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

                                    Form 13F

                              Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: June 30, 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     August 10, 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:    335

Form 13F Information Table Value Total:    $982,016 (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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
ABBOTT LABS                    COM              002824100     9671   150000 SH  PUT  DEFINED 02             150000        0        0
ABBOTT LABS                    COM              002824100     9671   150000 SH  CALL DEFINED 02             150000        0        0
AK STL HLDG CORP               COM              001547108       72    12200 SH  CALL DEFINED 05              12200        0        0
ALCOA INC                      COM              013817101      105    12000 SH  CALL DEFINED 05              12000        0        0
ALPHA NATURAL RESOURCES INC    COM              02076X102      175    20000 SH  CALL DEFINED 05              20000        0        0
ALTRIA GROUP INC               COM              02209S103     9501   275000 SH  CALL DEFINED 02             275000        0        0
ALTRIA GROUP INC               COM              02209S103     9684   280300 SH  PUT  DEFINED 02             280300        0        0
AMAZON COM INC                 COM              023135106    11418    50000 SH  PUT  DEFINED 02              50000        0        0
AMERICAN INTL GROUP INC        COM NEW          026874784      491    15300 SH  CALL DEFINED 05              15300        0        0
AMYLIN PHARMACEUTICALS INC     COM              032346108     1327    47052 SH       DEFINED 02              47052        0        0
AMYLIN PHARMACEUTICALS INC     COM              032346108     2236    79300 SH  PUT  DEFINED 05              79300        0        0
AMYLIN PHARMACEUTICALS INC     COM              032346108     5919   209900 SH  CALL DEFINED 05             209900        0        0
AMYLIN PHARMACEUTICALS INC     COM              032346108       71     2500 SH       DEFINED 05               2500        0        0
AMYLIN PHARMACEUTICALS INC     COM              032346108     1613    57200 SH  CALL DEFINED 02              57200        0        0
AOL INC                        COM              00184X105     2359    84000 SH       DEFINED 05              84000        0        0
AOL INC                        COM              00184X105     1036    36900 SH  CALL DEFINED 05              36900        0        0
AOL INC                        COM              00184X105     2527    90000 SH  PUT  DEFINED 05              90000        0        0
ARENA PHARMACEUTICALS INC      COM              040047102     2261   226700 SH  CALL DEFINED 05             226700        0        0
ARENA PHARMACEUTICALS INC      COM              040047102      874    87600 SH  PUT  DEFINED 05              87600        0        0
ARIAD PHARMACEUTICALS INC      COM              04033A100     1290    75000 SH  PUT  DEFINED 05              75000        0        0
ARIAD PHARMACEUTICALS INC      COM              04033A100      138     8000 SH       DEFINED 05               8000        0        0
ARIAD PHARMACEUTICALS INC      COM              04033A100      774    45000 SH       DEFINED 02              45000        0        0
ARIBA INC                      COM NEW          04033V203     2591    57880 SH       DEFINED 05              57880        0        0
ARIBA INC                      COM NEW          04033V203     1101    24600 SH  CALL DEFINED 02              24600        0        0
ARIBA INC                      COM NEW          04033V203     2014    45000 SH  CALL DEFINED 05              45000        0        0
ARIBA INC                      COM NEW          04033V203     2014    45000 SH  PUT  DEFINED 05              45000        0        0
ARIBA INC                      COM NEW          04033V203    15327   342434 SH       DEFINED 02             342434        0        0
AT&T INC                       COM              00206R102      514    14400 SH  PUT  DEFINED 05              14400        0        0
AT&T INC                       COM              00206R102      960    26910 SH       DEFINED 02              26910        0        0
AT&T INC                       COM              00206R102     7132   200000 SH  CALL DEFINED 02             200000        0        0
AT&T INC                       COM              00206R102      279     7800 SH  CALL DEFINED 05               7800        0        0
AT&T INC                       COM              00206R102     5349   150000 SH  PUT  DEFINED 02             150000        0        0
ATHENAHEALTH INC               COM              04685W103     2779    35100 SH  CALL DEFINED 05              35100        0        0
ATHENAHEALTH INC               COM              04685W103      586     7400 SH  PUT  DEFINED 05               7400        0        0
ATLAS ENERGY LP                COM UNITS LP     04930A104        7      238 SH       DEFINED 05                238        0        0
ATLAS ENERGY LP                COM UNITS LP     04930A104     4337   142200 SH  CALL DEFINED 05             142200        0        0
BAKER HUGHES INC               COM              057224107      358     8700 SH  CALL DEFINED 05               8700        0        0
BAKER HUGHES INC               COM              057224107      103     2500 SH  PUT  DEFINED 05               2500        0        0
BALL CORP                      COM              058498106     3900    95000 SH  CALL DEFINED 05              95000        0        0
