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

                                    Form 13F

                              Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: December 31, 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     February 10, 2012

Report Type (Check only one.):

[ X]         13F HOLDINGS REPORT.

[  ]         13F NOTICE.

[  ]         13F COMBINATION REPORT.

FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 5 Form 13F Information Table Entry Total: 286 Form 13F Information Table Value Total: $1,308,652 (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

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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 99 CENTS ONLY STORES COM 65440K106 97 4400 SH DEFINED 05 4400 0 0 99 CENTS ONLY STORES COM 65440K106 775 35300 SH CALL DEFINED 02 35300 0 0 99 CENTS ONLY STORES COM 65440K106 902 41100 SH PUT DEFINED 02 41100 0 0 99 CENTS ONLY STORES COM 65440K106 1785 81339 SH DEFINED 02 81339 0 0 ADA ES INC COM 005208103 1170 51690 SH DEFINED 02 51690 0 0 ADOBE SYS INC COM 00724F101 401 14200 SH CALL DEFINED 02 14200 0 0 ADVANCED ANALOGIC TECHNOLOGI COM 00752J108 173 30000 SH DEFINED 05 30000 0 0 AFFYMAX INC COM 00826A109 1308 197900 SH PUT DEFINED 05 197900 0 0 AFFYMAX INC COM 00826A109 896 135600 SH DEFINED 05 135600 0 0 AGRIUM INC COM 008916108 1275 19000 SH CALL DEFINED 02 19000 0 0 ALCOA INC COM 013817101 2405 278000 SH CALL DEFINED 02 278000 0 0 AMERICAN DENTAL PARTNERS COM 025353103 1176 62436 SH DEFINED 02 62436 0 0 AMERICAN DENTAL PARTNERS COM 025353103 194 10300 SH DEFINED 05 10300 0 0 AMYLIN PHARMACEUTICALS INC COM 032346108 324 28500 SH DEFINED 05 28500 0 0 AMYLIN PHARMACEUTICALS INC COM 032346108 398 35000 SH PUT DEFINED 05 35000 0 0 ANALOG DEVICES INC COM 032654105 687 19200 SH CALL DEFINED 05 19200 0 0 API TECHNOLOGIES CORP COM NEW 00187E203 80 25179 SH DEFINED 02 25179 0 0 APPLE INC COM 037833100 2159 5332 SH DEFINED 02 5332 0 0 APPLIED MATLS INC COM 038222105 1067 99600 SH CALL DEFINED 02 99600 0 0 ARIAD PHARMACEUTICALS INC COM 04033A100 919 75000 SH DEFINED 02 75000 0 0 ARIAD PHARMACEUTICALS INC COM 04033A100 830 67800 SH CALL DEFINED 05 67800 0 0 ARIAD PHARMACEUTICALS INC COM 04033A100 1470 120000 SH PUT DEFINED 02 120000 0 0 ATLAS ENERGY LP COM UNITS LP 04930A104 5939 244400 SH CALL DEFINED 05 244400 0 0 ATLAS PIPELINE PARTNERS LP UNIT L P INT 049392103 411 11100 SH CALL DEFINED 05 11100 0 0 ATP OIL & GAS CORP COM 00208J108 97 13200 SH CALL DEFINED 05 13200 0 0 AVALONBAY CMNTYS INC COM 053484101 6530 50000 SH PUT DEFINED 02 50000 0 0 AVANIR PHARMACEUTICALS INC CL A NEW 05348P401 37 18250 SH DEFINED 05 18250 0 0 AVANIR PHARMACEUTICALS INC