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, 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     February 11, 2013

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:    494

Form 13F Information Table Value Total:    $876,603 (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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
3M CO                          COM              88579Y101       28      300 SH  PUT  DEFINED 05                300        0        0
3M CO                          COM              88579Y101      371     4000 SH  CALL DEFINED 05               4000        0        0
ABBOTT LABS                    COM              002824100      347    11100 SH  CALL DEFINED 05              11100        0        0
ACTIVISION BLIZZARD INC        COM              00507V109      323    30400 SH       DEFINED 05              30400        0        0
ACTIVISION BLIZZARD INC        COM              00507V109      319    30000 SH  PUT  DEFINED 05              30000        0        0
ADOBE SYS INC                  COM              00724F101      400    10600 SH  CALL DEFINED 05              10600        0        0
ADOBE SYS INC                  COM              00724F101       38     1000 SH  PUT  DEFINED 05               1000        0        0
AK STL HLDG CORP               COM              001547108       59    12600 SH  CALL DEFINED 05              12600        0        0
AKAMAI TECHNOLOGIES INC        COM              00971T101      200     4900 SH  PUT  DEFINED 05               4900        0        0
ALPHA NATURAL RESOURCES INC    COM              02076X102      109    11100 SH  CALL DEFINED 05              11100        0        0
ALPHA NATURAL RESOURCES INC    COM              02076X102      112    11300 SH  PUT  DEFINED 05              11300        0        0
ALTRIA GROUP INC               COM              02209S103      348    11100 SH  PUT  DEFINED 05              11100        0        0
AMARIN CORP PLC                SPONS ADR NEW    023111206      281    34700 SH  CALL DEFINED 05              34700        0        0
AMERICAN EXPRESS CO            COM              025816109      431     7500 SH  CALL DEFINED 05               7500        0        0
AMERICAN EXPRESS CO            COM              025816109     8702   151400 SH  PUT  DEFINED 05             151400        0        0
AMERICAN EXPRESS CO            COM              025816109     6863   119400 SH       DEFINED 05             119400        0        0
AMERICAN INTL GROUP INC        COM NEW          026874784     1771    50100 SH  CALL DEFINED 05              50100        0        0
AMERICAN INTL GROUP INC        COM NEW          026874784      669    18900 SH  PUT  DEFINED 05              18900        0        0
AMERICAN INTL GROUP INC        COM NEW          026874784      505    14306 SH       DEFINED 05              14306        0        0
AMERIGROUP CORP                COM              03073T102    11544   125478 SH       DEFINED 02             125478        0        0
AMERIGROUP CORP                COM              03073T102    26183   284600 SH  CALL DEFINED 02             284600        0        0
AMERIGROUP CORP                COM              03073T102      690     7500 SH  PUT  DEFINED 02               7500        0        0
AMPIO PHARMACEUTICALS INC      COM              03209T109      180    50000 SH       DEFINED 02              50000        0        0
ANACOR PHARMACEUTICALS INC     COM              032420101      459    88333 SH       DEFINED 02              88333        0        0
ANACOR PHARMACEUTICALS INC     COM              032420101        0        1 SH       DEFINED 05                  1        0        0
ANADARKO PETE CORP             COM              032511107      259     3491 SH       DEFINED 05               3491        0        0
ANADARKO PETE CORP             COM              032511107      371     5000 SH  CALL DEFINED 05               5000        0        0
ANADARKO PETE CORP             COM              032511107      387     5200 SH  PUT  DEFINED 05               5200        0        0
ANCESTRY COM INC               COM              032803108      880    27500 SH  CALL DEFINED 02              27500        0        0
AOL INC                        COM              00184X105      888    30000 SH  CALL DEFINED 05              30000        0        0
ARCELORMITTAL SA LUXEMBOURG    NOTE 5.000% 5/1  03938LAK0     5770  5622000 PRN      DEFINED 02            5622000        0        0
ARCELORMITTAL SA LUXEMBOURG    NY REGISTRY SH   03938L104      212    12100 SH  CALL DEFINED 05              12100        0        0
ARCH COAL INC                  COM              039380100       96    13200 SH  CALL DEFINED 05              13200        0        0
ARIAD PHARMACEUTICALS INC      COM              04033A100      863    45000 SH       DEFINED 02              45000        0        0
ASCENT SOLAR TECHNOLOGIES IN   COM              043635101      192   310000 SH       DEFINED 02             310000        0        0
AT&T INC                       COM              00206R102     5578   165484 SH       DEFINED 02             165484        0        0
AT&T INC                       COM              00206R102      148     4400 SH       DEFINED 05               4400        0        0
AT&T INC                       COM              00206R102     5057   150000 SH  CALL DEFINED 02             150000        0        0
AT&T INC                       COM              00206R102      236     7000 SH  CALL DEFINED 05               7000        0        0
AT&T INC                       COM              00206R102     6742   200000 SH  PUT  DEFINED 02             200000        0        0
AT&T INC                       COM              00206R102      310     9200 SH  PUT  DEFINED 05               9200        0        0
ATHERSYS INC                   COM              04744L106       69    65000 SH       DEFINED 02              65000        0        0
ATLAS ENERGY LP                COM UNITS LP     04930A104     2584    74400 SH  CALL DEFINED 05              74400        0        0
AURICO GOLD INC                COM              05155C105     1564   191220 SH       DEFINED 02             191220        0        0
AUTODESK INC                   COM              052769106      240     6800 SH  PUT  DEFINED 05               6800        0        0
AVIS BUDGET GROUP              COM              053774105      793    40000 SH  CALL DEFINED 05              40000        0        0
BAKER HUGHES INC               COM              057224107      221     5400 SH  CALL DEFINED 05               5400        0        0
BALL CORP                      COM              058498106     1539    34400 SH  CALL DEFINED 05              34400        0        0
BANK OF AMERICA CORPORATION    COM              060505104      116    10000 SH       DEFINED 02              10000        0        0
BANK OF AMERICA CORPORATION    COM              060505104       17     1500 SH       DEFINED 05               1500        0        0
BANK OF AMERICA CORPORATION    COM              060505104       80     7000 SH  CALL DEFINED 05               7000        0        0
BANK OF AMERICA CORPORATION    COM              060505104       83     7200 SH  PUT  DEFINED 05               7200        0        0
BARCLAYS BK PLC                IPATH DYNM VIX   06741L609      360     7829 SH       DEFINED 03               7829        0        0
BARCLAYS BK PLC                IPATH S&P MT ETN 06740C519      245     8772 SH       DEFINED 03               8772        0        0
BARCLAYS BK PLC                IPATH S&P500 VIX 06740C188        0        1 SH       DEFINED 03                  1        0        0
BARRICK GOLD CORP              COM              067901108      753    21502 SH       DEFINED 05              21502        0        0
BARRICK GOLD CORP              COM              067901108     8280   236500 SH  CALL DEFINED 02             236500        0        0
BARRICK GOLD CORP              COM              067901108      556    15800 SH  CALL DEFINED 05              15800        0        0
BARRICK GOLD CORP              COM              067901108     1099    31300 SH  PUT  DEFINED 05              31300        0        0
