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

                                    Form 13F

                              Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: March 31, 2012

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, 2Oth Flr.
         New York, NY  10022

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 York, NY     May 11, 2012

Report Type (Check only one.):

[ X]         13F HOLDINGS REPORT.

[  ]         13F NOTICE.

[  ]         13F COMBINATION REPORT.


<PAGE>

                              FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:         5

Form 13F Information Table Entry Total:    306

Form 13F Information Table Value Total:    $944,300 (thousands)

List of Other Included Managers:

Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional managers with respect to which this report is filed, other
than the manager filing this report.

No.  13F File Number               Name

01   028-06309                     Ramius LLC
02   028-10674                     Ramius Advisors, LLC
03   028-14361                     Ramius Alternative Solutions LLC
04   028-10501                     Cowen Capital LLC
05   028-04125                     Cowen and Company LLC


<PAGE>


<TABLE>                       <C>             <C>      
                                                     FORM 13F INFORMATION TABLE
                                                             VALUE  SHARES/ SH/ PUT/ INVSTMT  OTHER            VOTING AUTHORITY
NAME OF ISSUER                 TITLE OF CLASS   CUSIP     (x$1000)  PRN AMT PRN CALL DSCRETN MANAGERS         SOLE   SHARED     NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
ABOVENET INC                   COM              00374N107      290     3500 SH       DEFINED 05               3500        0        0
ADA ES INC                     COM              005208103     1196    49197 SH       DEFINED 02              49197        0        0
ADOBE SYS INC                  COM              00724F101      422    12300 SH  CALL DEFINED 02              12300        0        0
ADVANCE AMER CASH ADVANCE CT   COM              00739W107     2008   191452 SH       DEFINED 02             191452        0        0
ALLERGAN INC                   COM              018490102      487     5100 SH       DEFINED 05               5100        0        0
ALLERGAN INC                   COM              018490102     2992    34100 SH  PUT  DEFINED 05              34100        0        0
AMGEN INC                      COM              031162100     2337    36400 SH  CALL DEFINED 05              36400        0        0
AMGEN INC                      COM              031162100     2337    36400 SH  PUT  DEFINED 05              36400        0        0
AMYLIN PHARMACEUTICALS INC     COM              032346108      374    15000 SH       DEFINED 05              15000        0        0
AMYLIN PHARMACEUTICALS INC     COM              032346108      674    59200 SH  CALL DEFINED 05              59200        0        0
AMYLIN PHARMACEUTICALS INC     COM              032346108      149    13100 SH  PUT  DEFINED 05              13100        0        0
AOL INC                        COM              00184X105     1433    75540 SH       DEFINED 05              75540        0        0
AOL INC                        COM              00184X105     1737   115000 SH  PUT  DEFINED 05             115000        0        0
APPLE INC                      COM              037833100     1796     2996 SH       DEFINED 02               2996        0        0
APRICUS BIOSCIENCES INC        COM              03832V109      353   125000 SH       DEFINED 02             125000        0        0
ARIAD PHARMACEUTICALS INC      COM              04033A100     1119    70000 SH       DEFINED 02              70000        0        0
ARIAD PHARMACEUTICALS INC      COM              04033A100      490    40000 SH  CALL DEFINED 05              40000        0        0
ATLAS ENERGY LP                COM UNITS LP     04930A104     3405   153200 SH  CALL DEFINED 05             153200        0        0
ATLAS PIPELINE PARTNERS LP     UNIT L P INT     049392103      333     9000 SH  CALL DEFINED 05               9000        0        0
BAKER HUGHES INC               COM              057224107      510    10500 SH  CALL DEFINED 05              10500        0        0
BAKER HUGHES INC               COM              057224107      253     5200 SH  PUT  DEFINED 05               5200        0        0
BALL CORP                      COM              058498106     3850   107800 SH  CALL DEFINED 05             107800        0        0
BANK OF AMERICA CORPORATION    COM              060505104      115    12000 SH       DEFINED 05              12000        0        0
BANK OF AMERICA CORPORATION    COM              060505104       67    12100 SH  CALL DEFINED 05              12100        0        0
BANK OF AMERICA CORPORATION    COM              060505104       45     7900 SH  PUT  DEFINED 05               7900        0        0
BARCLAYS BK PLC                IPATH DYNM VIX   06741L609     1250    21600 SH       DEFINED 03              21600        0        0
BARCLAYS BK PLC                IPATH S&P MT ETN 06740C519      697    15069 SH       DEFINED 03              15069        0        0
