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, 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     November 09, 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:    333

Form 13F Information Table Value Total:    $854,019 (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      576     8400 SH  PUT  DEFINED 05               8400        0        0
ABBOTT LABS                    COM              002824100      231     3364 SH       DEFINED 05               3364        0        0
ACHILLION PHARMACEUTICALS IN   COM              00448Q201      336    32300 SH  PUT  DEFINED 05              32300        0        0
AETNA INC NEW                  COM              00817Y108      656    16562 SH       DEFINED 05              16562        0        0
AETNA INC NEW                  COM              00817Y108       88     2200 SH  CALL DEFINED 05               2200        0        0
AETNA INC NEW                  COM              00817Y108     1862    47000 SH  PUT  DEFINED 05              47000        0        0
AMERICAN EXPRESS CO            COM              025816109      222     3900 SH  PUT  DEFINED 05               3900        0        0
AMERICAN INTL GROUP INC        COM NEW          026874784      551    16800 SH  PUT  DEFINED 05              16800        0        0
AMERICAN INTL GROUP INC        COM NEW          026874784      449    13706 SH       DEFINED 05              13706        0        0
AMERICAN INTL GROUP INC        COM NEW          026874784      292     8900 SH  CALL DEFINED 05               8900        0        0
AMERIGROUP CORP                COM              03073T102      475     5200 SH  CALL DEFINED 05               5200        0        0
AMERIGROUP CORP                COM              03073T102    25125   274800 SH  CALL DEFINED 02             274800        0        0
AMERIGROUP CORP                COM              03073T102    10109   110565 SH       DEFINED 02             110565        0        0
AMERIGROUP CORP                COM              03073T102      566     6189 SH       DEFINED 05               6189        0        0
AMPIO PHARMACEUTICALS INC      COM              03209T109      195    50000 SH       DEFINED 02              50000        0        0
ANADARKO PETE CORP             COM              032511107      231     3301 SH       DEFINED 05               3301        0        0
ANADARKO PETE CORP             COM              032511107      406     5800 SH  CALL DEFINED 05               5800        0        0
ANADARKO PETE CORP             COM              032511107      567     8100 SH  PUT  DEFINED 05               8100        0        0
AOL INC                        COM              00184X105     2438    69200 SH  CALL DEFINED 05              69200        0        0
ARENA PHARMACEUTICALS INC      COM              040047102      375    45000 SH  PUT  DEFINED 05              45000        0        0
ARENA PHARMACEUTICALS INC      COM              040047102     1023   123000 SH  CALL DEFINED 05             123000        0        0
ARENA PHARMACEUTICALS INC      COM              040047102      110    13200 SH       DEFINED 05              13200        0        0
ARIAD PHARMACEUTICALS INC      COM              04033A100     1089    45000 SH       DEFINED 02              45000        0        0
ARIBA INC                      COM NEW          04033V203    37577   838775 SH       DEFINED 02             838775        0        0
ARIBA INC                      COM NEW          04033V203     3073    68600 SH       DEFINED 05              68600        0        0
ARIBA INC                      COM NEW          04033V203     2016    45000 SH  CALL DEFINED 05              45000        0        0
ARIBA INC                      COM NEW          04033V203     2016    45000 SH  PUT  DEFINED 05              45000        0        0
AT&T INC                       COM              00206R102     3770   100000 SH  CALL DEFINED 02             100000        0        0
AT&T INC                       COM              00206R102      335     8900 SH  CALL DEFINED 05               8900        0        0
AT&T INC                       COM              00206R102      362     9600 SH  PUT  DEFINED 05               9600        0        0
ATLAS ENERGY LP                COM UNITS LP     04930A104     1382    40000 SH  CALL DEFINED 05              40000        0        0
BABCOCK & WILCOX CO NEW        COM              05615F102      458    18000 SH       DEFINED 05              18000        0        0
BALL CORP                      COM              058498106     2860    67600 SH  CALL DEFINED 05              67600        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
BARRICK GOLD CORP              COM              067901108      347     8302 SH       DEFINED 05               8302        0        0
BARRICK GOLD CORP              COM              067901108      209     5000 SH  CALL DEFINED 05               5000        0        0
BARRICK GOLD CORP              COM              067901108      648    15500 SH  PUT  DEFINED 05              15500        0        0
BAXTER INTL INC                COM              071813109       18      300 SH       DEFINED 05                300        0        0
BAXTER INTL INC                COM              071813109       66     1100 SH  CALL DEFINED 05               1100        0        0
