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

                                    Form 13F

                              Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: March 31, 2013

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     May 15, 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:    366

Form 13F Information Table Value Total:    $702,163 (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     1053     9900 SH  PUT  DEFINED 05               9900        0        0
3M CO                          COM              88579Y101     1488    14000 SH  CALL DEFINED 05              14000        0        0
ABBOTT LABS                    COM              002824100      372    10500 SH  PUT  DEFINED 05              10500        0        0
ACME PACKET INC                COM              004764106     6525   223200 SH  CALL DEFINED 02             223200        0        0
ADOBE SYS INC                  COM              00724F101      292     6700 SH  PUT  DEFINED 05               6700        0        0
AEGERION PHARMACEUTICALS INC   COM              00767E102      553    13700 SH  CALL DEFINED 05              13700        0        0
AETNA INC NEW                  COM              00817Y108     1125    22000 SH  CALL DEFINED 05              22000        0        0
AETNA INC NEW                  COM              00817Y108      829    16200 SH  PUT  DEFINED 05              16200        0        0
AKAMAI TECHNOLOGIES INC        COM              00971T101     1605    45400 SH  CALL DEFINED 05              45400        0        0
AKAMAI TECHNOLOGIES INC        COM              00971T101      782    22100 SH  PUT  DEFINED 05              22100        0        0
ALCOA INC                      COM              013817101      121    14200 SH  CALL DEFINED 05              14200        0        0
ALCOA INC                      COM              013817101       77     9000 SH  PUT  DEFINED 05               9000        0        0
ALPHA NATURAL RESOURCES INC    COM              02076X102       87    10500 SH  PUT  DEFINED 05              10500        0        0
ALTRIA GROUP INC               COM              02209S103      324     9400 SH  CALL DEFINED 05               9400        0        0
ALTRIA GROUP INC               COM              02209S103      499    14500 SH  PUT  DEFINED 05              14500        0        0
AMERICAN EXPRESS CO            COM              025816109      317     4700 SH  CALL DEFINED 05               4700        0        0
AMERICAN EXPRESS CO            COM              025816109      789    11700 SH  PUT  DEFINED 05              11700        0        0
AMERICAN INTL GROUP INC        COM NEW          026874784     2518    64800 SH  CALL DEFINED 05              64800        0        0
AMERICAN INTL GROUP INC        COM NEW          026874784      918    23600 SH  PUT  DEFINED 05              23600        0        0
AMGEN INC                      COM              031162100     1159    11300 SH  CALL DEFINED 05              11300        0        0
AMGEN INC                      COM              031162100      216     2100 SH  PUT  DEFINED 05               2100        0        0
ANADARKO PETE CORP             COM              032511107      393     4500 SH  CALL DEFINED 05               4500        0        0
ANADARKO PETE CORP             COM              032511107      210     2400 SH  PUT  DEFINED 05               2400        0        0
AOL INC                        COM              00184X105     1967    51100 SH  CALL DEFINED 05              51100        0        0
APACHE CORP                    COM              037411105      247     3200 SH  CALL DEFINED 05               3200        0        0
APACHE CORP                    COM              037411105      856    11100 SH  PUT  DEFINED 05              11100        0        0
APPLE INC                      COM              037833100     4427    10000 SH  CALL DEFINED 02              10000        0        0
APPLE INC                      COM              037833100     4427    10000 SH  PUT  DEFINED 02              10000        0        0
ARBITRON INC                   COM              03875Q108      234     5000 SH  PUT  DEFINED 05               5000        0        0
ARCELORMITTAL SA LUXEMBOURG    NY REGISTRY SH   03938L104       18     1400 SH  CALL DEFINED 05               1400        0        0
ARCELORMITTAL SA LUXEMBOURG    NY REGISTRY SH   03938L104      355    27200 SH  PUT  DEFINED 05              27200        0        0
ARCH COAL INC                  COM              039380100       29     5200 SH  PUT  DEFINED 05               5200        0        0
ARCH COAL INC                  COM              039380100      114    20900 SH  CALL DEFINED 05              20900        0        0
AT&T INC                       COM              00206R102      293     8000 SH  PUT  DEFINED 05               8000        0        0
AT&T INC                       COM              00206R102     1651    45000 SH  CALL DEFINED 02              45000        0        0
AT&T INC                       COM              00206R102      254     6900 SH  CALL DEFINED 05               6900        0        0
BAKER HUGHES INC               COM              057224107      201     4300 SH  PUT  DEFINED 05               4300        0        0
BANK OF AMERICA CORPORATION    COM              060505104      392    32300 SH  CALL DEFINED 05              32300        0        0
BANK OF AMERICA CORPORATION    COM              060505104      866    70900 SH  PUT  DEFINED 05              70900        0        0
BARRICK GOLD CORP              COM              067901108      336    11400 SH  CALL DEFINED 05              11400        0        0
BARRICK GOLD CORP              COM              067901108      295    10000 SH  PUT  DEFINED 05              10000        0        0
BAXTER INTL INC                COM              071813109    10575   145600 SH  CALL DEFINED 05             145600        0        0
BAXTER INTL INC                COM              071813109      393     5400 SH  PUT  DEFINED 05               5400        0        0
