SEC FORM 13F-HR/A

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE

OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8

Report for the Calendar Year or Quarter Ended: 03-31-2013
Check here if Amendment X Amendment Number: 1
This Amendment (Check only one.): X is a restatement.
   adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: COWEN GROUP, INC.
Address: 599 LEXINGTON AVENUE, 20TH FLOOR
NEW YORK, NY  10022
Form 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:
Owen Littman New YorkNY 05-22-2013
[Signature] [City, State] [Date]
Report Type (Check only one.):
X 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
   13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
   13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)
Form 13F Summary Page
Report Summary:
Number of Other Included Managers: 5
Form 13F Information Table Entry Total: 422
Form 13F Information Table Value Total: 962,687
(thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]
No. Form 13F File Number Name
1 028-13626 Ramius LLC
2 028-10674 RAMIUS ADVISORS LLC
3 028-14361 Ramius Alternative Solutions LLC
4 028-10501 COWEN CAPITAL LLC
5 028-04125 COWEN & COMPANY, LLC

SEC FORM 13-F Information Table

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
3M CO COM 88579Y101 1,053 9,900 SH Put DFND 5 9,900 0 0
3M CO COM 88579Y101 1,488 14,000 SH Call DFND 5 14,000 0 0
ABBOTT LABS COM 002824100 372 10,500 SH Put DFND 5 10,500 0 0
ACME PACKET INC COM 004764106 6,525 223,200 SH Call DFND 2 223,200 0 0
ADOBE SYS INC COM 00724F101 292 6,700 SH Put DFND 5 6,700 0 0
AEGERION PHARMACEUTICALS INC COM 00767E102 553 13,700 SH Call DFND 5 13,700 0 0
AETNA INC NEW COM 00817Y108 1,125 22,000 SH Call DFND 5 22,000 0 0
AETNA INC NEW COM 00817Y108 829 16,200 SH Put DFND 5 16,200 0 0
AKAMAI TECHNOLOGIES INC COM 00971T101 1,605 45,400 SH Call DFND 5 45,400 0 0
AKAMAI TECHNOLOGIES INC COM 00971T101 782 22,100 SH Put DFND 5 22,100 0 0
ALCOA INC COM 013817101 121 14,200 SH Call DFND 5 14,200 0 0
ALPHA NATURAL RESOURCES INC COM 02076X102 87 10,500 SH Put DFND 5 10,500 0 0
ALTERRA CAPITAL HOLDINGS LIM COM G0229R108 20,475 650,192 SH   DFND 2 650,192 0 0
ALTRIA GROUP INC COM 02209S103 324 9,400 SH Call DFND 5 9,400 0 0
ALTRIA GROUP INC COM 02209S103 499 14,500 SH Put DFND 5 14,500 0 0
AMERICAN EXPRESS CO COM 025816109 317 4,700 SH Call DFND 5 4,700 0 0
AMERICAN EXPRESS CO COM 025816109 789 11,700 SH Put DFND 5 11,700 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 2,518 64,800 SH Call DFND 5 64,800 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 918 23,600 SH Put DFND 5 23,600 0 0
AMERISTAR CASINOS INC COM 03070Q101 9,680 369,037 SH   DFND 2 369,037 0 0
AMGEN INC COM 031162100 1,159 11,300 SH Call DFND 5 11,300 0 0
AMGEN INC COM 031162100 216 2,100 SH Put DFND 5 2,100 0 0
ANADARKO PETE CORP COM 032511107 393 4,500 SH Call DFND 5 4,500 0 0
ANADARKO PETE CORP COM 032511107 210 2,400 SH Put DFND 5 2,400 0 0
AOL INC COM 00184X105 1,967 51,100 SH Call DFND 5 51,100 0 0
APACHE CORP COM 037411105 247 3,200 SH Call DFND 5 3,200 0 0
APACHE CORP COM 037411105 856 11,100 SH Put DFND 5 11,100 0 0
APPLE INC COM 037833100 4,427 10,000 SH Call DFND 2 10,000 0 0
APPLE INC COM 037833100 4,427 10,000 SH Put DFND 2 10,000 0 0
ARBITRON INC COM 03875Q108 9,133 194,862 SH   DFND 2 194,862 0 0
