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: July 31, 2015
Estimated average burden
hours per response: 23.8

Report for the Calendar Year or Quarter Ended: 12-31-2016
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 Littman New YorkNY 02-09-2017
[Signature] [City, State] [Date]
Report Type (Check only one.):
X 13F 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: 3
Form 13F Information Table Entry Total: 254
Form 13F Information Table Value Total: 2,406,418
(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 Number Name
1 028-10674 RAMIUS ADVISORS LLC
2 028-04125 COWEN & COMPANY, LLC
3   Quadratic Capital Management 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: July 31, 2015
Estimated average burden
hours per response: 23.8

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ABBOTT LABS COM 002824100 2,139 55,700 SH Call DFND 2 55,700 0 0
ACTIVISION BLIZZARD INC COM 00507V109 237 6,570 SH   DFND 1 6,570 0 0
AGENUS INC COM NEW 00847G705 216 52,500 SH   DFND 2 52,500 0 0
AGENUS INC COM NEW 00847G705 288 70,000 SH Put DFND 2 70,000 0 0
AIR PRODS & CHEMS INC COM 009158106 2,013 14,000 SH Put DFND 2 14,000 0 0
ALERE INC COM 01449J105 7,740 198,618 SH   DFND 1 198,618 0 0
ALERE INC COM 01449J105 4,540 116,500 SH Call DFND 1 116,500 0 0
ALLERGAN PLC SHS G0177J108 3,444 16,401 SH   DFND 1 16,401 0 0
ALLIED WRLD ASSUR COM HLDG A SHS H01531104 5,844 108,815 SH   DFND 1 108,815 0 0
ALNYLAM PHARMACEUTICALS INC COM 02043Q107 419 11,200 SH   DFND 2 11,200 0 0
ALNYLAM PHARMACEUTICALS INC COM 02043Q107 843 22,500 SH Call DFND 2 22,500 0 0
ALNYLAM PHARMACEUTICALS INC COM 02043Q107 498 13,300 SH Put DFND 2 13,300 0 0
ALPHABET INC CAP STK CL A 02079K305 250 315 SH   DFND 1 315 0 0
ALPHABET INC CAP STK CL C 02079K107 985 1,276 SH   DFND 1 1,276 0 0
AMAZON COM INC COM 023135106 6,016 8,023 SH   DFND 1 8,023 0 0
AMERICAN CAP LTD COM 02503Y103 41,305 2,304,940 SH   DFND 1 2,304,940 0 0
AMERICAN EAGLE OUTFITTERS NE COM 02553E106 724 47,714 SH   DFND 1 47,714 0 0
AMGEN INC COM 031162100 815 5,575 SH   DFND 1 5,575 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 990 9,385 SH   DFND 1 9,385 0 0
APOLLO ED GROUP INC CL A 037604105 6,183 624,600 SH Put DFND 1 624,600 0 0
APPLIED MATLS INC COM 038222105 1,109 34,379 SH   DFND 1 34,379 0 0
APRICUS BIOSCIENCES INC COM NEW 03832V307 0 17,500 SH   DFND 1 17,500 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 1,269 27,800 SH Call DFND 2 27,800 0 0
AT&T INC COM 00206R102 17,837 419,400 SH Call DFND 1 419,400 0 0
AT&T INC COM 00206R102 26,033 612,100 SH Put DFND 1 612,100 0 0
B/E AEROSPACE INC COM 073302101 49,294 818,976 SH   DFND 1 818,976 0 0
BARINGTON HILCO ACQUISITION COM 06759V101 610 60,036 SH   DFND 2 60,036 0 0
BATS GLOBAL MKTS INC COM 05491G109 17,279 515,631 SH   DFND 1 515,631 0 0