BARRICK GOLD CORP              COM              067901108     1167    25800 SH  CALL DEFINED 05              25800        0        0
BARRICK GOLD CORP              COM              067901108       46     1000 SH  PUT  DEFINED 05               1000        0        0
BAXTER INTL INC                COM              071813109     1321    26700 SH  CALL DEFINED 05              26700        0        0
BP PRUDHOE BAY RTY TR          UNIT BEN INT     055630107      438     3500 SH       DEFINED 02               3500        0        0
BROADCOM CORP                  CL A             111320107      927    23594 SH       DEFINED 02              23594        0        0
BROADCOM CORP                  CL A             111320107     2501    85200 SH  CALL DEFINED 05              85200        0        0
BROADWIND ENERGY INC           COM              11161T108      164   348300 SH       DEFINED 02             348300        0        0
BUCKEYE PARTNERS L P           UNIT LTD PARTN   118230101      382     6250 SH       DEFINED 02               6250        0        0
CAESARS ENTMT CORP             COM              127686103      594    40284 SH       DEFINED 02              40284        0        0
CAPITAL ONE FINL CORP          COM              14040H105      315     5650 SH       DEFINED 02               5650        0        0
CEMEX SAB DE CV                SPON ADR NEW     151290889       75    14400 SH  CALL DEFINED 05              14400        0        0
CENTURYLINK INC                COM              156700106     2423    62696 SH       DEFINED 02              62696        0        0
CENTURYLINK INC                COM              156700106      920    23800 SH  CALL DEFINED 02              23800        0        0
CENTURYLINK INC                COM              156700106     4260   110200 SH  PUT  DEFINED 02             110200        0        0
CHESAPEAKE ENERGY CORP         COM              165167107      249    11200 SH  CALL DEFINED 05              11200        0        0
CHILDRENS PL RETAIL STORES I   COM              168905107      982    19000 SH       DEFINED 05              19000        0        0
CHIPOTLE MEXICAN GRILL INC     COM              169656105      418     1000 SH       DEFINED 02               1000        0        0
CISCO SYS INC                  COM              17275R102     2390   132100 SH  CALL DEFINED 05             132100        0        0
CISCO SYS INC                  COM              17275R102     7829   433000 SH  PUT  DEFINED 05             433000        0        0
CISCO SYS INC                  COM              17275R102     4336   205000 SH       DEFINED 05             205000        0        0
CITIGROUP INC                  COM NEW          172967424     1462    40000 SH  CALL DEFINED 02              40000        0        0
CITIGROUP INC                  COM NEW          172967424     5709   156200 SH  PUT  DEFINED 02             156200        0        0
CITIGROUP INC                  COM NEW          172967424     1063    29071 SH       DEFINED 02              29071        0        0
CLEVELAND BIOLABS INC          COM              185860103      328   133500 SH       DEFINED 02             133500        0        0
COBALT INTL ENERGY INC         COM              19075F106      258     8600 SH       DEFINED 05               8600        0        0
COBALT INTL ENERGY INC         COM              19075F106      310    20000 SH  PUT  DEFINED 05              20000        0        0
COMPUTER PROGRAMS & SYS INC    COM              205306103     7374   130471 SH       DEFINED 02             130471        0        0
COMPUTER SCIENCES CORP         COM              205363104      237    10000 SH  CALL DEFINED 05              10000        0        0
CORNING INC                    COM              219350105      130    10000 SH  CALL DEFINED 05              10000        0        0
COWEN GROUP INC NEW            CL A             223622101     1646   607525 SH       DEFINED 02             607525        0        0
CREDIT SUISSE NASSAU BRH       ETN IDX-LKD 20   22542D845     2037   100048 SH       DEFINED 03             100048        0        0
CREDIT SUISSE NASSAU BRH       VIX SHT TRM FT   22542D761      361    50000 SH       DEFINED 02              50000        0        0
CROWN HOLDINGS INC             COM              228368106     5897   175600 SH  CALL DEFINED 05             175600        0        0
CROWN HOLDINGS INC             COM              228368106       34     1000 SH  PUT  DEFINED 05               1000        0        0
CYPRESS SEMICONDUCTOR CORP     COM              232806109      469    30000 SH       DEFINED 05              30000        0        0
DELPHI FINL GROUP INC          CL A             247131105     3777    84362 SH       DEFINED 02              84362        0        0
DEPOMED INC                    COM              249908104      222    42900 SH  PUT  DEFINED 05              42900        0        0
DEPOMED INC                    COM              249908104       14     2200 SH       DEFINED 05               2200        0        0
DISCOVERY LABORATORIES INC N   COM NEW          254668403      188    70000 SH       DEFINED 02              70000        0        0
DISCOVERY LABORATORIES INC N   COM NEW          254668403       78    29000 SH  PUT  DEFINED 02              29000        0        0