BAXTER INTL INC                COM              071813109      427     6400 SH  PUT  DEFINED 05               6400        0        0
BAXTER INTL INC                COM              071813109      154     2300 SH  CALL DEFINED 05               2300        0        0
BAXTER INTL INC                COM              071813109      240     3606 SH       DEFINED 05               3606        0        0
BEST BUY INC                   COM              086516101      826    69700 SH  CALL DEFINED 02              69700        0        0
BEST BUY INC                   COM              086516101     2543   214600 SH  CALL DEFINED 05             214600        0        0
BEST BUY INC                   COM              086516101      231    19600 SH  PUT  DEFINED 05              19600        0        0
BEST BUY INC                   COM              086516101       76     6370 SH       DEFINED 05               6370        0        0
BIOMARIN PHARMACEUTICAL INC    COM              09061G101      497    10100 SH  CALL DEFINED 05              10100        0        0
BP PLC                         SPONSORED ADR    055622104      326     7800 SH  CALL DEFINED 05               7800        0        0
BP PLC                         SPONSORED ADR    055622104     1027    24600 SH  PUT  DEFINED 05              24600        0        0
BP PLC                         SPONSORED ADR    055622104     1153    27700 SH       DEFINED 05              27700        0        0
BP PRUDHOE BAY RTY TR          UNIT BEN INT     055630107      206     3000 SH       DEFINED 02               3000        0        0
BRISTOL MYERS SQUIBB CO        COM              110122108      414    12698 SH       DEFINED 05              12698        0        0
BRISTOL MYERS SQUIBB CO        COM              110122108       71     2200 SH  CALL DEFINED 05               2200        0        0
BRISTOL MYERS SQUIBB CO        COM              110122108      672    20600 SH  PUT  DEFINED 05              20600        0        0
BROADCOM CORP                  CL A             111320107      398    12000 SH  PUT  DEFINED 05              12000        0        0
BROADCOM CORP                  CL A             111320107        4      108 SH       DEFINED 05                108        0        0
BROADCOM CORP                  CL A             111320107      937    28200 SH  CALL DEFINED 05              28200        0        0
BUCKEYE PARTNERS L P           UNIT LTD PARTN   118230101      397     8750 SH       DEFINED 02               8750        0        0
CAPITAL ONE FINL CORP          COM              14040H105      293     5050 SH       DEFINED 02               5050        0        0
CATERPILLAR INC DEL            COM              149123101      486     5400 SH  CALL DEFINED 05               5400        0        0
CATERPILLAR INC DEL            COM              149123101      736     8200 SH  PUT  DEFINED 05               8200        0        0
CEMEX SAB DE CV                SPON ADR NEW     151290889      142    14400 SH  CALL DEFINED 05              14400        0        0
CENTRAL FD CDA LTD             CL A             153501101      946    45000 SH       DEFINED 02              45000        0        0
CHENIERE ENERGY PARTNERS LP    COM UNIT         16411Q101      813    38220 SH       DEFINED 02              38220        0        0
CHESAPEAKE ENERGY CORP         COM              165167107      446    26823 SH       DEFINED 05              26823        0        0
CHESAPEAKE ENERGY CORP         COM              165167107      120     7100 SH  CALL DEFINED 05               7100        0        0
CHESAPEAKE ENERGY CORP         COM              165167107      439    26300 SH  PUT  DEFINED 05              26300        0        0
CHEVRON CORP NEW               COM              166764100      628     5800 SH  CALL DEFINED 05               5800        0        0
CHEVRON CORP NEW               COM              166764100     1016     9400 SH  PUT  DEFINED 05               9400        0        0
CISCO SYS INC                  COM              17275R102     3016   153500 SH  PUT  DEFINED 05             153500        0        0
CISCO SYS INC                  COM              17275R102     2981   151725 SH       DEFINED 05             151725        0        0
CISCO SYS INC                  COM              17275R102      113     5700 SH  CALL DEFINED 05               5700        0        0
CITIGROUP INC                  COM NEW          172967424     1166    29400 SH  PUT  DEFINED 05              29400        0        0
CITIGROUP INC                  COM NEW          172967424      600    15100 SH  CALL DEFINED 05              15100        0        0
CITIGROUP INC                  COM NEW          172967424      475    12000 SH       DEFINED 05              12000        0        0
CITRIX SYS INC                 COM              177376100      318     4839 SH       DEFINED 05               4839        0        0
CLEARWIRE CORP NEW             CL A             18538Q105      462   160000 SH       DEFINED 02             160000        0        0
CLEARWIRE CORP NEW             CL A             18538Q105       22     7500 SH       DEFINED 05               7500        0        0
CLEARWIRE CORP NEW             CL A             18538Q105     1516   524500 SH  CALL DEFINED 02             524500        0        0
CLEARWIRE CORP NEW             CL A             18538Q105     2457   850000 SH  CALL DEFINED 05             850000        0        0
COCA COLA CO                   COM              191216100      324     8900 SH  CALL DEFINED 05               8900        0        0
COCA COLA CO                   COM              191216100      473    13000 SH  PUT  DEFINED 05              13000        0        0
COINSTAR INC                   COM              19259P300    10083   193869 SH       DEFINED 02             193869        0        0
COINSTAR INC                   COM              19259P300     9752   187500 SH  PUT  DEFINED 02             187500        0        0
CORRECTIONS CORP AMER NEW      COM NEW          22025Y407     7974   224823 SH       DEFINED 02             224823        0        0
COSTCO WHSL CORP NEW           COM              22160K105      217     2200 SH  CALL DEFINED 05               2200        0        0
COVENTRY HEALTH CARE INC       COM              222862104      560    12482 SH       DEFINED 05              12482        0        0
COVENTRY HEALTH CARE INC       COM              222862104    13068   291494 SH       DEFINED 02             291494        0        0
COVIDIEN PLC                   SHS              G2554F113      992    17178 SH       DEFINED 05              17178        0        0
COWEN GROUP INC NEW            CL A             223622101     3500  1428620 SH       DEFINED 02            1428620        0        0
CREDIT SUISSE NASSAU BRH       ETN IDX-LKD 20   22542D845      380    19320 SH       DEFINED 03              19320        0        0
CREXUS INVT CORP               COM              226553105     3157   257706 SH       DEFINED 02             257706        0        0
CREXUS INVT CORP               COM              226553105     1264   103200 SH  PUT  DEFINED 02             103200        0        0
CROWN HOLDINGS INC             COM              228368106     2359    64100 SH  CALL DEFINED 05              64100        0        0
CVS CAREMARK CORPORATION       COM              126650100      242     5000 SH       DEFINED 05               5000        0        0
CVS CAREMARK CORPORATION       COM              126650100      369     7600 SH  CALL DEFINED 05               7600        0        0
CVS CAREMARK CORPORATION       COM              126650100     1262    26100 SH  PUT  DEFINED 05              26100        0        0
CYMER INC                      COM              232572107     3204    35430 SH       DEFINED 02              35430        0        0
CYMER INC                      COM              232572107      362     4000 SH       DEFINED 05               4000        0        0
CYTOKINETICS INC               COM              23282W100      103   155800 SH       DEFINED 02             155800        0        0
D R HORTON INC                 COM              23331A109      228    11500 SH  PUT  DEFINED 05              11500        0        0
DEAN FOODS CO NEW              COM              242370104     1692   102462 SH       DEFINED 02             102462        0        0