BAXTER INTL INC                COM              071813109     1953    32400 SH  PUT  DEFINED 05              32400        0        0
BOEING CO                      COM              097023105     1044    15000 SH  CALL DEFINED 05              15000        0        0
BOSTON SCIENTIFIC CORP         COM              101137107      459    80000 SH  PUT  DEFINED 05              80000        0        0
BOSTON SCIENTIFIC CORP         COM              101137107      258    45000 SH  CALL DEFINED 05              45000        0        0
BRIGHTPOINT INC                COM NEW          109473405      414    46132 SH       DEFINED 02              46132        0        0
BRISTOL MYERS SQUIBB CO        COM              110122108      200     5932 SH       DEFINED 02               5932        0        0
BRISTOL MYERS SQUIBB CO        COM              110122108       57     1698 SH       DEFINED 05               1698        0        0
BRISTOL MYERS SQUIBB CO        COM              110122108     2558    75800 SH  CALL DEFINED 02              75800        0        0
BRISTOL MYERS SQUIBB CO        COM              110122108      148     4400 SH  CALL DEFINED 05               4400        0        0
BRISTOL MYERS SQUIBB CO        COM              110122108      844    25000 SH  PUT  DEFINED 02              25000        0        0
BRISTOL MYERS SQUIBB CO        COM              110122108      131     3900 SH  PUT  DEFINED 05               3900        0        0
BUCKEYE PARTNERS L P           UNIT LTD PARTN   118230101      300     6250 SH       DEFINED 02               6250        0        0
CABOT OIL & GAS CORP           COM              127097103     2007    44700 SH       DEFINED 05              44700        0        0
CABOT OIL & GAS CORP           COM              127097103     4490   100000 SH  PUT  DEFINED 05             100000        0        0
CAESARS ENTMT CORP             COM              127686103      547    80399 SH       DEFINED 02              80399        0        0
CAPITAL ONE FINL CORP          COM              14040H105      288     5050 SH       DEFINED 02               5050        0        0
CATERPILLAR INC DEL            COM              149123101      430     4994 SH       DEFINED 05               4994        0        0
CATERPILLAR INC DEL            COM              149123101      379     4400 SH  CALL DEFINED 05               4400        0        0
CATERPILLAR INC DEL            COM              149123101      733     8500 SH  PUT  DEFINED 05               8500        0        0
CELGENE CORP                   COM              151020104      963    12600 SH  CALL DEFINED 05              12600        0        0
CENTRAL FD CDA LTD             CL A             153501101     1310    55000 SH       DEFINED 02              55000        0        0
CHESAPEAKE ENERGY CORP         COM              165167107      355    18900 SH  PUT  DEFINED 05              18900        0        0
CHEVRON CORP NEW               COM              166764100     3264    28000 SH  CALL DEFINED 02              28000        0        0
CHEVRON CORP NEW               COM              166764100       23      200 SH  PUT  DEFINED 05                200        0        0
CHEVRON CORP NEW               COM              166764100      384     3300 SH  CALL DEFINED 05               3300        0        0
CISCO SYS INC                  COM              17275R102      240    12583 SH       DEFINED 02              12583        0        0
CISCO SYS INC                  COM              17275R102     2883   151000 SH       DEFINED 05             151000        0        0
CISCO SYS INC                  COM              17275R102      142     7400 SH  CALL DEFINED 05               7400        0        0
CISCO SYS INC                  COM              17275R102     3064   160500 SH  PUT  DEFINED 05             160500        0        0
COLLECTIVE BRANDS INC          COM              19421W100      845    38906 SH       DEFINED 02              38906        0        0
CONSTELLATION BRANDS INC       CL A             21036P108     3555   109900 SH       DEFINED 02             109900        0        0
CONSTELLATION BRANDS INC       CL A             21036P108     1618    50000 SH  PUT  DEFINED 02              50000        0        0
COOPER INDUSTRIES PLC          SHS              G24140108     1039    13848 SH       DEFINED 05              13848        0        0
COVENTRY HEALTH CARE INC       COM              222862104    25463   610765 SH       DEFINED 02             610765        0        0
COVENTRY HEALTH CARE INC       COM              222862104      969    23252 SH       DEFINED 05              23252        0        0
COWEN GROUP INC NEW            CL A             223622101     2128   786571 SH       DEFINED 02             786571        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      116    76500 SH       DEFINED 02              76500        0        0
CROWN HOLDINGS INC             COM              228368106      875    23800 SH  CALL DEFINED 05              23800        0        0
CYTOKINETICS INC               COM              23282W100      130   155800 SH       DEFINED 02             155800        0        0
DEERE & CO                     COM              244199105      229     2800 SH  CALL DEFINED 05               2800        0        0
DELCATH SYS INC                COM              24661P104        0       27 SH       DEFINED 05                 27        0        0