BANK OF AMERICA CORPORATION    COM              060505104      182    22300 SH  CALL DEFINED 05              22300        0        0
BARCLAYS BK PLC                IPATH DYNM VIX   06741L609     1215    21349 SH       DEFINED 03              21349        0        0
BARCLAYS BK PLC                IPATH S&P MT ETN 06740C519     1156    25814 SH       DEFINED 03              25814        0        0
BARCLAYS BK PLC                IPTH S&P VIX NEW 06740C261      228    15000 SH       DEFINED 02              15000        0        0
BARCLAYS BK PLC                IPTH S&P VIX NEW 06740C261     3042   200000 SH  PUT  DEFINED 02             200000        0        0
BARCLAYS BK PLC                IPTH S&P VIX NEW 06740C261     3042   200000 SH  CALL DEFINED 02             200000        0        0
BARRICK GOLD CORP              COM              067901108      715    19000 SH  CALL DEFINED 05              19000        0        0
BAXTER INTL INC                COM              071813109       53     1000 SH       DEFINED 05               1000        0        0
BAXTER INTL INC                COM              071813109     1722    32400 SH  PUT  DEFINED 05              32400        0        0
BP PRUDHOE BAY RTY TR          UNIT BEN INT     055630107      408     3500 SH       DEFINED 02               3500        0        0
BRISTOL MYERS SQUIBB CO        COM              110122108     2725    75800 SH  CALL DEFINED 02              75800        0        0
BRISTOL MYERS SQUIBB CO        COM              110122108      899    25000 SH  PUT  DEFINED 02              25000        0        0
BUCKEYE PARTNERS L P           UNIT LTD PARTN   118230101      326     6250 SH       DEFINED 02               6250        0        0
CABOT OIL & GAS CORP           COM              127097103     1651    41900 SH       DEFINED 05              41900        0        0
CABOT OIL & GAS CORP           COM              127097103     3940   100000 SH  PUT  DEFINED 05             100000        0        0
CAESARS ENTMT CORP             COM              127686103      459    40284 SH       DEFINED 02              40284        0        0
CAPITAL ONE FINL CORP          COM              14040H105      289     5280 SH       DEFINED 02               5280        0        0
CATALYST HEALTH SOLUTIONS IN   COM              14888B103    17130   183321 SH       DEFINED 02             183321        0        0
CENTRAL FD CDA LTD             CL A             153501101      692    35000 SH       DEFINED 02              35000        0        0
CENTURYLINK INC                COM              156700106     1758    44518 SH       DEFINED 02              44518        0        0
CENTURYLINK INC                COM              156700106      940    23800 SH  CALL DEFINED 02              23800        0        0
CENTURYLINK INC                COM              156700106     4352   110200 SH  PUT  DEFINED 02             110200        0        0
CHESAPEAKE ENERGY CORP         COM              165167107      232    12500 SH  PUT  DEFINED 05              12500        0        0
CHESAPEAKE ENERGY CORP         COM              165167107      301    16100 SH  CALL DEFINED 05              16100        0        0
CHIPOTLE MEXICAN GRILL INC     COM              169656105      285      750 SH       DEFINED 02                750        0        0
CISCO SYS INC                  COM              17275R102     2576   150000 SH       DEFINED 05             150000        0        0
CISCO SYS INC                  COM              17275R102      374    21800 SH  CALL DEFINED 05              21800        0        0
CISCO SYS INC                  COM              17275R102     2650   154300 SH  PUT  DEFINED 05             154300        0        0
CITIGROUP INC                  COM NEW          172967424     2289    83507 SH       DEFINED 02              83507        0        0
CITIGROUP INC                  COM NEW          172967424      630    23000 SH  CALL DEFINED 02              23000        0        0
CITIGROUP INC                  COM NEW          172967424     3243   118300 SH  PUT  DEFINED 02             118300        0        0
COBALT INTL ENERGY INC         COM              19075F106      404    17180 SH       DEFINED 05              17180        0        0
COBALT INTL ENERGY INC         COM              19075F106      470    20000 SH  PUT  DEFINED 05              20000        0        0
COLLECTIVE BRANDS INC          COM              19421W100     3959   184833 SH       DEFINED 02             184833        0        0
COLLECTIVE BRANDS INC          COM              19421W100      296    13838 SH       DEFINED 05              13838        0        0
COMPUTER PROGRAMS & SYS INC    COM              205306103     4450    77773 SH       DEFINED 02              77773        0        0
COMPUTER SCIENCES CORP         COM              205363104      248    10000 SH  CALL DEFINED 05              10000        0        0
CONCEPTUS INC                  COM              206016107      218    11000 SH       DEFINED 05              11000        0        0
CONCEPTUS INC                  COM              206016107      941    47500 SH  PUT  DEFINED 05              47500        0        0
COOPER INDUSTRIES PLC          SHS              G24140108      800    11733 SH       DEFINED 05              11733        0        0
COST PLUS INC CALIF            COM              221485105     5500   250000 SH  CALL DEFINED 02             250000        0        0
COWEN GROUP INC NEW            CL A             223622101     2029   762667 SH       DEFINED 02             762667        0        0