DRESSER-RAND GROUP INC         COM              261608103      509    10200 SH  CALL DEFINED 05              10200        0        0
E M C CORP MASS                COM              268648102      246    11400 SH  CALL DEFINED 05              11400        0        0
EASTMAN CHEM CO                COM              277432100      744    14399 SH       DEFINED 05              14399        0        0
EASTMAN CHEM CO                COM              277432100     2387    61100 SH  CALL DEFINED 05              61100        0        0
EL PASO CORP                   COM              28336L109    26004   879987 SH       DEFINED 02             879987        0        0
EL PASO CORP                   COM              28336L109      222     7500 SH       DEFINED 05               7500        0        0
EL PASO CORP                   COM              28336L109     7956   269200 SH  PUT  DEFINED 02             269200        0        0
ENERGY TRANSFER EQUITY L P     COM UT LTD PTN   29273V100      432    10700 SH       DEFINED 05              10700        0        0
ENERGY TRANSFER EQUITY L P     COM UT LTD PTN   29273V100     2217    55000 SH  CALL DEFINED 02              55000        0        0
ENERGY XXI (BERMUDA) LTD       USD UNRS SHS     G10082140     5994   165986 SH       DEFINED 02             165986        0        0
ENTERPRISE PRODS PARTNERS L    COM              293792107      978    19375 SH       DEFINED 02              19375        0        0
EXELON CORP                    COM              30161N101     2169    50000 SH  CALL DEFINED 05              50000        0        0
EXXON MOBIL CORP               COM              30231G102      301     3471 SH       DEFINED 02               3471        0        0
EXXON MOBIL CORP               COM              30231G102    11795   136000 SH  CALL DEFINED 02             136000        0        0
F M C CORP                     COM NEW          302491303     3898    45300 SH  CALL DEFINED 05              45300        0        0
FORD MTR CO DEL                COM PAR $0.01    345370860     1945   155900 SH  CALL DEFINED 02             155900        0        0
FORD MTR CO DEL                COM PAR $0.01    345370860       49     4600 SH  PUT  DEFINED 05               4600        0        0
FORD MTR CO DEL                COM PAR $0.01    345370860      115    10800 SH  CALL DEFINED 05              10800        0        0
FORD MTR CO DEL                COM PAR $0.01    345370860      443    35475 SH       DEFINED 02              35475        0        0
FORD MTR CO DEL                COM PAR $0.01    345370860     2495   200000 SH  PUT  DEFINED 02             200000        0        0
FOREST LABS INC                COM              345838106      260     7500 SH       DEFINED 05               7500        0        0
FOREST LABS INC                COM              345838106      333    11000 SH  PUT  DEFINED 05              11000        0        0
FREEPORT-MCMORAN COPPER & GO   COM              35671D857      302     8200 SH  PUT  DEFINED 05               8200        0        0
FREEPORT-MCMORAN COPPER & GO   COM              35671D857     2564    67391 SH       DEFINED 02              67391        0        0
FREEPORT-MCMORAN COPPER & GO   COM              35671D857      213     5600 SH  CALL DEFINED 02               5600        0        0
FREEPORT-MCMORAN COPPER & GO   COM              35671D857      615    16700 SH  CALL DEFINED 05              16700        0        0
FREEPORT-MCMORAN COPPER & GO   COM              35671D857     3804   100000 SH  PUT  DEFINED 02             100000        0        0
GENERAL DYNAMICS CORP          COM              369550108     2324    35000 SH  CALL DEFINED 05              35000        0        0
GENWORTH FINL INC              COM CL A         37247D106      229    35000 SH  CALL DEFINED 05              35000        0        0
GEORGIA GULF CORP              COM PAR$0.01 NEW 373200302     1267    65000 SH  CALL DEFINED 05              65000        0        0
GILEAD SCIENCES INC            COM              375558103    13439   328300 SH  CALL DEFINED 05             328300        0        0
GOLDMAN SACHS GROUP INC        COM              38141G104      485     3900 SH  CALL DEFINED 02               3900        0        0
GOLDMAN SACHS GROUP INC        COM              38141G104      485     3900 SH  PUT  DEFINED 02               3900        0        0
GOODRICH CORP                  COM              382388106    15463   125000 SH  CALL DEFINED 05             125000        0        0
GOODRICH CORP                  COM              382388106     4390    35000 SH  PUT  DEFINED 02              35000        0        0
GOODRICH CORP                  COM              382388106    82953   661300 SH  CALL DEFINED 02             661300        0        0
GOODRICH CORP                  COM              382388106     7625    60789 SH       DEFINED 05              60789        0        0
GOOGLE INC                     CL A             38259P508     3331     5195 SH       DEFINED 02               5195        0        0
GRACE W R & CO DEL NEW         COM              38388F108     1253    27300 SH  CALL DEFINED 05              27300        0        0
HALLIBURTON CO                 COM              406216101      899    27100 SH  CALL DEFINED 02              27100        0        0
