions or discounts with respect to a particular offer
      will
      be set forth in an accompanying prospectus supplement or, if appropriate, a
      post-effective amendment to the registration statement that includes this
      prospectus.
In
      order to comply with the securities
      laws of some states, if applicable, our
shares
      may be sold in these jurisdictions only through registered or licensed brokers
      or dealers. In addition, in some states our shares may not be sold unless it
      has
      been registered or qualified for sale or an exemption from registration or
      qualification requirements is available and is complied with.
8
We
      have advised the selling
      stockholders that the anti-manipulation rules of Regulation M under the Exchange
      Act may apply to sales of shares in the market and to the activities of the
      selling stockholders and their affiliates. In addition, we will make copies
      of
      this prospectus (as it may be supplemented or amended from time to time)
      available to the selling stockholders for the purpose of satisfying the
      prospectus delivery requirements of the Securities Act. The selling stockholders
      may indemnify any broker-dealer that participates in transactions involving
      the
      sale of the shares against certain liabilities, including liabilities arising
      under the Securities Act.
Legal
      Matters
The
      validity of the shares offered hereby has been passed upon for the Company
      by
      Mitchell B. Kleinman, General Counsel of the Company.  As of April 20,
      2007, Mr. Kleinman was the beneficial owner of 291,358 shares of Common
      Stock.
Where
        You Can Find More Information About Us
This
      prospectus is a part of a registration statement on Form S-8, which we
      filed with the SEC under the Securities Act. It omits some of the information
      set forth in the registration statement. You can find additional information
      about us in the registration statement. Copies of the registration statement
      are
      on file at the offices of the SEC. You may obtain them by paying the prescribed
      fee or you may examine them without charge at the SEC's public reference
      facilities described below.
We
      are
      subject to the informational requirements of the Exchange Act and as required
      by
      the Exchange Act, we file reports, proxy statements and other information with
      the SEC. You may inspect these reports, proxy statements and other information
      without charge and copy them at the Public Reference Room maintained by the
      SEC
      at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on
      the
      operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330.
      The
      information we file with the SEC is also available through the SEC's web site
(
http://www.sec.gov
)
and our web site (
http://www.kbw.com
).
Indemnification
        of Directors and Officers
Section 145
      of the Delaware General Corporation Law provides that a corporation may
      indemnify directors and officers as well as other employees and individuals
      against expenses (including attorneys' fees), judgments, fines and amounts paid
      in settlement actually and reasonably incurred by such person in connection
      with
      any threatened, pending or completed actions, suits or proceedings in which
      such
      person is made a party by reason of such person being or having been a director,
      officer, employee or agent to the Registrant.  The Delaware General
      Corporation Law provides that Section 145 is not exclusive of other rights
      to which those seeking indemnification may be entitled under any bylaw,
      agreement, vote of stockholders or disinterested directors or
      otherwise.  The Company's Certificate of Incorporation provides for
      indemnification by the Company of its directors, officers and employees to
      the
      fullest extent permitted by the Delaware General Corporation Law.
9
Section 102(b)(7)
      of the Delaware General Corporation Law permits a corporation to provide in
      its
      certificate of incorporation that a director of the corporation shall not be
      personally liable to the corporation or its stockholders for monetary damages
      for breach of fiduciary duty as a director, except for liability (i) for
      any breach of the director's duty of loyalty to the corporation or its
      stockholders, (ii) for acts or omissions not in good faith or which involve
      intentional misconduct or a knowing violation of law, (iii) for unlawful
      payments of dividends or unlawful stock repurchases, redemptions or other
      distributions, or (iv) for any transaction from which the director derived
      an improper personal benefit.  The Company's Certificate of
      Incorporation and By-laws provides for such limitation of liability to the
      fullest extent permitted by the Delaware General Corporation Law.
The
      Company maintains standard policies of insurance under which coverage is
      provided (a) to its directors and officers against loss rising from claims
      made by reason of breach of duty or other wrongful act, while acting in their
      capacity as directors and officers of the Company, and (b) to the Company
      with respect to payments which may be made by the Company to such officers
      and
      directors pursuant to any indemnification provision contained in the Company's
      Certificate of Incorporation or otherwise as a matter of law.
Insofar
      as indemnification for liabilities arising under the Securities Act may be
      permitted to directors, officers or persons controlling the registrant pursuant
      to the foregoing provisions, the registrant has been informed that in the
      opinion of the Securities and Exchange SEC such indemnification is against
      public policy as expressed in the Act and is therefore
      unenforceable.
PART
      II
INFORMATION
      REQUIRED IN THE REGISTRATION STATEMENT
Item
        3.  Incorporation of Certain Documents by
        Reference.