CREDIT SUISSE NASSAU BRH       ETN IDX-LKD 20   22542D845     1602    81113 SH       DEFINED 03              81113        0        0
CREDIT SUISSE NASSAU BRH       VIX SHT TRM FT   22542D761      331    67500 SH       DEFINED 02              67500        0        0
CROWN HOLDINGS INC             COM              228368106      586    17000 SH  CALL DEFINED 05              17000        0        0
CVR ENERGY INC                 COM              12662P108      247     9300 SH       DEFINED 05               9300        0        0
CVR ENERGY INC                 COM              12662P108      319    12000 SH  PUT  DEFINED 05              12000        0        0
CYTOKINETICS INC               COM              23282W100       67   104800 SH       DEFINED 02             104800        0        0
CYTOKINETICS INC               COM              23282W100       89   139540 SH       DEFINED 05             139540        0        0
DELCATH SYS INC                COM              24661P104      344   208600 SH       DEFINED 02             208600        0        0
DELL INC                       COM              24702R101      195    15500 SH  CALL DEFINED 05              15500        0        0
DISNEY WALT CO                 COM DISNEY       254687106      664    13700 SH  CALL DEFINED 05              13700        0        0
DOLLAR THRIFTY AUTOMOTIVE GP   COM              256743105     3271    40400 SH  CALL DEFINED 05              40400        0        0
DRESSER-RAND GROUP INC         COM              261608103     1203    27000 SH  CALL DEFINED 05              27000        0        0
DYNAVAX TECHNOLOGIES CORP      COM              268158102       17     3900 SH  PUT  DEFINED 05               3900        0        0
DYNAVAX TECHNOLOGIES CORP      COM              268158102       45    10451 SH       DEFINED 05              10451        0        0
DYNAVAX TECHNOLOGIES CORP      COM              268158102      237    54900 SH  CALL DEFINED 05              54900        0        0
E M C CORP MASS                COM              268648102      640    25000 SH  CALL DEFINED 05              25000        0        0
EASTMAN CHEM CO                COM              277432100     3999    79400 SH  CALL DEFINED 05              79400        0        0
EATON CORP                     COM              278058102      460    11600 SH  CALL DEFINED 05              11600        0        0
EATON CORP                     COM              278058102     1189    30000 SH  PUT  DEFINED 05              30000        0        0
EDELMAN FINL GROUP INC         COM              27943Q105     1105   127027 SH       DEFINED 02             127027        0        0
ELSTER GROUP SE                SPONSORED ADR    290348101     2389   117699 SH       DEFINED 02             117699        0        0
ELSTER GROUP SE                SPONSORED ADR    290348101      305    15000 SH       DEFINED 05              15000        0        0
ENDO HEALTH SOLUTIONS INC      COM              29264F205      539    17400 SH       DEFINED 05              17400        0        0
ENDO HEALTH SOLUTIONS INC      COM              29264F205     1534    49500 SH  PUT  DEFINED 05              49500        0        0
ENERGY XXI (BERMUDA) LTD       USD UNRS SHS     G10082140     1571    50200 SH       DEFINED 02              50200        0        0
ENTERPRISE PRODS PARTNERS L    COM              293792107      993    19375 SH       DEFINED 02              19375        0        0
ERESEARCHTECHNOLOGY INC        COM              29481V108     4650   581631 SH       DEFINED 02             581631        0        0
EXELON CORP                    COM              30161N101     6358   169000 SH  CALL DEFINED 05             169000        0        0
EXTORRE GOLD MINES LTD         COM              30227B109      310    75000 SH       DEFINED 02              75000        0        0
EXXON MOBIL CORP               COM              30231G102      297     3471 SH       DEFINED 02               3471        0        0
F M C CORP                     COM NEW          302491303     5840   109200 SH  CALL DEFINED 05             109200        0        0
FORD MTR CO DEL                COM PAR $0.01    345370860     1495   155900 SH  CALL DEFINED 02             155900        0        0
FORD MTR CO DEL                COM PAR $0.01    345370860       64     6700 SH  PUT  DEFINED 05               6700        0        0
FORD MTR CO DEL                COM PAR $0.01    345370860      240    25100 SH  CALL DEFINED 05              25100        0        0
FORD MTR CO DEL                COM PAR $0.01    345370860     1823   190135 SH       DEFINED 02             190135        0        0
FORD MTR CO DEL                COM PAR $0.01    345370860     1918   200000 SH  PUT  DEFINED 02             200000        0        0
FREEPORT-MCMORAN COPPER & GO   COM              35671D857     3300    96852 SH       DEFINED 02              96852        0        0
FREEPORT-MCMORAN COPPER & GO   COM              35671D857      272     7974 SH       DEFINED 05               7974        0        0
FREEPORT-MCMORAN COPPER & GO   COM              35671D857      716    21000 SH  CALL DEFINED 05              21000        0        0
FREEPORT-MCMORAN COPPER & GO   COM              35671D857     3407   100000 SH  PUT  DEFINED 02             100000        0        0
FREEPORT-MCMORAN COPPER & GO   COM              35671D857     1178    34700 SH  PUT  DEFINED 05              34700        0        0
GENERAL DYNAMICS CORP          COM              369550108     2744    41600 SH  CALL DEFINED 05              41600        0        0
