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

                                    Form 13F

                              Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: September 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:  028-14571

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     November 14, 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:    304

Form 13F Information Table Value Total:    $768,433 (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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
ADVANCED ANALOGIC TECHNOLOGI   COM              00752J108      420    96994 SH       DEFINED 02              96994        0        0
ADVISORSHARES TR               CAMBRIA GL TAC   00768Y800      223     9318 SH       DEFINED 05               9318        0        0
AGL RES INC                    COM              001204106     3972    97499 SH       DEFINED 02              97499        0        0
ALCOA INC                      COM              013817101     2660   278000 SH  CALL DEFINED 02             278000        0        0
AMAZON COM INC                 COM              023135106        4       19 SH       DEFINED 05                 19        0        0
AMAZON COM INC                 COM              023135106    10076    46600 SH  PUT  DEFINED 02              46600        0        0
AMERON INTL INC                COM              030710107     1426    16784 SH       DEFINED 02              16784        0        0
AMERON INTL INC                COM              030710107     1699    20000 SH  CALL DEFINED 02              20000        0        0
AMGEN INC                      COM              031162100        7      122 SH       DEFINED 05                122        0        0
AMGEN INC                      COM              031162100      835    15200 SH  CALL DEFINED 05              15200        0        0
APAC CUSTOMER SERVICES INC     COM              00185E106     3082   361793 SH       DEFINED 02             361793        0        0
API TECHNOLOGIES CORP          COM NEW          00187E203       99    25179 SH       DEFINED 02              25179        0        0
ARIAD PHARMACEUTICALS INC      COM              04033A100     1099   125000 SH       DEFINED 02             125000        0        0
ATLAS ENERGY LP                COM UNITS LP     04930A104     2024   109000 SH  CALL DEFINED 05             109000        0        0
AUTOZONE INC                   COM              053332102     6073    19026 SH       DEFINED 05              19026        0        0
AUTOZONE INC                   COM              053332102     5362    16800 SH  PUT  DEFINED 05              16800        0        0
AVANIR PHARMACEUTICALS INC     CL A NEW         05348P401       53    18600 SH  PUT  DEFINED 05              18600        0        0
AVANIR PHARMACEUTICALS INC     CL A NEW         05348P401       95    33059 SH       DEFINED 05              33059        0        0
AVANIR PHARMACEUTICALS INC     CL A NEW         05348P401      399   139900 SH  CALL DEFINED 05             139900        0        0
BARCLAYS BK PLC                IPATH S&P MT ETN 06740C519     2733    37330 SH       DEFINED 03              37330        0        0
BARCLAYS BK PLC                IPTH S&P VIX NEW 06740C261      534    10000 SH       DEFINED 02              10000        0        0
BEST BUY INC                   SDCV 2.250% 1/1  086516AF8      998  1000000 PRN      DEFINED 05            1000000        0        0
BIOGEN IDEC INC                COM              09062X103     1239    13300 SH  CALL DEFINED 02              13300        0        0
BIONOVO INC                    COM NEW          090643206      285   500176 SH       DEFINED 05             500176        0        0
BIOSANTE PHARMACEUTICALS INC   COM NEW          09065V203       43    18800 SH  CALL DEFINED 05              18800        0        0
BIOSANTE PHARMACEUTICALS INC   COM NEW          09065V203       91    40000 SH  PUT  DEFINED 05              40000        0        0
BJS WHOLESALE CLUB INC         COM              05548J106     1954    38127 SH       DEFINED 02              38127        0        0
BLACKBOARD INC                 COM              091935502      893    20000 SH       DEFINED 02              20000        0        0
BLACKBOARD INC                 COM              091935502        3       64 SH       DEFINED 05                 64        0        0
BP PRUDHOE BAY RTY TR          UNIT BEN INT     055630107      369     3500 SH       DEFINED 02               3500        0        0
BROADWIND ENERGY INC           COM              11161T108      240   750000 SH       DEFINED 02             750000        0        0
BUCKEYE PARTNERS L P           UNIT LTD PARTN   118230101      281     4500 SH       DEFINED 02               4500        0        0
CADENCE PHARMACEUTICALS INC    COM              12738T100        0        5 SH       DEFINED 05                  5        0        0
CADENCE PHARMACEUTICALS INC    COM              12738T100      459    70000 SH  CALL DEFINED 05              70000        0        0