The
      following documents, which have been filed with the Securities and Exchange
      Commission (the "SEC") by KBW, Inc., a Delaware corporation (the "Company"),
      pursuant to the Securities Act of 1933, as amended (the "Securities Act") and
      the Securities Exchange Act of 1934, as amended (the "Exchange Act"), as
      applicable, are hereby incorporated by reference in, and shall be deemed to
      be a
      part of, this registration statement:
(1)
the
                Annual Report on Form 10-K for the year ended December 31, 2006 (File
                No.
                001-33138), which was filed with the SEC on April 2, 2007 (the "Annual
                Report"); and
(2)
each
                of the Current Reports on Form 8-K dated February 1, 2007, February
                8,
                2007 and February 20, 2007, respectively;
                and
(3)
the
                description of the Company's common stock contained in the Company's
                Registration Statement on Form S-1 (File No. 333-136509), filed with
                the
                SEC on August 11, 2006, as amended, which description is incorporated
                by
                reference into the Form 8-A filed with the SEC on November 8, 2006,
                pursuant to the Exchange Act, and any amendment or report filed for
                the
                purpose of further updating such
                description.
All
      documents subsequently filed by the Company pursuant to Sections 13(a), 13(c),
      14 and 15(d) of the Exchange Act, subsequent to the date of this registration
      statement and prior to the filing of a post-effective amendment to this
      registration statement that indicates that all securities offered under this
      registration statement have been sold or which deregisters all such securities
      then remaining unsold, shall be deemed to be incorporated by reference in this
      registration statement and to be a part hereof from the date of filing of such
      documents.
10
Any
      statement contained in a document incorporated or deemed to be incorporated
      by
      reference herein shall be deemed to be modified or superseded for purposes
      of
      this registration statement to the extent that a statement contained herein
      (or
      in any other subsequently filed document which also is incorporated or deemed
      to
      be incorporated by reference herein), modifies or supersedes such statement.
      Any
      such statement so modified or superseded shall not be deemed, except as so
      modified or superseded, to constitute a part of this registration
      statement.
Item
        4.  Description of Securities.
Not
      applicable.
Item
        5.  Interests of Named Experts and
        Counsel.
The
      legality of the shares offered hereby has been passed upon for the Company
      by
      Mitchell B. Kleinman, General Counsel of the Company.  As of April 20,
      2007, Mr. Kleinman was the beneficial owner of 291,358 shares of Common
      Stock.
The
      consolidated financial statements of the Company as of December 31, 2006
      and 2005 and for each of the years in the three-year period ended
      December 31, 2006, are included in the Company's Annual Report which is
      incorporated by reference in this registration statement, in reliance upon
      the report of KPMG LLP, independent registered public accounting firm, included
      therein, and upon authority of said firm as experts in accounting and
      auditing.
Item
        6.  Indemnification of Directors and
        Officers.
Section 145
      of the Delaware General Corporation Law provides that a corporation may
      indemnify directors and officers as well as other employees and individuals
      against expenses (including attorneys' fees), judgments, fines and amounts paid
      in settlement actually and reasonably incurred by such person in connection
      with
      any threatened, pending or completed actions, suits or proceedings in which
      such
      person is made a party by reason of such person being or having been a director,
      officer, employee or agent to the Registrant.  The Delaware General
      Corporation Law provides that Section 145 is not exclusive of other rights
      to which those seeking indemnification may be entitled under any bylaw,
      agreement, vote of stockholders or disinterested directors or
      otherwise.  The Company's Certificate of Incorporation provides for
      indemnification by the Company of its directors, officers and employees to
      the
      fullest extent permitted by the Delaware General Corporation Law.
Section 102(b)(7)
      of the Delaware General Corporation Law permits a corporation to provide in
      its
      certificate of incorporation that a director of the corporation shall not be
      personally liable to the corporation or its stockholders for monetary damages
      for breach of fiduciary duty as a director, except for liability (i) for
      any breach of the director's duty of loyalty to the corporation or its
      stockholders, (ii) for acts or omissions not in good faith or which involve
      intentional misconduct or a knowing violation of law, (iii) for unlawful
      payments of dividends or unlawful stock repurchases, redemptions or other
      distributions, or (iv) for any transaction from which the director derived
      an improper personal benefit.  The Company's Certificate of
      Incorporation and By-laws provides for such limitation of liability to the
      fullest extent permitted by the Delaware General Corporation Law.