GEN-PROBE INC NEW              COM              36866T103      838    10195 SH       DEFINED 05              10195        0        0
GEN-PROBE INC NEW              COM              36866T103    41897   509700 SH  CALL DEFINED 02             509700        0        0
GEN-PROBE INC NEW              COM              36866T103     8319   101200 SH       DEFINED 02             101200        0        0
GENWORTH FINL INC              COM CL A         37247D106      198    35000 SH  CALL DEFINED 05              35000        0        0
GILEAD SCIENCES INC            COM              375558103      590    11500 SH       DEFINED 05              11500        0        0
GILEAD SCIENCES INC            COM              375558103     1846    36000 SH  CALL DEFINED 05              36000        0        0
GILEAD SCIENCES INC            COM              375558103      307     6000 SH  PUT  DEFINED 05               6000        0        0
GOLDMAN SACHS GROUP INC        COM              38141G104      353     3683 SH       DEFINED 02               3683        0        0
GOLDMAN SACHS GROUP INC        COM              38141G104      374     3900 SH  CALL DEFINED 02               3900        0        0
GOLDMAN SACHS GROUP INC        COM              38141G104      374     3900 SH  PUT  DEFINED 02               3900        0        0
GOODRICH CORP                  COM              382388106    29885   235501 SH       DEFINED 05             235501        0        0
GOODRICH CORP                  COM              382388106    38692   304900 SH  CALL DEFINED 02             304900        0        0
GOODRICH CORP                  COM              382388106    14784   116500 SH       DEFINED 02             116500        0        0
GRACE W R & CO DEL NEW         COM              38388F108     1080    21400 SH  CALL DEFINED 05              21400        0        0
GREEN MTN COFFEE ROASTERS IN   COM              393122106     1089    50000 SH       DEFINED 05              50000        0        0
GREEN MTN COFFEE ROASTERS IN   COM              393122106     1089    50000 SH  PUT  DEFINED 05              50000        0        0
HALCON RES CORP                COM NEW          40537Q209      425    45000 SH       DEFINED 05              45000        0        0
HALLIBURTON CO                 COM              406216101     7001   246600 SH  CALL DEFINED 02             246600        0        0
HALLIBURTON CO                 COM              406216101      976    34400 SH  CALL DEFINED 05              34400        0        0
HALLIBURTON CO                 COM              406216101      111     3900 SH  PUT  DEFINED 05               3900        0        0
HARVEST NATURAL RESOURCES IN   COM              41754V103     1841   215277 SH       DEFINED 02             215277        0        0
HARVEST NATURAL RESOURCES IN   COM              41754V103      381    44600 SH  CALL DEFINED 02              44600        0        0
HEALTH NET INC                 COM              42222G108     1430    58900 SH  CALL DEFINED 05              58900        0        0
HERTZ GLOBAL HOLDINGS INC      COM              42805T105      348    27190 SH       DEFINED 05              27190        0        0
HEWLETT PACKARD CO             COM              428236103     2475   123092 SH       DEFINED 02             123092        0        0
HEWLETT PACKARD CO             COM              428236103      469    23300 SH  CALL DEFINED 02              23300        0        0
HEWLETT PACKARD CO             COM              428236103      744    37000 SH  CALL DEFINED 05              37000        0        0
HEWLETT PACKARD CO             COM              428236103     2620   130300 SH  PUT  DEFINED 02             130300        0        0
HEWLETT PACKARD CO             COM              428236103       92     4600 SH  PUT  DEFINED 05               4600        0        0
HOME DEPOT INC                 COM              437076102      180     3400 SH  PUT  DEFINED 05               3400        0        0
HOME DEPOT INC                 COM              437076102    14880   280800 SH  CALL DEFINED 02             280800        0        0
HOME DEPOT INC                 COM              437076102      768    14500 SH  CALL DEFINED 05              14500        0        0
HOME DEPOT INC                 COM              437076102     1590    30000 SH  PUT  DEFINED 02              30000        0        0
HORSEHEAD HLDG CORP            COM              440694305     1159   116373 SH       DEFINED 02             116373        0        0
HOUSTON AMERN ENERGY CORP      COM              44183U100      390   348493 SH       DEFINED 02             348493        0        0
HUMAN GENOME SCIENCES INC      COM              444903108     7716   587644 SH       DEFINED 02             587644        0        0
HUMAN GENOME SCIENCES INC      COM              444903108      366    27900 SH       DEFINED 05              27900        0        0
HUMAN GENOME SCIENCES INC      COM              444903108      756    57600 SH  CALL DEFINED 05              57600        0        0
HUMAN GENOME SCIENCES INC      COM              444903108     4525   344700 SH  PUT  DEFINED 02             344700        0        0
IDENIX PHARMACEUTICALS INC     COM              45166R204     1746   169800 SH  CALL DEFINED 05             169800        0        0
IDENIX PHARMACEUTICALS INC     COM              45166R204      103    10000 SH  PUT  DEFINED 05              10000        0        0
ILLUMINA INC                   COM              452327109      990    24506 SH       DEFINED 05              24506        0        0
ILLUMINA INC                   COM              452327109      404    10000 SH  PUT  DEFINED 05              10000        0        0
