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, 2011

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-NEW

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 15, 2011

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:    326

Form 13F Information Table Value Total:    $827,275 (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

05   028-NEW                       Cowen and Company LLC
01   028-06309                     Ramius LLC
02   028-10674                     Ramius Advisors, LLC
03   028-14361                     Ramius Alternative Solutions LLC
04   028-10501                       Cowen Capital 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     1762    25000 SH  CALL DEFINED 02              25000        0        0
ADVANCED ANALOGIC TECHNOLOGI   COM              00752J108      930   153667 SH       DEFINED 02             153667        0        0
AGL RES INC                    COM              001204106     1706    41910 SH       DEFINED 02              41910        0        0
AGL RES INC                    COM              001204106        6      147 SH       DEFINED 05                147        0        0
AGRIUM INC                     COM              008916108      709     8074 SH       DEFINED 04               8074        0        0
AGRIUM INC                     COM              008916108     1843    21000 SH  PUT  DEFINED 04              21000        0        0
ALCOA INC                      COM              013817101     4758   300000 SH  CALL DEFINED 04             300000        0        0
ALLERGAN INC                   COM              018490102     1457    17500 SH  CALL DEFINED 05              17500        0        0
ALLIED WRLD ASSUR COM HLDG A   SHS              H01531104      288     5000 SH  CALL DEFINED 02               5000        0        0
AMGEN INC                      COM              031162100      414     7098 SH       DEFINED 04               7098        0        0
AMGEN INC                      NOTE 0.375% 2/0  031162AQ3      684   680000 PRN      DEFINED 05             680000        0        0
AMYLIN PHARMACEUTICALS INC     COM              032346108      200    15000 SH  CALL DEFINED 05              15000        0        0
ARCH COAL INC                  COM              039380100       35     1331 SH       DEFINED 05               1331        0        0
ARCH COAL INC                  COM              039380100     1016    38100 SH  CALL DEFINED 05              38100        0        0
ARIAD PHARMACEUTICALS INC      COM              04033A100     1416   125000 SH       DEFINED 02             125000        0        0
AUTOZONE INC                   COM              053332102      886     3002 SH       DEFINED 05               3002        0        0
AUTOZONE INC                   COM              053332102      737     2500 SH  CALL DEFINED 05               2500        0        0
AVANIR PHARMACEUTICALS INC     CL A NEW         05348P401      164    48600 SH  PUT  DEFINED 05              48600        0        0
AVANIR PHARMACEUTICALS INC     CL A NEW         05348P401      151    45000 SH       DEFINED 05              45000        0        0
AVANIR PHARMACEUTICALS INC     CL A NEW         05348P401      458   136100 SH  CALL DEFINED 05             136100        0        0
BALL CORP                      COM              058498106     5958   154900 SH  CALL DEFINED 05             154900        0        0
BARCLAYS BK PLC                DJUBS CMDT ETN36 06738C778    10386   219900 SH       DEFINED 03             219900        0        0
BARCLAYS BK PLC                IPATH S&P MT ETN 06740C519     9559   189768 SH       DEFINED 03             189768        0        0
BARCLAYS BK PLC                IPTH S&P VIX NEW 06740C261      370    17500 SH       DEFINED 02              17500        0        0
BARCLAYS BK PLC                IPTH S&P VIX NEW 06740C261     1786    84500 SH       DEFINED 03              84500        0        0
BARCLAYS BK PLC                IPTH S&P VIX NEW 06740C261      846    40000 SH  CALL DEFINED 02              40000        0        0
BARNES & NOBLE INC             COM              067774109     1245    75100 SH  PUT  DEFINED 02              75100        0        0
BIOGEN IDEC INC                COM              09062X103     3165    29600 SH  CALL DEFINED 04              29600        0        0
BIONOVO INC                    COM NEW          090643206      344   450000 SH       DEFINED 05             450000        0        0
BIONOVO INC                    COM NEW          090643206      342   447048 SH       DEFINED 02             447048        0        0
BJS WHOLESALE CLUB INC         COM              05548J106     2130    42300 SH  PUT  DEFINED 02              42300        0        0
BJS WHOLESALE CLUB INC         COM              05548J106     1511    30000 SH       DEFINED 02              30000        0        0
BJS WHOLESALE CLUB INC         COM              05548J106     1536    30500 SH  CALL DEFINED 02              30500        0        0
BLACKBOARD INC                 COM              091935502       29      679 SH       DEFINED 05                679        0        0
BLACKBOARD INC                 COM              091935502      334     7700 SH  CALL DEFINED 02               7700        0        0
BMC SOFTWARE INC               COM              055921100      797    14566 SH       DEFINED 04              14566        0        0
BUCYRUS INTL INC NEW           COM              118759109    10644   116124 SH       DEFINED 02             116124        0        0