BEST BUY INC                   COM              086516101      245    11100 SH  PUT  DEFINED 05              11100        0        0
BEST BUY INC                   COM              086516101     1243    56100 SH  PUT  DEFINED 02              56100        0        0
BEST BUY INC                   COM              086516101      342    15500 SH  CALL DEFINED 05              15500        0        0
BOEING CO                      COM              097023105      766     8900 SH  PUT  DEFINED 05               8900        0        0
BP PLC                         SPONSORED ADR    055622104      287     6800 SH  CALL DEFINED 05               6800        0        0
BP PLC                         SPONSORED ADR    055622104      748    17700 SH  PUT  DEFINED 05              17700        0        0
BRISTOL MYERS SQUIBB CO        COM              110122108      308     7500 SH  CALL DEFINED 05               7500        0        0
BRISTOL MYERS SQUIBB CO        COM              110122108      296     7200 SH  PUT  DEFINED 05               7200        0        0
BROADCOM CORP                  CL A             111320107      995    28700 SH  CALL DEFINED 05              28700        0        0
BROADCOM CORP                  CL A             111320107      228     6600 SH  PUT  DEFINED 05               6600        0        0
CANADIAN PAC RY LTD            COM              13645T100     2348    18000 SH  CALL DEFINED 05              18000        0        0
CAPITAL ONE FINL CORP          COM              14040H105      126     2300 SH  PUT  DEFINED 05               2300        0        0
CAPITAL ONE FINL CORP          COM              14040H105      209     3800 SH  CALL DEFINED 05               3800        0        0
CARDINAL HEALTH INC            COM              14149Y108      508    12200 SH  CALL DEFINED 05              12200        0        0
CATERPILLAR INC DEL            COM              149123101      514     5900 SH  PUT  DEFINED 05               5900        0        0
CATERPILLAR INC DEL            COM              149123101      399     4600 SH  CALL DEFINED 05               4600        0        0
CENTERPOINT ENERGY INC         COM              15189T107     4552   190000 SH  CALL DEFINED 05             190000        0        0
CHENIERE ENERGY INC            COM NEW          16411R208      204     7300 SH  PUT  DEFINED 05               7300        0        0
CHESAPEAKE ENERGY CORP         COM              165167107      444    21800 SH  CALL DEFINED 05              21800        0        0
CHESAPEAKE ENERGY CORP         COM              165167107     1093    53600 SH  PUT  DEFINED 05              53600        0        0
CHEVRON CORP NEW               COM              166764100      607     5100 SH  CALL DEFINED 05               5100        0        0
CHEVRON CORP NEW               COM              166764100      879     7400 SH  PUT  DEFINED 05               7400        0        0
CISCO SYS INC                  COM              17275R102     1093    52300 SH  CALL DEFINED 05              52300        0        0
CISCO SYS INC                  COM              17275R102      625    30000 SH  PUT  DEFINED 05              30000        0        0
CITIGROUP INC                  COM NEW          172967424     1833    41500 SH  CALL DEFINED 05              41500        0        0
CITIGROUP INC                  COM NEW          172967424     1471    33300 SH  PUT  DEFINED 05              33300        0        0
CLEARWIRE CORP NEW             CL A             18538Q105      742   228900 SH  CALL DEFINED 05             228900        0        0
CLEARWIRE CORP NEW             CL A             18538Q105      204    63000 SH  PUT  DEFINED 02              63000        0        0
CLIFFS NAT RES INC             COM              18683K101      227    11800 SH  PUT  DEFINED 05              11800        0        0
CLOROX CO DEL                  COM              189054109       36      400 SH  CALL DEFINED 05                400        0        0
CLOROX CO DEL                  COM              189054109      230     2600 SH  PUT  DEFINED 05               2600        0        0
COBALT INTL ENERGY INC         COM              19075F106     1410    50000 SH  CALL DEFINED 05              50000        0        0
COCA COLA CO                   COM              191216100      542    13400 SH  CALL DEFINED 05              13400        0        0
COCA COLA CO                   COM              191216100      416    10300 SH  PUT  DEFINED 05              10300        0        0
COGNIZANT TECHNOLOGY SOLUTIO   CL A             192446102      276     3600 SH  PUT  DEFINED 05               3600        0        0
COGNIZANT TECHNOLOGY SOLUTIO   CL A             192446102      360     4700 SH  CALL DEFINED 05               4700        0        0
COLGATE PALMOLIVE CO           COM              194162103      696     5900 SH  PUT  DEFINED 05               5900        0        0
COMCAST CORP NEW               CL A             20030N101      525    12500 SH  PUT  DEFINED 05              12500        0        0
COMCAST CORP NEW               CL A             20030N101      369     8800 SH  CALL DEFINED 05               8800        0        0
COMMONWEALTH REIT              COM SH BEN INT   203233101      997    44400 SH  PUT  DEFINED 02              44400        0        0
CONOCOPHILLIPS                 COM              20825C104      354     5900 SH  CALL DEFINED 05               5900        0        0
CONOCOPHILLIPS                 COM              20825C104       84     1400 SH  PUT  DEFINED 05               1400        0        0
CONSTELLATION BRANDS INC       CL A             21036P108      486    10200 SH  CALL DEFINED 05              10200        0        0
CONSTELLATION BRANDS INC       CL A             21036P108    17889   375500 SH  PUT  DEFINED 02             375500        0        0
CONSTELLATION BRANDS INC       CL A             21036P108      300     6300 SH  PUT  DEFINED 05               6300        0        0
COSTCO WHSL CORP NEW           COM              22160K105      542     5100 SH  CALL DEFINED 05               5100        0        0