CALIPER LIFE SCIENCES INC      COM              130872104     2677   255650 SH       DEFINED 02             255650        0        0
CALIPER LIFE SCIENCES INC      COM              130872104        1       94 SH       DEFINED 05                 94        0        0
CALIPER LIFE SCIENCES INC      COM              130872104      170    16200 SH  CALL DEFINED 02              16200        0        0
CAPITAL ONE FINL CORP          COM              14040H105      200     5050 SH       DEFINED 02               5050        0        0
CAPITAL ONE FINL CORP          COM              14040H105     1193    30100 SH  PUT  DEFINED 05              30100        0        0
CAPITAL ONE FINL CORP          COM              14040H105      856    21600 SH  CALL DEFINED 05              21600        0        0
CATERPILLAR INC DEL            COM              149123101        8      111 SH       DEFINED 05                111        0        0
CATERPILLAR INC DEL            COM              149123101     4430    60000 SH  CALL DEFINED 02              60000        0        0
CELGENE CORP                   COM              151020104        0        1 SH       DEFINED 05                  1        0        0
CELGENE CORP                   COM              151020104     1052    17000 SH  CALL DEFINED 05              17000        0        0
CENTRAL FD CDA LTD             CL A             153501101      207    10000 SH       DEFINED 02              10000        0        0
CEPHALON INC                   COM              156708109    22620   280300 SH  CALL DEFINED 02             280300        0        0
CEPHALON INC                   COM              156708109     5092    63100 SH  PUT  DEFINED 02              63100        0        0
CEPHALON INC                   COM              156708109    18443   228532 SH       DEFINED 02             228532        0        0
CHEVRON CORP NEW               COM              166764100     4630    50000 SH  CALL DEFINED 02              50000        0        0
CHEVRON CORP NEW               COM              166764100       72      783 SH       DEFINED 05                783        0        0
CISCO SYS INC                  COM              17275R102       11      734 SH       DEFINED 05                734        0        0
CISCO SYS INC                  COM              17275R102     2968   191500 SH  CALL DEFINED 02             191500        0        0
CITIGROUP INC                  COM NEW          172967424        2       68 SH       DEFINED 05                 68        0        0
CITIGROUP INC                  COM NEW          172967424     2546    99400 SH  CALL DEFINED 02              99400        0        0
CLEVELAND BIOLABS INC          COM              185860103      712   281300 SH       DEFINED 02             281300        0        0
COMPUTER PROGRAMS & SYS INC    COM              205306103     1985    30000 SH       DEFINED 02              30000        0        0
CONOCOPHILLIPS                 COM              20825C104    11398   180000 SH  CALL DEFINED 02             180000        0        0
CONSTELLATION ENERGY PRTNR L   COM UNIT LLC B   21038E101      180    64720 SH       DEFINED 02              64720        0        0
CONTINUCARE CORP               COM              212172100     1748   274000 SH       DEFINED 02             274000        0        0
COWEN GROUP INC NEW            CL A             223622101     1063   392201 SH       DEFINED 02             392201        0        0
CREDIT SUISSE NASSAU BRH       ETN IDX-LKD 20   22542D845     1545    76276 SH       DEFINED 03              76276        0        0
CROWN HOLDINGS INC             COM              228368106     2023    66100 SH  CALL DEFINED 05              66100        0        0
CUBIST PHARMACEUTICALS INC     NOTE 2.500%11/0  229678AD9     2053  1500000 PRN      DEFINED 05            1500000        0        0
D R HORTON INC                 COM              23331A109      450    49800 SH  CALL DEFINED 05              49800        0        0
DENDREON CORP                  COM              24823Q107      765    85000 SH  PUT  DEFINED 05              85000        0        0
DENDREON CORP                  COM              24823Q107      108    12000 SH       DEFINED 05              12000        0        0
DEVELOPERS DIVERSIFIED RLTY    NOTE 1.750%11/1  251591AX1      765   825000 PRN      DEFINED 05             825000        0        0
DEVON ENERGY CORP NEW          COM              25179M103     4602    83000 SH  CALL DEFINED 05              83000        0        0
DPL INC                        COM              233293109     3426   113657 SH       DEFINED 02             113657        0        0
DRESSER-RAND GROUP INC         COM              261608103     9922   244800 SH  CALL DEFINED 05             244800        0        0
DU PONT E I DE NEMOURS & CO    COM              263534109     4797   120000 SH  CALL DEFINED 05             120000        0        0
DYNEGY INC DEL                 COM              26817G300      869   211000 SH  PUT  DEFINED 02             211000        0        0
EARTHLINK INC                  COM              270321102      980   150000 SH  CALL DEFINED 05             150000        0        0