CL A NEW 05348P401 38 19000 SH CALL DEFINED 05 19000 0 0 AVANIR PHARMACEUTICALS INC CL A NEW 05348P401 38 18600 SH PUT DEFINED 05 18600 0 0 BANK OF AMERICA CORPORATION COM 060505104 556 100000 SH PUT DEFINED 02 100000 0 0 BARCLAYS BK PLC IPATH S&P MT ETN 06740C519 2758 45470 SH DEFINED 03 45470 0 0 BIOGEN IDEC INC COM 09062X103 990 9000 SH DEFINED 05 9000 0 0 BIOGEN IDEC INC COM 09062X103 8804 80000 SH PUT DEFINED 05 80000 0 0 BIONOVO INC COM NEW 090643206 116 500000 SH DEFINED 05 500000 0 0 BIONOVO INC COM NEW 090643206 10 45000 SH DEFINED 02 45000 0 0 BLUE COAT SYSTEMS INC COM NEW 09534T508 3209 126100 SH CALL DEFINED 02 126100 0 0 BLUE COAT SYSTEMS INC COM NEW 09534T508 361 14200 SH DEFINED 05 14200 0 0 BLUE COAT SYSTEMS INC COM NEW 09534T508 2342 92040 SH DEFINED 02 92040 0 0 BP PRUDHOE BAY RTY TR UNIT BEN INT 055630107 741 6500 SH DEFINED 02 6500 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 2513 71300 SH CALL DEFINED 02 71300 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 2763 78400 SH PUT DEFINED 02 78400 0 0 BROADCOM CORP CL A 111320107 2501 85200 SH CALL DEFINED 05 85200 0 0 BROADWIND ENERGY INC COM 11161T108 237 348300 SH DEFINED 02 348300 0 0 BUCKEYE PARTNERS L P UNIT LTD PARTN 118230101 288 4500 SH DEFINED 02 4500 0 0 CADENCE PHARMACEUTICALS INC COM 12738T100 201 50800 SH CALL DEFINED 05 50800 0 0 CAPITAL ONE FINL CORP COM 14040H105 913 21600 SH CALL DEFINED 05 21600 0 0 CAPITAL ONE FINL CORP COM 14040H105 211 5000 SH PUT DEFINED 05 5000 0 0 CAPITAL ONE FINL CORP COM 14040H105 214 5050 SH DEFINED 02 5050 0 0 CBOE HLDGS INC COM 12503M108 2370 91664 SH DEFINED 04 91664 0 0 CELGENE CORP COM 151020104 0 1 SH DEFINED 05 1 0 0 CELGENE CORP COM 151020104 3711 54900 SH CALL DEFINED 05 54900 0 0 CELGENE CORP RIGHT 12/31/2011 151020112 0 5 SH DEFINED 05 5 0 0 CEMEX SAB DE CV SPON ADR NEW 151290889 78 14400 SH CALL DEFINED 05 14400 0 0 CHIPOTLE MEXICAN GRILL INC COM 169656105 338 1000 SH DEFINED 02 1000 0 0 CISCO SYS INC COM 17275R102 8941 494500 SH DEFINED 05 494500 0 0 CISCO SYS INC COM 17275R102 8823 488000 SH CALL DEFINED 02 488000 0 0 CISCO SYS INC COM 17275R102 2705 149600 SH PUT DEFINED 02 149600 0 0 CISCO SYS INC COM 17275R102 11390 630000 SH PUT DEFINED 05 630000 0 0 CLEVELAND BIOLABS INC COM 185860103 704 246300 SH DEFINED 02 246300 0 0 COACH INC COM 189754104 2442 40000 SH PUT DEFINED 02 40000 0 0 COMPLETE PRODUCTION SERVICES COM 20453E109 833 24811 SH DEFINED 05 24811 0 0 COMPLETE PRODUCTION SERVICES COM 20453E109 2875 85673 SH DEFINED 02 85673 0 0 COMPUTER PROGRAMS & SYS INC COM 205306103 3081 60280 SH DEFINED 02 60280 0 0 CONOCOPHILLIPS COM 20825C104 12942 177600 SH CALL DEFINED 02 177600 0 0 CONSTELLATION ENERGY GROUP