COSTCO WHSL CORP NEW           COM              22160K105       42      400 SH  PUT  DEFINED 05                400        0        0
CREXUS INVT CORP               COM              226553105     1544   118600 SH  PUT  DEFINED 02             118600        0        0
CROWN HOLDINGS INC             COM              228368106      524    12600 SH  CALL DEFINED 05              12600        0        0
CSX CORP                       COM              126408103      285    11600 SH  CALL DEFINED 05              11600        0        0
CYMER INC                      COM              232572107     8904    92600 SH  PUT  DEFINED 02              92600        0        0
DANAHER CORP DEL               COM              235851102      255     4100 SH  CALL DEFINED 05               4100        0        0
DEERE & CO                     COM              244199105      740     8600 SH  CALL DEFINED 05               8600        0        0
DEERE & CO                     COM              244199105       95     1100 SH  PUT  DEFINED 05               1100        0        0
DELL INC                       COM              24702R101     2678   186900 SH  CALL DEFINED 02             186900        0        0
DELL INC                       COM              24702R101     1519   105900 SH  CALL DEFINED 05             105900        0        0
DELL INC                       COM              24702R101     1460   101900 SH  PUT  DEFINED 02             101900        0        0
DELL INC                       COM              24702R101     1622   113200 SH  PUT  DEFINED 05             113200        0        0
DEUTSCHE BANK AG               NAMEN AKT        D18190898      117     3000 SH  CALL DEFINED 05               3000        0        0
DEUTSCHE BANK AG               NAMEN AKT        D18190898      325     8300 SH  PUT  DEFINED 05               8300        0        0
DISNEY WALT CO                 COM DISNEY       254687106      471     8300 SH  PUT  DEFINED 05               8300        0        0
DISNEY WALT CO                 COM DISNEY       254687106      511     9000 SH  CALL DEFINED 05               9000        0        0
DOW CHEM CO                    COM              260543103      726    22800 SH  PUT  DEFINED 05              22800        0        0
DU PONT E I DE NEMOURS & CO    COM              263534109      618    12600 SH  CALL DEFINED 05              12600        0        0
DU PONT E I DE NEMOURS & CO    COM              263534109     1002    20400 SH  PUT  DEFINED 05              20400        0        0
E M C CORP MASS                COM              268648102      487    20400 SH  PUT  DEFINED 05              20400        0        0
EASTMAN CHEM CO                COM              277432100     3144    45000 SH  CALL DEFINED 05              45000        0        0
EATON CORP PLC                 SHS              G29183103      429     7000 SH  CALL DEFINED 05               7000        0        0
EATON CORP PLC                 SHS              G29183103      129     2100 SH  PUT  DEFINED 05               2100        0        0
EBAY INC                       COM              278642103     1452    26800 SH  PUT  DEFINED 05              26800        0        0
EBAY INC                       COM              278642103      677    12500 SH  CALL DEFINED 05              12500        0        0
ELAN PLC                       ADR              284131208      767    65000 SH  CALL DEFINED 05              65000        0        0
ENDO HEALTH SOLUTIONS INC      COM              29264F205      692    22500 SH  CALL DEFINED 05              22500        0        0
EXELON CORP                    COM              30161N101      428    12400 SH  CALL DEFINED 05              12400        0        0
EXPEDIA INC DEL                COM NEW          30212P303      246     4100 SH  PUT  DEFINED 05               4100        0        0
EXPEDITORS INTL WASH INC       COM              302130109       22      600 SH  CALL DEFINED 05                600        0        0
EXPEDITORS INTL WASH INC       COM              302130109      291     8100 SH  PUT  DEFINED 05               8100        0        0
EXPRESS SCRIPTS HLDG CO        COM              30219G108     1849    32100 SH  CALL DEFINED 05              32100        0        0
EXPRESS SCRIPTS HLDG CO        COM              30219G108      139     2400 SH  PUT  DEFINED 05               2400        0        0
EXXON MOBIL CORP               COM              30231G102     2693    29900 SH  CALL DEFINED 05              29900        0        0
EXXON MOBIL CORP               COM              30231G102     2575    28600 SH  PUT  DEFINED 05              28600        0        0
F M C CORP                     COM NEW          302491303     3233    56700 SH  CALL DEFINED 05              56700        0        0
FACEBOOK INC                   CL A             30303M102     1347    52700 SH  CALL DEFINED 05              52700        0        0
FACEBOOK INC                   CL A             30303M102     1590    62100 SH  PUT  DEFINED 05              62100        0        0
FEDEX CORP                     COM              31428X106      334     3400 SH  CALL DEFINED 05               3400        0        0
FEDEX CORP                     COM              31428X106      305     3100 SH  PUT  DEFINED 05               3100        0        0
FORD MTR CO DEL                COM PAR $0.01    345370860      267    20300 SH  CALL DEFINED 05              20300        0        0
FORD MTR CO DEL                COM PAR $0.01    345370860      149    11400 SH  PUT  DEFINED 05              11400        0        0
FREEPORT-MCMORAN COPPER & GO   COM              35671D857     3658   110500 SH  CALL DEFINED 02             110500        0        0
FREEPORT-MCMORAN COPPER & GO   COM              35671D857       86     2600 SH  CALL DEFINED 05               2600        0        0
FREEPORT-MCMORAN COPPER & GO   COM              35671D857     1079    32600 SH  PUT  DEFINED 02              32600        0        0
FREEPORT-MCMORAN COPPER & GO   COM              35671D857     1314    39700 SH  PUT  DEFINED 05              39700        0        0
GARDNER DENVER INC             COM              365558105      646     8600 SH  PUT  DEFINED 05               8600        0        0