DELCATH SYS INC                COM              24661P104      257   158600 SH       DEFINED 02             158600        0        0
DISNEY WALT CO                 COM DISNEY       254687106      225     4300 SH  PUT  DEFINED 05               4300        0        0
DISNEY WALT CO                 COM DISNEY       254687106     1276    24400 SH  CALL DEFINED 02              24400        0        0
DISNEY WALT CO                 COM DISNEY       254687106      360     6900 SH  CALL DEFINED 05               6900        0        0
DOLE FOOD CO INC NEW           COM              256603101      281    20000 SH       DEFINED 02              20000        0        0
DOLLAR THRIFTY AUTOMOTIVE GP   COM              256743105      530     6100 SH       DEFINED 05               6100        0        0
DOLLAR THRIFTY AUTOMOTIVE GP   COM              256743105     3947    45400 SH  CALL DEFINED 05              45400        0        0
DOLLAR THRIFTY AUTOMOTIVE GP   COM              256743105     8693   100000 SH  PUT  DEFINED 02             100000        0        0
DRESSER-RAND GROUP INC         COM              261608103     3957    71800 SH  CALL DEFINED 05              71800        0        0
DUKE ENERGY CORP NEW           COM NEW          26441C204     1063    16407 SH       DEFINED 02              16407        0        0
DUKE ENERGY CORP NEW           COM NEW          26441C204     3272    50500 SH  PUT  DEFINED 02              50500        0        0
DYNAVAX TECHNOLOGIES CORP      COM              268158102        2      500 SH       DEFINED 05                500        0        0
DYNAVAX TECHNOLOGIES CORP      COM              268158102      301    63200 SH  CALL DEFINED 05              63200        0        0
DYNAVAX TECHNOLOGIES CORP      COM              268158102       19     3900 SH  PUT  DEFINED 05               3900        0        0
E M C CORP MASS                COM              268648102      292    10700 SH  CALL DEFINED 05              10700        0        0
EASTMAN CHEM CO                COM              277432100     4555    79900 SH  CALL DEFINED 05              79900        0        0
EATON CORP                     COM              278058102     3180    67275 SH       DEFINED 02              67275        0        0
EATON CORP                     COM              278058102      548    11600 SH  CALL DEFINED 05              11600        0        0
ENDO HEALTH SOLUTIONS INC      COM              29264F205      793    25000 SH       DEFINED 05              25000        0        0
ENDO HEALTH SOLUTIONS INC      COM              29264F205     1110    35000 SH  PUT  DEFINED 05              35000        0        0
ENERGY TRANSFER EQUITY L P     COM UT LTD PTN   29273V100      339     7500 SH       DEFINED 02               7500        0        0
ENERGY TRANSFER PRTNRS L P     UNIT LTD PARTN   29273R109     1115    26200 SH  PUT  DEFINED 02              26200        0        0
ENERGY TRANSFER PRTNRS L P     UNIT LTD PARTN   29273R109      329     7730 SH       DEFINED 02               7730        0        0
ENERGY XXI (BERMUDA) LTD       USD UNRS SHS     G10082140     1612    46100 SH       DEFINED 02              46100        0        0
ENTERPRISE PRODS PARTNERS L    COM              293792107     1039    19375 SH       DEFINED 02              19375        0        0
EXELIXIS INC                   COM              30161Q104       97    20000 SH       DEFINED 02              20000        0        0
EXELON CORP                    COM              30161N101       43     1200 SH       DEFINED 05               1200        0        0
EXELON CORP                    COM              30161N101     2135    60000 SH  CALL DEFINED 05              60000        0        0
EXXON MOBIL CORP               COM              30231G102      317     3471 SH       DEFINED 02               3471        0        0
EXXON MOBIL CORP               COM              30231G102     1444    15800 SH  CALL DEFINED 05              15800        0        0
F M C CORP                     COM NEW          302491303     6197   111900 SH  CALL DEFINED 05             111900        0        0
FIRSTMERIT CORP                COM              337915102     2349   159700 SH  CALL DEFINED 05             159700        0        0
FLAGSTONE REINSURANCE HOLDIN   COM              L3466T104      430    50000 SH       DEFINED 02              50000        0        0
FRANCO NEVADA CORP             COM              351858105     8692   147500 SH  CALL DEFINED 02             147500        0        0
FRANCO NEVADA CORP             COM              351858105     8692   147500 SH  PUT  DEFINED 02             147500        0        0
FREEPORT-MCMORAN COPPER & GO   COM              35671D857      191     4800 SH  CALL DEFINED 05               4800        0        0
FREEPORT-MCMORAN COPPER & GO   COM              35671D857     1242    31300 SH  PUT  DEFINED 05              31300        0        0
FREEPORT-MCMORAN COPPER & GO   COM              35671D857      585    14769 SH       DEFINED 05              14769        0        0
GENERAL ELECTRIC CO            COM              369604103      316    13900 SH  CALL DEFINED 02              13900        0        0
GENERAL GROWTH PPTYS INC NEW   COM              370023103     1946    99900 SH  CALL DEFINED 02              99900        0        0
GENON ENERGY INC               COM              37244E107      281   111000 SH       DEFINED 02             111000        0        0