INTEL CORP                     COM              458140100     3414   128100 SH  PUT  DEFINED 05             128100        0        0
INTEL CORP                     COM              458140100       67     2500 SH       DEFINED 05               2500        0        0
INTEL CORP                     COM              458140100      784    29300 SH  CALL DEFINED 05              29300        0        0
INTERLINE BRANDS INC           COM              458743101      376    15000 SH       DEFINED 05              15000        0        0
INTERNATIONAL BUSINESS MACHS   COM              459200101     2637    13483 SH       DEFINED 02              13483        0        0
ISHARES GOLD TRUST             ISHARES          464285105      487    31280 SH       DEFINED 02              31280        0        0
ISHARES INC                    MSCI BRAZIL      464286400     6800   131537 SH       DEFINED 02             131537        0        0
ISHARES INC                    MSCI BRAZIL      464286400     4699    90900 SH  CALL DEFINED 02              90900        0        0
ISHARES INC                    MSCI BRAZIL      464286400     9305   180000 SH  PUT  DEFINED 02             180000        0        0
ISHARES INC                    MSCI CDA INDEX   464286509      258    10000 SH       DEFINED 02              10000        0        0
ISHARES TR                     DJ REGIONAL BK   464288778       24      998 SH       DEFINED 05                998        0        0
ISHARES TR                     DJ US FINL SVC   464287770       68     1306 SH       DEFINED 05               1306        0        0
ISHARES TR                     DJ US REAL EST   464287739     9590   150000 SH  CALL DEFINED 02             150000        0        0
ISHARES TR                     FTSE CHINA25 IDX 464287184    18161   539460 SH       DEFINED 02             539460        0        0
ISHARES TR                     HIGH YLD CORP    464288513     6045    66215 SH       DEFINED 03              66215        0        0
ISHARES TR                     JPMORGAN USD     464288281     3338    29093 SH       DEFINED 03              29093        0        0
ISHARES TR                     NASDQ BIO INDX   464287556     4548    35000 SH  CALL DEFINED 05              35000        0        0
ISHARES TR                     RUSSELL 2000     464287655    15809   198700 SH  PUT  DEFINED 02             198700        0        0
ISHARES TR                     RUSSELL 2000     464287655     3978    50000 SH  CALL DEFINED 02              50000        0        0
ISHARES TR                     RUSSELL1000GRW   464287614    14376   227358 SH       DEFINED 03             227358        0        0
JOHNSON & JOHNSON              COM              478160104     5919    87600 SH  PUT  DEFINED 05              87600        0        0
JOHNSON & JOHNSON              COM              478160104      878    13000 SH  CALL DEFINED 05              13000        0        0
JOHNSON & JOHNSON              COM              478160104      750    11100 SH       DEFINED 05              11100        0        0
JPMORGAN CHASE & CO            COM              46625H100     1896    53000 SH  CALL DEFINED 05              53000        0        0
JPMORGAN CHASE & CO            COM              46625H100     2116    59200 SH  PUT  DEFINED 05              59200        0        0
JPMORGAN CHASE & CO            COM              46625H100     1036    29000 SH  CALL DEFINED 02              29000        0        0
KELLOGG CO                     COM              487836108     1623    32900 SH  CALL DEFINED 05              32900        0        0
KINDER MORGAN INC DEL          COM              49456B101       32     1000 SH       DEFINED 05               1000        0        0
KINDER MORGAN INC DEL          COM              49456B101      322    10000 SH  CALL DEFINED 02              10000        0        0
KROGER CO                      COM              501044101      514    22149 SH       DEFINED 02              22149        0        0
LAS VEGAS SANDS CORP           COM              517834107      534    12300 SH  CALL DEFINED 05              12300        0        0
LIGHTBRIDGE CORP               COM              53224K104      255   126000 SH       DEFINED 02             126000        0        0
LILLY ELI & CO                 COM              532457108     1309    30500 SH  CALL DEFINED 05              30500        0        0
LILLY ELI & CO                 COM              532457108      129     3000 SH  PUT  DEFINED 05               3000        0        0
LOWES COS INC                  COM              548661107      398    14000 SH  CALL DEFINED 02              14000        0        0
MAGELLAN MIDSTREAM PRTNRS LP   COM UNIT RP LP   559080106     1071    15155 SH       DEFINED 02              15155        0        0
MAKO SURGICAL CORP             COM              560879108     1344    52500 SH  CALL DEFINED 05              52500        0        0
MANNKIND CORP                  COM              56400P201      536   234100 SH  CALL DEFINED 05             234100        0        0
MCDONALDS CORP                 COM              580135101    13280   150000 SH  PUT  DEFINED 02             150000        0        0
MCDONALDS CORP                 COM              580135101     1239    14000 SH  PUT  DEFINED 05              14000        0        0
MEDIVATION INC                 COM              58501N101      640     7000 SH  CALL DEFINED 05               7000        0        0
MEDTRONIC INC                  COM              585055106      775    20000 SH  CALL DEFINED 05              20000        0        0