BUCYRUS INTL INC NEW           COM              118759109    26160   285400 SH  CALL DEFINED 02             285400        0        0
BUCYRUS INTL INC NEW           COM              118759109     3016    32900 SH  PUT  DEFINED 02              32900        0        0
CADENCE PHARMACEUTICALS INC    COM              12738T100       43     4724 SH       DEFINED 05               4724        0        0
CADENCE PHARMACEUTICALS INC    COM              12738T100      828    90000 SH  CALL DEFINED 05              90000        0        0
CALIFORNIA PIZZA KITCHEN INC   COM              13054D109     4638   251102 SH       DEFINED 02             251102        0        0
CAMECO CORP                    COM              13321L108     1043    39582 SH       DEFINED 04              39582        0        0
CAMECO CORP                    COM              13321L108     1697    64400 SH  PUT  DEFINED 04              64400        0        0
CAPITAL ONE FINL CORP          COM              14040H105      261     5050 SH       DEFINED 02               5050        0        0
CAPITAL ONE FINL CORP          COM              14040H105     1333    25800 SH       DEFINED 05              25800        0        0
CAPITAL ONE FINL CORP          COM              14040H105     8690   168200 SH  CALL DEFINED 05             168200        0        0
CAPITAL ONE FINL CORP          COM              14040H105    12075   233700 SH  PUT  DEFINED 05             233700        0        0
CEPHALON INC                   COM              156708109        7       82 SH       DEFINED 05                 82        0        0
CEPHALON INC                   COM              156708109    15277   191200 SH  CALL DEFINED 02             191200        0        0
CEPHALON INC                   COM              156708109     6016    75295 SH       DEFINED 02              75295        0        0
CEPHALON INC                   COM              156708109      232     2900 SH  CALL DEFINED 05               2900        0        0
CHESAPEAKE ENERGY CORP         COM              165167107     3444   116000 SH  CALL DEFINED 04             116000        0        0
CITIGROUP INC                  COM NEW          172967424    12492   300000 SH  CALL DEFINED 04             300000        0        0
CLEVELAND BIOLABS INC          COM              185860103      808   236900 SH       DEFINED 02             236900        0        0
COMPUTER PROGRAMS & SYS INC    COM              205306103      647    10200 SH       DEFINED 02              10200        0        0
COMPUTER PROGRAMS & SYS INC    COM              205306103     1270    20000 SH  CALL DEFINED 02              20000        0        0
CONOCOPHILLIPS                 COM              20825C104     7519   100000 SH  PUT  DEFINED 04             100000        0        0
CONOCOPHILLIPS                 COM              20825C104        0        1 SH       DEFINED 05                  1        0        0
CONOCOPHILLIPS                 COM              20825C104    13760   183000 SH  CALL DEFINED 04             183000        0        0
CONSTELLATION ENERGY PRTNR L   COM UNIT LLC B   21038E101      386   149720 SH       DEFINED 02             149720        0        0
CONTINUCARE CORP               COM              212172100     1988   321700 SH       DEFINED 02             321700        0        0
CONVERTED ORGANICS INC         *W EXP 12/31/201 21254S131       10   374672 SH       DEFINED 02             374672        0        0
COWEN GROUP INC NEW            CL A             223622101      332    88334 SH       DEFINED 02              88334        0        0
COWEN GROUP INC NEW            CL A             223622101        1      370 SH       DEFINED 05                370        0        0
CREDIT SUISSE NASSAU BRH       ETN IDX-LKD 20   22542D845    13144   630709 SH       DEFINED 03             630709        0        0
CROWN HOLDINGS INC             COM              228368106     4134   106500 SH  CALL DEFINED 05             106500        0        0
CUBIST PHARMACEUTICALS INC     NOTE 2.500%11/0  229678AD9     2798  2000000 PRN      DEFINED 05            2000000        0        0
CURRENCYSHARES AUSTRALIAN DL   AUSTRALIAN DOL   23129U101      216     2000 SH  CALL DEFINED 04               2000        0        0
CURRENCYSHS BRIT POUND STER    BRIT POUND STE   23129S106     1000     6277 SH       DEFINED 04               6277        0        0
CURRENCYSHS JAPANESE YEN TR    JAPANESE YEN     23130A102     1958    15978 SH       DEFINED 04              15978        0        0
D R HORTON INC                 COM              23331A109      970    84200 SH  PUT  DEFINED 05              84200        0        0
DELCATH SYS INC                COM              24661P104       11     2152 SH       DEFINED 04               2152        0        0
DELCATH SYS INC                COM              24661P104      116    22500 SH       DEFINED 05              22500        0        0
DELCATH SYS INC                COM              24661P104        5     1000 SH  CALL DEFINED 04               1000        0        0
DELCATH SYS INC                COM              24661P104      387    75000 SH  CALL DEFINED 05              75000        0        0
DELCATH SYS INC                COM              24661P104      322    62400 SH  PUT  DEFINED 05              62400        0        0
DENDREON CORP                  COM              24823Q107        8      196 SH       DEFINED 05                196        0        0