GARDNER DENVER INC             COM              365558105    15773   210000 SH  CALL DEFINED 05             210000        0        0
GENERAL DYNAMICS CORP          COM              369550108      296     4200 SH  PUT  DEFINED 05               4200        0        0
GENERAL ELECTRIC CO            COM              369604103      264    11400 SH  CALL DEFINED 05              11400        0        0
GENERAL ELECTRIC CO            COM              369604103      630    27300 SH  PUT  DEFINED 05              27300        0        0
GENERAL MTRS CO                COM              37045V100      482    17300 SH  CALL DEFINED 05              17300        0        0
GOLDMAN SACHS GROUP INC        COM              38141G104      162     1100 SH  CALL DEFINED 05               1100        0        0
GOLDMAN SACHS GROUP INC        COM              38141G104     1090     7400 SH  PUT  DEFINED 05               7400        0        0
GRACE W R & CO DEL NEW         COM              38388F108     1170    15100 SH  CALL DEFINED 05              15100        0        0
HALLIBURTON CO                 COM              406216101    13942   345000 SH  CALL DEFINED 05             345000        0        0
HALLIBURTON CO                 COM              406216101      368     9100 SH  PUT  DEFINED 02               9100        0        0
HALLIBURTON CO                 COM              406216101      504    12500 SH  PUT  DEFINED 05              12500        0        0
HCA HOLDINGS INC               COM              40412C101      281     6900 SH  PUT  DEFINED 05               6900        0        0
HECLA MNG CO                   COM              422704106       41    10500 SH  PUT  DEFINED 05              10500        0        0
HEINZ H J CO                   COM              423074103     2891    40000 SH  PUT  DEFINED 05              40000        0        0
HEINZ H J CO                   COM              423074103    14729   203800 SH  CALL DEFINED 02             203800        0        0
HESS CORP                      COM              42809H107      216     3000 SH  PUT  DEFINED 05               3000        0        0
HEWLETT PACKARD CO             COM              428236103     1083    45400 SH  CALL DEFINED 05              45400        0        0
HEWLETT PACKARD CO             COM              428236103      301    12600 SH  PUT  DEFINED 05              12600        0        0
HOME DEPOT INC                 COM              437076102      608     8700 SH  CALL DEFINED 05               8700        0        0
HOME DEPOT INC                 COM              437076102     1969    28200 SH  PUT  DEFINED 05              28200        0        0
HONEYWELL INTL INC             COM              438516106      205     2700 SH  PUT  DEFINED 05               2700        0        0
ILLINOIS TOOL WKS INC          COM              452308109      225     3700 SH  CALL DEFINED 05               3700        0        0
INFORMATICA CORP               COM              45666Q102      979    28400 SH  PUT  DEFINED 05              28400        0        0
INTEL CORP                     COM              458140100     4068   186300 SH  CALL DEFINED 05             186300        0        0
INTEL CORP                     COM              458140100     3551   162700 SH  PUT  DEFINED 05             162700        0        0
INTERNATIONAL BUSINESS MACHS   COM              459200101     1941     9100 SH  CALL DEFINED 05               9100        0        0
INTERNATIONAL BUSINESS MACHS   COM              459200101     1024     4800 SH  PUT  DEFINED 05               4800        0        0
INTERPUBLIC GROUP COS INC      COM              460690100     1738   133400 SH  CALL DEFINED 05             133400        0        0
INTL PAPER CO                  COM              460146103      247     5300 SH  CALL DEFINED 05               5300        0        0
INTL PAPER CO                  COM              460146103      230     4900 SH  PUT  DEFINED 05               4900        0        0
INTUIT                         COM              461202103       66     1000 SH  CALL DEFINED 05               1000        0        0
INTUIT                         COM              461202103      558     8500 SH  PUT  DEFINED 05               8500        0        0
ISHARES INC                    MSCI BRAZIL CAPP 464286400      584    10700 SH  PUT  DEFINED 05              10700        0        0
ISHARES INC                    MSCI BRAZIL CAPP 464286400      414     7600 SH  CALL DEFINED 05               7600        0        0
ISHARES INC                    MSCI BRAZIL CAPP 464286400     5448   100000 SH  PUT  DEFINED 02             100000        0        0
ISHARES SILVER TRUST           ISHARES          46428Q109     1658    60500 SH  CALL DEFINED 05              60500        0        0
ISHARES SILVER TRUST           ISHARES          46428Q109     2054    74900 SH  PUT  DEFINED 05              74900        0        0
ISHARES TR                     BARCLYS 20+ YR   464287432     1202    10200 SH  CALL DEFINED 05              10200        0        0
ISHARES TR                     BARCLYS 20+ YR   464287432     2226    18900 SH  PUT  DEFINED 05              18900        0        0
ISHARES TR                     DJ US REAL EST   464287739       63      900 SH  PUT  DEFINED 05                900        0        0
ISHARES TR                     RUSSELL 2000     464287655     3514    37300 SH  CALL DEFINED 05              37300        0        0
ISHARES TR                     RUSSELL 2000     464287655    17942   190000 SH  PUT  DEFINED 02             190000        0        0
ISHARES TR                     RUSSELL 2000     464287655     3677    39000 SH  PUT  DEFINED 05              39000        0        0
ISHARES TR                     RUSSELL1000VAL   464287598    36534   450094 SH  CALL DEFINED 03             450094        0        0
JOHNSON & JOHNSON              COM              478160104      791     9700 SH  CALL DEFINED 05               9700        0        0
JOHNSON & JOHNSON              COM              478160104     2143    26300 SH  PUT  DEFINED 05              26300        0        0