I COM 210371100 4245 107000 SH DEFINED 02 107000 0 0 CONSTELLATION ENERGY GROUP I COM 210371100 397 10000 SH DEFINED 05 10000 0 0 CONSTELLATION ENERGY PRTNR L COM UNIT LLC B 21038E101 156 79720 SH DEFINED 02 79720 0 0 COWEN GROUP INC NEW CL A 223622101 1573 607525 SH DEFINED 02 607525 0 0 CREDIT SUISSE NASSAU BRH ETN IDX-LKD 20 22542D845 2076 98873 SH DEFINED 03 98873 0 0 CROWN HOLDINGS INC COM 228368106 3761 112000 SH CALL DEFINED 05 112000 0 0 DEERE & CO COM 244199105 224 2900 SH CALL DEFINED 02 2900 0 0 DELPHI FINL GROUP INC CL A 247131105 1772 40000 SH DEFINED 02 40000 0 0 DEMANDTEC INC COM NEW 24802R506 1160 88056 SH DEFINED 02 88056 0 0 DENDREON CORP COM 24823Q107 568 74800 SH CALL DEFINED 05 74800 0 0 DENDREON CORP COM 24823Q107 432 56800 SH PUT DEFINED 05 56800 0 0 DEPOMED INC COM 249908104 75 14500 SH DEFINED 05 14500 0 0 DEPOMED INC COM 249908104 486 93900 SH PUT DEFINED 05 93900 0 0 DEVON ENERGY CORP NEW COM 25179M103 868 14000 SH CALL DEFINED 05 14000 0 0 DRESSER-RAND GROUP INC COM 261608103 13346 267400 SH CALL DEFINED 05 267400 0 0 DYNAVAX TECHNOLOGIES CORP COM 268158102 334 100600 SH DEFINED 02 100600 0 0 EASTMAN CHEM CO COM 277432100 578 14803 SH DEFINED 05 14803 0 0 EASTMAN CHEM CO COM 277432100 5464 139900 SH CALL DEFINED 05 139900 0 0 ELDORADO GOLD CORP NEW COM 284902103 548 40000 SH CALL DEFINED 02 40000 0 0 ENDO PHARMACEUTICALS HLDGS I COM 29264F205 514 14900 SH CALL DEFINED 05 14900 0 0 ENERGY XXI (BERMUDA) LTD USD UNRS SHS G10082140 3593 112700 SH DEFINED 02 112700 0 0 ENERGY XXI (BERMUDA) LTD USD UNRS SHS G10082140 797 25000 SH CALL DEFINED 02 25000 0 0 ENERGY XXI (BERMUDA) LTD USD UNRS SHS G10082140 1674 52500 SH PUT DEFINED 02 52500 0 0 ENTERPRISE PRODS PARTNERS L COM 293792107 788 17000 SH DEFINED 02 17000 0 0 EXELIXIS INC COM 30161Q104 133 28100 SH CALL DEFINED 05 28100 0 0 EXELON CORP COM 30161N101 6050 139500 SH CALL DEFINED 05 139500 0 0 FORD MTR CO DEL COM PAR $0.01 345370860 3228 300000 SH PUT DEFINED 02 300000 0 0 FORD MTR CO DEL COM PAR $0.01 345370860 3228 300000 SH CALL DEFINED 02 300000 0 0 FORD MTR CO DEL COM PAR $0.01 345370860 3139 291700 SH DEFINED 02 291700 0 0 FUSION-IO INC COM 36112J107 183 7550 SH DEFINED 05 7550 0 0 FUSION-IO INC COM 36112J107 232 9600 SH PUT DEFINED 05 9600 0 0 GAYLORD ENTMT CO NEW COM 367905106 266 11000 SH DEFINED 05 11000 0 0 GENERAL DYNAMICS CORP COM 369550108 5001 75300 SH CALL DEFINED 05 75300 0 0 GERON CORP COM 374163103 4 3000 SH DEFINED 05 3000 0 0 GERON CORP COM 374163103 41 27500 SH CALL DEFINED 05 27500 0 0 GILEAD SCIENCES INC COM 375558103 5207 127200 SH CALL DEFINED 05 127200 0 0 GOLDMAN SACHS GROUP INC COM 38141G104 1700 18800 SH CALL DEFINED 02 18800 0 0 GOODRICH CORP