EASTMAN CHEM CO                COM              277432100      634    18500 SH  CALL DEFINED 05              18500        0        0
ECOLAB INC                     COM              278865100      489    10000 SH  CALL DEFINED 02              10000        0        0
EL PASO CORP                   COM              28336L109      653    37384 SH       DEFINED 02              37384        0        0
EL PASO CORP                   COM              28336L109      886    50700 SH  PUT  DEFINED 02              50700        0        0
EL PASO CORP                   COM              28336L109        1       35 SH       DEFINED 05                 35        0        0
EMDEON INC                     CL A             29084T104        0       13 SH       DEFINED 05                 13        0        0
EMDEON INC                     CL A             29084T104      808    43000 SH  PUT  DEFINED 02              43000        0        0
ENDO PHARMACEUTICALS HLDGS I   NOTE 1.750% 4/1  29264FAB2      849   750000 PRN      DEFINED 05             750000        0        0
ENERGY XXI (BERMUDA) LTD       USD UNRS SHS     G10082140     1989    92700 SH       DEFINED 02              92700        0        0
ENTERPRISE PRODS PARTNERS L    COM              293792107      582    14500 SH       DEFINED 02              14500        0        0
EQUINIX INC                    NOTE 3.000%10/1  29444UAG1     1054  1000000 PRN      DEFINED 05            1000000        0        0
EXELIXIS INC                   COM              30161Q104      505    92556 SH       DEFINED 05              92556        0        0
EXELIXIS INC                   COM              30161Q104      928   170000 SH  CALL DEFINED 05             170000        0        0
EXELON CORP                    COM              30161N101        8      179 SH       DEFINED 05                179        0        0
EXELON CORP                    COM              30161N101      832    19530 SH       DEFINED 02              19530        0        0
EXXON MOBIL CORP               COM              30231G102      896    12331 SH       DEFINED 02              12331        0        0
EXXON MOBIL CORP               COM              30231G102       29      408 SH       DEFINED 05                408        0        0
EXXON MOBIL CORP               COM              30231G102     1453    20000 SH  PUT  DEFINED 02              20000        0        0
FORD MTR CO DEL                *W EXP 01/01/201 345370134      111    50000 SH       DEFINED 05              50000        0        0
FORD MTR CO DEL                COM PAR $0.01    345370860     6769   700000 SH  PUT  DEFINED 02             700000        0        0
FORD MTR CO DEL                COM PAR $0.01    345370860     2901   300000 SH  CALL DEFINED 02             300000        0        0
FORD MTR CO DEL                COM PAR $0.01    345370860        1       87 SH       DEFINED 05                 87        0        0
FORD MTR CO DEL                COM PAR $0.01    345370860     5923   612531 SH       DEFINED 02             612531        0        0
GENERAL MLS INC                COM              370334104        8      205 SH       DEFINED 05                205        0        0
GENERAL MLS INC                COM              370334104      315     8176 SH       DEFINED 02               8176        0        0
GERON CORP                     COM              374163103        6     3016 SH       DEFINED 05               3016        0        0
GERON CORP                     COM              374163103       58    27500 SH  CALL DEFINED 05              27500        0        0
GILEAD SCIENCES INC            COM              375558103        0       12 SH       DEFINED 05                 12        0        0
GILEAD SCIENCES INC            COM              375558103     2025    52200 SH  CALL DEFINED 05              52200        0        0
GLOBAL INDS LTD                COM              379336100      758    95600 SH  CALL DEFINED 02              95600        0        0
GLOBAL INDS LTD                COM              379336100     2572   324700 SH  PUT  DEFINED 02             324700        0        0
GLOBAL INDS LTD                COM              379336100      396    50000 SH       DEFINED 02              50000        0        0
GLOBAL INDS LTD                DBCV 2.750% 8/0  379336AE0    10711 11000000 PRN      DEFINED 02           11000000        0        0
GOLDMAN SACHS GROUP INC        COM              38141G104        4       43 SH       DEFINED 05                 43        0        0
GOLDMAN SACHS GROUP INC        COM              38141G104     2837    30000 SH  PUT  DEFINED 02              30000        0        0
GOODRICH CORP                  COM              382388106     1405    11641 SH       DEFINED 02              11641        0        0
GOODRICH CORP                  COM              382388106    80107   663800 SH  CALL DEFINED 02             663800        0        0
GOODRICH CORP                  COM              382388106     3017    25000 SH  CALL DEFINED 05              25000        0        0