JOHNSON CTLS INC               COM              478366107      341     9700 SH  CALL DEFINED 05               9700        0        0
JPMORGAN CHASE & CO            COM              46625H100     1569    33100 SH  PUT  DEFINED 05              33100        0        0
JPMORGAN CHASE & CO            COM              46625H100      489    10300 SH  CALL DEFINED 05              10300        0        0
JUNIPER NETWORKS INC           COM              48203R104      203    10900 SH  PUT  DEFINED 05              10900        0        0
KB HOME                        COM              48666K109     1242    57000 SH  CALL DEFINED 05              57000        0        0
KB HOME                        COM              48666K109      756    34700 SH  PUT  DEFINED 05              34700        0        0
KIMBERLY CLARK CORP            COM              494368103      118     1200 SH  CALL DEFINED 05               1200        0        0
KIMBERLY CLARK CORP            COM              494368103     1529    15600 SH  PUT  DEFINED 05              15600        0        0
LAS VEGAS SANDS CORP           COM              517834107      463     8200 SH  CALL DEFINED 05               8200        0        0
LAS VEGAS SANDS CORP           COM              517834107      975    17300 SH  PUT  DEFINED 05              17300        0        0
LILLY ELI & CO                 COM              532457108      353     6200 SH  PUT  DEFINED 05               6200        0        0
LILLY ELI & CO                 COM              532457108      722    12700 SH  CALL DEFINED 05              12700        0        0
LINNCO LLC                     COMSHS LTD INT   535782106      386     9900 SH  CALL DEFINED 05               9900        0        0
LORAL SPACE & COMMUNICATNS I   COM              543881106      217     3500 SH  CALL DEFINED 05               3500        0        0
LORILLARD INC                  COM              544147101      209     5200 SH  CALL DEFINED 05               5200        0        0
LOWES COS INC                  COM              548661107     1380    36400 SH  CALL DEFINED 05              36400        0        0
LOWES COS INC                  COM              548661107       72     1900 SH  PUT  DEFINED 05               1900        0        0
LULULEMON ATHLETICA INC        COM              550021109      361     5800 SH  PUT  DEFINED 05               5800        0        0
MACYS INC                      COM              55616P104      461    11000 SH  CALL DEFINED 05              11000        0        0
MACYS INC                      COM              55616P104      347     8300 SH  PUT  DEFINED 05               8300        0        0
MAGELLAN HEALTH SVCS INC       COM NEW          559079207     2854    60000 SH  PUT  DEFINED 05              60000        0        0
MANNKIND CORP                  COM              56400P201      425   125500 SH  CALL DEFINED 05             125500        0        0
MARATHON OIL CORP              COM              565849106      398    11800 SH  CALL DEFINED 05              11800        0        0
MCDONALDS CORP                 COM              580135101      330     3300 SH  PUT  DEFINED 05               3300        0        0
MCDONALDS CORP                 COM              580135101      499     5000 SH  CALL DEFINED 05               5000        0        0
MCGRAW HILL COS INC            COM              580645109      495     9500 SH  CALL DEFINED 05               9500        0        0
MCGRAW HILL COS INC            COM              580645109      495     9500 SH  PUT  DEFINED 05               9500        0        0
MCKESSON CORP                  COM              58155Q103      302     2800 SH  CALL DEFINED 05               2800        0        0
MEDICINES CO                   COM              584688105      935    28000 SH  CALL DEFINED 05              28000        0        0
MEDTRONIC INC                  COM              585055106      385     8200 SH  PUT  DEFINED 05               8200        0        0
MERCK & CO INC NEW             COM              58933Y105      477    10800 SH  CALL DEFINED 05              10800        0        0
MERCK & CO INC NEW             COM              58933Y105      433     9800 SH  PUT  DEFINED 05               9800        0        0
METLIFE INC                    COM              59156R108      640    16800 SH  PUT  DEFINED 05              16800        0        0
METLIFE INC                    COM              59156R108      567    14900 SH  CALL DEFINED 05              14900        0        0
METROPCS COMMUNICATIONS INC    COM              591708102     2391   219400 SH  CALL DEFINED 02             219400        0        0
MICHAEL KORS HLDGS LTD         SHS              G60754101      438     7700 SH  PUT  DEFINED 05               7700        0        0
MICRON TECHNOLOGY INC          COM              595112103      199    19900 SH  PUT  DEFINED 05              19900        0        0
MICROSOFT CORP                 COM              594918104      947    33100 SH  CALL DEFINED 05              33100        0        0
MICROSOFT CORP                 COM              594918104      444    15500 SH  PUT  DEFINED 05              15500        0        0
MONDELEZ INTL INC              CL A             609207105      276     9000 SH  PUT  DEFINED 05               9000        0        0
MONSANTO CO NEW                COM              61166W101      285     2700 SH  CALL DEFINED 05               2700        0        0
MONSANTO CO NEW                COM              61166W101     1583    15000 SH  PUT  DEFINED 05              15000        0        0
MORGAN STANLEY                 COM NEW          617446448      520    23700 SH  CALL DEFINED 05              23700        0        0
MORGAN STANLEY                 COM NEW          617446448      530    24200 SH  PUT  DEFINED 05              24200        0        0
MOSAIC CO NEW                  COM              61945C103      233     3900 SH  PUT  DEFINED 05               3900        0        0
MOTOROLA SOLUTIONS INC         COM NEW          620076307     1185    18500 SH  CALL DEFINED 05              18500        0        0