DENDREON CORP                  COM              24823Q107     2564    65000 SH  PUT  DEFINED 05              65000        0        0
DENDREON CORP                  NOTE 2.875% 1/1  24823QAC1     1101  1000000 PRN      DEFINED 05            1000000        0        0
DEVELOPERS DIVERSIFIED RLTY    NOTE 1.750%11/1  251591AX1     1050  1000000 PRN      DEFINED 05            1000000        0        0
DEVON ENERGY CORP NEW          COM              25179M103     1119    14200 SH  CALL DEFINED 05              14200        0        0
DISNEY WALT CO                 COM DISNEY       254687106     6637   170000 SH  CALL DEFINED 04             170000        0        0
DYNAVAX TECHNOLOGIES CORP      COM              268158102      550   200000 SH       DEFINED 02             200000        0        0
DYNAVAX TECHNOLOGIES CORP      COM              268158102       44    16000 SH       DEFINED 05              16000        0        0
DYNAVAX TECHNOLOGIES CORP      COM              268158102       44    16000 SH  PUT  DEFINED 05              16000        0        0
DYNEGY INC DEL                 COM              26817G300      656   106000 SH  PUT  DEFINED 02             106000        0        0
EASTMAN CHEM CO                COM              277432100    13402   131300 SH  CALL DEFINED 05             131300        0        0
EL PASO CORP                   COM              28336L109     1166    57700 SH  CALL DEFINED 04              57700        0        0
EL PASO CORP                   COM              28336L109     1166    57700 SH  PUT  DEFINED 04              57700        0        0
ENERGY XXI (BERMUDA) LTD       USD UNRS SHS     G10082140     7315   220200 SH       DEFINED 02             220200        0        0
ENERGY XXI (BERMUDA) LTD       USD UNRS SHS     G10082140       40     1200 SH       DEFINED 04               1200        0        0
ENERGY XXI (BERMUDA) LTD       USD UNRS SHS     G10082140      831    25000 SH  CALL DEFINED 02              25000        0        0
EXCO RESOURCES INC             COM              269279402      177    10000 SH  CALL DEFINED 02              10000        0        0
FIRST TR VALUE LINE DIVID IN   SHS              33734H106      332    20606 SH       DEFINED 05              20606        0        0
FORD MTR CO DEL                *W EXP 01/01/201 345370134       20     3800 SH       DEFINED 05               3800        0        0
FORD MTR CO DEL                COM PAR $0.01    345370860     4138   300076 SH       DEFINED 04             300076        0        0
FORD MTR CO DEL                COM PAR $0.01    345370860     8274   600000 SH  CALL DEFINED 04             600000        0        0
FORD MTR CO DEL                COM PAR $0.01    345370860    11600   841200 SH  PUT  DEFINED 04             841200        0        0
GENERAL MLS INC                COM              370334104    11166   300000 SH  PUT  DEFINED 04             300000        0        0
GERON CORP                     COM              374163103       12     3000 SH       DEFINED 05               3000        0        0
GERON CORP                     COM              374163103      110    27500 SH  CALL DEFINED 05              27500        0        0
GILEAD SCIENCES INC            COM              375558103     1213    29300 SH       DEFINED 05              29300        0        0
GILEAD SCIENCES INC            COM              375558103     1483    35800 SH  CALL DEFINED 05              35800        0        0
GILEAD SCIENCES INC            COM              375558103      828    20000 SH  PUT  DEFINED 05              20000        0        0
GOLDCORP INC NEW               COM              380956409     1566    32450 SH       DEFINED 04              32450        0        0
GOLDMAN SACHS GROUP INC        COM              38141G104     3327    25000 SH  PUT  DEFINED 02              25000        0        0
GRAHAM PACKAGING CO INC        COM              384701108     3123   123839 SH       DEFINED 02             123839        0        0
GSI COMMERCE INC               COM              36238G102     2603    88000 SH  CALL DEFINED 02              88000        0        0
HALLIBURTON CO                 COM              406216101      255     5000 SH  PUT  DEFINED 04               5000        0        0
HALLIBURTON CO                 COM              406216101     5355   105000 SH  CALL DEFINED 04             105000        0        0
HARTFORD FINL SVCS GROUP INC   COM              416515104      185     7000 SH       DEFINED 05               7000        0        0
HARTFORD FINL SVCS GROUP INC   COM              416515104     2460    93300 SH  PUT  DEFINED 05              93300        0        0
HUMAN GENOME SCIENCES INC      COM              444903108     1963    80000 SH  CALL DEFINED 05              80000        0        0
INDEXIQ ETF TR                 US RL EST SMCP   45409B628      372    17871 SH       DEFINED 05              17871        0        0
INTEL CORP                     SDCV 2.950%12/1  458140AD2     1101  1050000 PRN      DEFINED 05            1050000        0        0
INTERNATIONAL BUSINESS MACHS   COM              459200101      858     5000 SH       DEFINED 02               5000        0        0
INTERNATIONAL BUSINESS MACHS   COM              459200101        6       35 SH       DEFINED 05                 35        0        0
IRON MTN INC                   COM              462846106      102     3000 SH       DEFINED 05               3000        0        0