HARTFORD FINL SVCS GROUP INC   COM              416515104      518    32099 SH       DEFINED 05              32099        0        0
HARTFORD FINL SVCS GROUP INC   COM              416515104     2582   160000 SH  PUT  DEFINED 05             160000        0        0
HSBC HLDGS PLC                 SPON ADR NEW     404280406      734    19308 SH       DEFINED 02              19308        0        0
HUMAN GENOME SCIENCES INC      COM              444903108     1015    80000 SH  CALL DEFINED 05              80000        0        0
INTERMUNE INC                  COM              45884X103      505    25000 SH  CALL DEFINED 05              25000        0        0
INTERNATIONAL BUSINESS MACHS   COM              459200101      874     5000 SH       DEFINED 02               5000        0        0
INTERNATIONAL BUSINESS MACHS   COM              459200101       78      445 SH       DEFINED 05                445        0        0
ISHARES GOLD TRUST             ISHARES          464285105      514    32500 SH       DEFINED 02              32500        0        0
ISHARES INC                    MSCI AUSTRALIA   464286103      961    47900 SH       DEFINED 02              47900        0        0
ISHARES INC                    MSCI AUSTRALIA   464286103       28     1396 SH       DEFINED 05               1396        0        0
ISHARES INC                    MSCI CDA INDEX   464286509      255    10000 SH       DEFINED 02              10000        0        0
ISHARES INC                    MSCI CDA INDEX   464286509       12      479 SH       DEFINED 05                479        0        0
ISHARES INC                    MSCI JAPAN       464286848      194    20500 SH       DEFINED 03              20500        0        0
ISHARES INC                    MSCI JAPAN       464286848        1      100 SH       DEFINED 05                100        0        0
ISHARES INC                    MSCI S KOREA     464286772     2736    58748 SH       DEFINED 02              58748        0        0
ISHARES INC                    MSCI S KOREA     464286772       16      360 SH       DEFINED 05                360        0        0
ISHARES S&P GSCI COMMODITY I   UNIT BEN INT     46428R107      263     8720 SH       DEFINED 03               8720        0        0
ISHARES TR                     FTSE CHINA25 IDX 464287184      462    15000 SH       DEFINED 02              15000        0        0
ISHARES TR                     FTSE CHINA25 IDX 464287184      742    24074 SH       DEFINED 05              24074        0        0
ISHARES TR                     FTSE CHINA25 IDX 464287184     6166   200000 SH  CALL DEFINED 02             200000        0        0
ISHARES TR                     FTSE CHINA25 IDX 464287184     6166   200000 SH  PUT  DEFINED 02             200000        0        0
ISHARES TR                     HIGH YLD CORP    464288513    34851   420923 SH       DEFINED 03             420923        0        0
ISHARES TR                     HIGH YLD CORP    464288513       13      154 SH       DEFINED 05                154        0        0
ISHARES TR                     IBOXX INV CPBD   464287242      225     2001 SH       DEFINED 05               2001        0        0
ISHARES TR                     MSCI EAFE INDEX  464287465      529    11065 SH       DEFINED 03              11065        0        0
ISHARES TR                     MSCI EMERG MKT   464287234       39     1120 SH       DEFINED 05               1120        0        0
ISHARES TR                     MSCI EMERG MKT   464287234      702    20000 SH  CALL DEFINED 02              20000        0        0
ISHARES TR                     MSCI EMERG MKT   464287234      351    10000 SH  PUT  DEFINED 02              10000        0        0
ISHARES TR                     RSSL MCRCP IDX   464288869      242     6150 SH       DEFINED 05               6150        0        0
ISHARES TR                     RUSSELL 2000     464287655      354     5500 SH       DEFINED 05               5500        0        0
ISHARES TR                     RUSSELL 2000     464287655    12860   200000 SH  PUT  DEFINED 02             200000        0        0
ISHARES TR                     RUSSELL1000GRW   464287614    11088   210837 SH       DEFINED 03             210837        0        0
JOHNSON & JOHNSON              COM              478160104      231     3630 SH       DEFINED 02               3630        0        0
JOHNSON & JOHNSON              COM              478160104       10      162 SH       DEFINED 05                162        0        0
KEY TECHNOLOGY INC             COM              493143101      220    19488 SH       DEFINED 05              19488        0        0
KINETIC CONCEPTS INC           COM NEW          49460W208      659    10000 SH  CALL DEFINED 02              10000        0        0
KIT DIGITAL INC                COM NEW          482470200       84    10000 SH       DEFINED 02              10000        0        0
LIFE TECHNOLOGIES CORP         COM              53217V109      769    20000 SH  CALL DEFINED 05              20000        0        0
LIGAND PHARMACEUTICALS INC     COM NEW          53220K504      274    20000 SH  PUT  DEFINED 05              20000        0        0