BCE INC COM NEW 05534B760 5,107 118,141 SH   DFND 1 118,141 0 0
BELMOND LTD CL A G1154H107 2,156 161,498 SH   DFND 1 161,498 0 0
BLACKROCK CORPOR HI YLD FD I COM 09255P107 505 46,634 SH   DFND 1 46,634 0 0
BOARDWALK PIPELINE PARTNERS UT LTD PARTNER 096627104 263 15,150 SH   DFND 1 15,150 0 0
BOULEVARD ACQUISITION CL A 10157Q102 977 98,500 SH   DFND 2 98,500 0 0
BOULEVARD ACQUISITION UNIT 99/99/9999 10157Q201 1,181 115,967 SH   DFND 2 115,967 0 0
BOYD GAMING CORP COM 103304101 1,034 51,281 SH   DFND 1 51,281 0 0
BROCADE COMMUNICATIONS SYS I COM NEW 111621306 35,706 2,858,766 SH   DFND 1 2,858,766 0 0
BUCKEYE PARTNERS L P UNIT LTD PARTN 118230101 711 10,740 SH   DFND 1 10,740 0 0
CADENCE DESIGN SYSTEM INC COM 127387108 3,535 140,182 SH   DFND 1 140,182 0 0
CAPITAL ONE FINL CORP COM 14040H105 436 5,000 SH   DFND 1 5,000 0 0
CATERPILLAR INC DEL COM 149123101 946 10,200 SH Put DFND 1 10,200 0 0
CEL SCI CORP COM PAR $0.01 150837508 0 48,975 SH   DFND 1 48,975 0 0
CENTENNIAL RESOURCE DEV INC *W EXP 02/23/202 15136A110 167 19,831 SH   DFND 2 19,831 0 0
CENTURYLINK INC COM 156700106 23,591 992,000 SH Call DFND 1 992,000 0 0
CF CORP SHS CL A G20307107 543 54,720 SH   DFND 2 54,720 0 0
CITRIX SYS INC COM 177376100 1,051 11,769 SH   DFND 1 11,769 0 0
CONAGRA BRANDS INC COM 205887102 890 22,500 SH Call DFND 1 22,500 0 0
CONAGRA BRANDS INC COM 205887102 1,460 36,920 SH   DFND 1 36,920 0 0
CONDUENT INC COM 206787103 739 49,600 SH   DFND 1 49,600 0 0
CORNERSTONE ONDEMAND INC COM 21925Y103 13,964 330,049 SH   DFND 1 330,049 0 0
COSTCO WHSL CORP NEW COM 22160K105 2,214 13,826 SH   DFND 1 13,826 0 0
DELL TECHNOLOGIES INC COM CL V 24703L103 24,195 440,150 SH   DFND 1 440,150 0 0
DEPOMED INC COM 249908104 1,339 74,300 SH Call DFND 1 74,300 0 0
DISNEY WALT CO COM DISNEY 254687106 5,234 50,221 SH   DFND 1 50,221 0 0
DOLLAR GEN CORP NEW COM 256677105 349 4,709 SH   DFND 1 4,709 0 0
DOLLAR TREE INC COM 256746108 352 4,557 SH   DFND 1 4,557 0 0
DOUBLE EAGLE ACQUISITION COR *W EXP 09/16/202 G28195116 104 221,297 SH   DFND 2 221,297 0 0
DOUBLE EAGLE ACQUISITION COR COM G28195124 2,889 290,319 SH   DFND 2 290,319 0 0
DOW CHEM CO COM 260543103 36,031 629,685 SH   DFND 1 629,685 0 0
DUNKIN BRANDS GROUP INC COM 265504100 815 15,551 SH   DFND 1 15,551 0 0
DYNAVAX TECHNOLOGIES CORP COM NEW 268158201 130 33,000 SH Call DFND 2 33,000 0 0
EARTHLINK HLDGS CORP COM 27033X101 1,327 235,279 SH   DFND 1 235,279 0 0
ELDORADO RESORTS INC COM 28470R102 1,634 96,385 SH   DFND 1 96,385 0 0
ELECTRONIC ARTS INC COM 285512109 916 11,631 SH   DFND 1 11,631 0 0
ELECTRUM SPL ACQUISITION COR SHS G3105C104 386 38,949 SH   DFND 2 38,949 0 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 405 11,313 SH   DFND 1 11,313 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 413 15,290 SH   DFND 1 15,290 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 2,163 80,000 SH Call DFND 2 80,000 0 0