MYLAN INC                      COM              628530107     2027    70000 SH  PUT  DEFINED 05              70000        0        0
MYLAN INC                      COM              628530107      434    15000 SH  CALL DEFINED 05              15000        0        0
NETAPP INC                     COM              64110D104      245     7200 SH  CALL DEFINED 05               7200        0        0
NETAPP INC                     COM              64110D104      395    11600 SH  PUT  DEFINED 05              11600        0        0
NEWMONT MINING CORP            COM              651639106      352     8400 SH  CALL DEFINED 05               8400        0        0
NEWMONT MINING CORP            COM              651639106      863    20600 SH  PUT  DEFINED 05              20600        0        0
NEWS CORP                      CL A             65248E104      546    17900 SH  PUT  DEFINED 05              17900        0        0
NIKE INC                       CL B             654106103      272     4600 SH  CALL DEFINED 05               4600        0        0
NIKE INC                       CL B             654106103      313     5300 SH  PUT  DEFINED 05               5300        0        0
NUCOR CORP                     COM              670346105      365     7900 SH  PUT  DEFINED 05               7900        0        0
NUCOR CORP                     COM              670346105      333     7200 SH  CALL DEFINED 05               7200        0        0
OCCIDENTAL PETE CORP DEL       COM              674599105      438     5600 SH  PUT  DEFINED 05               5600        0        0
ONYX PHARMACEUTICALS INC       COM              683399109      871     9800 SH  CALL DEFINED 05               9800        0        0
ORACLE CORP                    COM              68389X105      657    20400 SH  CALL DEFINED 05              20400        0        0
ORACLE CORP                    COM              68389X105      540    16800 SH  PUT  DEFINED 05              16800        0        0
OSI SYSTEMS INC                COM              671044105     2541    40800 SH  CALL DEFINED 05              40800        0        0
PEABODY ENERGY CORP            COM              704549104      406    19300 SH  PUT  DEFINED 05              19300        0        0
PENNEY J C INC                 COM              708160106      241    15900 SH  CALL DEFINED 05              15900        0        0
PENNEY J C INC                 COM              708160106      525    34600 SH  PUT  DEFINED 05              34600        0        0
PEPSICO INC                    COM              713448108      601     7600 SH  CALL DEFINED 05               7600        0        0
PEPSICO INC                    COM              713448108       95     1200 SH  PUT  DEFINED 05               1200        0        0
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR    71654V408      154     9200 SH  CALL DEFINED 05               9200        0        0
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR    71654V408      292    17700 SH  PUT  DEFINED 05              17700        0        0
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR    71654V408     1988   120000 SH  CALL DEFINED 02             120000        0        0
PFIZER INC                     COM              717081103      450    15600 SH  CALL DEFINED 05              15600        0        0
PFIZER INC                     COM              717081103      421    14600 SH  PUT  DEFINED 05              14600        0        0
PHILIP MORRIS INTL INC         COM              718172109      176     1900 SH  CALL DEFINED 05               1900        0        0
PHILIP MORRIS INTL INC         COM              718172109      333     3600 SH  PUT  DEFINED 05               3600        0        0
PLAINS EXPL& PRODTN CO         COM              726505100     7889   166200 SH  CALL DEFINED 02             166200        0        0
PNC FINL SVCS GROUP INC        COM              693475105      100     1500 SH  CALL DEFINED 05               1500        0        0
PNC FINL SVCS GROUP INC        COM              693475105      439     6600 SH  PUT  DEFINED 05               6600        0        0
POTASH CORP SASK INC           COM              73755L107       63     1600 SH  CALL DEFINED 05               1600        0        0
POTASH CORP SASK INC           COM              73755L107      426    10800 SH  PUT  DEFINED 05              10800        0        0
POWERSHARES ETF TRUST II       SENIOR LN PORT   73936Q769    28064  1118100 SH  CALL DEFINED 03            1118100        0        0
PROCTER & GAMBLE CO            COM              742718109     1395    18100 SH  CALL DEFINED 05              18100        0        0
PROCTER & GAMBLE CO            COM              742718109      871    11300 SH  PUT  DEFINED 05              11300        0        0
PRUDENTIAL FINL INC            COM              744320102      277     4700 SH  CALL DEFINED 05               4700        0        0
PRUDENTIAL FINL INC            COM              744320102      153     2600 SH  PUT  DEFINED 05               2600        0        0
PULTE GROUP INC                COM              745867101      234    11600 SH  PUT  DEFINED 05              11600        0        0
QUALCOMM INC                   COM              747525103     1144    17100 SH  CALL DEFINED 05              17100        0        0
QUALCOMM INC                   COM              747525103     1693    25300 SH  PUT  DEFINED 05              25300        0        0
RADIAN GROUP INC               COM              750236101      116    10900 SH  CALL DEFINED 05              10900        0        0
RED HAT INC                    COM              756577102       90     1800 SH  CALL DEFINED 05               1800        0        0
RED HAT INC                    COM              756577102      409     8100 SH  PUT  DEFINED 05               8100        0        0
RESEARCH IN MOTION LTD         COM              760975102      623    43200 SH  PUT  DEFINED 05              43200        0        0
RESEARCH IN MOTION LTD         COM              760975102      769    53500 SH  CALL DEFINED 05              53500        0        0
