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.


<PAGE>

                              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


<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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
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
YAHOO INC                      COM              984332106    10968   680000 SH  CALL DEFINED 02             680000        0        0
YAHOO INC                      COM              984332106     1881   116643 SH       DEFINED 02             116643        0        0
</TABLE>