MEDTRONIC INC                  COM              585055106      136     3500 SH       DEFINED 05               3500        0        0
MITSUBISHI UFJ FINL GROUP IN   SPONSORED ADR    606822104      383    80560 SH       DEFINED 02              80560        0        0
MOLSON COORS BREWING CO        CL B             60871R209     6050   145400 SH  CALL DEFINED 05             145400        0        0
MORGAN STANLEY                 COM NEW          617446448      330    22614 SH       DEFINED 02              22614        0        0
MORGAN STANLEY                 COM NEW          617446448       36     2447 SH       DEFINED 05               2447        0        0
MORGAN STANLEY                 COM NEW          617446448      715    49000 SH  CALL DEFINED 05              49000        0        0
MORGAN STANLEY                 COM NEW          617446448      269    18500 SH  PUT  DEFINED 05              18500        0        0
MOSAIC CO NEW                  COM              61945C103      340     6200 SH  CALL DEFINED 05               6200        0        0
MYLAN INC                      COM              628530107      556    26000 SH       DEFINED 05              26000        0        0
MYLAN INC                      COM              628530107     1496    70000 SH  PUT  DEFINED 05              70000        0        0
NEOPHOTONICS CORP              COM              64051T100      697   141115 SH       DEFINED 02             141115        0        0
NEUROCRINE BIOSCIENCES INC     COM              64125C109     1955   247600 SH  CALL DEFINED 05             247600        0        0
NEWMONT MINING CORP            COM              651639106      315     6500 SH  CALL DEFINED 05               6500        0        0
NORTHWEST PIPE CO              COM              667746101      332    13700 SH       DEFINED 02              13700        0        0
NUCOR CORP                     COM              670346105       30      802 SH       DEFINED 05                802        0        0
NUCOR CORP                     COM              670346105     2111    55700 SH  CALL DEFINED 02              55700        0        0
NUCOR CORP                     COM              670346105        8      200 SH  CALL DEFINED 05                200        0        0
NUCOR CORP                     COM              670346105      246     6500 SH  PUT  DEFINED 02               6500        0        0
NUCOR CORP                     COM              670346105       34      900 SH  PUT  DEFINED 05                900        0        0
ONCOTHYREON INC                COM              682324108      985   210453 SH       DEFINED 02             210453        0        0
ONYX PHARMACEUTICALS INC       COM              683399109      964    14500 SH  PUT  DEFINED 05              14500        0        0
ONYX PHARMACEUTICALS INC       COM              683399109      133     2000 SH       DEFINED 05               2000        0        0
ORACLE CORP                    COM              68389X105       30     1000 SH  PUT  DEFINED 05               1000        0        0
ORACLE CORP                    COM              68389X105      353    11900 SH  CALL DEFINED 05              11900        0        0
ORACLE CORP                    COM              68389X105     2657    89446 SH       DEFINED 02              89446        0        0
P F CHANGS CHINA BISTRO INC    COM              69333Y108     3929    76336 SH       DEFINED 02              76336        0        0
PACKAGING CORP AMER            COM              695156109      250     8871 SH       DEFINED 05               8871        0        0
PACKAGING CORP AMER            COM              695156109     2601    92100 SH  CALL DEFINED 05              92100        0        0
PEP BOYS MANNY MOE & JACK      COM              713278109      500    50500 SH  CALL DEFINED 02              50500        0        0
PERRIGO CO                     COM              714290103     1474    12500 SH       DEFINED 05              12500        0        0
PERRIGO CO                     COM              714290103      979     8300 SH  PUT  DEFINED 05               8300        0        0
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR    71654V408     5412   288300 SH  CALL DEFINED 02             288300        0        0
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR    71654V408       34     1800 SH  PUT  DEFINED 05               1800        0        0
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR    71654V408      412    21900 SH  CALL DEFINED 05              21900        0        0
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR    71654V408     9120   485885 SH       DEFINED 02             485885        0        0
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR    71654V408    10379   553000 SH  PUT  DEFINED 02             553000        0        0
PFIZER INC                     COM              717081103      133     5800 SH       DEFINED 05               5800        0        0
PFIZER INC                     COM              717081103     1003    43600 SH  CALL DEFINED 05              43600        0        0
PFIZER INC                     COM              717081103      112     4900 SH  PUT  DEFINED 05               4900        0        0
PHARMACYCLICS INC              COM              716933106      137     2500 SH       DEFINED 05               2500        0        0
PHARMACYCLICS INC              COM              716933106     4369    80000 SH  PUT  DEFINED 05              80000        0        0
PHILIP MORRIS INTL INC         COM              718172109      707     8100 SH  CALL DEFINED 02               8100        0        0
