SEC FORM 13F-HR

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE

OMB APPROVAL
OMB Number:3235-0006
Expires:Oct 31, 2018
Estimated average burden
hours per response:23.8

Report for the Calendar Year or Quarter Ended:09-30-2016
Check here if Amendment  Amendment Number:
This Amendment (Check only one.):  is a restatement.
  adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name:COWEN GROUP, INC.
Address:599 LEXINGTON AVENUE, 20TH FLOOR
NEW YORK, NY  10022
Form 13F File Number:028-14571

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name:Owen Littman
Title:General Counsel
Phone:212-201-4841
Signature, Place, and Date of Signing:
/s/ Owen LittmanNew YorkNY11-10-2016
[Signature][City, State][Date]
Report Type (Check only one.):
X13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
  13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
  13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)
Form 13F Summary Page
Report Summary:
Number of Other Included Managers:2
Form 13F Information Table Entry Total:238
Form 13F Information Table Value Total:1,716,094
(thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]
No.Form 13F File NumberName
1028-10674RAMIUS ADVISORS LLC
2028-04125COWEN & COMPANY, LLC

SEC FORM 13-F Information Table

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL
OMB Number:3235-0006
Expires:Oct 31, 2018
Estimated average burden
hours per response:23.8

COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
3M COCOM88579Y1013692,096SH DFND12,09600
AARONS INCCOM PAR $0.500025353001,15545,440SH DFND145,44000
ABBOTT LABSCOM0028241002,77865,700SHCallDFND165,70000
ACTIVISION BLIZZARD INCCOM00507V1093,22772,846SH DFND172,84600
AGENUS INCCOM NEW00847G70535950,000SH DFND250,00000
AGENUS INCCOM NEW00847G70557479,900SHPutDFND279,90000
ALEXION PHARMACEUTICALS INCCOM0153511097356,000SH DFND16,00000
ALIBABA GROUP HLDG LTDSPONSORED ADS01609W10222,766215,200SHCallDFND1215,20000
ALLERGAN PLCSHSG0177J1084,84621,041SH DFND121,04100
ALLIANCE DATA SYSTEMS CORPCOM0185811085362,500SH DFND12,50000
ALNYLAM PHARMACEUTICALS INCCOM02043Q1072714,000SH DFND24,00000
ALNYLAM PHARMACEUTICALS INCCOM02043Q10791513,500SHCallDFND213,50000
ALNYLAM PHARMACEUTICALS INCCOM02043Q10767810,000SHPutDFND210,00000
ALPHABET INCCAP STK CL A02079K3051,3351,660SH DFND11,66000
ALPHABET INCCAP STK CL C02079K1072,4973,213SH DFND13,21300
AMAZON COM INCCOM02313510614,12016,863SH DFND116,86300
AMERICAN CAP LTDCOM02503Y10367,9804,020,130SH DFND14,020,13000
AMERICAN INTL GROUP INCCOM NEW02687478480613,579SH DFND113,57900
AMGEN INCCOM0311621005903,539SH DFND13,53900
AMGEN INCCOM03116210083500SHCallDFND250000
APOLLO ED GROUP INCCL A0376041054,748597,300SHPutDFND1597,30000