LIGHTBRIDGE CORP               COM              53224K104      405   157400 SH  CALL DEFINED 02             157400        0        0
LINCOLN NATL CORP IND          COM              534187109      810    51800 SH  PUT  DEFINED 05              51800        0        0
LINCOLN NATL CORP IND          COM              534187109      396    25348 SH       DEFINED 05              25348        0        0
LUBRIZOL CORP                  COM              549271104     6183    45800 SH  PUT  DEFINED 02              45800        0        0
MAGELLAN MIDSTREAM PRTNRS LP   COM UNIT RP LP   559080106      632    10460 SH       DEFINED 02              10460        0        0
MAKO SURGICAL CORP             COM              560879108      924    27000 SH       DEFINED 05              27000        0        0
MAKO SURGICAL CORP             COM              560879108     4288   125300 SH  PUT  DEFINED 05             125300        0        0
MANNKIND CORP                  COM              56400P201        1      358 SH       DEFINED 05                358        0        0
MANNKIND CORP                  COM              56400P201      312    82400 SH  CALL DEFINED 05              82400        0        0
MARKET VECTORS ETF TR          LAT AM SML CAP   57060U530      200     9091 SH       DEFINED 05               9091        0        0
MARKET VECTORS ETF TR          MTG REIT ETF     57060U324      379    16560 SH       DEFINED 05              16560        0        0
MCDONALDS CORP                 COM              580135101        9      102 SH       DEFINED 05                102        0        0
MCDONALDS CORP                 COM              580135101     2020    23000 SH  CALL DEFINED 05              23000        0        0
MCMORAN EXPLORATION CO         NOTE 5.250%10/0  582411AE4     1242  1300000 PRN      DEFINED 02            1300000        0        0
MEASUREMENT SPECIALTIES INC    COM              583421102      223     8600 SH       DEFINED 05               8600        0        0
MEDCO HEALTH SOLUTIONS INC     COM              58405U102     8221   175335 SH       DEFINED 02             175335        0        0
MEDTRONIC INC                  COM              585055106      118     3561 SH       DEFINED 05               3561        0        0
MEDTRONIC INC                  COM              585055106      665    20000 SH  CALL DEFINED 05              20000        0        0
MF GLOBAL HLDGS LTD            COM              55277J108      124    30000 SH       DEFINED 05              30000        0        0
MITSUBISHI UFJ FINL GROUP IN   SPONSORED ADR    606822104      828   186000 SH       DEFINED 02             186000        0        0
MOLYCORP INC DEL               COM              608753109      230     7000 SH  CALL DEFINED 05               7000        0        0
MOTOROLA MOBILITY HLDGS INC    COM              620097105     4961   131300 SH       DEFINED 02             131300        0        0
NALCO HOLDING COMPANY          COM              62985Q101     2894    82733 SH       DEFINED 02              82733        0        0
NATIONAL SEMICONDUCTOR CORP    COM              637640103     8875   355000 SH  CALL DEFINED 02             355000        0        0
NATIONAL SEMICONDUCTOR CORP    COM              637640103      250    10000 SH  PUT  DEFINED 02              10000        0        0
NEOPROBE CORP                  COM              640518106      178    60000 SH       DEFINED 02              60000        0        0
NETFLIX INC                    COM              64110L106     1416    12500 SH  PUT  DEFINED 02              12500        0        0
NETLOGIC MICROSYSTEMS INC      COM              64118B100     4745    98600 SH       DEFINED 02              98600        0        0
NORTHGATE MINERALS CORP        COM              666416102     2846   847800 SH       DEFINED 02             847800        0        0
NOVAVAX INC                    COM              670002104      104    65000 SH       DEFINED 02              65000        0        0
NOVAVAX INC                    COM              670002104        1      533 SH       DEFINED 05                533        0        0
NVIDIA CORP                    COM              67066G104     1001    80000 SH  PUT  DEFINED 02              80000        0        0
NVIDIA CORP                    COM              67066G104      675    53986 SH       DEFINED 02              53986        0        0
OMNICARE INC                   COM              681904108      519    20400 SH  CALL DEFINED 05              20400        0        0
PACKAGING CORP AMER            COM              695156109     1925    82600 SH  CALL DEFINED 05              82600        0        0
PAETEC HOLDING CORP            COM              695459107      846   160000 SH       DEFINED 02             160000        0        0
PDL BIOPHARMA INC              COM              69329Y104        0       39 SH       DEFINED 05                 39        0        0
PDL BIOPHARMA INC              COM              69329Y104      576   103600 SH  CALL DEFINED 05             103600        0        0