PITNEY BOWES INC               COM              724479100     1497   100000 SH  PUT  DEFINED 02             100000        0        0
PLAINS ALL AMERN PIPELINE L    UNIT LTD PARTN   726503105      690     8535 SH       DEFINED 02               8535        0        0
PROCERA NETWORKS INC           COM NEW          74269U203      510    20963 SH       DEFINED 02              20963        0        0
PROGRESS ENERGY INC            COM              743263105      341     5662 SH       DEFINED 05               5662        0        0
QUALCOMM INC                   COM              747525103      557    10000 SH  CALL DEFINED 05              10000        0        0
QUANTUM FUEL SYS TECH WORLDW   COM NEW          74765E208      260   354630 SH       DEFINED 02             354630        0        0
QUEST SOFTWARE INC             COM              74834T103     1587    57057 SH       DEFINED 02              57057        0        0
QUEST SOFTWARE INC             COM              74834T103       28     1000 SH       DEFINED 05               1000        0        0
REMARK MEDIA INC               COM              75954W107      493   145064 SH       DEFINED 02             145064        0        0
RESEARCH IN MOTION LTD         COM              760975102      194    26100 SH  CALL DEFINED 05              26100        0        0
ROCKWOOD HLDGS INC             COM              774415103     3836    86500 SH  CALL DEFINED 05              86500        0        0
ROYAL DUTCH SHELL PLC          SPONS ADR A      780259206      641     9500 SH       DEFINED 05               9500        0        0
SALESFORCE COM INC             COM              79466L302      335     2422 SH       DEFINED 02               2422        0        0
SANCHEZ ENERGY CORP            COM              79970Y105     2638   126822 SH       DEFINED 02             126822        0        0
SANDISK CORP                   COM              80004C101     1168    32000 SH  CALL DEFINED 05              32000        0        0
SANDISK CORP                   COM              80004C101      730    20000 SH  PUT  DEFINED 05              20000        0        0
SCHWAB CHARLES CORP NEW        COM              808513105      129    10000 SH       DEFINED 02              10000        0        0
SCHWAB CHARLES CORP NEW        COM              808513105        3      200 SH  CALL DEFINED 05                200        0        0
SCIENTIFIC GAMES CORP          CL A             80874P109     2538   296828 SH       DEFINED 02             296828        0        0
SEAGATE TECHNOLOGY PLC         SHS              G7945M107      442    17900 SH  CALL DEFINED 05              17900        0        0
SELECT SECTOR SPDR TR          SBI CONS DISCR   81369Y407     4228    96566 SH       DEFINED 03              96566        0        0
SELECT SECTOR SPDR TR          SBI INT-INDS     81369Y704     2464    69066 SH       DEFINED 03              69066        0        0
SELECT SECTOR SPDR TR          SBI MATERIALS    81369Y100       19      541 SH       DEFINED 05                541        0        0
SELECT SECTOR SPDR TR          TECHNOLOGY       81369Y803      313    10900 SH       DEFINED 05              10900        0        0
SELECT SECTOR SPDR TR          TECHNOLOGY       81369Y803     4303   149800 SH  PUT  DEFINED 05             149800        0        0
SELECT SECTOR SPDR TR          TECHNOLOGY       81369Y803     1311    45629 SH       DEFINED 03              45629        0        0
SIGA TECHNOLOGIES INC          COM              826917106     2399   838721 SH       DEFINED 02             838721        0        0
SILVER WHEATON CORP            COM              828336107      218     8100 SH  CALL DEFINED 05               8100        0        0
SIMON PPTY GROUP INC NEW       COM              828806109     7783    50000 SH  CALL DEFINED 02              50000        0        0
SOLUTIA INC                    COM NEW          834376501    21005   748837 SH       DEFINED 02             748837        0        0
SPDR GOLD TRUST                GOLD SHS         78463V107    15503    99900 SH  CALL DEFINED 02              99900        0        0
SPDR GOLD TRUST                GOLD SHS         78463V107      340     2190 SH       DEFINED 02               2190        0        0
SPDR S&P 500 ETF TR            TR UNIT          78462F103   102080   750000 SH  PUT  DEFINED 02             750000        0        0
SPDR S&P 500 ETF TR            TR UNIT          78462F103    10636    78143 SH       DEFINED 02              78143        0        0
SPDR S&P 500 ETF TR            TR UNIT          78462F103      404     2967 SH       DEFINED 05               2967        0        0
SPDR S&P MIDCAP 400 ETF TR     UTSER1 S&PDCRP   78467Y107    23225   135578 SH       DEFINED 03             135578        0        0
SPDR SERIES TRUST              BRCLYS CAP CONV  78464A359     6638   176724 SH       DEFINED 03             176724        0        0
SPDR SERIES TRUST              S&P CAP MKTS     78464A771       62     2019 SH       DEFINED 05               2019        0        0
SPDR SERIES TRUST              S&P REGL BKG     78464A698      275    10059 SH       DEFINED 05              10059        0        0
STANDARD MICROSYSTEMS CORP     COM              853626109      531    14399 SH       DEFINED 02              14399        0        0
STERLING BANCORP               COM              859158107      411    41157 SH       DEFINED 02              41157        0        0
SUNOCO INC                     COM              86764P109      245     5159 SH       DEFINED 05               5159        0        0
SUNOCO INC                     COM              86764P109     1473    31000 SH  CALL DEFINED 05              31000        0        0