EQUITY ONE COM 294752100 4,601 149,903 SH   DFND 1 149,903 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 2,636 163,215 SH   DFND 1 163,215 0 0
FACEBOOK INC CL A 30303M102 837 7,273 SH   DFND 1 7,273 0 0
FAIRPOINT COMMUNICATIONS INC COM NEW 305560302 6,590 352,413 SH   DFND 1 352,413 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 1,436 42,275 SH   DFND 1 42,275 0 0
FORTINET INC COM 34959E109 1,662 55,200 SH Call DFND 1 55,200 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 1,394 45,520 SH   DFND 1 45,520 0 0
GAP INC DEL COM 364760108 860 38,317 SH   DFND 1 38,317 0 0
GENERAL DYNAMICS CORP COM 369550108 527 3,051 SH   DFND 1 3,051 0 0
GILEAD SCIENCES INC COM 375558103 716 10,000 SH Call DFND 1 10,000 0 0
HALOZYME THERAPEUTICS INC COM 40637H109 99 10,000 SH Call DFND 2 10,000 0 0
HARLEY DAVIDSON INC COM 412822108 2,450 42,000 SH Put DFND 1 42,000 0 0
HARMONY MERGER CORP COM 413247107 574 56,700 SH   DFND 2 56,700 0 0
HEADWATERS INC COM 42210P102 56,266 2,392,282 SH   DFND 1 2,392,282 0 0
HENNESSY CAP ACQUISITION COR *W EXP 07/28/202 42588J118 75 87,886 SH   DFND 2 87,886 0 0
HENNESSY CAP ACQUISITION COR COM 42588J100 1,334 132,299 SH   DFND 2 132,299 0 0
HOLLYFRONTIER CORP COM 436106108 901 27,500 SH   DFND 2 27,500 0 0
HOLLYFRONTIER CORP COM 436106108 1,346 41,100 SH Put DFND 2 41,100 0 0
HORIZON PHARMA PLC SHS G4617B105 519 32,100 SH Call DFND 2 32,100 0 0
HOSTESS BRANDS INC *W EXP 11/04/202 44109J114 2,513 1,436,087 SH   DFND 2 1,436,087 0 0
HRG GROUP INC COM 40434J100 1,167 75,000 SH   DFND 1 75,000 0 0
IMPERVA INC COM 45321L100 5,224 136,047 SH   DFND 1 136,047 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 747 4,500 SH   DFND 1 4,500 0 0
INTERSIL CORP CL A 46069S109 8,976 402,525 SH   DFND 1 402,525 0 0
INTERSIL CORP CL A 46069S109 4,237 190,000 SH Call DFND 1 190,000 0 0
INVENSENSE INC COM 46123D205 7,114 556,200 SH Put DFND 1 556,200 0 0
ISHARES MSCI CDA ETF 464286509 9,498 363,200 SH Call DFND 3 363,200 0 0
ISHARES MSCI MEX CAP ETF 464286822 3,904 88,800 SH Call DFND 1 88,800 0 0
ISHARES MSCI MEX CAP ETF 464286822 11,354 258,200 SH Call DFND 3 258,200 0 0
ISHARES MSCI TURKEY ETF 464286715 4,208 129,600 SH Put DFND 3 129,600 0 0
ISHARES INC MSCI JPN ETF NEW 46434G822 54,582 1,117,100 SH Call DFND 1 1,117,100 0 0
ISHARES INC MSCI JPN ETF NEW 46434G822 80,057 1,638,500 SH Call DFND 3 1,638,500 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 1,919 55,300 SH Call DFND 1 55,300 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 1,552 44,700 SH Call DFND 3 44,700 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 4,797 138,200 SH Put DFND 1 138,200 0 0
ISHARES TR MSCI UK ETF NEW 46435G334 12,988 423,200 SH Put DFND 3 423,200 0 0