COM 382388106 120706 975800 SH CALL DEFINED 02 975800 0 0 GOODRICH CORP COM 382388106 18556 150000 SH CALL DEFINED 05 150000 0 0 GOODRICH CORP COM 382388106 3463 28000 SH PUT DEFINED 02 28000 0 0 GOODRICH CORP COM 382388106 18375 148550 SH DEFINED 05 148550 0 0 HEALTH NET INC COM 42222G108 1171 38500 SH PUT DEFINED 05 38500 0 0 HEALTH NET INC COM 42222G108 12 400 SH DEFINED 05 400 0 0 HEALTHSPRING INC COM 42224N101 818 15000 SH PUT DEFINED 05 15000 0 0 HEALTHSPRING INC COM 42224N101 4091 75000 SH CALL DEFINED 05 75000 0 0 HEALTHSPRING INC COM 42224N101 12426 227828 SH DEFINED 02 227828 0 0 HEALTHSPRING INC COM 42224N101 12010 220200 SH CALL DEFINED 02 220200 0 0 HEALTHSPRING INC COM 42224N101 1364 25000 SH DEFINED 05 25000 0 0 HUMAN GENOME SCIENCES INC COM 444903108 3223 436100 SH CALL DEFINED 05 436100 0 0 INTEL CORP COM 458140100 8187 337622 SH DEFINED 05 337622 0 0 INTEL CORP COM 458140100 7304 301200 SH CALL DEFINED 05 301200 0 0 INTEL CORP COM 458140100 48098 1983400 SH PUT DEFINED 05 1983400 0 0 INTERMUNE INC COM 45884X103 315 25000 SH CALL DEFINED 05 25000 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 919 5000 SH DEFINED 02 5000 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 0 1 SH DEFINED 05 1 0 0 INTEROIL CORP COM 460951106 8693 170000 SH CALL DEFINED 05 170000 0 0 ISHARES GOLD TRUST ISHARES 464285105 476 31280 SH DEFINED 02 31280 0 0 ISHARES INC MSCI AUSTRALIA 464286103 1027 47900 SH DEFINED 02 47900 0 0 ISHARES INC MSCI CDA INDEX 464286509 266 10000 SH DEFINED 02 10000 0 0 ISHARES INC MSCI S KOREA 464286772 4966 95030 SH DEFINED 02 95030 0 0 ISHARES S&P GSCI COMMODITY I UNIT BEN INT 46428R107 3415 103554 SH DEFINED 03 103554 0 0 ISHARES TR FTSE CHINA25 IDX 464287184 1763 50571 SH DEFINED 02 50571 0 0 ISHARES TR FTSE CHINA25 IDX 464287184 279 8000 SH PUT DEFINED 05 8000 0 0 ISHARES TR FTSE CHINA25 IDX 464287184 23834 683500 SH PUT DEFINED 02 683500 0 0 ISHARES TR FTSE CHINA25 IDX 464287184 25581 733600 SH CALL DEFINED 02 733600 0 0 ISHARES TR HIGH YLD CORP 464288513 22332 249711 SH DEFINED 03 249711 0 0 ISHARES TR MSCI EMERG MKT 464287234 759 20000 SH CALL DEFINED 02 20000 0 0 ISHARES TR RUSSELL 2000 464287655 13275 180000 SH PUT DEFINED 02 180000 0 0 ISHARES TR RUSSELL MCP GR 464287481 29 528 SH DEFINED 05 528 0 0 ISHARES TR RUSSELL MCP VL 464287473 7 160 SH DEFINED 05 160 0 0 ISHARES TR RUSSELL1000GRW 464287614 4427 76613 SH DEFINED 03 76613 0 0 ISHARES TR S&P NA NAT RES 464287374 29 773 SH DEFINED 05 773 0 0 JEFFERIES GROUP INC NEW COM 472319102 413 30000 SH PUT DEFINED 02 30000 0 0 JOHNSON & JOHNSON COM 478160104 238 3630 SH DEFINED 02 3630 0 0 JOHNSON & JOHNSON COM 478160104 0 1 SH DEFINED 05 1 0 0 KERYX BIOPHARMACEUTICALS