HALLIBURTON CO                 COM              406216101      213     6200 SH  CALL DEFINED 05               6200        0        0
HALLIBURTON CO                 COM              406216101       52     1500 SH  PUT  DEFINED 05               1500        0        0
HEALTH NET INC                 COM              42222G108     3325   109300 SH  CALL DEFINED 05             109300        0        0
HEALTH NET INC                 COM              42222G108     1171    38500 SH  PUT  DEFINED 05              38500        0        0
HEWLETT PACKARD CO             COM              428236103     4766   200000 SH  CALL DEFINED 02             200000        0        0
HEWLETT PACKARD CO             COM              428236103      270    10500 SH  PUT  DEFINED 05              10500        0        0
HEWLETT PACKARD CO             COM              428236103      744    31201 SH       DEFINED 02              31201        0        0
HEWLETT PACKARD CO             COM              428236103      142     5500 SH  CALL DEFINED 05               5500        0        0
HEWLETT PACKARD CO             COM              428236103     4766   200000 SH  PUT  DEFINED 02             200000        0        0
HOME DEPOT INC                 COM              437076102      624    12390 SH       DEFINED 05              12390        0        0
HOME DEPOT INC                 COM              437076102      247     5900 SH  CALL DEFINED 05               5900        0        0
HOME DEPOT INC                 COM              437076102      487    11600 SH  PUT  DEFINED 05              11600        0        0
HORIZON PHARMA INC             COM              44047T109      309    82844 SH       DEFINED 02              82844        0        0
HORIZON PHARMA INC             COM              44047T109        1      292 SH       DEFINED 05                292        0        0
HORSEHEAD HLDG CORP            COM              440694305     2644   232127 SH       DEFINED 02             232127        0        0
HOUSTON AMERN ENERGY CORP      COM              44183U100      809   155000 SH       DEFINED 02             155000        0        0
HSBC HLDGS PLC                 SPON ADR NEW     404280406      357     9400 SH  CALL DEFINED 05               9400        0        0
HUMAN GENOME SCIENCES INC      COM              444903108       92    12500 SH  PUT  DEFINED 05              12500        0        0
HUMAN GENOME SCIENCES INC      COM              444903108     3380   457300 SH  CALL DEFINED 05             457300        0        0
IDENIX PHARMACEUTICALS INC     COM              45166R204     1714   230200 SH  CALL DEFINED 05             230200        0        0
IDENIX PHARMACEUTICALS INC     COM              45166R204       74    10000 SH  PUT  DEFINED 05              10000        0        0
ILLUMINA INC                   COM              452327109      432     8210 SH       DEFINED 05               8210        0        0
ILLUMINA INC                   COM              452327109      329    10800 SH  PUT  DEFINED 05              10800        0        0
INGERSOLL-RAND PLC             SHS              G47791101     3801    91900 SH  PUT  DEFINED 02              91900        0        0
INGERSOLL-RAND PLC             SHS              G47791101     3945    95400 SH  CALL DEFINED 02              95400        0        0
INTEL CORP                     COM              458140100    14801   610400 SH  PUT  DEFINED 05             610400        0        0
INTEL CORP                     COM              458140100      331    13600 SH  CALL DEFINED 05              13600        0        0
INTEL CORP                     COM              458140100     8493   302064 SH       DEFINED 05             302064        0        0
INTERNATIONAL BUSINESS MACHS   COM              459200101     1043     5000 SH       DEFINED 02               5000        0        0
ISHARES GOLD TRUST             ISHARES          464285105      509    31280 SH       DEFINED 02              31280        0        0
ISHARES INC                    MSCI AUSTRALIA   464286103     1126    47900 SH       DEFINED 02              47900        0        0
ISHARES INC                    MSCI AUSTRALIA   464286103      114     4852 SH       DEFINED 05               4852        0        0
ISHARES INC                    MSCI BRAZIL      464286400     1940    30000 SH  CALL DEFINED 02              30000        0        0
ISHARES INC                    MSCI BRAZIL      464286400     1940    30000 SH  PUT  DEFINED 02              30000        0        0
ISHARES INC                    MSCI CDA INDEX   464286509      283    10000 SH       DEFINED 02              10000        0        0
ISHARES INC                    MSCI HONG KONG   464286871      719    41193 SH       DEFINED 02              41193        0        0
ISHARES INC                    MSCI S KOREA     464286772       99     1656 SH       DEFINED 05               1656        0        0
ISHARES TR                     DJ US FINL SEC   464287788       96     1636 SH       DEFINED 05               1636        0        0
ISHARES TR                     FTSE CHINA25 IDX 464287184     3163    86279 SH       DEFINED 02              86279        0        0
ISHARES TR                     FTSE CHINA25 IDX 464287184       41     1112 SH       DEFINED 05               1112        0        0