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR    71654V408     1045    54700 SH  CALL DEFINED 02              54700        0        0
PFIZER INC                     COM              717081103       78     4383 SH       DEFINED 05               4383        0        0
PFIZER INC                     COM              717081103      309    17500 SH  CALL DEFINED 05              17500        0        0
PHARMATHENE INC                COM              71714G102       33    19000 SH       DEFINED 02              19000        0        0
PHARMATHENE INC                COM              71714G102      477   270800 SH  CALL DEFINED 02             270800        0        0
PLAINS ALL AMERN PIPELINE L    UNIT LTD PARTN   726503105      295     5000 SH       DEFINED 02               5000        0        0
PLUG POWER INC                 COM NEW          72919P202      283   155480 SH       DEFINED 02             155480        0        0
POWERSHARES DB G10 CURCY HAR   COM UT BEN INT   73935Y102     1586    69113 SH       DEFINED 03              69113        0        0
POWERSHARES ETF TRUST          AERSPC DEF PTF   73935X690      299    18300 SH       DEFINED 05              18300        0        0
POWERSHARES ETF TRUST          CLEANTECH PORT   73935X278      225    10800 SH       DEFINED 05              10800        0        0
POWERSHARES ETF TRUST          DYN EN EX PROD   73935X658      375    19722 SH       DEFINED 05              19722        0        0
POWERSHARES ETF TRUST          DYN FD & BEV     73935X849      270    15059 SH       DEFINED 05              15059        0        0
POWERSHARES ETF TRUST          DYN LSR & ENT    73935X757      170    10484 SH       DEFINED 05              10484        0        0
POWERSHARES ETF TRUST          FINL SECT PORT   73935X377      252    16105 SH       DEFINED 05              16105        0        0
POWERSHARES ETF TRUST          HI YLD EQ DVDN   73935X302      108    13118 SH       DEFINED 05              13118        0        0
POWERSHARES ETF TRUST          WATER RESOURCE   73935X575      286    19022 SH       DEFINED 05              19022        0        0
POWERSHARES ETF TRUST II       COMPLTN PORTFLIO 73936Q306      303    28319 SH       DEFINED 05              28319        0        0
POWERSHARES ETF TRUST II       GRW & INC PORT   73936Q504      293    24860 SH       DEFINED 05              24860        0        0
POWERSHARES ETF TRUST II       KBW HG YLD FIN   73936Q793      317    15270 SH       DEFINED 05              15270        0        0
POWERSHARES GLOBAL ETF TRUST   DEV MKTS EX-US   73936T789      499    15861 SH       DEFINED 05              15861        0        0
PRIMUS GUARANTY LTD            SHS              G72457107      527   100000 SH       DEFINED 05             100000        0        0
PROCERA NETWORKS INC           COM NEW          74269U203      787    81942 SH       DEFINED 02              81942        0        0
PROGRESS ENERGY INC            COM              743263105    13840   267589 SH       DEFINED 02             267589        0        0
PROGRESS ENERGY INC            COM              743263105       11      211 SH       DEFINED 05                211        0        0
QUALCOMM INC                   COM              747525103     1674    34419 SH       DEFINED 02              34419        0        0
QUALCOMM INC                   COM              747525103     5208   107100 SH  CALL DEFINED 02             107100        0        0
QUALCOMM INC                   COM              747525103     2067    42500 SH  PUT  DEFINED 02              42500        0        0
QUANTUM FUEL SYS TECH WORLDW   COM NEW          74765E208      126    50380 SH       DEFINED 02              50380        0        0
RAMBUS INC DEL                 NOTE 5.000% 6/1  750917AC0     1107  1000000 PRN      DEFINED 05            1000000        0        0
REGENERON PHARMACEUTICALS      COM              75886F107     2299    39500 SH  CALL DEFINED 05              39500        0        0
ROCKWOOD HLDGS INC             COM              774415103     1806    53600 SH  CALL DEFINED 05              53600        0        0
RUSSELL EXCHANGE TRADED FDS    EQUITY ETF       782474522      202     8315 SH       DEFINED 05               8315        0        0
RYDEX ETF TRUST                FINANCIAL ETF    78355W858      209     9677 SH       DEFINED 05               9677        0        0
RYDEX ETF TRUST                INDLS ETF        78355W833      655    14400 SH       DEFINED 05              14400        0        0
RYDEX ETF TRUST                MATERIALS ETF    78355W825      379     7723 SH       DEFINED 05               7723        0        0
RYDEX ETF TRUST                RUSS 1000 EQWT   78355W593      602    21979 SH       DEFINED 05              21979        0        0
RYDEX ETF TRUST                TECHNOLOGY ETF   78355W817      673    14848 SH       DEFINED 05              14848        0        0
SANGAMO BIOSCIENCES INC        COM              800677106       99    22700 SH  PUT  DEFINED 05              22700        0        0
SANGAMO BIOSCIENCES INC        COM              800677106        0       97 SH       DEFINED 05                 97        0        0