INC COM 492515101 13 5000 SH DEFINED 05 5000 0 0 KERYX BIOPHARMACEUTICALS INC COM 492515101 38 15000 SH PUT DEFINED 05 15000 0 0 LAM RESEARCH CORP COM 512807108 230 6200 SH CALL DEFINED 02 6200 0 0 LAM RESEARCH CORP COM 512807108 2962 80000 SH CALL DEFINED 05 80000 0 0 LAM RESEARCH CORP COM 512807108 206 5561 SH DEFINED 05 5561 0 0 LIGHTBRIDGE CORP COM 53224K104 223 109400 SH DEFINED 02 109400 0 0 LIGHTBRIDGE CORP COM 53224K104 102 50000 SH CALL DEFINED 02 50000 0 0 LOOPNET INC COM 543524300 373 20400 SH DEFINED 02 20400 0 0 LOOPNET INC COM 543524300 49 2700 SH DEFINED 05 2700 0 0 LULULEMON ATHLETICA INC COM 550021109 1167 25000 SH CALL DEFINED 05 25000 0 0 MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 996 14460 SH DEFINED 02 14460 0 0 MAGMA DESIGN AUTOMATION COM 559181102 341 47500 SH CALL DEFINED 05 47500 0 0 MANNKIND CORP COM 56400P201 585 233400 SH CALL DEFINED 05 233400 0 0 MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 771 15000 SH DEFINED 02 15000 0 0 MASTERCARD INC CL A 57636Q104 52 140 SH DEFINED 05 140 0 0 MASTERCARD INC CL A 57636Q104 9321 25000 SH CALL DEFINED 02 25000 0 0 MCCORMICK & SCHMICKS SEAFD R COM 579793100 2140 244868 SH DEFINED 02 244868 0 0 MEDCO HEALTH SOLUTIONS INC COM 58405U102 12882 230454 SH DEFINED 02 230454 0 0 MEDCO HEALTH SOLUTIONS INC COM 58405U102 240 4300 SH DEFINED 05 4300 0 0 MEDTRONIC INC COM 585055106 765 20000 SH CALL DEFINED 05 20000 0 0 MEDTRONIC INC COM 585055106 134 3500 SH DEFINED 05 3500 0 0 MITSUBISHI UFJ FINL GROUP IN SPONSORED ADR 606822104 338 80560 SH DEFINED 02 80560 0 0 MORGAN STANLEY COM NEW 617446448 378 25000 SH PUT DEFINED 02 25000 0 0 MOTOROLA MOBILITY HLDGS INC COM 620097105 3434 88500 SH DEFINED 02 88500 0 0 MOTOROLA MOBILITY HLDGS INC COM 620097105 572 14737 SH DEFINED 05 14737 0 0 MOTOROLA MOBILITY HLDGS INC COM 620097105 318 8200 SH CALL DEFINED 02 8200 0 0 NETLOGIC MICROSYSTEMS INC COM 64118B100 16745 337800 SH PUT DEFINED 02 337800 0 0 NETLOGIC MICROSYSTEMS INC COM 64118B100 1312 26482 SH DEFINED 05 26482 0 0 NETLOGIC MICROSYSTEMS INC COM 64118B100 40226 811500 SH CALL DEFINED 02 811500 0 0 NETLOGIC MICROSYSTEMS INC COM 64118B100 4957 100000 SH CALL DEFINED 05 100000 0 0 NOVELLUS SYS INC COM 670008101 846 20500 SH DEFINED 05 20500 0 0 NPS PHARMACEUTICALS INC COM 62936P103 910 138100 SH PUT DEFINED 05 138100 0 0 NPS PHARMACEUTICALS INC COM 62936P103 53 8000 SH DEFINED 05 8000 0 0 NUCOR CORP COM 670346105 1112 28100 SH CALL DEFINED 02 28100 0 0 NVIDIA CORP COM 67066G104 139 10000 SH DEFINED 05 10000 0 0 NVIDIA CORP COM 67066G104 1386 100000 SH PUT DEFINED 05 100000 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 9155 97700 SH CALL DEFINED 05 97700 0 0 OMNICARE