ISHARES TR NASDQ BIOTEC ETF 464287556 557 2,100 SH   DFND 1 2,100 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 161,658 1,198,800 SH Put DFND 1 1,198,800 0 0
IXIA COM 45071R109 5,993 372,228 SH   DFND 1 372,228 0 0
JM GLOBAL HLDG CO COM 46590H101 494 50,000 SH   DFND 2 50,000 0 0
JOHNSON CTLS INTL PLC SHS G51502105 1,008 24,480 SH   DFND 1 24,480 0 0
JOY GLOBAL INC COM 481165108 47,567 1,698,816 SH   DFND 1 1,698,816 0 0
JPMORGAN CHASE & CO COM 46625H100 431 5,000 SH Put DFND 2 5,000 0 0
JPMORGAN CHASE & CO COM 46625H100 43 500 SH   DFND 2 500 0 0
JUNO THERAPEUTICS INC COM 48205A109 379 20,100 SH Call DFND 2 20,100 0 0
KATE SPADE & CO COM 485865109 3,331 178,440 SH   DFND 1 178,440 0 0
KENNAMETAL INC COM 489170100 625 20,000 SH Call DFND 2 20,000 0 0
KINDER MORGAN INC DEL *W EXP 05/25/201 49456B119 5 881,714 SH   DFND 2 881,714 0 0
KLR ENERGY ACQUISITION CORP *W EXP 09/16/202 49877M116 76 54,344 SH   DFND 2 54,344 0 0
KLR ENERGY ACQUISITION CORP CL A 49877M108 390 37,552 SH   DFND 2 37,552 0 0
KROGER CO COM 501044101 2,090 60,554 SH   DFND 1 60,554 0 0
LATTICE SEMICONDUCTOR CORP COM 518415104 5,044 685,349 SH   DFND 1 685,349 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 91,605 1,625,350 SH   DFND 1 1,625,350 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 102 1,815 SH   DFND 2 1,815 0 0
LIBERTY BROADBAND CORP COM SER A 530307107 804 11,089 SH   DFND 1 11,089 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 2,496 33,704 SH   DFND 1 33,704 0 0
LIBERTY INTERACTIVE CORP LBT VEN COM A NE 53071M856 2,248 60,979 SH   DFND 1 60,979 0 0
LIBERTY INTERACTIVE CORP QVC GP COM SER A 53071M104 1,354 67,749 SH   DFND 1 67,749 0 0
LIBERTY MEDIA CORP DELAWARE COM A SIRIUSXM 531229409 3,175 91,971 SH   DFND 1 91,971 0 0
LIBERTY MEDIA CORP DELAWARE COM C SIRIUSXM 531229607 3,238 95,457 SH   DFND 1 95,457 0 0
LINEAR TECHNOLOGY CORP COM 535678106 122,599 1,966,296 SH   DFND 1 1,966,296 0 0
LIONS GATE ENTMNT CORP CL B NON VTG 535919500 236 9,597 SH   DFND 1 9,597 0 0
LIONS GATE ENTMNT CORP CL B NON VTG 535919500 0 3 SH   DFND 2 3 0 0
LIVE NATION ENTERTAINMENT IN COM 538034109 665 25,000 SH   DFND 1 25,000 0 0
LULULEMON ATHLETICA INC COM 550021109 309 4,754 SH   DFND 1 4,754 0 0
M III ACQUISITION CORP *W EXP 10/10/202 55378T112 119 497,225 SH   DFND 2 497,225 0 0
M III ACQUISITION CORP COM 55378T104 737 75,550 SH   DFND 2 75,550 0 0
M III ACQUISITION CORP UNIT 99/99/9999T 55378T203 1,917 194,199 SH   DFND 2 194,199 0 0
MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 528 6,984 SH   DFND 1 6,984 0 0
MALLINCKRODT PUB LTD CO SHS G5785G107 569 11,425 SH   DFND 1 11,425 0 0
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 728 52,514 SH   DFND 1 52,514 0 0
MAXIM INTEGRATED PRODS INC COM 57772K101 851 22,076 SH   DFND 1 22,076 0 0