ROCKWOOD HLDGS INC             COM              774415103     2703    41300 SH  CALL DEFINED 05              41300        0        0
ROSS STORES INC                COM              778296103      152     2500 SH  CALL DEFINED 05               2500        0        0
ROSS STORES INC                COM              778296103      279     4600 SH  PUT  DEFINED 05               4600        0        0
SANCHEZ ENERGY CORP            COM              79970Y105    16419   824260 SH  CALL DEFINED 01             824260        0        0
SANDISK CORP                   COM              80004C101      870    15800 SH  CALL DEFINED 05              15800        0        0
SANDISK CORP                   COM              80004C101      187     3400 SH  PUT  DEFINED 05               3400        0        0
SANDRIDGE ENERGY INC           COM              80007P307      163    30800 SH  CALL DEFINED 05              30800        0        0
SANGAMO BIOSCIENCES INC        COM              800677106      154    16100 SH  PUT  DEFINED 05              16100        0        0
SCHLUMBERGER LTD               COM              806857108      861    11500 SH  CALL DEFINED 05              11500        0        0
SCHLUMBERGER LTD               COM              806857108      591     7900 SH  PUT  DEFINED 05               7900        0        0
SCIENTIFIC GAMES CORP          CL A             80874P109      569    65000 SH  CALL DEFINED 05              65000        0        0
SEAGATE TECHNOLOGY PLC         SHS              G7945M107     1473    40300 SH  CALL DEFINED 05              40300        0        0
SEAGATE TECHNOLOGY PLC         SHS              G7945M107      341     9300 SH  PUT  DEFINED 05               9300        0        0
SELECT SECTOR SPDR TR          SBI INT-ENERGY   81369Y506       32      400 SH  CALL DEFINED 05                400        0        0
SELECT SECTOR SPDR TR          SBI INT-ENERGY   81369Y506      943    11900 SH  PUT  DEFINED 05              11900        0        0
SELECT SECTOR SPDR TR          SBI INT-FINL     81369Y605       96     5300 SH  CALL DEFINED 05               5300        0        0
SELECT SECTOR SPDR TR          SBI INT-FINL     81369Y605     1596    87800 SH  PUT  DEFINED 05              87800        0        0
SILVER WHEATON CORP            COM              828336107      707    22600 SH  PUT  DEFINED 05              22600        0        0
SLM CORP                       COM              78442P106    10163   495800 SH  CALL DEFINED 05             495800        0        0
SOUTHERN CO                    COM              842587107      239     5100 SH  CALL DEFINED 05               5100        0        0
SPDR GOLD TRUST                GOLD SHS         78463V107     3594    23300 SH  CALL DEFINED 05              23300        0        0
SPDR GOLD TRUST                GOLD SHS         78463V107     3843    24900 SH  PUT  DEFINED 05              24900        0        0
SPDR S&P 500 ETF TR            TR UNIT          78462F103    53581   342000 SH  PUT  DEFINED 02             342000        0        0
SPDR S&P 500 ETF TR            TR UNIT          78462F103     1567    10000 SH  PUT  DEFINED 05              10000        0        0
SPDR S&P MIDCAP 400 ETF TR     UTSER1 S&PDCRP   78467Y107   118827   566598 SH  CALL DEFINED 03             566598        0        0
SPRINT NEXTEL CORP             COM SER 1        852061100     1355   218200 SH  CALL DEFINED 02             218200        0        0
STARBUCKS CORP                 COM              855244109      723    12700 SH  CALL DEFINED 05              12700        0        0
STARBUCKS CORP                 COM              855244109      223     3900 SH  PUT  DEFINED 05               3900        0        0
STATE STR CORP                 COM              857477103      254     4300 SH  PUT  DEFINED 05               4300        0        0
SUPERVALU INC                  COM              868536103        5      900 SH  CALL DEFINED 05                900        0        0
SUPERVALU INC                  COM              868536103     1050   208200 SH  PUT  DEFINED 02             208200        0        0
SYMANTEC CORP                  COM              871503108      303    12300 SH  PUT  DEFINED 05              12300        0        0
TARGET CORP                    COM              87612E106      596     8700 SH  PUT  DEFINED 05               8700        0        0
TARGET CORP                    COM              87612E106      226     3300 SH  CALL DEFINED 05               3300        0        0
TESORO CORP                    COM              881609101        6      100 SH  PUT  DEFINED 05                100        0        0
TESORO CORP                    COM              881609101    14655   250300 SH  CALL DEFINED 02             250300        0        0
TESORO CORP                    COM              881609101      258     4400 SH  CALL DEFINED 05               4400        0        0
TEXAS INSTRS INC               COM              882508104      230     6500 SH  CALL DEFINED 05               6500        0        0
THERAVANCE INC                 COM              88338T104      203     8600 SH  CALL DEFINED 05               8600        0        0
TRANSOCEAN LTD                 REG SHS          H8817H100      301     5800 SH  PUT  DEFINED 05               5800        0        0
U S AIRWAYS GROUP INC          COM              90341W108      170    10000 SH  PUT  DEFINED 05              10000        0        0
UNION PAC CORP                 COM              907818108      256     1800 SH  CALL DEFINED 05               1800        0        0
UNITED PARCEL SERVICE INC      CL B             911312106     2010    23400 SH  CALL DEFINED 05              23400        0        0
UNITED PARCEL SERVICE INC      CL B             911312106     1478    17200 SH  PUT  DEFINED 05              17200        0        0
UNITED STATES STL CORP NEW     COM              912909108      502    25600 SH  PUT  DEFINED 05              25600        0        0
UNITED TECHNOLOGIES CORP       COM              913017109       66      700 SH  CALL DEFINED 05                700        0        0