SANGAMO BIOSCIENCES INC        COM              800677106      230    52700 SH  CALL DEFINED 05              52700        0        0
SAVIENT PHARMACEUTICALS INC    COM              80517Q100      477   116300 SH  CALL DEFINED 05             116300        0        0
SAVIENT PHARMACEUTICALS INC    COM              80517Q100        0      108 SH       DEFINED 05                108        0        0
SAVIENT PHARMACEUTICALS INC    NOTE 4.750% 2/0  80517QAA8      493   665000 PRN      DEFINED 05             665000        0        0
SBA COMMUNICATIONS CORP        NOTE 4.000%10/0  78388JAM8      646   500000 PRN      DEFINED 05             500000        0        0
SCIENTIFIC GAMES CORP          CL A             80874P109     2331   327396 SH       DEFINED 02             327396        0        0
SCIENTIFIC GAMES CORP          CL A             80874P109        3      453 SH       DEFINED 05                453        0        0
SEAGATE TECHNOLOGY PLC         SHS              G7945M107      436    42400 SH  CALL DEFINED 02              42400        0        0
SELECT SECTOR SPDR TR          SBI CONS DISCR   81369Y407     1648    47224 SH       DEFINED 03              47224        0        0
SELECT SECTOR SPDR TR          SBI CONS STPLS   81369Y308        0        6 SH       DEFINED 05                  6        0        0
SELECT SECTOR SPDR TR          SBI CONS STPLS   81369Y308     4103   138341 SH       DEFINED 03             138341        0        0
SELECT SECTOR SPDR TR          SBI INT-ENERGY   81369Y506      293     5002 SH       DEFINED 05               5002        0        0
SELECT SECTOR SPDR TR          SBI INT-ENERGY   81369Y506     1030    17597 SH       DEFINED 03              17597        0        0
SELECT SECTOR SPDR TR          SBI INT-FINL     81369Y605     1064    90127 SH       DEFINED 03              90127        0        0
SELECT SECTOR SPDR TR          TECHNOLOGY       81369Y803     4120   174594 SH       DEFINED 03             174594        0        0
SELECT SECTOR SPDR TR          TECHNOLOGY       81369Y803        0        1 SH       DEFINED 05                  1        0        0
SIGA TECHNOLOGIES INC          COM              826917106     1058   323600 SH       DEFINED 02             323600        0        0
SIGA TECHNOLOGIES INC          COM              826917106        0       39 SH       DEFINED 05                 39        0        0
SIGA TECHNOLOGIES INC          COM              826917106      262    80000 SH  CALL DEFINED 02              80000        0        0
SILVER BULL RES INC            COM              827458100       22    37263 SH       DEFINED 02              37263        0        0
SMITHFIELD FOODS INC           NOTE 4.000% 6/3  832248AR9     1108  1000000 PRN      DEFINED 05            1000000        0        0
SOUTHERN UN CO NEW             COM              844030106      406    10000 SH       DEFINED 02              10000        0        0
SPDR GOLD TRUST                GOLD SHS         78463V107     3741    23670 SH       DEFINED 02              23670        0        0
SPDR GOLD TRUST                GOLD SHS         78463V107     3934    24892 SH       DEFINED 05              24892        0        0
SPDR GOLD TRUST                GOLD SHS         78463V107     2782    17600 SH  CALL DEFINED 05              17600        0        0
SPDR GOLD TRUST                GOLD SHS         78463V107     7903    50000 SH  PUT  DEFINED 05              50000        0        0
SPDR INDEX SHS FDS             S&P BRIC 40ETF   78463X798      741    36300 SH       DEFINED 05              36300        0        0
SPDR S&P 500 ETF TR            TR UNIT          78462F103    11587   102400 SH  CALL DEFINED 02             102400        0        0
SPDR S&P 500 ETF TR            TR UNIT          78462F103    14711   130000 SH  CALL DEFINED 05             130000        0        0
SPDR S&P 500 ETF TR            TR UNIT          78462F103     2987    26400 SH       DEFINED 05              26400        0        0
SPDR S&P 500 ETF TR            TR UNIT          78462F103   105799   935000 SH  PUT  DEFINED 02             935000        0        0
SPDR S&P MIDCAP 400 ETF TR     UTSER1 S&PDCRP   78467Y107     3654    25706 SH       DEFINED 03              25706        0        0
SPDR SERIES TRUST              BRCLYS CAP CONV  78464A359     3299    92595 SH       DEFINED 03              92595        0        0
SPDR SERIES TRUST              DJ REIT ETF      78464A607      480     8500 SH       DEFINED 05               8500        0        0
SPDR SERIES TRUST              S&P HOMEBUILD    78464A888      133    10000 SH       DEFINED 05              10000        0        0
STERLING BANCORP               COM              859158107      299    41157 SH       DEFINED 02              41157        0        0
SUBURBAN PROPANE PARTNERS L    UNIT LTD PARTN   864482104      269     5800 SH       DEFINED 02               5800        0        0
SUNOCO LOGISTICS PRTNRS L P    COM UNITS        86764L108      841     9500 SH       DEFINED 02               9500        0        0
T3 MOTION INC                  COM NEW          89853X306      211   215000 SH       DEFINED 02             215000        0        0