METALDYNE PERFORMANCE GROUP COM 59116R107 11,396 496,550 SH   DFND 1 496,550 0 0
METLIFE INC COM 59156R108 3,444 63,900 SH Put DFND 2 63,900 0 0
METLIFE INC COM 59156R108 372 6,900 SH Call DFND 2 6,900 0 0
MGM RESORTS INTERNATIONAL COM 552953101 3,137 108,816 SH   DFND 1 108,816 0 0
MICRON TECHNOLOGY INC COM 595112103 1,103 50,313 SH   DFND 1 50,313 0 0
MICROSEMI CORP COM 595137100 948 17,571 SH   DFND 1 17,571 0 0
MICROSEMI CORP COM 595137100 4,512 83,600 SH Put DFND 1 83,600 0 0
MIDSTATES PETE CO INC COM PAR 59804T407 220 10,602 SH   DFND 2 10,602 0 0
MOLSON COORS BREWING CO CL B 60871R209 3,393 34,863 SH   DFND 1 34,863 0 0
MONDELEZ INTL INC CL A 609207105 3,311 74,700 SH Call DFND 1 74,700 0 0
MONDELEZ INTL INC CL A 609207105 346 7,805 SH   DFND 1 7,805 0 0
MONSANTO CO NEW COM 61166W101 10,024 95,277 SH   DFND 1 95,277 0 0
MONSANTO CO NEW COM 61166W101 14,845 141,100 SH Call DFND 1 141,100 0 0
MOTOROLA SOLUTIONS INC COM NEW 620076307 2,816 33,967 SH   DFND 1 33,967 0 0
NANOVIRICIDES INC COM NEW 630087203 0 373,750 SH   DFND 1 373,750 0 0
NEUROCRINE BIOSCIENCES INC COM 64125C109 484 12,500 SH Call DFND 2 12,500 0 0
NEW YORK REIT INC COM 64976L109 5,110 504,931 SH   DFND 1 504,931 0 0
NEW YORK REIT INC COM 64976L109 557 55,000 SH Call DFND 1 55,000 0 0
NEXEO SOLUTIONS INC *W EXP 06/09/202 65342H110 167 238,782 SH   DFND 2 238,782 0 0
NEXEO SOLUTIONS INC UNIT 06/11/2019 65342H201 1,938 192,242 SH   DFND 2 192,242 0 0
NEXTERA ENERGY INC COM 65339F101 597 5,000 SH   DFND 1 5,000 0 0
NEXVET BIOPHARMA PUB LTD CO ORD SHS G6503X109 43 11,542 SH   DFND 1 11,542 0 0
NII HLDGS INC COM PAR $0.001 62913F508 118 55,049 SH   DFND 2 55,049 0 0
NOBLE CORP PLC SHS USD G65431101 314 53,000 SH Call DFND 2 53,000 0 0
NORTHROP GRUMMAN CORP COM 666807102 477 2,051 SH   DFND 1 2,051 0 0
NORWEGIAN CRUISE LINE HLDGS SHS G66721104 1,719 40,411 SH   DFND 1 40,411 0 0
NUCOR CORP COM 670346105 4,053 68,100 SH Put DFND 1 68,100 0 0
NVIDIA CORP COM 67066G104 695 6,511 SH   DFND 1 6,511 0 0
NXP SEMICONDUCTORS N V COM N6596X109 21,964 224,100 SH Call DFND 1 224,100 0 0
NXP SEMICONDUCTORS N V COM N6596X109 223,376 2,279,115 SH   DFND 1 2,279,115 0 0
OCI PARTNERS LP COM UNIT REP LP 67091N108 412 49,395 SH   DFND 1 49,395 0 0
OCULAR THERAPEUTIX INC COM 67576A100 597 71,375 SH   DFND 1 71,375 0 0
ONEOK PARTNERS LP UNIT LTD PARTN 68268N103 290 6,750 SH   DFND 1 6,750 0 0
ORGANOVO HLDGS INC COM 68620A104 85 25,000 SH   DFND 1 25,000 0 0
PACE HLDGS CORP *W EXP 99/99/999 G6865N111 268 446,627 SH   DFND 2 446,627 0 0
PACE HLDGS CORP CL A G6865N103 980 96,801 SH   DFND 2 96,801 0 0
PACIFIC SPL ACQUISITION CORP *W EXP 10/20/202 G68588121 5 17,600 SH   DFND 2 17,600 0 0
PACIFIC SPL ACQUISITION CORP SHS G68588105 213 20,600 SH   DFND 2 20,600 0 0
PANDORA MEDIA INC COM 698354107 1,108 85,000 SH Put DFND 1 85,000 0 0