ISHARES TR                     FTSE CHINA25 IDX 464287184     7333   200000 SH  CALL DEFINED 02             200000        0        0
ISHARES TR                     FTSE CHINA25 IDX 464287184     6233   170000 SH  PUT  DEFINED 02             170000        0        0
ISHARES TR                     HIGH YLD CORP    464288513    73283   807628 SH       DEFINED 03             807628        0        0
ISHARES TR                     JPMORGAN USD     464288281    10707    95000 SH       DEFINED 03              95000        0        0
ISHARES TR                     RUSSELL MCP VL   464287473        8      160 SH       DEFINED 05                160        0        0
ISHARES TR                     RUSSELL1000GRW   464287614    14324   216774 SH       DEFINED 03             216774        0        0
ISHARES TR                     S&P SMLCAP 600   464287804      245     3211 SH       DEFINED 05               3211        0        0
ISTA PHARMACEUTICALS INC       COM NEW          45031X204      353    50000 SH  CALL DEFINED 05              50000        0        0
ISTA PHARMACEUTICALS INC       COM NEW          45031X204      205    22700 SH       DEFINED 05              22700        0        0
JAGUAR MNG INC                 COM              47009M103       58    12326 SH       DEFINED 05              12326        0        0
JAGUAR MNG INC                 COM              47009M103     2979   467000 SH  CALL DEFINED 05             467000        0        0
JOHNSON & JOHNSON              COM              478160104      578     8800 SH  CALL DEFINED 05               8800        0        0
JOHNSON & JOHNSON              COM              478160104      204     3100 SH  PUT  DEFINED 05               3100        0        0
JOHNSON & JOHNSON              COM              478160104      239     3630 SH       DEFINED 02               3630        0        0
JPMORGAN CHASE & CO            COM              46625H100     1333    29000 SH  CALL DEFINED 02              29000        0        0
JPMORGAN CHASE & CO            COM              46625H100      346    10400 SH  CALL DEFINED 05              10400        0        0
JPMORGAN CHASE & CO            COM              46625H100      422    12700 SH  PUT  DEFINED 05              12700        0        0
JPMORGAN CHASE & CO            COM              46625H100      260     5660 SH       DEFINED 05               5660        0        0
KINDER MORGAN INC DEL          COM              49456B101     6157   159300 SH  CALL DEFINED 02             159300        0        0
KINDER MORGAN INC DEL          COM              49456B101    10721   277400 SH  PUT  DEFINED 02             277400        0        0
KINDER MORGAN INC DEL          COM              49456B101      100     3100 SH  PUT  DEFINED 05               3100        0        0
KROGER CO                      COM              501044101      849    35037 SH       DEFINED 02              35037        0        0
LAM RESEARCH CORP              COM              512807108      859    23200 SH  CALL DEFINED 05              23200        0        0
LAS VEGAS SANDS CORP           COM              517834107       81     1900 SH  PUT  DEFINED 05               1900        0        0
LAS VEGAS SANDS CORP           COM              517834107      479    11200 SH  CALL DEFINED 05              11200        0        0
LEAP WIRELESS INTL INC         COM NEW          521863308       13     1510 SH       DEFINED 05               1510        0        0
LEAP WIRELESS INTL INC         COM NEW          521863308      139    15000 SH  CALL DEFINED 05              15000        0        0
LEAP WIRELESS INTL INC         COM NEW          521863308      279    30000 SH  PUT  DEFINED 05              30000        0        0
LIGHTBRIDGE CORP               COM              53224K104      403   126000 SH       DEFINED 02             126000        0        0
LILLY ELI & CO                 COM              532457108      943    22700 SH  PUT  DEFINED 05              22700        0        0
LILLY ELI & CO                 COM              532457108      539    13400 SH       DEFINED 05              13400        0        0
LILLY ELI & CO                 COM              532457108       42     1000 SH  CALL DEFINED 05               1000        0        0
MAGELLAN MIDSTREAM PRTNRS LP   COM UNIT RP LP   559080106     1096    15155 SH       DEFINED 02              15155        0        0
MANNKIND CORP                  COM              56400P201      586   234100 SH  CALL DEFINED 05             234100        0        0
MANNKIND CORP                  COM              56400P201        2      732 SH       DEFINED 05                732        0        0
MCKESSON CORP                  COM              58155Q103      200     2280 SH       DEFINED 02               2280        0        0
MEDCO HEALTH SOLUTIONS INC     COM              58405U102     9108   129554 SH       DEFINED 02             129554        0        0
MEDCO HEALTH SOLUTIONS INC     COM              58405U102      886    12600 SH       DEFINED 05              12600        0        0
MEDCO HEALTH SOLUTIONS INC     COM              58405U102     1677    30000 SH  CALL DEFINED 05              30000        0        0
MEDCO HEALTH SOLUTIONS INC     COM              58405U102    12661   180100 SH  PUT  DEFINED 02             180100        0        0