APPLE INCCOM0378331001,13010,000SH DFND110,00000
APPLE INCCOM0378331001,24411,000SHCallDFND111,00000
BARCLAYS BK PLCIPATH S&P500 VIX06740Q2522567,500SHPutDFND27,50000
BARINGTON HILCO ACQUISITIONCOM06759V10137837,500SH DFND237,50000
BATS GLOBAL MKTS INCCOM05491G1091,58552,592SH DFND152,59200
BCE INCCOM NEW05534B7605,186112,302SH DFND1112,30200
BELMOND LTDCL AG1154H10756844,700SHCallDFND144,70000
BELMOND LTDCL AG1154H1074,033317,300SH DFND1317,30000
BLACKROCK CORPOR HI YLD FD ICOM09255P10784377,910SH DFND177,91000
BOARDWALK PIPELINE PARTNERSUT LTD PARTNER09662710426515,425SH DFND115,42500
BOULEVARD ACQUISITIONUNIT 99/99/999910157Q2011,168114,438SH DFND2114,43800
BOYD GAMING CORPCOM1033041011,55378,496SH DFND178,49600
BRISTOL MYERS SQUIBB COCOM1101221082,42645,000SHCallDFND245,00000
BROADSOFT INCCOM11133B40981517,500SH DFND117,50000
BUCKEYE PARTNERS L PUNIT LTD PARTN1182301011,28317,915SH DFND117,91500
CADENCE DESIGN SYSTEM INCCOM12738710875329,500SH DFND129,50000
CAPITAL ONE FINL CORPCOM14040H1053595,000SH DFND15,00000
CAPITOL ACQUISITION CORP IIICOM14055M10620320,586SH DFND220,58600
CATALYST PHARMACEUTICALS INCCOM14888U10125106,250SH DFND2106,25000
CBOE HLDGS INCCOM12503M10828,378437,600SHCallDFND1437,60000
CF CORPSHS CL AG2030710756057,167SH DFND257,16700
CIGNA CORPORATIONCOM1255091094,78136,686SH DFND136,68600
CITRIX SYS INCCOM1773761001,23714,521SH DFND114,52100
COMCAST CORP NEWCL A20030N10199815,037SH DFND115,03700
CONAGRA FOODS INCCOM2058871021,50331,899SH DFND131,89900
CORNING INCCOM2193501054,010169,559SH DFND1169,55900
COSTCO WHSL CORP NEWCOM22160K1053902,556SH DFND12,55600
COTY INCCOM CL A2220702031,23053,000SH DFND153,00000
COTY INCCOM CL A22207020363527,000SHCallDFND227,00000
COVENANT TRANSN GROUP INCCL A22284P10529015,000SH DFND115,00000
COWEN GROUP INC NEWCL A22362210114,0883,880,939SH DFND13,880,93900
CYNAPSUS THERAPEUTICS INCCOM PAR NO PAR23257Y8595,827144,833SH DFND1144,83300
DANAHER CORP DELCOM2358511022002,556SH DFND12,55600
DELL TECHNOLOGIES INCCOM CL V24703L1031,22825,682SH DFND125,68200
DISNEY WALT COCOM DISNEY2546871064,61049,640SH DFND149,64000
DOLLAR GEN CORP NEWCOM2566771051,77325,338SH DFND125,33800
DOLLAR TREE INCCOM2567461081,84323,345SH DFND123,34500
DOUBLE EAGLE ACQUISITION CORCOMG28195124981100,000SH DFND2100,00000
DOW CHEM COCOM2605431032,08640,252SH DFND140,25200
DU PONT E I DE NEMOURS & COCOM2635341095,45881,500SHPutDFND181,50000
DYNAVAX TECHNOLOGIES CORPCOM NEW26815820110510,000SH DFND110,00000
DYNAVAX TECHNOLOGIES CORPCOM NEW268158201737,000SHCallDFND27,00000
ELECTRONIC ARTS INCCOM2855121096,87180,456SH DFND180,45600
ELECTRUM SPL ACQUISITION COR*W EXP 99/99/999G3105C112313,500SH DFND213,50000