IRON MTN INC                   COM              462846106      511    15000 SH  PUT  DEFINED 05              15000        0        0
ISHARES GOLD TRUST             ISHARES          464285105      476    32500 SH       DEFINED 02              32500        0        0
ISHARES INC                    MSCI AUSTRALIA   464286103        2       70 SH       DEFINED 04                 70        0        0
ISHARES INC                    MSCI AUSTRIA INV 464286202     1406    61763 SH       DEFINED 04              61763        0        0
ISHARES INC                    MSCI BELG INVEST 464286301       12      816 SH       DEFINED 04                816        0        0
ISHARES INC                    MSCI BRIC INDX   464286657     6714   140458 SH       DEFINED 03             140458        0        0
ISHARES INC                    MSCI CDA INDEX   464286509      317    10000 SH       DEFINED 02              10000        0        0
ISHARES INC                    MSCI CDA INDEX   464286509      430    13578 SH       DEFINED 04              13578        0        0
ISHARES INC                    MSCI GERMAN      464286806        8      299 SH       DEFINED 04                299        0        0
ISHARES INC                    MSCI HONG KONG   464286871     1200    64794 SH       DEFINED 04              64794        0        0
ISHARES INC                    MSCI ITALY       464286855      485    27524 SH       DEFINED 04              27524        0        0
ISHARES INC                    MSCI JAPAN       464286848      166    15889 SH       DEFINED 04              15889        0        0
ISHARES INC                    MSCI MEX INVEST  464286822      192     3063 SH       DEFINED 04               3063        0        0
ISHARES INC                    MSCI NETHR INVES 464286814      216    10021 SH       DEFINED 04              10021        0        0
ISHARES INC                    MSCI SINGAPORE   464286673      583    42479 SH       DEFINED 04              42479        0        0
ISHARES INC                    MSCI SINGAPORE   464286673        4      300 SH  CALL DEFINED 04                300        0        0
ISHARES INC                    MSCI SPAIN       464286764     3796    90092 SH       DEFINED 04              90092        0        0
ISHARES INC                    MSCI STH AFRCA   464286780     1385    19485 SH       DEFINED 04              19485        0        0
ISHARES INC                    MSCI SWEDEN      464286756      101     3174 SH       DEFINED 04               3174        0        0
ISHARES INC                    MSCI SWITZERLD   464286749      179     6744 SH       DEFINED 04               6744        0        0
ISHARES INC                    MSCI TAIWAN      464286731      759    50000 SH       DEFINED 04              50000        0        0
ISHARES S&P GSCI COMMODITY I   UNIT BEN INT     46428R107     2741    80352 SH       DEFINED 03              80352        0        0
ISHARES SILVER TRUST           ISHARES          46428Q109      338    10000 SH       DEFINED 02              10000        0        0
ISHARES TR                     BARCLYS TIPS BD  464287176     1067     9643 SH       DEFINED 04               9643        0        0
ISHARES TR                     DJ US REAL EST   464287739       10      165 SH       DEFINED 04                165        0        0
ISHARES TR                     FTSE CHINA25 IDX 464287184     2631    61252 SH       DEFINED 04              61252        0        0
ISHARES TR                     HIGH YLD CORP    464288513    38686   423681 SH       DEFINED 03             423681        0        0
ISHARES TR                     MSCI EAFE INDEX  464287465     1210    20115 SH       DEFINED 03              20115        0        0
ISHARES TR                     MSCI EMERG MKT   464287234      952    20000 SH  CALL DEFINED 04              20000        0        0
ISHARES TR                     MSCI EMERG MKT   464287234     9520   200000 SH  PUT  DEFINED 02             200000        0        0
ISHARES TR                     MSCI EMERG MKT   464287234      714    15000 SH  PUT  DEFINED 04              15000        0        0
ISHARES TR                     MSCI PERU CAP    464289842     1184    31460 SH       DEFINED 04              31460        0        0
ISHARES TR                     RUSSELL 2000     464287655    19458   235000 SH  PUT  DEFINED 02             235000        0        0
ISHARES TR                     S&P SMLCAP 600   464287804      527     7186 SH       DEFINED 05               7186        0        0
ISHARES TR                     US PFD STK IDX   464288687       40     1000 SH  CALL DEFINED 04               1000        0        0
ISHARES TR                     US PFD STK IDX   464288687       40     1000 SH  PUT  DEFINED 04               1000        0        0
JOHNSON & JOHNSON              COM              478160104      241     3630 SH       DEFINED 02               3630        0        0
JOHNSON & JOHNSON              COM              478160104        0        3 SH       DEFINED 05                  3        0        0
JPMORGAN CHASE & CO            COM              46625H100     1228    30000 SH  CALL DEFINED 04              30000        0        0
JPMORGAN CHASE & CO            COM              46625H100     4606   112500 SH  CALL DEFINED 05             112500        0        0
K V PHARMACEUTICAL CO          CL A             482740206      608   223500 SH       DEFINED 02             223500        0        0
KENDLE INTERNATIONAL INC       COM              48880L107     2666   176762 SH       DEFINED 02             176762        0        0