INC COM 681904108 1474 42800 SH CALL DEFINED 05 42800 0 0 OMNICARE INC COM 681904108 1399 40600 SH DEFINED 05 40600 0 0 ONEOK INC NEW COM 682680103 217 2500 SH DEFINED 02 2500 0 0 OPTIMER PHARMACEUTICALS INC COM 68401H104 122 10000 SH DEFINED 05 10000 0 0 OPTIMER PHARMACEUTICALS INC COM 68401H104 490 40000 SH CALL DEFINED 05 40000 0 0 OPTIMER PHARMACEUTICALS INC COM 68401H104 184 15000 SH PUT DEFINED 05 15000 0 0 ORACLE CORP COM 68389X105 5469 213200 SH DEFINED 05 213200 0 0 ORACLE CORP COM 68389X105 5469 213200 SH PUT DEFINED 05 213200 0 0 OWENS CORNING NEW COM 690742101 431 15000 SH CALL DEFINED 05 15000 0 0 PACKAGING CORP AMER COM 695156109 787 31200 SH CALL DEFINED 05 31200 0 0 PERRIGO CO COM 714290103 5838 60000 SH CALL DEFINED 05 60000 0 0 PERRIGO CO COM 714290103 1460 15000 SH PUT DEFINED 05 15000 0 0 PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 363 14600 SH PUT DEFINED 02 14600 0 0 PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 3400 136800 SH CALL DEFINED 02 136800 0 0 PFIZER INC COM 717081103 0 1 SH DEFINED 05 1 0 0 PFIZER INC COM 717081103 433 20000 SH CALL DEFINED 05 20000 0 0 PHARMASSET INC COM 71715N106 16576 129300 SH PUT DEFINED 02 129300 0 0 PHARMASSET INC COM 71715N106 43338 338050 SH DEFINED 02 338050 0 0 PHARMASSET INC COM 71715N106 282 2200 SH DEFINED 05 2200 0 0 PHARMASSET INC COM 71715N106 73510 573400 SH CALL DEFINED 02 573400 0 0 PHARMERICA CORP COM 71714F104 1107 72907 SH DEFINED 02 72907 0 0 PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 514 7000 SH DEFINED 02 7000 0 0 POWERSHARES DB G10 CURCY HAR COM UT BEN INT 73935Y102 2065 86919 SH DEFINED 03 86919 0 0 POWERSHARES QQQ TRUST UNIT SER 1 73935A104 1017 18216 SH DEFINED 02 18216 0 0 PROCERA NETWORKS INC COM NEW 74269U203 812 52142 SH DEFINED 02 52142 0 0 PROGENICS PHARMACEUTICALS IN COM 743187106 252 29500 SH DEFINED 05 29500 0 0 PROGENICS PHARMACEUTICALS IN COM 743187106 471 55200 SH CALL DEFINED 05 55200 0 0 PROGENICS PHARMACEUTICALS IN COM 743187106 43 5000 SH PUT DEFINED 05 5000 0 0 QUALCOMM INC COM 747525103 6144 112330 SH DEFINED 05 112330 0 0 QUALCOMM INC COM 747525103 28914 528600 SH CALL DEFINED 05 528600 0 0 QUALCOMM INC COM 747525103 40041 732000 SH PUT DEFINED 05 732000 0 0 QUANTUM FUEL SYS TECH WORLDW COM NEW 74765E208 64 86895 SH DEFINED 02 86895 0 0 RIGHTNOW TECHNOLOGIES INC COM 76657R106 6226 145702 SH DEFINED 02 145702 0 0 ROCKWOOD HLDGS INC COM 774415103 5307 134800 SH CALL DEFINED 05 134800 0 0 SAVIENT PHARMACEUTICALS INC COM 80517Q100 335 150300 SH CALL DEFINED 05 150300 0 0 SCIENTIFIC GAMES CORP CL A 80874P109 2816 290345 SH DEFINED 02 290345 0 0 SCIENTIFIC GAMES CORP CL A 80874P109 4 453 SH DEFINED 05 453 0 0 SEAGATE TECHNOLOGY