ENERGY TRANSFER PRTNRS L PUNIT LTD PARTN29273R1091,06628,818SH DFND128,81800
ENTERPRISE PRODS PARTNERS LCOM2937921071,006987,400SH DFND1987,40000
ENVISION HEALTHCARE HLDGS INCOM29413U10324,8111,114,090SH DFND11,114,09000
FACEBOOK INCCL A30303M1022,03115,833SH DFND115,83300
GAMING & LEISURE PPTYS INCCOM36467J1085,043150,765SH DFND1150,76500
GENERAL DYNAMICS CORPCOM3695501085863,778SH DFND13,77800
GENESIS ENERGY L PUNIT LTD PARTN37192710457015,000SHCallDFND215,00000
GILEAD SCIENCES INCCOM3755581035,93475,000SHCallDFND175,00000
GILEAD SCIENCES INCCOM37555810379110,000SH DFND110,00000
GLOBALSTAR INCCOM3789734083025,000SH DFND225,00000
GOODYEAR TIRE & RUBR COCOM38255010138812,014SH DFND 12,01400
GORES HLDGS INC*W EXP 08/13/202382866119531442,530SH DFND2442,53000
GORES HLDGS INCUNIT 99/99/999938286620036729,858SH DFND229,85800
GP INVTS ACQUISITION COR*W EXP 05/19/202G40357108105165,255SH DFND2165,25500
HAIN CELESTIAL GROUP INCCOM4052171002677,500SH DFND17,50000
HCA HOLDINGS INCCOM40412C10139340,000SHCallDFND240,00000
HENNESSY CAP ACQUISITION CORCOM42588J1002,896294,573SH DFND2294,57300
HOLLYFRONTIER CORPCOM43610610885835,000SH DFND235,00000
HOLLYFRONTIER CORPCOM4361061081,49761,100SHPutDFND261,10000
HUMANA INCCOM4448591023,13317,712SH DFND117,71200
HUNTINGTON INGALLS INDS INCCOM4464131063922,556SH DFND12,55600
HYDRA INDS ACQUISITION CORPCOM44874010080180,454SH DFND280,45400
IAC INTERACTIVECORPCOM44919P5081,81229,000SH DFND129,00000
IMPERVA INCCOM45321L10021,905407,839SH DFND1407,83900
IMPERVA INCCOM45321L10015,667291,700SHPutDFND1291,70000
IMPERVA INCCOM45321L10018,283340,400SHCallDFND1340,40000
INFINERA CORPORATIONCOM45667G1031,014112,300SH DFND1112,30000
INFOBLOX INCCOM45672H1041,47480,992SH DFND180,99200
INGRAM MICRO INCCL A45715310424,855696,996SH DFND1696,99600
INTEL CORPCOM45814010099826,427SH DFND126,42700
INTERNATIONAL BUSINESS MACHSCOM4592001017154,500SH DFND14,50000
INTERSIL CORPCL A46069S10915,027685,222SH DFND1685,22200
INTERSIL CORPCL A46069S1097,470340,600SHCallDFND1340,60000
ISHARESMSCI CDA ETF4642865094,832188,100SHCallDFND1188,10000
ISHARESMSCI JAPAN ETF46428684814,0081,117,100SHCallDFND11,117,10000
ISHARESMSCI MEX CAP ETF4642868222,15344,400SHCallDFND144,40000
ISHARESMSCI MEX CAP ETF4642868221,45430,000SHPutDFND130,00000
ISHARESMSCI TURKEY ETF4642867152,37862,800SHPutDFND162,80000
ISHARES TRCHINA LG-CAP ETF4642871842,10255,300SHCallDFND155,30000
ISHARES TRRUSSELL 2000 ETF464287655140,2191,128,900SHPutDFND11,128,90000
JOHNSON CTLS INTL PLCSHSG5150210568114,646SH DFND114,64600
JONES ENERGY INCCOM CL A48019R1089426,521SH DFND226,52100
JOY GLOBAL INCCOM4811651086,117220,524SH DFND1220,52400