SUNOCO INC                     COM              86764P109     1231    25924 SH       DEFINED 02              25924        0        0
SUNOCO LOGISTICS PRTNRS L P    COM UNITS        86764L108     1315    36259 SH       DEFINED 02              36259        0        0
SYNERGY PHARMACEUTICALS DEL    *W EXP 12/06/201 871639118      208    98441 SH       DEFINED 02              98441        0        0
SYNERGY PHARMACEUTICALS DEL    COM NEW          871639308      322    67779 SH       DEFINED 02              67779        0        0
TALBOTS INC                    COM              874161102       35    13955 SH       DEFINED 05              13955        0        0
TESLA MTRS INC                 COM              88160R101      322    10300 SH       DEFINED 05              10300        0        0
TEVA PHARMACEUTICAL INDS LTD   ADR              881624209     2248    57000 SH  CALL DEFINED 05              57000        0        0
THRESHOLD PHARMACEUTICAL INC   COM NEW          885807206      148    20000 SH       DEFINED 02              20000        0        0
THRESHOLD PHARMACEUTICAL INC   COM NEW          885807206        0       63 SH       DEFINED 05                 63        0        0
TRANSOCEAN LTD                 REG SHS          H8817H100     1663    37185 SH       DEFINED 02              37185        0        0
TYCO INTERNATIONAL LTD         SHS              H89128104     7203   136300 SH       DEFINED 05             136300        0        0
UNITED PARCEL SERVICE INC      CL B             911312106      788    10000 SH  PUT  DEFINED 02              10000        0        0
UNITED PARCEL SERVICE INC      CL B             911312106     7876   100000 SH  CALL DEFINED 02             100000        0        0
UNITED STATES OIL FUND LP      UNITS            91232N108     1462    45930 SH       DEFINED 03              45930        0        0
UNITED STATES STL CORP NEW     COM              912909108      479    23300 SH  CALL DEFINED 05              23300        0        0
UNITED STATES STL CORP NEW     COM              912909108      227    11000 SH  PUT  DEFINED 05              11000        0        0
USA TECHNOLOGIES INC           *W EXP 12/31/201 90328S195      146   269958 SH       DEFINED 02             269958        0        0
VALE S A                       ADR              91912E105      499    25149 SH       DEFINED 02              25149        0        0
VALE S A                       ADR              91912E105     1561    80000 SH  PUT  DEFINED 02              80000        0        0
VALEANT PHARMACEUTICALS INTL   COM              91911K102     3910    87300 SH  CALL DEFINED 05              87300        0        0
VANGUARD INTL EQUITY INDEX F   MSCI EMR MKT ETF 922042858      601    15050 SH       DEFINED 02              15050        0        0
VANGUARD INTL EQUITY INDEX F   MSCI EMR MKT ETF 922042858    17137   429113 SH       DEFINED 03             429113        0        0
VANGUARD INTL EQUITY INDEX F   MSCI EUROPE ETF  922042874     4086    95401 SH       DEFINED 03              95401        0        0
VERIZON COMMUNICATIONS INC     COM              92343V104     7884   177400 SH  CALL DEFINED 02             177400        0        0
VERIZON COMMUNICATIONS INC     COM              92343V104      306     6900 SH  CALL DEFINED 05               6900        0        0
VERIZON COMMUNICATIONS INC     COM              92343V104     4444   100000 SH  PUT  DEFINED 02             100000        0        0
VERIZON COMMUNICATIONS INC     COM              92343V104      253     5700 SH  PUT  DEFINED 05               5700        0        0
VERTEX PHARMACEUTICALS INC     COM              92532F100      499     8918 SH       DEFINED 02               8918        0        0
VERTEX PHARMACEUTICALS INC     COM              92532F100       73     1300 SH       DEFINED 05               1300        0        0
VERTEX PHARMACEUTICALS INC     COM              92532F100      112     2000 SH  PUT  DEFINED 05               2000        0        0
VIRNETX HLDG CORP              COM              92823T108     2339    66357 SH       DEFINED 02              66357        0        0
VIRNETX HLDG CORP              COM              92823T108     2644    75000 SH  CALL DEFINED 02              75000        0        0
VIROPHARMA INC                 COM              928241108      711    30000 SH  PUT  DEFINED 05              30000        0        0
VIROPHARMA INC                 COM              928241108      107     4500 SH       DEFINED 05               4500        0        0
VIVUS INC                      COM              928551100      214     7500 SH  CALL DEFINED 05               7500        0        0
WAL-MART STORES INC            COM              931142103     1424    20430 SH       DEFINED 02              20430        0        0
WAL-MART STORES INC            COM              931142103     6993   100300 SH  CALL DEFINED 02             100300        0        0
WAL-MART STORES INC            COM              931142103    12828   184000 SH  PUT  DEFINED 02             184000        0        0
WALTER INVT MGMT CORP          COM              93317W102      266    11335 SH       DEFINED 02              11335        0        0
WELLS FARGO & CO NEW           COM              949746101     1929    57700 SH  CALL DEFINED 05              57700        0        0
WELLS FARGO & CO NEW           COM              949746101       40     1200 SH  PUT  DEFINED 05               1200        0        0
WYNDHAM WORLDWIDE CORP         COM              98310W108      791    15000 SH  PUT  DEFINED 05              15000        0        0
</TABLE>