DEERE & CO                     COM              244199105      208     2400 SH  CALL DEFINED 05               2400        0        0
DEERE & CO                     COM              244199105      484     5600 SH  PUT  DEFINED 05               5600        0        0
DELCATH SYS INC                COM              24661P104       25    20600 SH       DEFINED 02              20600        0        0
DEUTSCHE BANK AG               NAMEN AKT        D18190898      279     6300 SH  CALL DEFINED 05               6300        0        0
DISNEY WALT CO                 COM DISNEY       254687106     2144    43062 SH       DEFINED 02              43062        0        0
DISNEY WALT CO                 COM DISNEY       254687106     2490    50000 SH  CALL DEFINED 02              50000        0        0
DISNEY WALT CO                 COM DISNEY       254687106      831    16700 SH  CALL DEFINED 05              16700        0        0
DISNEY WALT CO                 COM DISNEY       254687106     2490    50000 SH  PUT  DEFINED 02              50000        0        0
DISNEY WALT CO                 COM DISNEY       254687106      240     4800 SH  PUT  DEFINED 05               4800        0        0
DOLE FOOD CO INC NEW           COM              256603101      781    68071 SH       DEFINED 02              68071        0        0
DOW CHEM CO                    COM              260543103      501    15500 SH  CALL DEFINED 05              15500        0        0
DRESSER-RAND GROUP INC         COM              261608103     1718    30600 SH  CALL DEFINED 05              30600        0        0
DU PONT E I DE NEMOURS & CO    COM              263534109      148     3300 SH       DEFINED 05               3300        0        0
DU PONT E I DE NEMOURS & CO    COM              263534109      807    18000 SH  CALL DEFINED 05              18000        0        0
DU PONT E I DE NEMOURS & CO    COM              263534109      187     4200 SH  PUT  DEFINED 05               4200        0        0
E M C CORP MASS                COM              268648102      440    17400 SH  CALL DEFINED 05              17400        0        0
EASTMAN CHEM CO                COM              277432100     1817    26700 SH  CALL DEFINED 05              26700        0        0
EBAY INC                       COM              278642103      630    12400 SH  CALL DEFINED 05              12400        0        0
EBAY INC                       COM              278642103      351     6900 SH  PUT  DEFINED 05               6900        0        0
ENDO HEALTH SOLUTIONS INC      COM              29264F205      774    29500 SH       DEFINED 05              29500        0        0
ENDO HEALTH SOLUTIONS INC      COM              29264F205      918    35000 SH  PUT  DEFINED 05              35000        0        0
ENERGY TRANSFER EQUITY L P     COM UT LTD PTN   29273V100      819    18000 SH       DEFINED 02              18000        0        0
ENERGY XXI (BERMUDA) LTD       USD UNRS SHS     G10082140     1691    52573 SH       DEFINED 02              52573        0        0
ENTERPRISE PRODS PARTNERS L    COM              293792107     1421    28375 SH       DEFINED 02              28375        0        0
EPOCH HOLDING CORP             COM              29428R103     4777   171228 SH       DEFINED 02             171228        0        0
EXELIXIS INC                   COM              30161Q104       91    20000 SH       DEFINED 02              20000        0        0
EXPRESS SCRIPTS HLDG CO        COM              30219G108       16      300 SH       DEFINED 05                300        0        0
EXPRESS SCRIPTS HLDG CO        COM              30219G108     2257    41800 SH  CALL DEFINED 05              41800        0        0
EXXON MOBIL CORP               COM              30231G102     2708    31300 SH  PUT  DEFINED 05              31300        0        0
EXXON MOBIL CORP               COM              30231G102      300     3471 SH       DEFINED 02               3471        0        0
EXXON MOBIL CORP               COM              30231G102      470     5425 SH       DEFINED 05               5425        0        0
EXXON MOBIL CORP               COM              30231G102     2840    32800 SH  CALL DEFINED 05              32800        0        0
F M C CORP                     COM NEW          302491303     7742   132300 SH  CALL DEFINED 05             132300        0        0
FACEBOOK INC                   CL A             30303M102      386    14400 SH  CALL DEFINED 05              14400        0        0
FACEBOOK INC                   CL A             30303M102      578    21700 SH  PUT  DEFINED 05              21700        0        0
FACEBOOK INC                   CL A             30303M102      583    21900 SH       DEFINED 05              21900        0        0
FEDEX CORP                     COM              31428X106      220     2400 SH  CALL DEFINED 05               2400        0        0
FEDEX CORP                     COM              31428X106      275     3000 SH  PUT  DEFINED 05               3000        0        0
FORD MTR CO DEL                COM PAR $0.01    345370860      133    10300 SH  CALL DEFINED 05              10300        0        0
FRANCO NEVADA CORP             COM              351858105     8433   147500 SH  CALL DEFINED 02             147500        0        0
FRANCO NEVADA CORP             COM              351858105     8433   147500 SH  PUT  DEFINED 02             147500        0        0
FREEPORT-MCMORAN COPPER & GO   COM              35671D857     2032    59400 SH  CALL DEFINED 05              59400        0        0
FREEPORT-MCMORAN COPPER & GO   COM              35671D857      474    13900 SH  PUT  DEFINED 05              13900        0        0
FREEPORT-MCMORAN COPPER & GO   COM              35671D857     1436    41998 SH       DEFINED 05              41998        0        0
GAP INC DEL                    COM              364760108      417    13400 SH  PUT  DEFINED 05              13400        0        0
GAP INC DEL                    COM              364760108      227     7304 SH       DEFINED 05               7304        0        0
GAP INC DEL                    COM              364760108      170     5500 SH  CALL DEFINED 05               5500        0        0
GARDNER DENVER INC             COM              365558105     1507    22000 SH  PUT  DEFINED 05              22000        0        0
GARDNER DENVER INC             COM              365558105     4069    59400 SH  CALL DEFINED 05              59400        0        0
GARDNER DENVER INC             COM              365558105      286     4170 SH       DEFINED 02               4170        0        0
GARDNER DENVER INC             COM              365558105      886    12941 SH       DEFINED 05              12941        0        0
GENERAL ELECTRIC CO            COM              369604103     6492   309300 SH  CALL DEFINED 02             309300        0        0
GENERAL MTRS CO                COM              37045V100     1183    41000 SH  CALL DEFINED 05              41000        0        0
GENERAL MTRS CO                COM              37045V100       87     3000 SH  PUT  DEFINED 05               3000        0        0
GENWORTH FINL INC              COM CL A         37247D106      263    35000 SH  CALL DEFINED 05              35000        0        0
GEO GROUP INC                  COM              36159R103     4362   154670 SH       DEFINED 02             154670        0        0
GLOBECOMM SYSTEMS INC          COM              37956X103      116    10242 SH       DEFINED 02              10242        0        0
GOLDMAN SACHS GROUP INC        COM              38141G104       66      521 SH       DEFINED 05                521        0        0
GOLDMAN SACHS GROUP INC        COM              38141G104      792     6200 SH  CALL DEFINED 05               6200        0        0
GOLDMAN SACHS GROUP INC        COM              38141G104     1443    11300 SH  PUT  DEFINED 05              11300        0        0
GOOGLE INC                     CL A             38259P508      248      350 SH       DEFINED 02                350        0        0
HALLIBURTON CO                 COM              406216101      356    10300 SH  CALL DEFINED 05              10300        0        0