MEDTRONIC INC                  COM              585055106      765    20000 SH  CALL DEFINED 05              20000        0        0
MEDTRONIC INC                  COM              585055106      137     3500 SH       DEFINED 05               3500        0        0
MIDAS GROUP INC                COM              595626102      672    58507 SH       DEFINED 02              58507        0        0
MINEFINDERS CORP LTD           COM              602900102     3295   235300 SH       DEFINED 02             235300        0        0
MITSUBISHI UFJ FINL GROUP IN   SPONSORED ADR    606822104      401    80560 SH       DEFINED 02              80560        0        0
MORGAN STANLEY                 COM NEW          617446448      262    13335 SH       DEFINED 02              13335        0        0
MORGAN STANLEY                 COM NEW          617446448      163    10700 SH  CALL DEFINED 05              10700        0        0
MORGAN STANLEY                 COM NEW          617446448      648    33000 SH  PUT  DEFINED 02              33000        0        0
MORGAN STANLEY                 COM NEW          617446448      358    23600 SH  PUT  DEFINED 05              23600        0        0
MOTOROLA MOBILITY HLDGS INC    COM              620097105      981    25000 SH       DEFINED 05              25000        0        0
MOTOROLA MOBILITY HLDGS INC    COM              620097105      322     8200 SH  CALL DEFINED 02               8200        0        0
MOTOROLA MOBILITY HLDGS INC    COM              620097105    16724   426201 SH       DEFINED 02             426201        0        0
MOTOROLA MOBILITY HLDGS INC    COM              620097105      726    18500 SH  PUT  DEFINED 02              18500        0        0
MYLAN INC                      COM              628530107      727    31000 SH       DEFINED 05              31000        0        0
MYLAN INC                      COM              628530107     1502    70000 SH  PUT  DEFINED 05              70000        0        0
NEOPHOTONICS CORP              COM              64051T100      690   145852 SH       DEFINED 02             145852        0        0
NEUROCRINE BIOSCIENCES INC     COM              64125C109     2376   279500 SH  CALL DEFINED 05             279500        0        0
NORTHWEST PIPE CO              COM              667746101      238    11200 SH       DEFINED 02              11200        0        0
NOVELLUS SYS INC               COM              670008101    10344   207244 SH       DEFINED 02             207244        0        0
NOVELLUS SYS INC               COM              670008101     1128    22602 SH       DEFINED 05              22602        0        0
NUCOR CORP                     COM              670346105     3036    70700 SH  CALL DEFINED 02              70700        0        0
NUCOR CORP                     COM              670346105     1091    25400 SH  PUT  DEFINED 02              25400        0        0
OCCIDENTAL PETE CORP DEL       COM              674599105       38      400 SH       DEFINED 05                400        0        0
OCCIDENTAL PETE CORP DEL       COM              674599105      638     6700 SH  CALL DEFINED 02               6700        0        0
OCCIDENTAL PETE CORP DEL       COM              674599105     6859    73200 SH  CALL DEFINED 05              73200        0        0
ONCOTHYREON INC                COM              682324108     1090   250000 SH       DEFINED 02             250000        0        0
ONCOTHYREON INC                COM              682324108      218    50000 SH       DEFINED 05              50000        0        0
ONCOTHYREON INC                COM              682324108      379    50000 SH  CALL DEFINED 05              50000        0        0
OPTIMER PHARMACEUTICALS INC    COM              68401H104       26     1900 SH       DEFINED 05               1900        0        0
OPTIMER PHARMACEUTICALS INC    COM              68401H104      184    15000 SH  PUT  DEFINED 05              15000        0        0
ORACLE CORP                    COM              68389X105      302    11700 SH  CALL DEFINED 05              11700        0        0
OWENS CORNING NEW              COM              690742101      488    17000 SH  CALL DEFINED 05              17000        0        0
P F CHANGS CHINA BISTRO INC    COM              69333Y108     2460    79600 SH  CALL DEFINED 05              79600        0        0
PACKAGING CORP AMER            COM              695156109     2686   106400 SH  CALL DEFINED 05             106400        0        0
PENNEY J C INC                 COM              708160106      395    11150 SH       DEFINED 05              11150        0        0
PENNEY J C INC                 COM              708160106     2823    80300 SH  PUT  DEFINED 05              80300        0        0
PERRIGO CO                     COM              714290103     5083    49200 SH       DEFINED 05              49200        0        0
PERRIGO CO                     COM              714290103     3591    36900 SH  CALL DEFINED 05              36900        0        0
PERRIGO CO                     COM              714290103     3649    37500 SH  PUT  DEFINED 05              37500        0        0
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR    71654V408    10507   395600 SH  CALL DEFINED 02             395600        0        0