GENWORTH FINL INC              COM CL A         37247D106      183    35000 SH  CALL DEFINED 05              35000        0        0
GEO GROUP INC                  COM              36159R103      412    14900 SH       DEFINED 05              14900        0        0
GOLDMAN SACHS GROUP INC        COM              38141G104      899     7900 SH  PUT  DEFINED 05               7900        0        0
GOLDMAN SACHS GROUP INC        COM              38141G104      443     3900 SH  PUT  DEFINED 02               3900        0        0
GOLDMAN SACHS GROUP INC        COM              38141G104      428     3767 SH       DEFINED 02               3767        0        0
GOLDMAN SACHS GROUP INC        COM              38141G104      615     5407 SH       DEFINED 05               5407        0        0
GOLDMAN SACHS GROUP INC        COM              38141G104      419     3700 SH  CALL DEFINED 05               3700        0        0
GOOGLE INC                     CL A             38259P508     6822     9042 SH       DEFINED 02               9042        0        0
GREEN MTN COFFEE ROASTERS IN   COM              393122106     1175    49500 SH       DEFINED 05              49500        0        0
GREEN MTN COFFEE ROASTERS IN   COM              393122106     1187    50000 SH  PUT  DEFINED 05              50000        0        0
HALLIBURTON CO                 COM              406216101      323     9600 SH  CALL DEFINED 05               9600        0        0
HALLIBURTON CO                 COM              406216101      704    20900 SH  PUT  DEFINED 05              20900        0        0
HALLIBURTON CO                 COM              406216101     7395   219500 SH  CALL DEFINED 02             219500        0        0
HALLIBURTON CO                 COM              406216101      210     6225 SH       DEFINED 05               6225        0        0
HERTZ GLOBAL HOLDINGS INC      COM              42805T105     1716   125000 SH  PUT  DEFINED 05             125000        0        0
HERTZ GLOBAL HOLDINGS INC      COM              42805T105     2168   157890 SH       DEFINED 05             157890        0        0
HEWLETT PACKARD CO             COM              428236103      180    10500 SH  CALL DEFINED 05              10500        0        0
HEWLETT PACKARD CO             COM              428236103      193    11300 SH  PUT  DEFINED 05              11300        0        0
HOME DEPOT INC                 COM              437076102     8609   142600 SH  CALL DEFINED 02             142600        0        0
HOME DEPOT INC                 COM              437076102      543     9000 SH  CALL DEFINED 05               9000        0        0
HOME DEPOT INC                 COM              437076102      175     2900 SH  PUT  DEFINED 05               2900        0        0
HORIZON PHARMA INC             COM              44047T109      245    69906 SH       DEFINED 02              69906        0        0
HORSEHEAD HLDG CORP            COM              440694305     2162   231020 SH       DEFINED 02             231020        0        0
HOUSTON AMERN ENERGY CORP      COM              44183U100      185   206073 SH       DEFINED 02             206073        0        0
ILLUMINA INC                   COM              452327109      786    16300 SH  CALL DEFINED 05              16300        0        0
INERGY L P                     UNIT LTD PTNR    456615103      290    15250 SH       DEFINED 02              15250        0        0
INTEL CORP                     COM              458140100       34     1500 SH       DEFINED 05               1500        0        0
INTEL CORP                     COM              458140100      209     9200 SH  CALL DEFINED 05               9200        0        0
INTEL CORP                     COM              458140100     2954   130400 SH  PUT  DEFINED 05             130400        0        0
INTERNATIONAL BUSINESS MACHS   COM              459200101    10901    52549 SH       DEFINED 02              52549        0        0
INTERPUBLIC GROUP COS INC      COM              460690100     3536   318000 SH  CALL DEFINED 05             318000        0        0
ISHARES GOLD TRUST             ISHARES          464285105      540    31280 SH       DEFINED 02              31280        0        0
ISHARES INC                    MSCI BRAZIL      464286400     5556   102767 SH       DEFINED 02             102767        0        0
ISHARES INC                    MSCI BRAZIL      464286400     3092    57200 SH  CALL DEFINED 02              57200        0        0
ISHARES INC                    MSCI BRAZIL      464286400     7720   142800 SH  PUT  DEFINED 02             142800        0        0
ISHARES INC                    MSCI CDA INDEX   464286509      285    10000 SH       DEFINED 02              10000        0        0
ISHARES SILVER TRUST           ISHARES          46428Q109      502    15000 SH       DEFINED 02              15000        0        0
ISHARES TR                     DJ US REAL EST   464287739      234     3630 SH       DEFINED 02               3630        0        0
ISHARES TR                     FTSE CHINA25 IDX 464287184     3417    98759 SH       DEFINED 02              98759        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                     RUSSELL 2000     464287655    32542   390000 SH  PUT  DEFINED 02             390000        0        0