PARK HOTELS RESORTS INC COM 700517105 297 9,920 SH   DFND 1 9,920 0 0
PAYPAL HLDGS INC COM 70450Y103 1,357 34,387 SH   DFND 1 34,387 0 0
PENN NATL GAMING INC COM 707569109 1,434 104,000 SH   DFND 1 104,000 0 0
PENNEY J C INC COM 708160106 1,556 187,189 SH   DFND 1 187,189 0 0
PENNEY J C INC COM 708160106 693 83,400 SH Call DFND 1 83,400 0 0
PETROBRAS ARGENTINA S A SPONS ADR 71646J109 383 54,593 SH   DFND 1 54,593 0 0
PFIZER INC COM 717081103 65 2,000 SH   DFND 2 2,000 0 0
PFIZER INC COM 717081103 1,299 40,000 SH Call DFND 2 40,000 0 0
PFIZER INC COM 717081103 1,299 40,000 SH Put DFND 2 40,000 0 0
PINNACLE ENTMT INC NEW COM 72348Y105 447 30,832 SH   DFND 1 30,832 0 0
POWERSHARES ETF TRUST II SENIOR LN PORT 73936Q769 21,636 926,200 SH Put DFND 3 926,200 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 3,697 31,200 SH Put DFND 1 31,200 0 0
POWERSHS DB MULTI SECT COMM PS DB AGRICUL FD 73936B408 5,070 253,900 SH Put DFND 3 253,900 0 0
PROSHARES TR PSHS ULSHT SP500 74347B300 1,008 66,690 SH   DFND 1 66,690 0 0
PROSPECT CAPITAL CORPORATION COM 74348T102 832 99,700 SH Put DFND 1 99,700 0 0
PROSPECT CAPITAL CORPORATION COM 74348T102 1,238 148,300 SH Put DFND 3 148,300 0 0
PRUDENTIAL SHT DURATION HG Y COM 74442F107 550 35,500 SH   DFND 1 35,500 0 0
PTC INC COM 69370C100 899 19,427 SH   DFND 1 19,427 0 0
PVH CORP COM 693656100 730 8,085 SH   DFND 1 8,085 0 0
RAYTHEON CO COM NEW 755111507 504 3,550 SH   DFND 1 3,550 0 0
RED HAT INC COM 756577102 1,604 23,018 SH   DFND 1 23,018 0 0
REMARK MEDIA INC COM 75954W107 0 22,222 SH   DFND 1 22,222 0 0
REPLIGEN CORP COM 759916109 1,140 37,000 SH Call DFND 2 37,000 0 0
RITE AID CORP COM 767754104 12,135 1,472,698 SH   DFND 1 1,472,698 0 0
RITE AID CORP COM 767754104 41 5,000 SH Call DFND 2 5,000 0 0
RITE AID CORP COM 767754104 6,346 770,200 SH Put DFND 1 770,200 0 0
ROCKWELL COLLINS INC COM 774341101 2,618 28,228 SH   DFND 1 28,228 0 0
SANOFI RIGHT 12/31/2020 80105N113 54 142,624 SH   DFND 2 142,624 0 0
SCHWAB CHARLES CORP NEW COM 808513105 651 16,500 SH   DFND 1 16,500 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 11,624 224,800 SH Call DFND 3 224,800 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 5,336 103,200 SH Put DFND 1 103,200 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 4,706 91,000 SH Put DFND 3 91,000 0 0
SENSATA TECHNOLOGIES HLDG NV SHS N7902X106 2,993 76,841 SH   DFND 1 76,841 0 0
SERVICENOW INC COM 81762P102 1,600 21,529 SH   DFND 1 21,529 0 0
SHUTTERFLY INC COM 82568P304 477 9,500 SH   DFND 1 9,500 0 0
SIBANYE GOLD LTD SPONSORED ADR 825724206 1,207 170,965 SH   DFND 1 170,965 0 0
SIBANYE GOLD LTD SPONSORED ADR 825724206 3,772 534,200 SH Call DFND 1 534,200 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 889 8,111 SH   DFND 1 8,111 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 134,118 600,000 SH   DFND 1 600,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 155,644 696,300 SH Put DFND 1 696,300 0 0