HALLIBURTON CO                 COM              406216101      184     5300 SH  PUT  DEFINED 05               5300        0        0
HALLIBURTON CO                 COM              406216101     7614   219500 SH  CALL DEFINED 02             219500        0        0
HECLA MNG CO                   COM              422704106       83    14200 SH  CALL DEFINED 05              14200        0        0
HERBALIFE LTD                  COM USD SHS      G4412G101      330    10000 SH  PUT  DEFINED 05              10000        0        0
HESS CORP                      COM              42809H107     5140    97047 SH       DEFINED 02              97047        0        0
HESS CORP                      COM              42809H107       29      540 SH       DEFINED 05                540        0        0
HEWLETT PACKARD CO             COM              428236103      216    15100 SH  CALL DEFINED 05              15100        0        0
HEWLETT PACKARD CO             COM              428236103      251    17700 SH  PUT  DEFINED 05              17700        0        0
HOME DEPOT INC                 COM              437076102       18      291 SH       DEFINED 05                291        0        0
HOME DEPOT INC                 COM              437076102    12543   202800 SH  CALL DEFINED 02             202800        0        0
HOME DEPOT INC                 COM              437076102      891    14400 SH  CALL DEFINED 05              14400        0        0
HOME DEPOT INC                 COM              437076102     1368    22100 SH  PUT  DEFINED 05              22100        0        0
HORIZON PHARMA INC             COM              44047T109      500   214606 SH       DEFINED 02             214606        0        0
HORSEHEAD HLDG CORP            COM              440694305     2138   209406 SH       DEFINED 02             209406        0        0
HOUSTON AMERN ENERGY CORP      COM              44183U100        8    38000 SH       DEFINED 02              38000        0        0
HUDSON CITY BANCORP            COM              443683107      426    52352 SH       DEFINED 05              52352        0        0
IMMUNOGEN INC                  COM              45253H101      255    20000 SH       DEFINED 02              20000        0        0
INERGY L P                     UNIT LTD PTNR    456615103      468    25750 SH       DEFINED 02              25750        0        0
INTEL CORP                     COM              458140100       49     2399 SH       DEFINED 05               2399        0        0
INTEL CORP                     COM              458140100       12      600 SH  CALL DEFINED 05                600        0        0
INTEL CORP                     COM              458140100     2693   130600 SH  PUT  DEFINED 05             130600        0        0
INTERMEC INC                   COM              458786100     2121   215114 SH       DEFINED 02             215114        0        0
INTERNATIONAL BUSINESS MACHS   COM              459200101      136      708 SH       DEFINED 05                708        0        0
INTERNATIONAL BUSINESS MACHS   COM              459200101     1187     6200 SH  CALL DEFINED 05               6200        0        0
INTERNATIONAL BUSINESS MACHS   COM              459200101      910     4750 SH       DEFINED 02               4750        0        0
INTERNATIONAL BUSINESS MACHS   COM              459200101     1265     6600 SH  PUT  DEFINED 05               6600        0        0
INTERPUBLIC GROUP COS INC      COM              460690100     2475   224600 SH  CALL DEFINED 05             224600        0        0
ISHARES GOLD TRUST             ISHARES          464285105      488    29960 SH       DEFINED 02              29960        0        0
ISHARES INC                    MSCI BRAZIL      464286400     7988   142800 SH  PUT  DEFINED 02             142800        0        0
ISHARES INC                    MSCI BRAZIL      464286400     7462   133389 SH       DEFINED 02             133389        0        0
ISHARES INC                    MSCI BRAZIL      464286400     3200    57200 SH  CALL DEFINED 02              57200        0        0
ISHARES INC                    MSCI BRAZIL      464286400      856    15300 SH  CALL DEFINED 05              15300        0        0
ISHARES INC                    MSCI CDA INDEX   464286509      284    10000 SH       DEFINED 02              10000        0        0
ISHARES INC                    MSCI JAPAN       464286848      595    61053 SH       DEFINED 02              61053        0        0
ISHARES TR                     BARCLYS 20+ YR   464287432      158     1300 SH       DEFINED 05               1300        0        0
ISHARES TR                     BARCLYS 20+ YR   464287432      871     7200 SH  CALL DEFINED 05               7200        0        0
ISHARES TR                     BARCLYS 20+ YR   464287432      364     3000 SH  PUT  DEFINED 05               3000        0        0
ISHARES TR                     DJ US REAL EST   464287739     8342   129000 SH  CALL DEFINED 02             129000        0        0
ISHARES TR                     DJ US REAL EST   464287739     1991    30800 SH  CALL DEFINED 05              30800        0        0
ISHARES TR                     DJ US REAL EST   464287739    10017   154900 SH  PUT  DEFINED 02             154900        0        0
ISHARES TR                     DJ US REAL EST   464287739      646    10000 SH  PUT  DEFINED 05              10000        0        0
ISHARES TR                     HIGH YLD CORP    464288513     1357    14542 SH       DEFINED 03              14542        0        0
ISHARES TR                     IBOXX INV CPBD   464287242     1950    16120 SH       DEFINED 02              16120        0        0
ISHARES TR                     RUSSELL 2000     464287655     4454    52827 SH       DEFINED 02              52827        0        0
ISHARES TR                     RUSSELL 2000     464287655    17706   210000 SH  PUT  DEFINED 02             210000        0        0
ISHARES TR                     RUSSELL1000VAL   464287598    25387   348621 SH       DEFINED 03             348621        0        0
JOHNSON & JOHNSON              COM              478160104       49      700 SH       DEFINED 05                700        0        0
JOHNSON & JOHNSON              COM              478160104     7338   104700 SH  PUT  DEFINED 05             104700        0        0
JOHNSON & JOHNSON              COM              478160104     1471    21000 SH  CALL DEFINED 05              21000        0        0
JPMORGAN CHASE & CO            COM              46625H100     1342    30517 SH       DEFINED 05              30517        0        0
JPMORGAN CHASE & CO            COM              46625H100     1129    25700 SH  CALL DEFINED 05              25700        0        0
JPMORGAN CHASE & CO            COM              46625H100     1998    45400 SH  PUT  DEFINED 05              45400        0        0
KB HOME                        COM              48666K109      299    18900 SH  CALL DEFINED 05              18900        0        0
KBW INC                        COM              482423100      765    50000 SH       DEFINED 02              50000        0        0
KIMBERLY CLARK CORP            COM              494368103      286     3400 SH  PUT  DEFINED 05               3400        0        0
KROGER CO                      COM              501044101      433    16658 SH       DEFINED 02              16658        0        0
LAS VEGAS SANDS CORP           COM              517834107      503    10900 SH  CALL DEFINED 05              10900        0        0
LAS VEGAS SANDS CORP           COM              517834107     4970   107700 SH  PUT  DEFINED 05             107700        0        0
LAS VEGAS SANDS CORP           COM              517834107      189     4084 SH       DEFINED 05               4084        0        0
LENNAR CORP                    CL A             526057104      225     5800 SH  CALL DEFINED 05               5800        0        0
LILLY ELI & CO                 COM              532457108     5948   120600 SH  CALL DEFINED 05             120600        0        0
LILLY ELI & CO                 COM              532457108       33      663 SH       DEFINED 05                663        0        0