11
The
      Company maintains standard policies of insurance under which coverage is
      provided (a) to its directors and officers against loss rising from claims
      made by reason of breach of duty or other wrongful act, while acting in their
      capacity as directors and officers of the Company, and (b) to the Company
      with respect to payments which may be made by the Company to such officers
      and
      directors pursuant to any indemnification provision contained in the Company's
      Certificate of Incorporation or otherwise as a matter of law.
Item
        7.  Exemption from Registration Claimed.
Not
      applicable.
Item
        8.  Exhibits.
4.1
Second
                Amended and Restated Certificate of Incorporation of KBW, Inc.
                (incorporated by reference to Exhibit 3.1 to the Company's Quarterly
                Report on Form 10-Q, filed on December 18,
                2006).
4.2
Amended
                and Restated Bylaws of KBW, Inc. (incorporated by reference to
                Exhibit 3.2 to the Company's Quarterly Report on Form 10-Q, filed on
                December 18, 2006).
4.3
Specimen
                Common Stock Certificate of KBW, Inc. (incorporated by reference
                to the
                Company's Registration Statement on Form S-1/A (Registration No.
                333-136509) filed on September 28,
                2006).
4.4
Second
                Amended and Restated Stockholders' Agreement (incorporated by reference to
                Exhibit 4.1 to the Company's Quarterly Report on Form 10-Q, filed on
                December 18,
                2006).
5.1
Opinion
                of Mitchell B. Kleinman, General Counsel of the
                Company.
23.1
Consent
                of KPMG LLP.
24.1
Power
                of Attorney (included on signature page to this registration
                statement).
99.1
KBW,
                Inc. 2006 Equity Incentive Plan (incorporated by reference to Exhibit
                10.4
                to the Company's Quarterly Report on Form 10-Q, filed on December 18,
                2006).
Item
        9.  Undertakings.
(a)
      The
      undersigned Registrant hereby undertakes:
(1)
      To
      file, during any period in which offers or sales are being made, a
      post-effective amendment to this registration statement:
12
(i)
      To
      include any prospectus required by Section 10(a)(3) of the Securities
      Act;
(ii)
      To
      reflect in the prospectus any facts or events arising after the effective date
      of the registration statement (or the most recent post-effective amendment
      thereof) which, individually or in the aggregate, represent a fundamental change
      in the information in the registration statement.  Notwithstanding the
      foregoing, any increase or decrease in volume of securities offered (if the
      total dollar value of securities offered would not exceed that which was
      registered) and any deviation from the low or high end of the estimated maximum
      offering range may be reflected in the form of prospectus filed with the
      Securities Exchange SEC pursuant to Rule 424(b) if, in the aggregate, the
      changes in volume and price represent no more than a 20% change in the maximum
      aggregate offering price set forth in the "Calculation of Registration Fee"
table in the effective registration statement; and
(iii)
      To
      include any material information with respect to the plan of distribution not
      previously disclosed in the registration statement or any material change to
      such information in the registration statement;
(2)
      That,
      for the purpose of determining any liability under the Securities Act, each
      such
      post-effective amendment shall be deemed to be a new registration statement
      relating to the securities offered therein, and the offering of such securities
      at that time shall be deemed to be the initial
bona fide
offering
      thereof; and
(3)
      To
      remove from registration by means of a post-effective amendment any of the
      securities being registered which remain unsold at the termination of the
      offering;
provided,
      however, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do
      not apply if the information required to be included in a post-effective
      amendment by those paragraphs is contained in periodic reports filed with or
      furnished to the SEC by the registrant pursuant to section 13 or section
      15(d) of the Exchange Act that are incorporated by reference in the
      registration statement.
(b)
      The
      undersigned registrant hereby undertakes that, for purposes of determining
      any
      liability under the Securities Act, each filing of the registrant's annual
      report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where
      applicable, each filing of an employee benefit plan's annual report pursuant to
      Section 15(d) of the Exchange Act), that is incorporated by reference in the
      registration statement shall be deemed to be a new registration statement
      relating to the securities offered therein, and the offering of such securities
      at that time shall be deemed to be the initial bona fide offering
      thereof.
13
(c)  Insofar
      as indemnification for liabilities arising under the Securities Act may be
      permitted to directors, officers and controlling persons of the registrant
      pursuant to the foregoing provisions, or otherwise, the registrant has been
      advised that in the opinion of the Securities and Exchange Commission such
      indemnification is against public policy as expressed in the Securities Act
      and
      is, therefore, unenforceable. In the event that a claim for indemnification
      against such liabilities (other than the payment by the registrant of expenses
      incurred or paid by a director, officer or controlling person of the registrant
      in the successful defense of any action, suit or proceeding) is asserted by
      such
      director, officer or controlling person in connection with the securities being
      registered, the registrant will, unless in the opinion of its counsel the matter
      has been settled by controlling precedent, submit to a court of appropriate
      jurisdiction the question whether such indemnification by it is against public
      policy as expressed in the Securities Act and will be governed by the final
      adjudication of such issue.