KATE SPADE & COCOM4858651092,623153,127SH DFND1153,12700
KINDER MORGAN INC DEL*W EXP 05/25/20149456B119332,213,538SH DFND22,213,53800
KITE PHARMA INCCOM49803L1091,67630,000SHPutDFND230,00000
KLR ENERGY ACQUISITION CORP*W EXP 09/16/20249877M1161022,825SH DFND222,82500
L BRANDS INCCOM5017971041,00514,197SH DFND114,19700
L-3 COMMUNICATIONS HLDGS INCCOM5024241042001,329SH DFND11,32900
LEXMARK INTL INCCL A5297711079,123228,291SH DFND1228,29100
LEXMARK INTL INCCL A52977110716,735418,800SHPutDFND1418,80000
LIBERTY BROADBAND CORPCOM SER C5303073052,09929,359SH DFND129,35900
LIBERTY INTERACTIVE CORPQVC GP COM SER A53071M10458329,154SH DFND129,15400
LIBERTY MEDIA CORP DELAWARECOM A SIRIUSXM5312294092,61977,071SH DFND177,07100
LIMELIGHT NETWORKS INCCOM53261M104234125,000SH DFND1125,00000
LINDBLAD EXPEDITIONS HLDGS I*W EXP 07/08/202535219117196100,986SH DFND2100,98600
LINEAR TECHNOLOGY CORPCOM53567810676,6951,293,565SH DFND11,293,56500
LINKEDIN CORPCOM CL A53578A108227,4781,190,235SH DFND11,190,23500
LINKEDIN CORPCOM CL A53578A1088604,500SHCallDFND14,50000
LIONS GATE ENTMNT CORPCOM NEW5359192037,096355,000SHCallDFND1355,00000
LIVE NATION ENTERTAINMENT INCOM53803410960321,952SH DFND121,95200
LOCKHEED MARTIN CORPCOM5398301095762,403SH DFND12,40300
LSC COMMUNICATIONS INCCOM50218P10759415,877SH DFND215,87700
LULULEMON ATHLETICA INCCOM55002110978812,929SH DFND112,92900
M III ACQUISITION CORPUNIT 99/99/9999T55378T2031,137116,050SH DFND2116,05000
MADISON SQUARE GARDEN CO NEWCL A55825T1031,0256,051SH DFND16,05100
MAGELLAN MIDSTREAM PRTNRS LPCOM UNIT RP LP5590801066078,584SH DFND18,58400
MARRIOTT INTL INC NEWCL A5719032021,78426,500SHCallDFND226,50000
MCKESSON CORPCOM58155Q1036674,000SH DFND24,00000
MCKESSON CORPCOM58155Q1031,66810,000SHPutDFND210,00000
MEDIA GEN INC NEWCOM58441K10016,454892,782SH DFND1892,78200
MERCK & CO INCCOM58933Y1051,12318,000SH DFND218,00000
MERCK & CO INCCOM58933Y1051,24820,000SHPutDFND220,00000
METLIFE INCCOM59156R1082,44455,000SHCallDFND255,00000
MGM RESORTS INTERNATIONALCOM5529531012,884110,781SH DFND1110,78100
MICHAEL KORS HLDGS LTDSHSG607541011,48931,833SH DFND131,83300
MICRON TECHNOLOGY INCCOM5951121032,955166,202SH DFND1166,20200
MOLSON COORS BREWING COCL B60871R2097,25466,064SH DFND166,06400
MOLSON COORS BREWING COCL B60871R2094,15037,800SHCallDFND137,80000
MONDELEZ INTL INCCL A6092071054,558103,836SH DFND1103,83600
MONRO MUFFLER BRAKE INCCOM61023610188914,536SH DFND114,53600
MONSANTO CO NEWCOM61166W10120,583201,400SHCallDFND1201,40000
MONSANTO CO NEWCOM61166W10111,716114,636SH DFND1114,63600
MOTOROLA SOLUTIONS INCCOM NEW6200763071,79323,506SH DFND123,50600
NETFLIX INCCOM64110L1068488,600SHPutDFND18,60000
NEW YORK REIT INCCOM64976L10964170,000SH DFND170,00000