UNITED TECHNOLOGIES CORP       COM              913017109      794     8500 SH  PUT  DEFINED 05               8500        0        0
UNITED THERAPEUTICS CORP DEL   COM              91307C102      304     5000 SH  CALL DEFINED 05               5000        0        0
UNITED THERAPEUTICS CORP DEL   COM              91307C102     1108    18200 SH  PUT  DEFINED 05              18200        0        0
UNITEDHEALTH GROUP INC         COM              91324P102      378     6600 SH  CALL DEFINED 05               6600        0        0
UNITEDHEALTH GROUP INC         COM              91324P102      251     4400 SH  PUT  DEFINED 05               4400        0        0
US BANCORP DEL                 COM NEW          902973304       68     2000 SH  CALL DEFINED 05               2000        0        0
US BANCORP DEL                 COM NEW          902973304      322     9500 SH  PUT  DEFINED 05               9500        0        0
VALE S A                       ADR              91912E105      358    20600 SH  PUT  DEFINED 05              20600        0        0
VALERO ENERGY CORP NEW         COM              91913Y100     2584    56800 SH  PUT  DEFINED 02              56800        0        0
VALERO ENERGY CORP NEW         COM              91913Y100      532    11700 SH  PUT  DEFINED 05              11700        0        0
VALERO ENERGY CORP NEW         COM              91913Y100      478    10500 SH  CALL DEFINED 05              10500        0        0
VALERO ENERGY CORP NEW         COM              91913Y100     5459   120000 SH  CALL DEFINED 02             120000        0        0
VANGUARD INTL EQUITY INDEX F   FTSE EMR MKT ETF 922042858    14142   329687 SH  CALL DEFINED 03             329687        0        0
VERIFONE SYS INC               COM              92342Y109      331    16000 SH  CALL DEFINED 05              16000        0        0
VERIZON COMMUNICATIONS INC     COM              92343V104     2113    43000 SH  CALL DEFINED 02              43000        0        0
VERIZON COMMUNICATIONS INC     COM              92343V104      319     6500 SH  CALL DEFINED 05               6500        0        0
VERIZON COMMUNICATIONS INC     COM              92343V104     2910    59200 SH  PUT  DEFINED 02              59200        0        0
VERIZON COMMUNICATIONS INC     COM              92343V104      442     9000 SH  PUT  DEFINED 05               9000        0        0
VERTEX PHARMACEUTICALS INC     COM              92532F100     1254    22800 SH  CALL DEFINED 05              22800        0        0
VERTEX PHARMACEUTICALS INC     COM              92532F100      825    15000 SH  PUT  DEFINED 05              15000        0        0
VIACOM INC NEW                 CL B             92553P201      541     8800 SH  PUT  DEFINED 05               8800        0        0
VIRGIN MEDIA INC               COM              92769L101      627    12800 SH  CALL DEFINED 02              12800        0        0
VIRNETX HLDG CORP              COM              92823T108     5467   285100 SH  CALL DEFINED 02             285100        0        0
VIRNETX HLDG CORP              COM              92823T108     4158   216900 SH  PUT  DEFINED 02             216900        0        0
VISA INC                       COM CL A         92826C839      306     1800 SH  CALL DEFINED 05               1800        0        0
VISA INC                       COM CL A         92826C839     1071     6300 SH  PUT  DEFINED 05               6300        0        0
WALGREEN CO                    COM              931422109      287     6000 SH  CALL DEFINED 05               6000        0        0
WALGREEN CO                    COM              931422109     2146    45000 SH  PUT  DEFINED 05              45000        0        0
WAL-MART STORES INC            COM              931142103     4109    54900 SH  CALL DEFINED 02              54900        0        0
WAL-MART STORES INC            COM              931142103      860    11500 SH  CALL DEFINED 05              11500        0        0
WAL-MART STORES INC            COM              931142103     1107    14800 SH  PUT  DEFINED 02              14800        0        0
WAL-MART STORES INC            COM              931142103      755    10100 SH  PUT  DEFINED 05              10100        0        0
WELLPOINT INC                  COM              94973V107      232     3500 SH  PUT  DEFINED 05               3500        0        0
WELLS FARGO & CO NEW           COM              949746101      644    17400 SH  CALL DEFINED 05              17400        0        0
WELLS FARGO & CO NEW           COM              949746101      465    12600 SH  PUT  DEFINED 05              12600        0        0
WESTERN DIGITAL CORP           COM              958102105      296     5900 SH  PUT  DEFINED 05               5900        0        0
WHIRLPOOL CORP                 COM              963320106       59      500 SH  CALL DEFINED 05                500        0        0
WHIRLPOOL CORP                 COM              963320106      783     6600 SH  PUT  DEFINED 05               6600        0        0
WILLIAMS COS INC DEL           COM              969457100      456    12200 SH  CALL DEFINED 05              12200        0        0
WILLIAMS COS INC DEL           COM              969457100      259     6900 SH  PUT  DEFINED 05               6900        0        0
WYNN RESORTS LTD               COM              983134107      175     1400 SH  CALL DEFINED 05               1400        0        0
WYNN RESORTS LTD               COM              983134107      263     2100 SH  PUT  DEFINED 05               2100        0        0
YAHOO INC                      COM              984332106     1503    63900 SH  CALL DEFINED 05              63900        0        0
YAHOO INC                      COM              984332106      711    30300 SH  PUT  DEFINED 05              30300        0        0
YAMANA GOLD INC                COM              98462Y100      216    14000 SH  PUT  DEFINED 05              14000        0        0
YUM BRANDS INC                 COM              988498101      209     2900 SH  PUT  DEFINED 05               2900        0        0
</TABLE>