KERYX BIOPHARMACEUTICALS INC   COM              492515101       78    16400 SH  CALL DEFINED 05              16400        0        0
KROGER CO                      COM              501044101      578    23306 SH       DEFINED 04              23306        0        0
L-1 IDENTITY SOLUTIONS INC     COM              50212A106      247    21000 SH  PUT  DEFINED 02              21000        0        0
L-1 IDENTITY SOLUTIONS INC     COM              50212A106      588    50000 SH       DEFINED 02              50000        0        0
LAM RESEARCH CORP              COM              512807108      368     8300 SH       DEFINED 05               8300        0        0
LAWSON SOFTWARE INC NEW        COM              52078P102    23920  2131891 SH       DEFINED 02            2131891        0        0
LIGHTBRIDGE CORP               COM              53224K104      531   147900 SH  CALL DEFINED 02             147900        0        0
LOWES COS INC                  COM              548661107      291    12500 SH       DEFINED 05              12500        0        0
LUBRIZOL CORP                  COM              549271104     5693    42400 SH       DEFINED 02              42400        0        0
LUBRIZOL CORP                  COM              549271104    39139   291500 SH  CALL DEFINED 02             291500        0        0
LUBRIZOL CORP                  COM              549271104    22182   165200 SH  PUT  DEFINED 02             165200        0        0
MAGELLAN MIDSTREAM PRTNRS LP   COM UNIT RP LP   559080106      237     3960 SH       DEFINED 02               3960        0        0
MAKO SURGICAL CORP             COM              560879108     2200    74000 SH  CALL DEFINED 05              74000        0        0
MAKO SURGICAL CORP             COM              560879108      595    20000 SH  PUT  DEFINED 05              20000        0        0
MANNKIND CORP                  COM              56400P201      351    92400 SH  CALL DEFINED 05              92400        0        0
MARKET VECTORS ETF TR          AGRIBUS ETF      57060U605      293     5440 SH       DEFINED 04               5440        0        0
MARKET VECTORS ETF TR          AGRIBUS ETF      57060U605     2152    40000 SH  PUT  DEFINED 05              40000        0        0
MARKET VECTORS ETF TR          LAT AM SML CAP   57060U530      118     3891 SH       DEFINED 04               3891        0        0
MARKET VECTORS ETF TR          URAN NUCLR ENRGY 57060U704       65     3020 SH       DEFINED 04               3020        0        0
MARKET VECTORS ETF TR          VIETNAM ETF      57060U761      180     8664 SH       DEFINED 04               8664        0        0
MARSHALL & ILSLEY CORP NEW     COM              571837103     3732   468200 SH       DEFINED 02             468200        0        0
MCDONALDS CORP                 COM              580135101     2783    33000 SH  CALL DEFINED 05              33000        0        0
MCMORAN EXPLORATION CO         NOTE 5.250%10/0  582411AE4     1524  1300000 PRN      DEFINED 02            1300000        0        0
MEAD JOHNSON NUTRITION CO      COM              582839106      535     7926 SH       DEFINED 04               7926        0        0
MEDTRONIC INC                  COM              585055106      135     3501 SH       DEFINED 05               3501        0        0
MEDTRONIC INC                  COM              585055106      771    20000 SH  CALL DEFINED 05              20000        0        0
MOBILE TELESYSTEMS OJSC        SPONSORED ADR    607409109      349    18365 SH       DEFINED 04              18365        0        0
MOSAIC CO NEW                  COM              61945C103     1355    20000 SH  CALL DEFINED 04              20000        0        0
NATIONAL SEMICONDUCTOR CORP    COM              637640103     2461   100000 SH  CALL DEFINED 04             100000        0        0
NATIONAL SEMICONDUCTOR CORP    COM              637640103     3865   157060 SH       DEFINED 02             157060        0        0
NATIONAL SEMICONDUCTOR CORP    COM              637640103      227     9234 SH       DEFINED 04               9234        0        0
NATIONAL SEMICONDUCTOR CORP    COM              637640103     6153   250000 SH  CALL DEFINED 02             250000        0        0
NESS TECHNOLOGIES INC          COM              64104X108     1769   233674 SH       DEFINED 02             233674        0        0
NIKE INC                       CL B             654106103      666     7400 SH  CALL DEFINED 04               7400        0        0
NVIDIA CORP                    COM              67066G104      575    36068 SH       DEFINED 04              36068        0        0
NVIDIA CORP                    COM              67066G104     1594   100000 SH  PUT  DEFINED 04             100000        0        0
OIL SVC HOLDRS TR              DEPOSTRY RCPT    678002106        1        7 SH       DEFINED 05                  7        0        0
OIL SVC HOLDRS TR              DEPOSTRY RCPT    678002106      532     3500 SH  CALL DEFINED 04               3500        0        0
OIL SVC HOLDRS TR              DEPOSTRY RCPT    678002106       76      500 SH  PUT  DEFINED 04                500        0        0
OPTIMER PHARMACEUTICALS INC    COM              68401H104      932    78400 SH  CALL DEFINED 05              78400        0        0
OPTIMER PHARMACEUTICALS INC    COM              68401H104      378    31800 SH  PUT  DEFINED 05              31800        0        0