NEXEO SOLUTIONS INCUNIT 06/11/201965342H201989111,591SH DFND2111,59100
NEXVET BIOPHARMA PUB LTD COORD SHSG6503X1096114,642SH DFND114,64200
NOBLE CORP PLCSHS USDG654311011,07230,000SHCallDFND230,00000
NORTHROP GRUMMAN CORPCOM6668071025802,709SH DFND12,70900
NORTHSTAR ASSET MGMT GROUP ICOM66705Y10411,494888,972SH DFND1888,97200
NORTHSTAR RLTY FIN CORPCOM66704R8032,555194,000SHPutDFND1194,00000
NORWEGIAN CRUISE LINE HLDGSSHSG667211041,47839,210SH DFND139,21000
NOVAVAX INCCOM670002104209100,300SH DFND2100,30000
NOVAVAX INCCOM670002104208100,300SHPutDFND2100,30000
NVIDIA CORPCOM67066G1041,18917,348SH DFND117,34800
NXP SEMICONDUCTORS N VCOMN6596X1091,46614,375SH DFND114,37500
NXSTAGE MEDICAL INCCOM67072V10350020,000SHCallDFND220,00000
OCULAR THERAPEUTIX INCCOM67576A10060387,825SH DFND187,82500
ONEOK PARTNERS LPUNIT LTD PARTN68268N1033308,250SH DFND18,25000
ORGANOVO HLDGS INCCOM68620A10423963,000SH DFND163,00000
PAYPAL HLDGS INCCOM70450Y1031,06325,941SH DFND125,94100
PBF ENERGY INCCL A69318G10622610,000SHCallDFND210,00000
PENN NATL GAMING INCCOM7075691091,696124,998SH DFND1124,99800
PENN NATL GAMING INCCOM7075691091,11582,200SHCallDFND182,20000
PFIZER INCCOM71708110372821,500SH DFND221,50000
PFIZER INCCOM7170811031,35540,000SHCallDFND240,00000
PFIZER INCCOM7170811031,35540,000SHPutDFND240,00000
PINNACLE ENTMT INC NEWCOM72348Y10596578,176SH DFND178,17600
POST HLDGS INCCOM7374461041,65221,403SH DFND121,40300
POWERSHARES ETF TRUST IISENIOR LN PORT73936Q76914,476623,700SHPutDFND1623,70000
PRICELINE GRP INCCOM NEW7415034031,374934SH DFND193400
PROSHARES TRPSHS ULSHT SP50074347B3002,678163,375SH DFND1163,37500
PROSPECT CAPITAL CORPORATIONCOM74348T10280899,700SHPutDFND199,70000
PRUDENTIAL SHT DURATION HG YCOM74442F10768843,000SH DFND143,00000
PVH CORPCOM6936561002,56723,231SH DFND123,23100
RACKSPACE HOSTING INCCOM75008610013,859437,322SH DFND1437,32200
RADIUS HEALTH INCCOM NEW7504692073526,500SH DFND16,50000
RAYTHEON COCOM NEW7551115079867,243SH DFND17,24300
RESTORATION HARDWARE HLDGS ICOM7612831001,01829,428SH DFND129,42800
RITE AID CORPCOM7677541045,005650,886SH DFND1650,88600
RITE AID CORPCOM767754104172,200SHPutDFND22,20000
SABAN CAP ACQUISITION CORPUNIT 99/99/999978516C20524023,832SH DFND223,83200
SCHWAB CHARLES CORP NEWCOM80851310553717,000SH DFND117,00000
SCIENTIFIC GAMES CORPCL A80874P1093,116276,509SH DFND1276,50900
SELECT SECTOR SPDR TRSBI CONS STPLS81369Y30810,993206,600SHPutDFND1206,60000
SHIRE PLCSPONSORED ADR82481R1069695,000SH DFND15,00000
SHUTTERFLY INCCOM82568P3043457,726SH DFND17,72600
SILVER RUN ACQUISITION CORP*W EXP 02/23/20282811P119739133,190SH DFND2133,19000
SILVER RUN ACQUISITION CORPUNIT 99/99/9999T82811P2006,859389,487SH DFND2389,48700