LILLY ELI & CO                 COM              532457108     2904    58900 SH  PUT  DEFINED 05              58900        0        0
LORAL SPACE & COMMUNICATNS I   COM              543881106      192     3500 SH  CALL DEFINED 05               3500        0        0
LORAL SPACE & COMMUNICATNS I   COM              543881106     2952    54000 SH       DEFINED 05              54000        0        0
LOWES COS INC                  COM              548661107      438    12335 SH       DEFINED 05              12335        0        0
LOWES COS INC                  COM              548661107        4      100 SH  CALL DEFINED 05                100        0        0
LOWES COS INC                  COM              548661107      324     9100 SH  PUT  DEFINED 05               9100        0        0
LULULEMON ATHLETICA INC        COM              550021109      466     6100 SH  CALL DEFINED 05               6100        0        0
M & T BK CORP                  COM              55261F104     5049    51274 SH       DEFINED 02              51274        0        0
M & T BK CORP                  COM              55261F104       31      312 SH       DEFINED 05                312        0        0
MACYS INC                      COM              55616P104      301     7697 SH       DEFINED 05               7697        0        0
MACYS INC                      COM              55616P104      317     8100 SH  CALL DEFINED 05               8100        0        0
MACYS INC                      COM              55616P104      231     5900 SH  PUT  DEFINED 05               5900        0        0
MAGELLAN MIDSTREAM PRTNRS LP   COM UNIT RP LP   559080106     1503    34810 SH       DEFINED 02              34810        0        0
MANNKIND CORP                  COM              56400P201      564   244100 SH  CALL DEFINED 05             244100        0        0
MAP PHARMACEUTICALS INC        COM              56509R108      341    21800 SH  PUT  DEFINED 05              21800        0        0
MARVELL TECHNOLOGY GROUP LTD   ORD              G5876H105       76    10445 SH       DEFINED 05              10445        0        0
MARVELL TECHNOLOGY GROUP LTD   ORD              G5876H105       13     1800 SH  CALL DEFINED 05               1800        0        0
MARVELL TECHNOLOGY GROUP LTD   ORD              G5876H105      125    17400 SH  PUT  DEFINED 05              17400        0        0
MCDONALDS CORP                 COM              580135101       57      649 SH       DEFINED 05                649        0        0
MCDONALDS CORP                 COM              580135101     1129    12800 SH  CALL DEFINED 05              12800        0        0
MCDONALDS CORP                 COM              580135101      529     6000 SH  PUT  DEFINED 05               6000        0        0
MCMORAN EXPLORATION CO         COM              582411104     1124    70000 SH       DEFINED 02              70000        0        0
MCMORAN EXPLORATION CO         COM              582411104      229    14300 SH  PUT  DEFINED 05              14300        0        0
MEDTRONIC INC                  COM              585055106      295     7200 SH  CALL DEFINED 05               7200        0        0
MERCK & CO INC NEW             COM              58933Y105      360     8800 SH  PUT  DEFINED 05               8800        0        0
MERCK & CO INC NEW             COM              58933Y105     2047    50000 SH  PUT  DEFINED 02              50000        0        0
MERCK & CO INC NEW             COM              58933Y105      131     3200 SH  CALL DEFINED 05               3200        0        0
MERCK & CO INC NEW             COM              58933Y105     2845    69500 SH  CALL DEFINED 02              69500        0        0
MERCK & CO INC NEW             COM              58933Y105     1892    46225 SH       DEFINED 02              46225        0        0
MERCK & CO INC NEW             COM              58933Y105      172     4200 SH       DEFINED 05               4200        0        0
MERGE HEALTHCARE INC           COM              589499102      137    55463 SH       DEFINED 02              55463        0        0
METLIFE INC                    COM              59156R108      345    10475 SH       DEFINED 05              10475        0        0
METLIFE INC                    COM              59156R108      266     8100 SH  PUT  DEFINED 05               8100        0        0
METLIFE INC                    COM              59156R108       33     1000 SH  CALL DEFINED 05               1000        0        0
METROPCS COMMUNICATIONS INC    COM              591708102       50     5000 SH       DEFINED 05               5000        0        0
METROPCS COMMUNICATIONS INC    COM              591708102     6639   667900 SH  CALL DEFINED 05             667900        0        0
MGM RESORTS INTERNATIONAL      COM              552953101      163    14100 SH  CALL DEFINED 05              14100        0        0
MICROSOFT CORP                 COM              594918104      185     6900 SH  PUT  DEFINED 05               6900        0        0
MICROSOFT CORP                 COM              594918104      249     9300 SH       DEFINED 05               9300        0        0
MICROSOFT CORP                 COM              594918104      131     4900 SH  CALL DEFINED 05               4900        0        0
MONSANTO CO NEW                COM              61166W101       57      600 SH  PUT  DEFINED 05                600        0        0
MONSANTO CO NEW                COM              61166W101      331     3500 SH       DEFINED 05               3500        0        0
MONSANTO CO NEW                COM              61166W101      190     2000 SH  CALL DEFINED 05               2000        0        0
MORGAN STANLEY                 COM NEW          617446448       11      600 SH       DEFINED 05                600        0        0
MORGAN STANLEY                 COM NEW          617446448      606    31700 SH  CALL DEFINED 05              31700        0        0
MORGAN STANLEY                 COM NEW          617446448      234    12200 SH  PUT  DEFINED 05              12200        0        0
MOSAIC CO NEW                  COM              61945C103      521     9200 SH  PUT  DEFINED 05               9200        0        0
MOSAIC CO NEW                  COM              61945C103      374     6600 SH  CALL DEFINED 05               6600        0        0
MOTOROLA SOLUTIONS INC         COM NEW          620076307      278     5000 SH  PUT  DEFINED 05               5000        0        0
MOTOROLA SOLUTIONS INC         COM NEW          620076307      178     3200 SH       DEFINED 05               3200        0        0
MYLAN INC                      COM              628530107      412    15000 SH       DEFINED 05              15000        0        0
MYLAN INC                      COM              628530107     1922    70000 SH  PUT  DEFINED 05              70000        0        0
NETAPP INC                     COM              64110D104      207     6200 SH  CALL DEFINED 05               6200        0        0
NETAPP INC                     COM              64110D104      302     9000 SH  PUT  DEFINED 05               9000        0        0
NEWMONT MINING CORP            COM              651639106      227     4900 SH  CALL DEFINED 05               4900        0        0
NEWMONT MINING CORP            COM              651639106      456     9800 SH  PUT  DEFINED 05               9800        0        0
NEWMONT MINING CORP            COM              651639106      303     6530 SH       DEFINED 05               6530        0        0
NEXEN INC                      COM              65334H102      269    10000 SH       DEFINED 05              10000        0        0
NEXEN INC                      COM              65334H102      943    35000 SH  CALL DEFINED 05              35000        0        0
NEXEN INC                      COM              65334H102     6156   228500 SH  PUT  DEFINED 02             228500        0        0
NEXEN INC                      COM              65334H102      442    16400 SH  PUT  DEFINED 05              16400        0        0
NEXEN INC                      COM              65334H102     9455   350978 SH       DEFINED 02             350978        0        0