OREXIGEN THERAPEUTICS INC      COM              686164104        0      200 SH       DEFINED 04                200        0        0
OREXIGEN THERAPEUTICS INC      COM              686164104       45    28200 SH  PUT  DEFINED 05              28200        0        0
OREXIGEN THERAPEUTICS INC      COM              686164104        1      700 SH  CALL DEFINED 04                700        0        0
ORTHOVITA INC                  COM              68750U102      124    32286 SH       DEFINED 02              32286        0        0
PACKAGING CORP AMER            COM              695156109     5357   191400 SH  CALL DEFINED 05             191400        0        0
PDL BIOPHARMA INC              COM              69329Y104       29     5000 SH       DEFINED 05               5000        0        0
PDL BIOPHARMA INC              COM              69329Y104      626   106700 SH  CALL DEFINED 05             106700        0        0
PDL BIOPHARMA INC              NOTE 3.750% 5/0  69329YAC8      980  1000000 PRN      DEFINED 05            1000000        0        0
PFIZER INC                     COM              717081103      885    42983 SH       DEFINED 04              42983        0        0
PFIZER INC                     COM              717081103      134     6500 SH       DEFINED 05               6500        0        0
PHARMATHENE INC                COM              71714G102      533   181300 SH  CALL DEFINED 02             181300        0        0
PHILIP MORRIS INTL INC         COM              718172109     4027    60300 SH  PUT  DEFINED 04              60300        0        0
PHILIP MORRIS INTL INC         COM              718172109     3412    51100 SH  CALL DEFINED 04              51100        0        0
PHILIP MORRIS INTL INC         COM              718172109     1373    20556 SH       DEFINED 04              20556        0        0
PHILIP MORRIS INTL INC         COM              718172109        0        2 SH       DEFINED 05                  2        0        0
PLUG POWER INC                 COM NEW          72919P202      435   195960 SH       DEFINED 02             195960        0        0
POWERSHARES DB G10 CURCY HAR   COM UT BEN INT   73935Y102     1303    52586 SH       DEFINED 03              52586        0        0
POWERSHARES ETF TR II          S&P500 HGH BET   73937B829      105     4490 SH       DEFINED 05               4490        0        0
POWERSHARES ETF TR II          S&P500 LOW VOL   73937B779      382    15248 SH       DEFINED 05              15248        0        0
POWERSHARES ETF TRUST II       BLNCD GRWTH PORT 73936Q405       56     4251 SH       DEFINED 05               4251        0        0
POWERSHARES ETF TRUST II       GRW & INC PORT   73936Q504      391    29515 SH       DEFINED 05              29515        0        0
POWERSHS DB MULTI SECT COMM    DB AGRICULT FD   73936B408     3841   121000 SH       DEFINED 03             121000        0        0
PRAXAIR INC                    COM              74005P104       10       91 SH       DEFINED 05                 91        0        0
PRAXAIR INC                    COM              74005P104     5441    50200 SH  CALL DEFINED 05              50200        0        0
PRE PAID LEGAL SVCS INC        COM              740065107      672    10100 SH       DEFINED 02              10100        0        0
PRIMUS GUARANTY LTD            SHS              G72457107     1026   195500 SH       DEFINED 04             195500        0        0
PROCERA NETWORKS INC           COM NEW          74269U203      644    60000 SH       DEFINED 02              60000        0        0
PROSHARES TR                   PSHS ULSHT SP500 74347R883      310    15000 SH       DEFINED 02              15000        0        0
QUALCOMM INC                   COM              747525103     6082   107100 SH  CALL DEFINED 04             107100        0        0
QUALCOMM INC                   COM              747525103     3402    59900 SH  PUT  DEFINED 04              59900        0        0
QUANTUM FUEL SYS TECH WORLDW   COM NEW          74765E208      723   208366 SH       DEFINED 02             208366        0        0
RAMBUS INC DEL                 NOTE 5.000% 6/1  750917AC0     1121  1000000 PRN      DEFINED 05            1000000        0        0
ROCKWOOD HLDGS INC             COM              774415103       39      700 SH  PUT  DEFINED 05                700        0        0
ROCKWOOD HLDGS INC             COM              774415103     5645   102100 SH  CALL DEFINED 05             102100        0        0
RURAL / METRO CORP             COM              781748108      333    19308 SH       DEFINED 02              19308        0        0
SALIX PHARMACEUTICALS INC      COM              795435106      996    25000 SH  CALL DEFINED 05              25000        0        0
SARA LEE CORP                  COM              803111103       75     3933 SH       DEFINED 04               3933        0        0
SARA LEE CORP                  COM              803111103     1899   100000 SH  PUT  DEFINED 04             100000        0        0
SAVIENT PHARMACEUTICALS INC    COM              80517Q100      187    25026 SH       DEFINED 05              25026        0        0
SAVIENT PHARMACEUTICALS INC    COM              80517Q100      796   106300 SH  CALL DEFINED 05             106300        0        0
SAVIENT PHARMACEUTICALS INC    NOTE 4.750% 2/0  80517QAA8       75    75000 PRN      DEFINED 05              75000        0        0