14
SIGNATURES
Pursuant
      to the requirements of the Securities Act, the Company certifies that it has
      reasonable grounds to believe that it meets all of the requirements for filing
      this registration statement and has duly caused this registration statement
      to
      be signed on its behalf by the undersigned, thereunto duly authorized, in the
      City of New York, State of New York, on the 20
th
day of
      April,
      2007.
KBW,
                INC.
By:
/s/
              M
itchell
              B. Kleinman
Name  
M
itchell
              B. Kleinman
Title
General
              Counsel
POWER
      OF ATTORNEY
KNOW
      ALL
      MEN BY THESE PRESENTS, that each person whose signature appears below,
      constitutes and appoints, each of Mitchell B. Kleinman and Robert Giambrone
      his
      true and lawful attorney-in-fact and agent, with full power of substitution
      and
      resubstitution, to do any and all acts and things and execute, in the name
      of
      the undersigned, any and all instruments which said attorney-in-fact and agent
      may deem necessary or advisable in order to enable the Company to comply with
      the Securities Act, and any requirements of the SEC in respect thereof, in
      connection with the filing with the SEC of this registration statement on Form
      S-8 under the Securities Act, including specifically but without limitation,
      power and authority to sign the name of the undersigned to such registration
      statement, and any amendments to such registration statement (including
      post-effective amendments), and to file the same with all exhibits thereto
      and
      other documents in connection therewith, with the SEC and any applicable
      securities exchange or securities regulatory body, to sign any and all
      applications, registration statements, notices or other documents necessary
      or
      advisable to comply with applicable securities laws, including without
      limitation state securities laws, and to file the same, together with other
      documents in connection therewith with the appropriate authorities, including
      without limitation state securities authorities, granting unto said
      attorney-in-fact and agent, full power and authority to do and to perform each
      and every act and thing requisite or necessary to be done in and about the
      premises, as fully and to all intents and purposes as the undersigned might
      or
      could do in person, hereby ratifying and confirming all that said
      attorney-in-fact and agent, or his substitute, may lawfully do or cause to
      be
      done by virtue hereof.
Pursuant
      to the requirements of the Securities Act, as amended, this registration
      statement has been signed by the following persons in the capacities and on
      April 20
th
2007.
15
/s/
                    John G. Duffy
/s/
                    Andrew M. Senchak
John
                      G. Duffy
Director,
                      Chairman and Chief Executive Officer
Andrew
                      M. Senchak
Director,
                      Vice Chairman, President and Co-Head of Investment
                      Banking
/s/
Thomas B. Michaud
/s/
Daniel M. Healy
Thomas
                      B. Michaud
Director,
                      Vice Chairman, Chief Operating Officer, President of Keefe,
                      Bruyette &
                      Woods, Inc.
Daniel
                      M. Healy
Director
/s/
Robert Giambrone
/s/
Christopher
                    M. Condron
Robert
                      Giambrone
Chief
                      Financial and Administrative Officer
Christopher
                      M. Condron
Director
16
INDEX
      TO EXHIBITS
4.1
Second
                Amended and Restated Certificate of Incorporation of KBW, Inc.
                (incorporated by reference to Exhibit 3.1 to the Company's Quarterly
                Report on Form 10-Q, filed on December 18,
                2006).
4.2
Amended
                and Restated Bylaws of KBW, Inc. (incorporated by reference to
                Exhibit 3.2 to the Company's Quarterly Report on Form 10-Q, filed on
                December 18, 2006).
4.3
Specimen
                Common Stock Certificate of KBW, Inc. (incorporated by reference
                to the
                Company's Registration Statement on Form S-1/A (Registration No.
                333-136509) filed on September 28,
                2006).
4.4
Second
                Amended and Restated Stockholders' Agreement (incorporated by reference to
                Exhibit 4.1 to the Company's Quarterly Report on Form 10-Q, filed on
                December 18, 2006).
5.1
Opinion
                of Mitchell B. Kleinman, General Counsel of the
                Company.
23.1
Consent
                of KPMG LLP.
24.1
Power
                of Attorney (included on signature page to this registration
                statement).
99.1
KBW,
                Inc. 2006 Equity Incentive Plan (incorporated by reference to Exhibit
                10.4
                to the Company's Quarterly Report on Form 10-Q, filed on December 18,
                2006).
17