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR    71654V408       25     1000 SH  PUT  DEFINED 05               1000        0        0
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR    71654V408     3500   131778 SH       DEFINED 02             131778        0        0
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR    71654V408    10571   398000 SH  PUT  DEFINED 02             398000        0        0
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR    71654V408        5      200 SH  CALL DEFINED 05                200        0        0
PHARMERICA CORP                COM              71714F104      139    11170 SH       DEFINED 05              11170        0        0
PHARMERICA CORP                COM              71714F104      366    24100 SH  PUT  DEFINED 05              24100        0        0
PLAINS ALL AMERN PIPELINE L    UNIT LTD PARTN   726503105      670     8535 SH       DEFINED 02               8535        0        0
PNC FINL SVCS GROUP INC        COM              693475105      646    11200 SH  CALL DEFINED 05              11200        0        0
POWERSHARES QQQ TRUST          UNIT SER 1       73935A104     3815    56471 SH       DEFINED 02              56471        0        0
PRESTIGE BRANDS HLDGS INC      COM              74112D101      444    25391 SH       DEFINED 02              25391        0        0
PROCERA NETWORKS INC           COM NEW          74269U203     2761   123463 SH       DEFINED 02             123463        0        0
PROGRESS ENERGY INC            COM              743263105      212     4000 SH       DEFINED 05               4000        0        0
PROGRESS ENERGY INC            COM              743263105    20015   376851 SH       DEFINED 02             376851        0        0
PROVIDENT ENERGY LTD NEW       COM              74386V100     2138   176700 SH       DEFINED 02             176700        0        0
QUALCOMM INC                   COM              747525103     4103    75000 SH  CALL DEFINED 05              75000        0        0
QUANTUM FUEL SYS TECH WORLDW   COM NEW          74765E208      218   316130 SH       DEFINED 02             316130        0        0
REMARK MEDIA INC               COM              75954W107      428    88889 SH       DEFINED 02              88889        0        0
RESEARCH IN MOTION LTD         COM              760975102      166    11400 SH  CALL DEFINED 05              11400        0        0
RITE AID CORP                  COM              767754104       87    50000 SH       DEFINED 02              50000        0        0
ROCKWOOD HLDGS INC             COM              774415103     5272   133900 SH  CALL DEFINED 05             133900        0        0
RSC HOLDINGS INC               COM              74972L102      212     9388 SH       DEFINED 05               9388        0        0
SANDISK CORP                   COM              80004C101       50     1000 SH       DEFINED 05               1000        0        0
SANDISK CORP                   COM              80004C101     2471    50200 SH  PUT  DEFINED 05              50200        0        0
SAVIENT PHARMACEUTICALS INC    COM              80517Q100       67    30000 SH  CALL DEFINED 05              30000        0        0
SCHWAB CHARLES CORP NEW        COM              808513105      145    10110 SH       DEFINED 02              10110        0        0
SCIENTIFIC GAMES CORP          CL A             80874P109     3461   296828 SH       DEFINED 02             296828        0        0
SCIENTIFIC GAMES CORP          CL A             80874P109        5      453 SH       DEFINED 05                453        0        0
SELECT SECTOR SPDR TR          SBI CONS DISCR   81369Y407     6644   147348 SH       DEFINED 03             147348        0        0
SELECT SECTOR SPDR TR          SBI INT-FINL     81369Y605     1580   100000 SH  PUT  DEFINED 02             100000        0        0
SELECT SECTOR SPDR TR          SBI INT-FINL     81369Y605     1580   100000 SH  CALL DEFINED 02             100000        0        0
SELECT SECTOR SPDR TR          SBI INT-INDS     81369Y704     1505    40225 SH       DEFINED 03              40225        0        0
SELECT SECTOR SPDR TR          SBI INT-INDS     81369Y704      125     3330 SH       DEFINED 05               3330        0        0
SELECT SECTOR SPDR TR          TECHNOLOGY       81369Y803     3578   118633 SH       DEFINED 03             118633        0        0
SELECT SECTOR SPDR TR          TECHNOLOGY       81369Y803      570    18900 SH       DEFINED 05              18900        0        0
SELECT SECTOR SPDR TR          TECHNOLOGY       81369Y803    15125   594300 SH  PUT  DEFINED 05             594300        0        0
SEQUENOM INC                   COM NEW          817337405      356    87500 SH       DEFINED 05              87500        0        0
SEQUENOM INC                   COM NEW          817337405      938   210700 SH  PUT  DEFINED 05             210700        0        0
SIGA TECHNOLOGIES INC          COM              826917106     2902   863721 SH       DEFINED 02             863721        0        0
SOLUTIA INC                    COM NEW          834376501      397    14200 SH       DEFINED 05              14200        0        0