SPDR SER TR BLOOMBERG SRT TR 78468R408 1,568 56,660 SH   DFND 1 56,660 0 0
SPECTRA ENERGY CORP COM 847560109 87,081 2,119,277 SH   DFND 1 2,119,277 0 0
ST JUDE MED INC COM 790849103 99,790 1,244,421 SH   DFND 1 1,244,421 0 0
STARBUCKS CORP COM 855244109 1,218 21,942 SH   DFND 1 21,942 0 0
STERLING BANCORP DEL COM 85917A100 1,216 51,960 SH   DFND 1 51,960 0 0
STILLWATER MNG CO COM 86074Q102 28,645 1,778,072 SH   DFND 1 1,778,072 0 0
STILLWATER MNG CO COM 86074Q102 3,478 215,900 SH Put DFND 1 215,900 0 0
T MOBILE US INC COM 872590104 2,873 49,962 SH   DFND 1 49,962 0 0
TAKE-TWO INTERACTIVE SOFTWAR COM 874054109 4,640 94,128 SH   DFND 1 94,128 0 0
TECK RESOURCES LTD CL B 878742204 1,402 70,000 SH Put DFND 1 70,000 0 0
TERADYNE INC COM 880770102 1,367 53,800 SH Call DFND 2 53,800 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 1,715 47,300 SH Call DFND 1 47,300 0 0
TIME WARNER INC COM NEW 887317303 73,667 763,151 SH   DFND 1 763,151 0 0
TYSON FOODS INC CL A 902494103 834 13,518 SH   DFND 1 13,518 0 0
UNDER ARMOUR INC CL C 904311206 310 12,316 SH   DFND 1 12,316 0 0
VANECK VECTORS ETF TR COAL ETF 92189F809 1,716 140,000 SH Put DFND 1 140,000 0 0
VANECK VECTORS ETF TR COAL ETF 92189F809 2,480 202,300 SH Put DFND 3 202,300 0 0
VANECK VECTORS ETF TR COAL ETF 92189F809 2,480 202,300 SH Call DFND 3 202,300 0 0
VANECK VECTORS ETF TR COAL ETF 92189F809 1,716 140,000 SH Call DFND 1 140,000 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 5,676 271,300 SH Put DFND 3 271,300 0 0
VANECK VECTORS ETF TR SEMICONDUCTOR ET 92189F676 60,442 843,700 SH Put DFND 1 843,700 0 0
WESTERN REFNG INC COM 959319104 54,214 1,432,336 SH   DFND 1 1,432,336 0 0
WHITEWAVE FOODS CO COM 966244105 15,590 280,400 SH Call DFND 1 280,400 0 0
WHITEWAVE FOODS CO COM 966244105 2,680 48,200 SH Put DFND 1 48,200 0 0
WHOLE FOODS MKT INC COM 966837106 2,955 96,062 SH   DFND 1 96,062 0 0
WILLIS TOWERS WATSON PUB LTD SHS G96629103 1,552 12,695 SH   DFND 1 12,695 0 0
WISDOMTREE TR EUROPE HEDGED EQ 97717X701 27,988 487,600 SH Call DFND 1 487,600 0 0
WISDOMTREE TR EUROPE HEDGED EQ 97717X701 41,604 724,800 SH Call DFND 3 724,800 0 0
WORLD WRESTLING ENTMT INC CL A 98156Q108 740 40,222 SH   DFND 1 40,222 0 0
XILINX INC COM 983919101 4,772 79,046 SH   DFND 1 79,046 0 0
XILINX INC COM 983919101 4,172 69,100 SH Call DFND 1 69,100 0 0
YAHOO INC COM 984332106 2,427 62,770 SH   DFND 1 62,770 0 0
ZAYO GROUP HLDGS INC COM 98919V105 3,296 100,290 SH   DFND 1 100,290 0 0
ZENDESK INC COM 98936J101 487 22,961 SH   DFND 1 22,961 0 0
ZIMMER BIOMET HLDGS INC COM 98956P102 1,868 18,100 SH Call DFND 2 18,100 0 0
ZYNGA INC CL A 98986T108 1,964 764,242 SH   DFND 1 764,242 0 0