PLC SHS G7945M107 695 42400 SH CALL DEFINED 02 42400 0 0 SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 8296 120000 SH PUT DEFINED 02 120000 0 0 SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 3333 256354 SH DEFINED 03 256354 0 0 SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 4030 310000 SH CALL DEFINED 02 310000 0 0 SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 1950 150000 SH PUT DEFINED 02 150000 0 0 SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 8628 339000 SH DEFINED 05 339000 0 0 SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 38175 1500000 SH PUT DEFINED 05 1500000 0 0 SHIRE PLC SPONSORED ADR 82481R106 2078 20000 SH CALL DEFINED 05 20000 0 0 SHUTTERFLY INC COM 82568P304 981 43100 SH CALL DEFINED 05 43100 0 0 SIGA TECHNOLOGIES INC COM 826917106 1376 546050 SH DEFINED 02 546050 0 0 SMITHFIELD FOODS INC COM 832248108 2428 100000 SH CALL DEFINED 05 100000 0 0 SONOSITE INC COM 83568G104 684 12700 SH DEFINED 02 12700 0 0 SOUTHERN UN CO NEW COM 844030106 11791 280000 SH DEFINED 02 280000 0 0 SPDR GOLD TRUST GOLD SHS 78463V107 3704 24370 SH DEFINED 02 24370 0 0 SPDR GOLD TRUST GOLD SHS 78463V107 820 5392 SH DEFINED 05 5392 0 0 SPDR GOLD TRUST GOLD SHS 78463V107 2873 18900 SH CALL DEFINED 05 18900 0 0 SPDR GOLD TRUST GOLD SHS 78463V107 1520 10000 SH PUT DEFINED 05 10000 0 0 SPDR S&P 500 ETF TR TR UNIT 78462F103 148093 1180000 SH PUT DEFINED 02 1180000 0 0 SPDR S&P 500 ETF TR TR UNIT 78462F103 602 4800 SH CALL DEFINED 02 4800 0 0 SPDR S&P 500 ETF TR TR UNIT 78462F103 25 200 SH DEFINED 05 200 0 0 SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP 78467Y107 6097 38218 SH DEFINED 03 38218 0 0 SPDR SERIES TRUST BRCLYS CAP CONV 78464A359 329 9100 SH DEFINED 03 9100 0 0 STERLING BANCORP COM 859158107 356 41157 SH DEFINED 02 41157 0 0 SUCCESSFACTORS INC COM 864596101 7459 187080 SH DEFINED 02 187080 0 0 SUCCESSFACTORS INC COM 864596101 1663 41700 SH DEFINED 05 41700 0 0 SUCCESSFACTORS INC COM 864596101 7974 200000 SH CALL DEFINED 02 200000 0 0 SUNOCO LOGISTICS PRTNRS L P COM UNITS 86764L108 1418 36000 SH DEFINED 02 36000 0 0 SYNOVIS LIFE TECHNOLOGIES IN COM 87162G105 1885 67700 SH CALL DEFINED 02 67700 0 0 T3 MOTION INC COM NEW 89853X306 49 106700 SH DEFINED 02 106700 0 0 TEEKAY OFFSHORE PARTNERS L P PARTNERSHIP UN Y8565J101 1035 38900 SH CALL DEFINED 05 38900 0 0 TEKELEC COM 879101103 711 65081 SH DEFINED 02 65081 0 0 TEMPLE INLAND INC COM 879868107 3586 113100 SH DEFINED 02 113100 0 0 TEMPLE INLAND INC COM 879868107 198 6254 SH DEFINED 05 6254 0 0 TEMPLE INLAND INC COM 879868107 12037 379600 SH CALL DEFINED 02 379600 0 0 TEMPLE INLAND INC COM 879868107 793 25000 SH CALL DEFINED 05 25000 0 0 TENNECO INC COM 