ISHARES TR                     RUSSELL1000GRW   464287614    14376   227358 SH       DEFINED 03             227358        0        0
ISIS PHARMACEUTICALS INC       COM              464330109      527    37500 SH  PUT  DEFINED 05              37500        0        0
JOHNSON & JOHNSON              COM              478160104      231     3350 SH       DEFINED 05               3350        0        0
JOHNSON & JOHNSON              COM              478160104      683     9900 SH  CALL DEFINED 05               9900        0        0
JOHNSON & JOHNSON              COM              478160104     6030    87500 SH  PUT  DEFINED 05              87500        0        0
JPMORGAN CHASE & CO            COM              46625H100      681    16817 SH       DEFINED 05              16817        0        0
JPMORGAN CHASE & CO            COM              46625H100      673    16700 SH  CALL DEFINED 05              16700        0        0
JPMORGAN CHASE & CO            COM              46625H100      542    13400 SH  PUT  DEFINED 02              13400        0        0
JPMORGAN CHASE & CO            COM              46625H100      927    23000 SH  PUT  DEFINED 05              23000        0        0
KELLOGG CO                     COM              487836108     1700    32900 SH  CALL DEFINED 05              32900        0        0
KINDER MORGAN INC DEL          COM              49456B101      355    10000 SH  CALL DEFINED 02              10000        0        0
LAS VEGAS SANDS CORP           COM              517834107      659    14200 SH  PUT  DEFINED 05              14200        0        0
LAS VEGAS SANDS CORP           COM              517834107      597    12884 SH       DEFINED 05              12884        0        0
LAS VEGAS SANDS CORP           COM              517834107       84     1800 SH  CALL DEFINED 05               1800        0        0
LILLY ELI & CO                 COM              532457108     1807    38123 SH       DEFINED 02              38123        0        0
LILLY ELI & CO                 COM              532457108       46      963 SH       DEFINED 05                963        0        0
LILLY ELI & CO                 COM              532457108     1674    35300 SH  CALL DEFINED 02              35300        0        0
LILLY ELI & CO                 COM              532457108     8481   178900 SH  CALL DEFINED 05             178900        0        0
LILLY ELI & CO                 COM              532457108     4134    87200 SH  PUT  DEFINED 02              87200        0        0
LILLY ELI & CO                 COM              532457108      294     6200 SH  PUT  DEFINED 05               6200        0        0
MAGELLAN MIDSTREAM PRTNRS LP   COM UNIT RP LP   559080106     1325    15155 SH       DEFINED 02              15155        0        0
MANNKIND CORP                  COM              56400P201      674   234100 SH  CALL DEFINED 05             234100        0        0
MCDONALDS CORP                 COM              580135101       55      599 SH       DEFINED 05                599        0        0
MCDONALDS CORP                 COM              580135101      276     3000 SH  CALL DEFINED 05               3000        0        0
MCDONALDS CORP                 COM              580135101      285     3100 SH  PUT  DEFINED 05               3100        0        0
MEDICIS PHARMACEUTICAL CORP    CL A NEW         584690309     4050    93600 SH       DEFINED 02              93600        0        0
MEDICIS PHARMACEUTICAL CORP    CL A NEW         584690309      664    15342 SH       DEFINED 05              15342        0        0
MEDICIS PHARMACEUTICAL CORP    CL A NEW         584690309     8690   200800 SH  CALL DEFINED 02             200800        0        0
MEDICIS PHARMACEUTICAL CORP    CL A NEW         584690309      174     4000 SH  PUT  DEFINED 05               4000        0        0
MEDICIS PHARMACEUTICAL CORP    NOTE 1.375% 6/0  584690AC5    28015 26000000 PRN      DEFINED 02           26000000        0        0
MEDTRONIC INC                  COM              585055106      862    20000 SH  CALL DEFINED 05              20000        0        0
MELLANOX TECHNOLOGIES LTD      SHS              M51363113      406     4000 SH       DEFINED 02               4000        0        0
MERCK & CO INC NEW             COM              58933Y105        5      100 SH  CALL DEFINED 05                100        0        0
MERCK & CO INC NEW             COM              58933Y105      419     9300 SH  PUT  DEFINED 02               9300        0        0
MERCK & CO INC NEW             COM              58933Y105        5      100 SH  PUT  DEFINED 05                100        0        0
MERCK & CO INC NEW             COM              58933Y105      582    12900 SH  CALL DEFINED 02              12900        0        0
METLIFE INC                    COM              59156R108      206     6000 SH  PUT  DEFINED 05               6000        0        0
MICROSOFT CORP                 COM              594918104      224     7500 SH  CALL DEFINED 05               7500        0        0
MICROSOFT CORP                 COM              594918104      226     7600 SH  PUT  DEFINED 05               7600        0        0
MITSUBISHI UFJ FINL GROUP IN   SPONSORED ADR    606822104      250    53686 SH       DEFINED 02              53686        0        0
MOLSON COORS BREWING CO        CL B             60871R209     9010   200000 SH  CALL DEFINED 05             200000        0        0