NORTHWEST PIPE CO              COM              667746101      733    30701 SH       DEFINED 02              30701        0        0
NVIDIA CORP                    COM              67066G104      140    11500 SH  PUT  DEFINED 05              11500        0        0
NVIDIA CORP                    COM              67066G104       83     6900 SH  CALL DEFINED 05               6900        0        0
NVIDIA CORP                    COM              67066G104       18     1500 SH       DEFINED 05               1500        0        0
NYSE EURONEXT                  COM              629491101      997    31600 SH       DEFINED 02              31600        0        0
NYSE EURONEXT                  COM              629491101      158     5000 SH       DEFINED 05               5000        0        0
OCCIDENTAL PETE CORP DEL       COM              674599105      324     4200 SH  CALL DEFINED 05               4200        0        0
OCCIDENTAL PETE CORP DEL       COM              674599105      353     4600 SH  PUT  DEFINED 05               4600        0        0
ONEOK PARTNERS LP              UNIT LTD PARTN   68268N103      379     7015 SH       DEFINED 02               7015        0        0
ORACLE CORP                    COM              68389X105      206     6200 SH  CALL DEFINED 05               6200        0        0
PACKAGING CORP AMER            COM              695156109     2732    71000 SH  CALL DEFINED 05              71000        0        0
PANASONIC CORP                 ADR              69832A205      186    30700 SH  CALL DEFINED 05              30700        0        0
PARKER HANNIFIN CORP           COM              701094104      255     3000 SH  CALL DEFINED 05               3000        0        0
PEABODY ENERGY CORP            COM              704549104      211     7900 SH  CALL DEFINED 05               7900        0        0
PEABODY ENERGY CORP            COM              704549104      242     9100 SH  PUT  DEFINED 05               9100        0        0
PEPSICO INC                    COM              713448108      485     7100 SH  CALL DEFINED 05               7100        0        0
PEPSICO INC                    COM              713448108      384     5600 SH  PUT  DEFINED 05               5600        0        0
PEPSICO INC                    COM              713448108      383     5600 SH       DEFINED 05               5600        0        0
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR    71654V408       14      704 SH       DEFINED 05                704        0        0
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR    71654V408     2336   120000 SH  CALL DEFINED 02             120000        0        0
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR    71654V408      430    22100 SH  CALL DEFINED 05              22100        0        0
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR    71654V408     3018   155000 SH  PUT  DEFINED 02             155000        0        0
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR    71654V408       38     2000 SH  PUT  DEFINED 05               2000        0        0
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR    71654V408     2090   107320 SH       DEFINED 02             107320        0        0
PHILIP MORRIS INTL INC         COM              718172109       86     1028 SH       DEFINED 05               1028        0        0
PHILIP MORRIS INTL INC         COM              718172109     6022    72000 SH  CALL DEFINED 02              72000        0        0
PHILIP MORRIS INTL INC         COM              718172109      435     5200 SH  CALL DEFINED 05               5200        0        0
PHILIP MORRIS INTL INC         COM              718172109      652     7800 SH  PUT  DEFINED 05               7800        0        0
PLAINS ALL AMERN PIPELINE L    UNIT LTD PARTN   726503105     1112    24570 SH       DEFINED 02              24570        0        0
PLAINS EXPL& PRODTN CO         COM              726505100     2460    52400 SH  CALL DEFINED 02              52400        0        0
PLAINS EXPL& PRODTN CO         COM              726505100     1832    39024 SH       DEFINED 02              39024        0        0
PLAINS EXPL& PRODTN CO         COM              726505100      117     2500 SH       DEFINED 05               2500        0        0
PNC FINL SVCS GROUP INC        COM              693475105      262     4500 SH  PUT  DEFINED 05               4500        0        0
PNC FINL SVCS GROUP INC        COM              693475105      140     2400 SH       DEFINED 05               2400        0        0
POTASH CORP SASK INC           COM              73755L107      301     7406 SH       DEFINED 05               7406        0        0
POTASH CORP SASK INC           COM              73755L107       45     1100 SH  CALL DEFINED 05               1100        0        0
POTASH CORP SASK INC           COM              73755L107      382     9400 SH  PUT  DEFINED 05               9400        0        0
PROCERA NETWORKS INC           COM NEW          74269U203      186    10000 SH       DEFINED 02              10000        0        0
PROCTER & GAMBLE CO            COM              742718109      109     1600 SH       DEFINED 05               1600        0        0
PROCTER & GAMBLE CO            COM              742718109      218     3200 SH  CALL DEFINED 05               3200        0        0
PROCTER & GAMBLE CO            COM              742718109      516     7600 SH  PUT  DEFINED 05               7600        0        0
PROSHARES TR                   PSHS ULSHT SP500 74347B300      406     7500 SH       DEFINED 02               7500        0        0
PSS WORLD MED INC              COM              69366A100     9587   331962 SH       DEFINED 02             331962        0        0
PSS WORLD MED INC              COM              69366A100     1444    50000 SH  CALL DEFINED 02              50000        0        0
PULTE GROUP INC                COM              745867101      283    15600 SH  CALL DEFINED 05              15600        0        0
PVH CORP                       COM              693656100     7582    68300 SH  CALL DEFINED 05              68300        0        0
QUALCOMM INC                   COM              747525103      176     2839 SH       DEFINED 05               2839        0        0
QUALCOMM INC                   COM              747525103      391     6300 SH  PUT  DEFINED 05               6300        0        0
QUALCOMM INC                   COM              747525103     1022    16500 SH  CALL DEFINED 05              16500        0        0
QUANTUM FUEL SYS TECH WORLDW   COM NEW          74765E208       94   138230 SH       DEFINED 02             138230        0        0
QUESTCOR PHARMACEUTICALS INC   COM              74835Y101      668    25000 SH  CALL DEFINED 05              25000        0        0
RALCORP HLDGS INC NEW          COM              751028101    13143   146601 SH       DEFINED 02             146601        0        0
RALCORP HLDGS INC NEW          COM              751028101      143     1590 SH       DEFINED 05               1590        0        0
RED HAT INC                    COM              756577102       80     1500 SH  CALL DEFINED 05               1500        0        0
RED HAT INC                    COM              756577102       37      700 SH  PUT  DEFINED 05                700        0        0
RED HAT INC                    COM              756577102      212     4000 SH       DEFINED 05               4000        0        0
REGIONS FINL CORP NEW          COM              7591EP100       75    10500 SH  CALL DEFINED 05              10500        0        0
REMARK MEDIA INC               COM              75954W107      269   154559 SH       DEFINED 02             154559        0        0
RESEARCH IN MOTION LTD         COM              760975102       45     3800 SH  PUT  DEFINED 05               3800        0        0
RESEARCH IN MOTION LTD         COM              760975102      153    12898 SH       DEFINED 02              12898        0        0
RESEARCH IN MOTION LTD         COM              760975102       96     8100 SH       DEFINED 05               8100        0        0
RESEARCH IN MOTION LTD         COM              760975102      359    30300 SH  CALL DEFINED 05              30300        0        0