880349105 927 31100 SH CALL DEFINED 05 31100 0 0 TEVA PHARMACEUTICAL INDS LTD ADR 881624209 2736 67800 SH CALL DEFINED 05 67800 0 0 THRESHOLD PHARMACEUTICAL INC COM NEW 885807206 220 180000 SH DEFINED 05 180000 0 0 THRESHOLD PHARMACEUTICAL INC COM NEW 885807206 159 130000 SH DEFINED 02 130000 0 0 TRANSATLANTIC HLDGS INC COM 893521104 808 14770 SH DEFINED 02 14770 0 0 TRANSATLANTIC HLDGS INC COM 893521104 3618 66100 SH CALL DEFINED 02 66100 0 0 TRANSATLANTIC HLDGS INC COM 893521104 3766 68800 SH CALL DEFINED 05 68800 0 0 TYCO INTERNATIONAL LTD SHS H89128104 1868 40000 SH DEFINED 05 40000 0 0 TYCO INTERNATIONAL LTD SHS H89128104 4671 100000 SH CALL DEFINED 05 100000 0 0 TYCO INTERNATIONAL LTD SHS H89128104 6773 145000 SH PUT DEFINED 05 145000 0 0 TYSON FOODS INC CL A 902494103 4382 212300 SH CALL DEFINED 05 212300 0 0 UNITED RENTALS INC COM 911363109 1389 47000 SH CALL DEFINED 05 47000 0 0 UNITED STATES STL CORP NEW COM 912909108 1191 45000 SH CALL DEFINED 02 45000 0 0 UNITED THERAPEUTICS CORP DEL COM 91307C102 345 7300 SH DEFINED 05 7300 0 0 UNITED THERAPEUTICS CORP DEL COM 91307C102 359 7600 SH PUT DEFINED 05 7600 0 0 USA TECHNOLOGIES INC *W EXP 12/31/201 90328S195 26 39400 SH DEFINED 02 39400 0 0 VALE S A ADR 91912E105 2255 105148 SH DEFINED 02 105148 0 0 VALE S A ADR 91912E105 2325 108400 SH PUT DEFINED 02 108400 0 0 VALEANT PHARMACEUTICALS INTL COM 91911K102 2194 47000 SH CALL DEFINED 05 47000 0 0 VANGUARD INTL EQUITY INDEX F MSCI EMR MKT ETF 922042858 629 16450 SH DEFINED 02 16450 0 0 VANGUARD INTL EQUITY INDEX F MSCI EMR MKT ETF 922042858 6840 178999 SH DEFINED 03 178999 0 0 VANGUARD INTL EQUITY INDEX F MSCI PAC ETF 922042866 54 1131 SH DEFINED 05 1131 0 0 VERTEX PHARMACEUTICALS INC COM 92532F100 2172 65400 SH CALL DEFINED 05 65400 0 0 VIVUS INC COM 928551100 192 19700 SH DEFINED 05 19700 0 0 VIVUS INC COM 928551100 343 35100 SH CALL DEFINED 05 35100 0 0 VIVUS INC COM 928551100 1117 114500 SH PUT DEFINED 05 114500 0 0 WAL MART STORES INC COM 931142103 414 6925 SH DEFINED 02 6925 0 0 WAL MART STORES INC COM 931142103 0 2 SH DEFINED 05 2 0 0 WALGREEN CO COM 931422109 2615 79100 SH PUT DEFINED 05 79100 0 0 WALTER ENERGY INC COM 93317Q105 4614 76200 SH CALL DEFINED 05 76200 0 0 WALTER INVT MGMT CORP COM 93317W102 232 11335 SH DEFINED 02 11335 0 0 WEBMD HEALTH CORP COM 94770V102 263 7000 SH DEFINED 02 7000 0 0 WEBMD HEALTH CORP COM 94770V102 571 15200 SH CALL DEFINED 02 15200 0 0 WINN DIXIE STORES INC COM NEW 974280307 629 67100 SH DEFINED 02 67100 0 0 WYNDHAM WORLDWIDE CORP COM 98310W108 416 11000 SH DEFINED 05 11000 0 0 WYNDHAM WORLDWIDE CORP COM 98310W108 2943 77800 SH CALL DEFINED 05 77800 0 0 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