Item 5.04 Temporary Suspension of Trading Under Registrant's Employee Benefit Plans.

Pursuant to Regulation BTR (Blackout Trading Restriction), Piper Jaffray Companies (the "Company") notified its directors and executive officers today of a blackout period during which employees of the Company will not be able to make any changes to their investments in the Piper Jaffray Companies Retirement Plan (the "Plan") or obtain loans or distributions from the Plan. The notice also informed the directors and executive officers that they are generally prohibited from trading during the blackout period any Company equity securities acquired in connection with service as a director or executive officer of the Company. This blackout period is due to a change in the third party administrator for the Plan from Milliman to Wells Fargo Retirement Plan Solutions, effective October 1, 2008.

The blackout period will begin during the week of September 21, 2008 and is expected to end during the week of October 12, 2008. During the blackout period and for a period of two years after the ending date of the blackout period, interested parties, including shareholders, may obtain, without charge, the actual beginning and ending dates of the blackout period by contacting James L. Chosy, General Counsel and Secretary, Piper Jaffray Companies, 800 Nicollet Mall, Suite 800, Mail Stop J09N05, Minneapolis, MN 55402. The person designated by the Company to respond to inquiries about the blackout period is Anne Johnson, Head of Human Resources, and her phone number is (612) 303-8092 and her address is 800 Nicollet Mall, Suite 800, Mail Stop J09N04, Minneapolis, MN 55402.

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