SCIENTIFIC GAMES CORP          CL A             80874P109     3385   327396 SH       DEFINED 02             327396        0        0
SCIENTIFIC GAMES CORP          CL A             80874P109        5      453 SH       DEFINED 05                453        0        0
SEAGATE TECHNOLOGY PLC         SHS              G7945M107      727    45000 SH  CALL DEFINED 04              45000        0        0
SELECT SECTOR SPDR TR          SBI CONS DISCR   81369Y407     8160   202928 SH       DEFINED 03             202928        0        0
SELECT SECTOR SPDR TR          SBI CONS STPLS   81369Y308      367    11754 SH       DEFINED 03              11754        0        0
SELECT SECTOR SPDR TR          SBI HEALTHCARE   81369Y209     1299    36563 SH       DEFINED 03              36563        0        0
SELECT SECTOR SPDR TR          SBI INT-ENERGY   81369Y506     7611   101009 SH       DEFINED 03             101009        0        0
SELECT SECTOR SPDR TR          SBI INT-FINL     81369Y605     1116    72704 SH       DEFINED 03              72704        0        0
SELECT SECTOR SPDR TR          SBI INT-INDS     81369Y704     3513    94323 SH       DEFINED 03              94323        0        0
SELECT SECTOR SPDR TR          SBI INT-TECH     81369Y803     3121   121455 SH       DEFINED 03             121455        0        0
SELECT SECTOR SPDR TR          SBI MATERIALS    81369Y100      807    20490 SH       DEFINED 03              20490        0        0
SIGA TECHNOLOGIES INC          COM              826917106     3622   371900 SH       DEFINED 02             371900        0        0
SIGA TECHNOLOGIES INC          COM              826917106      877    90000 SH  PUT  DEFINED 02              90000        0        0
SILVER BULL RES INC            COM              827458100       25    37263 SH       DEFINED 02              37263        0        0
SMART MODULAR TECHNOLOGIES I   ORD SHS          G82245104     1654   180583 SH       DEFINED 02             180583        0        0
SOUTHERN UN CO NEW             COM              844030106      397     9900 SH       DEFINED 02               9900        0        0
SOUTHERN UN CO NEW             COM              844030106       11      277 SH       DEFINED 05                277        0        0
SPDR GOLD TRUST                GOLD SHS         78463V107     2653    18170 SH       DEFINED 02              18170        0        0
SPDR GOLD TRUST                GOLD SHS         78463V107     2652    18167 SH       DEFINED 04              18167        0        0
SPDR GOLD TRUST                GOLD SHS         78463V107      292     2000 SH  PUT  DEFINED 04               2000        0        0
SPDR S&P 500 ETF TR            TR UNIT          78462F103     3111    23575 SH       DEFINED 04              23575        0        0
SPDR S&P 500 ETF TR            TR UNIT          78462F103    15968   121000 SH  PUT  DEFINED 05             121000        0        0
SPDR S&P 500 ETF TR            TR UNIT          78462F103    14648   111000 SH  CALL DEFINED 05             111000        0        0
SPDR S&P 500 ETF TR            TR UNIT          78462F103      478     3625 SH       DEFINED 05               3625        0        0
SPDR S&P MIDCAP 400 ETF TR     UTSER1 S&PDCRP   78467Y107    17430    98232 SH       DEFINED 03              98232        0        0
SPDR SERIES TRUST              BRCLYS CAP CONV  78464A359     5258   126760 SH       DEFINED 03             126760        0        0
SRA INTL INC                   CL A             78464R105     5287   170975 SH       DEFINED 02             170975        0        0
SRA INTL INC                   CL A             78464R105     3386   109500 SH  CALL DEFINED 02             109500        0        0
SRA INTL INC                   CL A             78464R105     1175    38000 SH  PUT  DEFINED 02              38000        0        0
STERLING BANCORP               COM              859158107      391    41157 SH       DEFINED 02              41157        0        0
STERLING BANCSHARES INC        COM              858907108      204    25000 SH       DEFINED 02              25000        0        0
SUNOCO LOGISTICS PRTNRS L P    COM UNITS        86764L108      302     3500 SH       DEFINED 02               3500        0        0
T3 MOTION INC                  COM NEW          89853X306      673   225000 SH       DEFINED 02             225000        0        0
TATA MTRS LTD                  SPONSORED ADR    876568502     2251   100000 SH  CALL DEFINED 04             100000        0        0
TATA MTRS LTD                  SPONSORED ADR    876568502     2251   100000 SH  PUT  DEFINED 04             100000        0        0
TATA MTRS LTD                  SPONSORED ADR    876568502     2153    95634 SH       DEFINED 04              95634        0        0
TE CONNECTIVITY LTD            REG SHS          H84989104      754    20500 SH  CALL DEFINED 05              20500        0        0
TEEKAY CORPORATION             COM              Y8564W103     4311   139600 SH  CALL DEFINED 05             139600        0        0
TELVENT GIT SA                 SHS              E90215109      398    10000 SH  PUT  DEFINED 02              10000        0        0
TENET HEALTHCARE CORP          COM              88033G100       64    10236 SH       DEFINED 05              10236        0        0
TEVA PHARMACEUTICAL INDS LTD   ADR              881624209     2893    60000 SH  CALL DEFINED 05              60000        0        0
THRESHOLD PHARMACEUTICAL INC   COM NEW          885807206      334   200000 SH       DEFINED 05             200000        0        0