TE CONNECTIVITY LTD            REG SHS          H84989104      577    20500 SH  CALL DEFINED 05              20500        0        0
TEMPLE INLAND INC              COM              879868107     1534    48909 SH       DEFINED 02              48909        0        0
TEMPLE INLAND INC              COM              879868107     8877   283000 SH  CALL DEFINED 02             283000        0        0
THRESHOLD PHARMACEUTICAL INC   COM NEW          885807206      247   175000 SH       DEFINED 05             175000        0        0
TRANSATLANTIC HLDGS INC        COM              893521104      349     7200 SH       DEFINED 02               7200        0        0
TYCO INTERNATIONAL LTD         SHS              H89128104     1631    40000 SH  CALL DEFINED 05              40000        0        0
UNITED STATES OIL FUND LP      UNITS            91232N108     4878   160000 SH  PUT  DEFINED 02             160000        0        0
UNITED THERAPEUTICS CORP DEL   COM              91307C102      412    11000 SH  CALL DEFINED 05              11000        0        0
UNITED THERAPEUTICS CORP DEL   COM              91307C102      937    25000 SH  PUT  DEFINED 05              25000        0        0
UNITED THERAPEUTICS CORP DEL   COM              91307C102      525    14000 SH       DEFINED 05              14000        0        0
USA TECHNOLOGIES INC           *W EXP 12/31/201 90328S195       15    23200 SH       DEFINED 02              23200        0        0
VALE S A                       ADR              91912E105     2067    90636 SH       DEFINED 02              90636        0        0
VALE S A                       ADR              91912E105     2472   108400 SH  PUT  DEFINED 02             108400        0        0
VALEANT PHARMACEUTICALS INTL   COM              91911K102     1113    30000 SH  CALL DEFINED 05              30000        0        0
VANGUARD INTL EQUITY INDEX F   FTSE SMCAP ETF   922042718      329     4196 SH       DEFINED 05               4196        0        0
VANGUARD INTL EQUITY INDEX F   MSCI EMR MKT ETF 922042858     2781    77608 SH       DEFINED 02              77608        0        0
VANGUARD INTL EQUITY INDEX F   MSCI EMR MKT ETF 922042858    13328   371805 SH       DEFINED 03             371805        0        0
VARIAN SEMICONDUCTOR EQUIPMN   COM              922207105        1       14 SH       DEFINED 05                 14        0        0
VARIAN SEMICONDUCTOR EQUIPMN   COM              922207105    19385   317000 SH  CALL DEFINED 02             317000        0        0
VARIAN SEMICONDUCTOR EQUIPMN   COM              922207105    12206   199600 SH  PUT  DEFINED 02             199600        0        0
VARIAN SEMICONDUCTOR EQUIPMN   COM              922207105     8521   139352 SH       DEFINED 02             139352        0        0
VERISIGN INC                   COM              92343E102     1333    46600 SH  CALL DEFINED 02              46600        0        0
VERTEX PHARMACEUTICALS INC     COM              92532F100      333     7500 SH  PUT  DEFINED 05               7500        0        0
VERTEX PHARMACEUTICALS INC     NOTE 3.350%10/0  92532FAN0     2340  2000000 PRN      DEFINED 05            2000000        0        0
VIRNETX HLDG CORP              COM              92823T108      153    10200 SH       DEFINED 02              10200        0        0
VIRNETX HLDG CORP              COM              92823T108        0        3 SH       DEFINED 05                  3        0        0
VIVUS INC                      COM              928551100        1      100 SH  CALL DEFINED 05                100        0        0
VIVUS INC                      COM              928551100      264    32700 SH  PUT  DEFINED 05              32700        0        0
VIVUS INC                      COM              928551100      234    29010 SH       DEFINED 05              29010        0        0
WAL MART STORES INC            COM              931142103       22      409 SH       DEFINED 05                409        0        0
WAL MART STORES INC            COM              931142103      359     6925 SH       DEFINED 02               6925        0        0
WALTER INVT MGMT CORP          COM              93317W102      258    11258 SH       DEFINED 02              11258        0        0
WEBMD HEALTH CORP              COM              94770V102     2166    71850 SH       DEFINED 02              71850        0        0
WEBMD HEALTH CORP              COM              94770V102      603    20000 SH  CALL DEFINED 02              20000        0        0
XILINX INC                     COM              983919101      206     7500 SH       DEFINED 05               7500        0        0
YAHOO INC                      COM              984332106      586    44500 SH  PUT  DEFINED 02              44500        0        0
YAHOO INC                      COM              984332106      766    58135 SH       DEFINED 02              58135        0        0
YAHOO INC                      COM              984332106     6585   500000 SH  CALL DEFINED 02             500000        0        0
</TABLE>