RIVERBED TECHNOLOGY INC        COM              768573107     1775    90000 SH  PUT  DEFINED 05              90000        0        0
RIVERBED TECHNOLOGY INC        COM              768573107       39     2000 SH  CALL DEFINED 05               2000        0        0
RIVERBED TECHNOLOGY INC        COM              768573107     1460    74000 SH       DEFINED 05              74000        0        0
RLJ ENTMT INC                  COM              74965F104       68    13503 SH       DEFINED 02              13503        0        0
ROBBINS & MYERS INC            COM              770196103     2378    40000 SH       DEFINED 02              40000        0        0
ROBBINS & MYERS INC            COM              770196103      119     2000 SH       DEFINED 05               2000        0        0
ROCKWOOD HLDGS INC             COM              774415103     1251    25300 SH  CALL DEFINED 05              25300        0        0
SANCHEZ ENERGY CORP            COM              79970Y105    14837   824260 SH       DEFINED 01             824260        0        0
SANCHEZ ENERGY CORP            COM              79970Y105     3247   180388 SH       DEFINED 02             180388        0        0
SANDISK CORP                   COM              80004C101      484    11100 SH  CALL DEFINED 05              11100        0        0
SANDISK CORP                   COM              80004C101      357     8200 SH  PUT  DEFINED 05               8200        0        0
SANDRIDGE ENERGY INC           COM              80007P307      146    23000 SH  CALL DEFINED 02              23000        0        0
SANDRIDGE ENERGY INC           COM              80007P307     1211   190635 SH       DEFINED 02             190635        0        0
SAUER-DANFOSS INC              COM              804137107      817    15300 SH       DEFINED 02              15300        0        0
SCHLUMBERGER LTD               COM              806857108      347     5000 SH  PUT  DEFINED 05               5000        0        0
SCHLUMBERGER LTD               COM              806857108       42      600 SH       DEFINED 05                600        0        0
SCHLUMBERGER LTD               COM              806857108      742    10700 SH  CALL DEFINED 05              10700        0        0
SCHWAB CHARLES CORP NEW        COM              808513105       34     2400 SH  PUT  DEFINED 05               2400        0        0
SCHWAB CHARLES CORP NEW        COM              808513105       41     2900 SH  CALL DEFINED 05               2900        0        0
SCHWAB CHARLES CORP NEW        COM              808513105      144    10000 SH       DEFINED 02              10000        0        0
SCHWAB CHARLES CORP NEW        COM              808513105        7      500 SH       DEFINED 05                500        0        0
SCIENTIFIC GAMES CORP          CL A             80874P109     2573   296828 SH       DEFINED 02             296828        0        0
SEAGATE TECHNOLOGY PLC         SHS              G7945M107      313    10300 SH  CALL DEFINED 05              10300        0        0
SEAGATE TECHNOLOGY PLC         SHS              G7945M107      434    14300 SH  PUT  DEFINED 05              14300        0        0
SELECT SECTOR SPDR TR          SBI CONS DISCR   81369Y407      316     6668 SH  PUT  DEFINED 03               6668        0        0
SELECT SECTOR SPDR TR          SBI INT-INDS     81369Y704     1812    47800 SH       DEFINED 05              47800        0        0
SELECT SECTOR SPDR TR          SBI INT-UTILS    81369Y886     6562   187900 SH  PUT  DEFINED 02             187900        0        0
SELECT SECTOR SPDR TR          SBI INT-UTILS    81369Y886     2992    85667 SH       DEFINED 02              85667        0        0
SELECT SECTOR SPDR TR          SBI INT-UTILS    81369Y886     8353   239200 SH  CALL DEFINED 02             239200        0        0
SELECT SECTOR SPDR TR          TECHNOLOGY       81369Y803      162     5624 SH  CALL DEFINED 03               5624        0        0
SELECT SECTOR SPDR TR          TECHNOLOGY       81369Y803     4322   149800 SH  PUT  DEFINED 05             149800        0        0
SHAW GROUP INC                 COM              820280105      382     8200 SH  PUT  DEFINED 05               8200        0        0
SHAW GROUP INC                 COM              820280105      117     2500 SH  CALL DEFINED 05               2500        0        0
SHAW GROUP INC                 COM              820280105      937    20112 SH       DEFINED 05              20112        0        0
SHAW GROUP INC                 COM              820280105     4586    98400 SH       DEFINED 02              98400        0        0
SHIRE PLC                      SPONSORED ADR    82481R106     5161    56000 SH  CALL DEFINED 05              56000        0        0
SIGA TECHNOLOGIES INC          COM              826917106     1811   691112 SH       DEFINED 02             691112        0        0
SILICON GRAPHICS INTL CORP     COM              82706L108       51     5000 SH       DEFINED 05               5000        0        0
SILICON GRAPHICS INTL CORP     COM              82706L108      602    58800 SH  PUT  DEFINED 05              58800        0        0
SILVER WHEATON CORP            COM              828336107      396    11000 SH  CALL DEFINED 05              11000        0        0
SIRIUS XM RADIO INC            COM              82967N108      289   100000 SH       DEFINED 02             100000        0        0
SMITH & WESSON HLDG CORP       COM              831756101      100    11800 SH  PUT  DEFINED 05              11800        0        0
SOLARWINDS INC                 COM              83416B109     1049    20000 SH  PUT  DEFINED 05              20000        0        0
SOUTHERN CO                    COM              842587107      278     6500 SH  CALL DEFINED 05               6500        0        0
SPDR GOLD TRUST                GOLD SHS         78463V107      841     5190 SH       DEFINED 02               5190        0        0
SPDR S&P 500 ETF TR            TR UNIT          78462F103      121      850 SH       DEFINED 05                850        0        0
SPDR S&P 500 ETF TR            TR UNIT          78462F103    28339   199000 SH  CALL DEFINED 02             199000        0        0
SPDR S&P 500 ETF TR            TR UNIT          78462F103      313     2201 SH       DEFINED 02               2201        0        0
SPDR S&P 500 ETF TR            TR UNIT          78462F103    24066   169000 SH  PUT  DEFINED 02             169000        0        0
SPDR S&P MIDCAP 400 ETF TR     UTSER1 S&PDCRP   78467Y107    49395   265980 SH       DEFINED 03             265980        0        0
SPDR SERIES TRUST              BRC HGH YLD BD   78464A417     1657    40700 SH       DEFINED 02              40700        0        0
SPDR SERIES TRUST              S&P OILGAS EXP   78464A730       39      718 SH       DEFINED 05                718        0        0
SPRINT NEXTEL CORP             COM SER 1        852061100     6006  1059235 SH       DEFINED 02            1059235        0        0
SPRINT NEXTEL CORP             COM SER 1        852061100     3629   640000 SH  CALL DEFINED 02             640000        0        0
SPRINT NEXTEL CORP             COM SER 1        852061100     7613  1342800 SH  PUT  DEFINED 02            1342800        0        0
SPROTT PHYSICAL GOLD TRUST     UNIT             85207H104      426    30000 SH       DEFINED 02              30000        0        0
STARBUCKS CORP                 COM              855244109      435     8100 SH  CALL DEFINED 05               8100        0        0
STARBUCKS CORP                 COM              855244109      311     5800 SH  PUT  DEFINED 05               5800        0        0
STERLING BANCORP               COM              859158107      375    41157 SH       DEFINED 02              41157        0        0
SUBURBAN PROPANE PARTNERS L    UNIT LTD PARTN   864482104      258     6647 SH       DEFINED 02               6647        0        0
SUNCOR ENERGY INC NEW          COM              867224107      349    10600 SH  CALL DEFINED 05              10600        0        0
SUNOCO LOGISTICS PRTNRS L P    COM UNITS        86764L108     1803    36259 SH       DEFINED 02              36259        0        0