TIMBERLAND CO                  CL A             887100105      516    12000 SH  CALL DEFINED 02              12000        0        0
TIMBERLAND CO                  CL A             887100105     1100    25600 SH       DEFINED 02              25600        0        0
TRANSATLANTIC HLDGS INC        COM              893521104      245     5000 SH  PUT  DEFINED 02               5000        0        0
TRANSOCEAN LTD                 REG SHS          H8817H100      829    12843 SH       DEFINED 04              12843        0        0
TRANSOCEAN LTD                 REG SHS          H8817H100     3667    56800 SH  CALL DEFINED 04              56800        0        0
TRANSOCEAN LTD                 REG SHS          H8817H100      949    14700 SH  PUT  DEFINED 04              14700        0        0
UNITED STATES OIL FUND LP      UNITS            91232N108     1117    30000 SH  CALL DEFINED 02              30000        0        0
UNITED THERAPEUTICS CORP DEL   COM              91307C102     2585    46900 SH  PUT  DEFINED 05              46900        0        0
UNITED THERAPEUTICS CORP DEL   COM              91307C102        9      161 SH       DEFINED 05                161        0        0
UNITED THERAPEUTICS CORP DEL   COM              91307C102     6794   123300 SH  CALL DEFINED 05             123300        0        0
UNITEDHEALTH GROUP INC         COM              91324P102       52     1000 SH       DEFINED 05               1000        0        0
UNITEDHEALTH GROUP INC         COM              91324P102     3611    70000 SH  PUT  DEFINED 05              70000        0        0
VALE S A                       ADR              91912E105     1360    42551 SH       DEFINED 04              42551        0        0
VALE S A                       ADR              91912E105     3783   118400 SH  PUT  DEFINED 04             118400        0        0
VANGUARD INTL EQUITY INDEX F   GLB EX US ETF    922042676     4571    87985 SH       DEFINED 05              87985        0        0
VANGUARD INTL EQUITY INDEX F   MSCI EMR MKT ETF 922042858     8521   175267 SH       DEFINED 03             175267        0        0
VANGUARD INTL EQUITY INDEX F   MSCI EMR MKT ETF 922042858     9624   197938 SH       DEFINED 04             197938        0        0
VANGUARD INTL EQUITY INDEX F   MSCI EMR MKT ETF 922042858        5      100 SH  CALL DEFINED 04                100        0        0
VANGUARD WORLD FD              EXTENDED DUR     921910709     1579    19390 SH       DEFINED 04              19390        0        0
VARIAN SEMICONDUCTOR EQUIPMN   COM              922207105     3496    56900 SH       DEFINED 02              56900        0        0
VARIAN SEMICONDUCTOR EQUIPMN   COM              922207105    12116   197200 SH  CALL DEFINED 02             197200        0        0
VERIFONE SYS INC               COM              92342Y109      205     4623 SH       DEFINED 02               4623        0        0
VERIGY LTD                     SHS              Y93691106      731    48855 SH       DEFINED 02              48855        0        0
VERTEX PHARMACEUTICALS INC     COM              92532F100     1586    30500 SH       DEFINED 05              30500        0        0
VERTEX PHARMACEUTICALS INC     COM              92532F100      520    10000 SH  CALL DEFINED 05              10000        0        0
VERTEX PHARMACEUTICALS INC     COM              92532F100     2568    49400 SH  PUT  DEFINED 05              49400        0        0
VISA INC                       COM CL A         92826C839      360     4278 SH       DEFINED 04               4278        0        0
VIVUS INC                      COM              928551100       33     4000 SH       DEFINED 05               4000        0        0
VIVUS INC                      COM              928551100      559    68600 SH  CALL DEFINED 05              68600        0        0
WAL MART STORES INC            COM              931142103      368     6925 SH       DEFINED 02               6925        0        0
WAL MART STORES INC            COM              931142103        7      127 SH       DEFINED 05                127        0        0
WALTER INVT MGMT CORP          COM              93317W102      250    11258 SH       DEFINED 02              11258        0        0
WEBMD HEALTH CORP              COM              94770V102     2531    55527 SH       DEFINED 02              55527        0        0
WELLPOINT INC                  COM              94973V107       79     1000 SH       DEFINED 05               1000        0        0
WELLPOINT INC                  COM              94973V107      945    12000 SH  PUT  DEFINED 05              12000        0        0
WELLS FARGO & CO NEW           COM              949746101      271     9646 SH       DEFINED 04               9646        0        0
WELLS FARGO & CO NEW           COM              949746101      954    34000 SH  PUT  DEFINED 04              34000        0        0
XEROX CORP                     COM              984121103     1457   140000 SH  CALL DEFINED 05             140000        0        0
YAHOO INC                      COM              984332106     1504   100000 SH  PUT  DEFINED 04             100000        0        0
YAHOO INC                      COM              984332106     1168    77685 SH       DEFINED 04              77685        0        0
YAHOO INC                      COM              984332106     7535   501000 SH  CALL DEFINED 04             501000        0        0
</TABLE>