MORGAN STANLEY                 COM NEW          617446448      193    11600 SH  CALL DEFINED 05              11600        0        0
MORGAN STANLEY                 COM NEW          617446448      202    12000 SH  PUT  DEFINED 05              12000        0        0
MOTOROLA SOLUTIONS INC         COM NEW          620076307     2083    41200 SH  CALL DEFINED 05              41200        0        0
MYLAN INC                      COM              628530107      682    28000 SH       DEFINED 05              28000        0        0
MYLAN INC                      COM              628530107     1706    70000 SH  PUT  DEFINED 05              70000        0        0
NEWMONT MINING CORP            COM              651639106       90     1615 SH       DEFINED 05               1615        0        0
NEWMONT MINING CORP            COM              651639106    11203   200000 SH  CALL DEFINED 02             200000        0        0
NEWMONT MINING CORP            COM              651639106      140     2500 SH  CALL DEFINED 05               2500        0        0
NEWMONT MINING CORP            COM              651639106      101     1800 SH  PUT  DEFINED 05               1800        0        0
NEXEN INC                      COM              65334H102      304    12000 SH       DEFINED 05              12000        0        0
NEXEN INC                      COM              65334H102    16362   645700 SH  PUT  DEFINED 02             645700        0        0
NEXEN INC                      COM              65334H102    27893  1100758 SH       DEFINED 02            1100758        0        0
NORTHWEST PIPE CO              COM              667746101      338    13700 SH       DEFINED 02              13700        0        0
NOVO-NORDISK A S               ADR              670100205     3945    25000 SH  CALL DEFINED 05              25000        0        0
NPS PHARMACEUTICALS INC        COM              62936P103       93    10000 SH       DEFINED 02              10000        0        0
OMNICARE INC                   COM              681904108     2888    85000 SH  CALL DEFINED 05              85000        0        0
ONCOTHYREON INC                COM              682324108      769   149853 SH       DEFINED 02             149853        0        0
ORACLE CORP                    COM              68389X105     6178   196384 SH       DEFINED 02             196384        0        0
ORACLE CORP                    COM              68389X105      240     7637 SH       DEFINED 05               7637        0        0
ORACLE CORP                    COM              68389X105      268     8500 SH  CALL DEFINED 05               8500        0        0
ORACLE CORP                    COM              68389X105      405    12900 SH  PUT  DEFINED 05              12900        0        0
PACKAGING CORP AMER            COM              695156109     3227    88900 SH  CALL DEFINED 05              88900        0        0
PAIN THERAPEUTICS INC          COM              69562K100       68    13400 SH       DEFINED 05              13400        0        0
PERRIGO CO                     COM              714290103     5809    50000 SH  CALL DEFINED 05              50000        0        0
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR    71654V408     2430   105967 SH       DEFINED 02             105967        0        0
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR    71654V408      315    13700 SH  CALL DEFINED 05              13700        0        0
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR    71654V408     3555   155000 SH  PUT  DEFINED 02             155000        0        0
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR    71654V408       65     2800 SH  PUT  DEFINED 05               2800        0        0
PFIZER INC                     COM              717081103       50     2000 SH       DEFINED 05               2000        0        0
PFIZER INC                     COM              717081103      571    23000 SH  CALL DEFINED 05              23000        0        0
PFIZER INC                     COM              717081103      236     9500 SH  PUT  DEFINED 05               9500        0        0
PLAINS ALL AMERN PIPELINE L    UNIT LTD PARTN   726503105      753     8535 SH       DEFINED 02               8535        0        0
POTASH CORP SASK INC           COM              73755L107      496    11400 SH  PUT  DEFINED 05              11400        0        0
POTASH CORP SASK INC           COM              73755L107      309     7106 SH       DEFINED 05               7106        0        0
POTASH CORP SASK INC           COM              73755L107      113     2600 SH  CALL DEFINED 05               2600        0        0
PROCERA NETWORKS INC           COM NEW          74269U203      235    10000 SH       DEFINED 02              10000        0        0
PROCTER & GAMBLE CO            COM              742718109      374     5400 SH  PUT  DEFINED 05               5400        0        0
PULTE GROUP INC                COM              745867101      159    10200 SH  CALL DEFINED 05              10200        0        0
QUANTUM FUEL SYS TECH WORLDW   COM NEW          74765E208      109   138230 SH       DEFINED 02             138230        0        0
QUIKSILVER INC                 COM              74838C106      296    89097 SH       DEFINED 05              89097        0        0