SUNRISE SENIOR LIVING INC      COM              86768K106      216    15000 SH       DEFINED 05              15000        0        0
SUNRISE SENIOR LIVING INC      COM              86768K106     4347   302300 SH  CALL DEFINED 02             302300        0        0
SYMANTEC CORP                  COM              871503108      303    16100 SH  CALL DEFINED 05              16100        0        0
SYNERGY PHARMACEUTICALS DEL    *W EXP 12/06/201 871639118      308   128336 SH       DEFINED 02             128336        0        0
TARGET CORP                    COM              87612E106      379     6400 SH  PUT  DEFINED 05               6400        0        0
TEAVANA HLDGS INC              COM              87819P102     2093   135000 SH  PUT  DEFINED 02             135000        0        0
TELEPHONE & DATA SYS INC       COM NEW          879433829     1616    72970 SH       DEFINED 02              72970        0        0
THE ADT CORPORATION            COM              00101J106     1348    29000 SH  CALL DEFINED 05              29000        0        0
THRESHOLD PHARMACEUTICAL INC   COM NEW          885807206       84    20000 SH       DEFINED 02              20000        0        0
TOLL BROTHERS INC              COM              889478103     3825   118300 SH  CALL DEFINED 05             118300        0        0
UNITED PARCEL SERVICE INC      CL B             911312106      804    10900 SH  CALL DEFINED 05              10900        0        0
UNITED PARCEL SERVICE INC      CL B             911312106      170     2300 SH  PUT  DEFINED 05               2300        0        0
UNITED STATES STL CORP NEW     COM              912909108      696    29200 SH  CALL DEFINED 05              29200        0        0
UNITED TECHNOLOGIES CORP       COM              913017109      343     4200 SH  CALL DEFINED 05               4200        0        0
UNITED TECHNOLOGIES CORP       COM              913017109      377     4600 SH  PUT  DEFINED 05               4600        0        0
UNITEDHEALTH GROUP INC         COM              91324P102      182     3348 SH       DEFINED 05               3348        0        0
UNITEDHEALTH GROUP INC         COM              91324P102      173     3200 SH  PUT  DEFINED 05               3200        0        0
UNITEDHEALTH GROUP INC         COM              91324P102      434     8000 SH  CALL DEFINED 05               8000        0        0
USA TECHNOLOGIES INC           *W EXP 12/31/201 90328S195      258   306958 SH       DEFINED 02             306958        0        0
VALE S A                       ADR              91912E105      389    18600 SH  CALL DEFINED 05              18600        0        0
VALEANT PHARMACEUTICALS INTL   COM              91911K102     2857    47800 SH  CALL DEFINED 05              47800        0        0
VANGUARD INTL EQUITY INDEX F   MSCI EMR MKT ETF 922042858    42750   960031 SH       DEFINED 03             960031        0        0
VERIZON COMMUNICATIONS INC     COM              92343V104     5261   121600 SH  CALL DEFINED 05             121600        0        0
VERIZON COMMUNICATIONS INC     COM              92343V104     1042    24100 SH  PUT  DEFINED 05              24100        0        0
VERIZON COMMUNICATIONS INC     COM              92343V104       62     1444 SH       DEFINED 05               1444        0        0
VERTEX PHARMACEUTICALS INC     COM              92532F100      193     4600 SH  CALL DEFINED 05               4600        0        0
VERTEX PHARMACEUTICALS INC     COM              92532F100     1781    42500 SH  PUT  DEFINED 05              42500        0        0
VERTEX PHARMACEUTICALS INC     COM              92532F100      649    15500 SH       DEFINED 05              15500        0        0
VIRNETX HLDG CORP              COM              92823T108     3815   130296 SH       DEFINED 02             130296        0        0
WALGREEN CO                    COM              931422109      621    16800 SH  CALL DEFINED 05              16800        0        0
WAL-MART STORES INC            COM              931142103      709    10390 SH       DEFINED 02              10390        0        0
WAL-MART STORES INC            COM              931142103      587     8600 SH  PUT  DEFINED 05               8600        0        0
WAL-MART STORES INC            COM              931142103      450     6600 SH  PUT  DEFINED 02               6600        0        0
WAL-MART STORES INC            COM              931142103        7      100 SH       DEFINED 05                100        0        0
WAL-MART STORES INC            COM              931142103     8700   127500 SH  CALL DEFINED 02             127500        0        0
WAL-MART STORES INC            COM              931142103     1420    20800 SH  CALL DEFINED 05              20800        0        0
WALTER ENERGY INC              COM              93317Q105      205     5700 SH       DEFINED 05               5700        0        0
WALTER ENERGY INC              COM              93317Q105      151     4200 SH  CALL DEFINED 05               4200        0        0
WALTER ENERGY INC              COM              93317Q105      140     3900 SH  PUT  DEFINED 05               3900        0        0
WALTER INVT MGMT CORP          COM              93317W102      488    11335 SH       DEFINED 02              11335        0        0
WARNACO GROUP INC              COM NEW          934390402     1434    20036 SH       DEFINED 05              20036        0        0
WEATHERFORD INTERNATIONAL LT   REG SHS          H27013103      122    11000 SH  CALL DEFINED 05              11000        0        0
WELLPOINT INC                  COM              94973V107      237     3900 SH  CALL DEFINED 05               3900        0        0
WELLPOINT INC                  COM              94973V107      279     4600 SH  PUT  DEFINED 05               4600        0        0
WELLS FARGO & CO NEW           COM              949746101      645    18900 SH  CALL DEFINED 05              18900        0        0
WELLS FARGO & CO NEW           COM              949746101      245     7200 SH  PUT  DEFINED 05               7200        0        0
WHOLE FOODS MKT INC            COM              966837106      205     2245 SH       DEFINED 05               2245        0        0
WHOLE FOODS MKT INC            COM              966837106      300     3300 SH  PUT  DEFINED 05               3300        0        0
WISDOMTREE TRUST               DRYFS CURR ETF   97717W133      379    17974 SH  PUT  DEFINED 03              17974        0        0
WYNN RESORTS LTD               COM              983134107      269     2400 SH  CALL DEFINED 05               2400        0        0
XILINX INC                     COM              983919101      226     6300 SH  PUT  DEFINED 05               6300        0        0
YAHOO INC                      COM              984332106     1520    76379 SH       DEFINED 02              76379        0        0
YAHOO INC                      COM              984332106      155     7800 SH       DEFINED 05               7800        0        0
YAHOO INC                      COM              984332106      676    33900 SH  CALL DEFINED 05              33900        0        0
YAMANA GOLD INC                COM              98462Y100      275    16000 SH       DEFINED 05              16000        0        0
YAMANA GOLD INC                COM              98462Y100       84     4900 SH  CALL DEFINED 05               4900        0        0
YAMANA GOLD INC                COM              98462Y100      244    14200 SH  PUT  DEFINED 05              14200        0        0
YM BIOSCIENCES INC             COM              984238105      216    75360 SH       DEFINED 02              75360        0        0
YM BIOSCIENCES INC             COM              984238105       14     5001 SH       DEFINED 05               5001        0        0
YUM BRANDS INC                 COM              988498101      557     8400 SH  PUT  DEFINED 05               8400        0        0
YUM BRANDS INC                 COM              988498101      466     7015 SH       DEFINED 05               7015        0        0
YUM BRANDS INC                 COM              988498101       27      400 SH  CALL DEFINED 05                400        0        0
</TABLE>