SOLUTIA INC                    COM NEW          834376501    11916   426481 SH       DEFINED 02             426481        0        0
SPDR GOLD TRUST                GOLD SHS         78463V107     1490     9190 SH       DEFINED 02               9190        0        0
SPDR S&P 500 ETF TR            TR UNIT          78462F103    35203   250000 SH  PUT  DEFINED 02             250000        0        0
SPDR S&P MIDCAP 400 ETF TR     UTSER1 S&PDCRP   78467Y107    26003   143900 SH       DEFINED 03             143900        0        0
SPDR SERIES TRUST              BRCLYS CAP CONV  78464A359    11210   281229 SH       DEFINED 03             281229        0        0
SPDR SERIES TRUST              S&P INS ETF      78464A789      242     5781 SH       DEFINED 05               5781        0        0
STERLING BANCORP               COM              859158107      395    41157 SH       DEFINED 02              41157        0        0
SUNOCO LOGISTICS PRTNRS L P    COM UNITS        86764L108     1382    36540 SH       DEFINED 02              36540        0        0
SUREWEST COMMUNICATIONS        COM              868733106     3073   136254 SH       DEFINED 02             136254        0        0
SYNERGY PHARMACEUTICALS DEL    *W EXP 12/06/201 871639118      148    98441 SH       DEFINED 02              98441        0        0
TALBOTS INC                    COM              874161102      189    62477 SH       DEFINED 02              62477        0        0
TALBOTS INC                    COM              874161102      405   133500 SH  CALL DEFINED 02             133500        0        0
THERAVANCE INC                 COM              88338T104      530    24000 SH  CALL DEFINED 05              24000        0        0
THOMAS & BETTS CORP            COM              884315102    30173   419600 SH  CALL DEFINED 02             419600        0        0
THRESHOLD PHARMACEUTICAL INC   COM NEW          885807206      752    85500 SH       DEFINED 02              85500        0        0
THRESHOLD PHARMACEUTICAL INC   COM NEW          885807206      220    25000 SH       DEFINED 05              25000        0        0
TIBCO SOFTWARE INC             COM              88632Q103      359    15000 SH  PUT  DEFINED 05              15000        0        0
TRANSOCEAN LTD                 REG SHS          H8817H100     1554    28400 SH  PUT  DEFINED 02              28400        0        0
TRANSOCEAN LTD                 REG SHS          H8817H100     2188    40000 SH       DEFINED 02              40000        0        0
TRANSOCEAN LTD                 REG SHS          H8817H100    12669   231600 SH  CALL DEFINED 02             231600        0        0
TYCO INTERNATIONAL LTD         SHS              H89128104     6773   145000 SH  PUT  DEFINED 05             145000        0        0
TYCO INTERNATIONAL LTD         SHS              H89128104     7163   127500 SH       DEFINED 05             127500        0        0
TYSON FOODS INC                CL A             902494103     1649    79900 SH  CALL DEFINED 05              79900        0        0
UNITEDHEALTH GROUP INC         COM              91324P102     3548    70000 SH  CALL DEFINED 05              70000        0        0
US BANCORP DEL                 COM NEW          902973304      676    25000 SH  CALL DEFINED 05              25000        0        0
US BANCORP DEL                 COM NEW          902973304      676    25000 SH  PUT  DEFINED 05              25000        0        0
USA TECHNOLOGIES INC           *W EXP 12/31/201 90328S195      139   253269 SH       DEFINED 02             253269        0        0
VANGUARD INTL EQUITY INDEX F   MSCI EMR MKT ETF 922042858      711    16350 SH       DEFINED 02              16350        0        0
VANGUARD INTL EQUITY INDEX F   MSCI EMR MKT ETF 922042858    27199   625690 SH       DEFINED 03             625690        0        0
VANGUARD INTL EQUITY INDEX F   MSCI EUROPE ETF  922042874    12563   272571 SH       DEFINED 03             272571        0        0
VIRNETX HLDG CORP              COM              92823T108     1077    45000 SH  CALL DEFINED 02              45000        0        0
VIRNETX HLDG CORP              COM              92823T108     1077    45000 SH  PUT  DEFINED 02              45000        0        0
WAL MART STORES INC            COM              931142103      558     9125 SH       DEFINED 02               9125        0        0
WALGREEN CO                    COM              931422109      248     7415 SH       DEFINED 02               7415        0        0
WALTER INVT MGMT CORP          COM              93317W102      256    11335 SH       DEFINED 02              11335        0        0
WISDOMTREE TRUST               DRYFS CURR ETF   97717W133     1241    59278 SH       DEFINED 03              59278        0        0
WYNDHAM WORLDWIDE CORP         COM              98310W108     2258    59700 SH  CALL DEFINED 05              59700        0        0
WYNDHAM WORLDWIDE CORP         COM              98310W108      567    15000 SH  PUT  DEFINED 05              15000        0        0
ZOLL MED CORP                  COM              989922109     4242    45800 SH  CALL DEFINED 02              45800        0        0
ZOLL MED CORP                  COM              989922109     2779    30000 SH       DEFINED 02              30000        0        0
</TABLE>