REMARK MEDIA INC               COM              75954W107      325   167059 SH       DEFINED 02             167059        0        0
RESEARCH IN MOTION LTD         COM              760975102      179    23600 SH  CALL DEFINED 05              23600        0        0
ROCKWOOD HLDGS INC             COM              774415103     3808    81700 SH  CALL DEFINED 05              81700        0        0
ROSETTA GENOMICS LTD           SHS NEW NIS 0.6  M82183126      180    25000 SH       DEFINED 02              25000        0        0
ROYAL DUTCH SHELL PLC          SPON ADR B       780259107      250     3500 SH       DEFINED 05               3500        0        0
SANCHEZ ENERGY CORP            COM              79970Y105     3685   180388 SH       DEFINED 02             180388        0        0
SCHLUMBERGER LTD               COM              806857108      252     3500 SH  CALL DEFINED 05               3500        0        0
SCHWAB CHARLES CORP NEW        COM              808513105      128    10000 SH       DEFINED 02              10000        0        0
SCIENTIFIC GAMES CORP          CL A             80874P109     2456   296828 SH       DEFINED 02             296828        0        0
SEABRIGHT HOLDINGS INC         COM              811656107     2613   237524 SH       DEFINED 02             237524        0        0
SEAGATE TECHNOLOGY PLC         SHS              G7945M107      256     8300 SH  CALL DEFINED 05               8300        0        0
SELECT SECTOR SPDR TR          SBI CONS DISCR   81369Y407     4228    96566 SH       DEFINED 03              96566        0        0
SELECT SECTOR SPDR TR          SBI INT-ENERGY   81369Y506     3672    50000 SH  CALL DEFINED 02              50000        0        0
SELECT SECTOR SPDR TR          SBI INT-ENERGY   81369Y506     3672    50000 SH  PUT  DEFINED 02              50000        0        0
SELECT SECTOR SPDR TR          SBI INT-FINL     81369Y605        5      323 SH       DEFINED 05                323        0        0
SELECT SECTOR SPDR TR          SBI INT-INDS     81369Y704     2464    69066 SH       DEFINED 03              69066        0        0
SELECT SECTOR SPDR TR          SBI INT-INDS     81369Y704      599    16400 SH       DEFINED 05              16400        0        0
SELECT SECTOR SPDR TR          TECHNOLOGY       81369Y803     1311    45629 SH       DEFINED 03              45629        0        0
SELECT SECTOR SPDR TR          TECHNOLOGY       81369Y803       68     2200 SH       DEFINED 05               2200        0        0
SELECT SECTOR SPDR TR          TECHNOLOGY       81369Y803     4618   149800 SH  PUT  DEFINED 05             149800        0        0
SHAW GROUP INC                 COM              820280105     5365   123000 SH       DEFINED 02             123000        0        0
SHAW GROUP INC                 COM              820280105      243     5565 SH       DEFINED 05               5565        0        0
SHAW GROUP INC                 COM              820280105      109     2500 SH  CALL DEFINED 05               2500        0        0
SHIRE PLC                      SPONSORED ADR    82481R106     4391    49500 SH  CALL DEFINED 05              49500        0        0
SIGA TECHNOLOGIES INC          COM              826917106     2203   688491 SH       DEFINED 02             688491        0        0
SILVER WHEATON CORP            COM              828336107      248     6200 SH  CALL DEFINED 05               6200        0        0
SIRIUS XM RADIO INC            COM              82967N108      259   100000 SH       DEFINED 02             100000        0        0
SPDR GOLD TRUST                GOLD SHS         78463V107      411     2390 SH       DEFINED 02               2390        0        0
SPDR INDEX SHS FDS             EURO STOXX 50    78463X202      621    20000 SH  CALL DEFINED 02              20000        0        0
SPDR S&P 500 ETF TR            TR UNIT          78462F103       29      200 SH       DEFINED 05                200        0        0
SPDR S&P 500 ETF TR            TR UNIT          78462F103    21596   150000 SH  CALL DEFINED 02             150000        0        0
SPDR S&P 500 ETF TR            TR UNIT          78462F103   110859   770000 SH  PUT  DEFINED 02             770000        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 METALS MNG   78464A755       27      631 SH       DEFINED 05                631        0        0
SPDR SERIES TRUST              S&P RETAIL ETF   78464A714       28      452 SH       DEFINED 05                452        0        0
SPROTT PHYSICAL GOLD TRUST     UNIT             85207H104      684    45000 SH       DEFINED 02              45000        0        0
STAPLES INC                    COM              855030102      806    70000 SH  CALL DEFINED 02              70000        0        0
STARBUCKS CORP                 COM              855244109      248     4900 SH  CALL DEFINED 05               4900        0        0
STERLING BANCORP               COM              859158107      408    41157 SH       DEFINED 02              41157        0        0
SUNCOR ENERGY INC NEW          COM              867224107      358    10900 SH  PUT  DEFINED 05              10900        0        0
SUNOCO INC                     COM              86764P109    11055   236056 SH       DEFINED 02             236056        0        0