SPDR GOLD TRUSTGOLD SHS78463V1074,70937,478SH DFND137,47800
SPDR GOLD TRUSTGOLD SHS78463V1077,63960,800SHPutDFND160,80000
SPDR S&P 500 ETF TRTR UNIT78462F1037563,494SH DFND13,49400
SPDR S&P 500 ETF TRTR UNIT78462F10364,997300,500SHPutDFND1300,50000
SPDR SER TRSHT TRM HGH YLD78468R4082,44888,400SH DFND188,40000
SPDR SERIES TRUSTS&P METALS MNG78464A7554,331163,300SHPutDFND1163,30000
SPECTRA ENERGY CORPCOM8475601095,269123,253SH DFND1123,25300
ST JUDE MED INCCOM790849103186,0112,332,132SH DFND12,332,13200
STARZCOM SER A85571Q10213,221423,900SH DFND1423,90000
STERLING BANCORP DELCOM85917A10090951,960SH DFND151,96000
SUBURBAN PROPANE PARTNERS LUNIT LTD PARTN86448210434610,386SH DFND110,38600
SUNEDISON SEMICONDUCTOR LTDSHSY8213L1024,328379,947SH DFND1379,94700
SUNOCO LOGISTICS PRTNRS L PCOM UNITS86764L10832411,398SH DFND111,39800
SYNGENTA AGSPONSORED ADR87160A100118,3181,350,661SH DFND11,350,66100
TAKE-TWO INTERACTIVE SOFTWARCOM8740541091,51133,524SH DFND133,52400
TECK RESOURCES LTDCL B8787422041,26270,000SHPutDFND170,00000
TERRAPIN 3 ACQUISITION CORP*W EXP 06/27/20188104P11223128,122SH DFND2128,12200
TEVA PHARMACEUTICAL INDS LTDADR8816242091,48032,165SH DFND132,16500
TEVA PHARMACEUTICAL INDS LTDADR8816242091844,000SH DFND24,00000
TEVA PHARMACEUTICAL INDS LTDADR8816242095,016109,000SHCallDFND1109,00000
TEVA PHARMACEUTICAL INDS LTDADR8816242092305,000SHPutDFND25,00000
TIME WARNER INCCOM NEW8873173036,51581,842SH DFND181,84200
TREEHOUSE FOODS INCCOM89469A1044,59452,685SH DFND152,68500
TRONC INCCOM89703P10716910,000SH DFND210,00000
TWITTER INCCOM90184L1022,24297,258SH DFND197,25800
U S SILICA HLDGS INCCOM90346E1031,30428,000SHCallDFND228,00000
UNDER ARMOUR INCCL C9043112061,66749,245SH DFND149,24500
VALSPAR CORPCOM9203551048,13676,700SHPutDFND176,70000
VECTOR GROUP LTDCOM92240M1081,25958,471SH DFND158,47100
VERSARTIS INCCOM92529L1022,522205,892SH DFND2205,89200
VIACOM INC NEWCL B92553P20184322,123SH DFND122,12300
VMWARE INCCL A COM9285634023,45847,148SH DFND147,14800
VONAGE HLDGS CORPCOM92886T2011,785270,000SH DFND1270,00000
VORNADO RLTY TRSH BEN INT9290421097597,500SH DFND17,50000
WHITEWAVE FOODS COCOM96624410515,877291,700SHCallDFND1291,70000
WHITEWAVE FOODS COCOM9662441058,116149,100SHPutDFND1149,10000
WILLIS TOWERS WATSON PUB LTDSHSG966291031,84513,895SH DFND113,89500
WISDOMTREE TREUROPE HEDGED EQ97717X70113,102243,800SHCallDFND1243,80000
WORLD WRESTLING ENTMT INCCL A98156Q1082,02595,058SH DFND195,05800
XILINX INCCOM9839191013,49664,337SH DFND164,33700
YAHOO INCCOM98433210686,1691,999,280SH DFND11,999,28000
ZAYO GROUP HLDGS INCCOM98919V1052,998100,896SH DFND1100,89600
ZYNGA INCCL A98986T1082,051704,742SH DFND1704,74200