SUNOCO LOGISTICS PRTNRS L P    COM UNITS        86764L108     1691    36259 SH       DEFINED 02              36259        0        0
SUNRISE SENIOR LIVING INC      COM              86768K106     6312   442300 SH  CALL DEFINED 02             442300        0        0
SYNERGY PHARMACEUTICALS DEL    *W EXP 12/06/201 871639118      251   114191 SH       DEFINED 02             114191        0        0
TARGET CORP                    COM              87612E106       69     1100 SH  CALL DEFINED 05               1100        0        0
TARGET CORP                    COM              87612E106        3       41 SH       DEFINED 05                 41        0        0
TARGET CORP                    COM              87612E106      203     3200 SH       DEFINED 02               3200        0        0
THERAVANCE INC                 COM              88338T104      220     8500 SH       DEFINED 02               8500        0        0
THRESHOLD PHARMACEUTICAL INC   COM NEW          885807206      145    20000 SH       DEFINED 02              20000        0        0
U S AIRWAYS GROUP INC          COM              90341W108      429    41000 SH       DEFINED 05              41000        0        0
UNITED STATES OIL FUND LP      UNITS            91232N108     1462    45930 SH       DEFINED 03              45930        0        0
UNITED STATES STL CORP NEW     COM              912909108      304    15900 SH  CALL DEFINED 05              15900        0        0
USA TECHNOLOGIES INC           *W EXP 12/31/201 90328S195      123   306958 SH       DEFINED 02             306958        0        0
VALE S A                       ADR              91912E105      805    44992 SH       DEFINED 02              44992        0        0
VALE S A                       ADR              91912E105     1389    80000 SH  PUT  DEFINED 02              80000        0        0
VALEANT PHARMACEUTICALS INTL   COM              91911K102     2692    48700 SH  CALL DEFINED 05              48700        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      625    13700 SH  PUT  DEFINED 05              13700        0        0
VERTEX PHARMACEUTICALS INC     COM              92532F100      335     6000 SH       DEFINED 02               6000        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     5038   198113 SH       DEFINED 02             198113        0        0
VIRNETX HLDG CORP              COM              92823T108     3814   150000 SH  CALL DEFINED 02             150000        0        0
WALGREEN CO                    COM              931422109      383    10500 SH  CALL DEFINED 05              10500        0        0
WAL-MART STORES INC            COM              931142103      133     1800 SH  CALL DEFINED 05               1800        0        0
WAL-MART STORES INC            COM              931142103     4834    65500 SH  PUT  DEFINED 02              65500        0        0
WAL-MART STORES INC            COM              931142103      390     5300 SH  PUT  DEFINED 05               5300        0        0
WAL-MART STORES INC            COM              931142103     2553    34588 SH       DEFINED 02              34588        0        0
WAL-MART STORES INC            COM              931142103     2524    34200 SH  CALL DEFINED 02              34200        0        0
WAL-MART STORES INC            COM              931142103      254     3435 SH       DEFINED 05               3435        0        0
WALTER INVT MGMT CORP          COM              93317W102      420    11335 SH       DEFINED 02              11335        0        0
WELLPOINT INC                  COM              94973V107      119     2050 SH       DEFINED 05               2050        0        0
WELLPOINT INC                  COM              94973V107      284     4900 SH  CALL DEFINED 05               4900        0        0
WELLPOINT INC                  COM              94973V107       12      200 SH  PUT  DEFINED 05                200        0        0
WELLS FARGO & CO NEW           COM              949746101      562    16300 SH  PUT  DEFINED 05              16300        0        0
WELLS FARGO & CO NEW           COM              949746101      437    12700 SH  CALL DEFINED 05              12700        0        0
WHOLE FOODS MKT INC            COM              966837106      244     2500 SH  PUT  DEFINED 05               2500        0        0
WHOLE FOODS MKT INC            COM              966837106        4       45 SH       DEFINED 05                 45        0        0
WHOLE FOODS MKT INC            COM              966837106      117     1200 SH  CALL DEFINED 05               1200        0        0
YAHOO INC                      COM              984332106     4069   254700 SH  CALL DEFINED 02             254700        0        0
YAHOO INC                      COM              984332106      204    12700 SH  CALL DEFINED 05              12700        0        0
YAHOO INC                      COM              984332106        5      300 SH  PUT  DEFINED 05                300        0        0
YUM BRANDS INC                 COM              988498101      471     7100 SH  PUT  DEFINED 05               7100        0        0
YUM BRANDS INC                 COM              988498101      272     4097 SH       DEFINED 05               4097        0        0
YUM BRANDS INC                 COM              988498101      332     5000 SH  CALL DEFINED 05               5000        0        0
</TABLE>