ARBITRON INC COM 03875Q108 234 5,000 SH Put DFND 5 5,000 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L104 355 27,200 SH Put DFND 5 27,200 0 0
ARCH COAL INC COM 039380100 114 20,900 SH Call DFND 5 20,900 0 0
ARIAD PHARMACEUTICALS INC COM 04033A100 814 45,000 SH   DFND 2 45,000 0 0
AT&T INC COM 00206R102 1,651 45,000 SH Call DFND 2 45,000 0 0
AT&T INC COM 00206R102 254 6,900 SH Call DFND 5 6,900 0 0
AT&T INC COM 00206R102 293 8,000 SH Put DFND 5 8,000 0 0
BAKER HUGHES INC COM 057224107 201 4,300 SH Put DFND 5 4,300 0 0
BANK OF AMERICA CORPORATION COM 060505104 8,526 700,000 SH Call DFND 2 700,000 0 0
BANK OF AMERICA CORPORATION COM 060505104 392 32,300 SH Call DFND 5 32,300 0 0
BANK OF AMERICA CORPORATION COM 060505104 866 70,900 SH Put DFND 5 70,900 0 0
BARRICK GOLD CORP COM 067901108 336 11,400 SH Call DFND 5 11,400 0 0
BARRICK GOLD CORP COM 067901108 295 10,000 SH Put DFND 5 10,000 0 0
BAXTER INTL INC COM 071813109 10,575 145,600 SH Call DFND 5 145,600 0 0
BAXTER INTL INC COM 071813109 393 5,400 SH Put DFND 5 5,400 0 0
BERRY PETE CO CL A 085789105 1,368 29,554 SH   DFND 2 29,554 0 0
BEST BUY INC COM 086516101 342 15,500 SH Call DFND 5 15,500 0 0
BEST BUY INC COM 086516101 1,243 56,100 SH Put DFND 2 56,100 0 0
BEST BUY INC COM 086516101 245 11,100 SH Put DFND 5 11,100 0 0
BMC SOFTWARE INC COM 055921100 695 15,000 SH   DFND 2 15,000 0 0
BOEING CO COM 097023105 766 8,900 SH Put DFND 5 8,900 0 0
BP PLC SPONSORED ADR 055622104 287 6,800 SH Call DFND 5 6,800 0 0
BP PLC SPONSORED ADR 055622104 748 17,700 SH Put DFND 5 17,700 0 0
BP PRUDHOE BAY RTY TR UNIT BEN INT 055630107 250 3,000 SH   DFND 2 3,000 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 308 7,500 SH Call DFND 5 7,500 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 296 7,200 SH Put DFND 5 7,200 0 0
BROADCOM CORP CL A 111320107 995 28,700 SH Call DFND 5 28,700 0 0
BROADCOM CORP CL A 111320107 228 6,600 SH Put DFND 5 6,600 0 0
BUCKEYE PARTNERS L P UNIT LTD PARTN 118230101 535 8,750 SH   DFND 2 8,750 0 0
CANADIAN PAC RY LTD COM 13645T100 2,348 18,000 SH Call DFND 5 18,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 277 5,050 SH   DFND 2 5,050 0 0
CAPITAL ONE FINL CORP COM 14040H105 209 3,800 SH Call DFND 5 3,800 0 0
CARDINAL HEALTH INC COM 14149Y108 508 12,200 SH Call DFND 5 12,200 0 0
CATERPILLAR INC DEL COM 149123101 514 5,900 SH Put DFND 5 5,900 0 0
CATERPILLAR INC DEL COM 149123101 399 4,600 SH Call DFND 5 4,600 0 0
CENTERPOINT ENERGY INC COM 15189T107 4,552 190,000 SH Call DFND 5 190,000 0 0
CENTRAL FD CDA LTD CL A 153501101 775 40,000 SH   DFND 2 40,000 0 0
CHENIERE ENERGY INC COM NEW 16411R208 204 7,300 SH Put DFND 5 7,300 0 0
CHESAPEAKE ENERGY CORP COM 165167107 444 21,800 SH Call DFND 5 21,800 0 0
CHESAPEAKE ENERGY CORP COM 165167107 1,093 53,600 SH Put DFND 5 53,600 0 0
CHEVRON CORP NEW COM 166764100 607 5,100 SH Call DFND 5 5,100 0 0
CHEVRON CORP NEW COM 166764100 879 7,400 SH Put DFND 5 7,400 0 0
CISCO SYS INC COM 17275R102 1,093 52,300 SH Call DFND 5 52,300 0 0
CISCO SYS INC COM 17275R102 625 30,000 SH Put DFND 5 30,000 0 0
CITIGROUP INC COM NEW 172967424 1,833 41,500 SH Call DFND 5 41,500 0 0
CITIGROUP INC COM NEW 172967424 1,471 33,300 SH Put DFND 5 33,300 0 0
CLEARWIRE CORP NEW CL A 18538Q105 742 228,900 SH Call DFND 5 228,900 0 0
CLEARWIRE CORP NEW CL A 18538Q105 204 63,000 SH Put DFND 2 63,000 0 0
CLEARWIRE CORP NEW CL A 18538Q105 547 168,913 SH   DFND 2 168,913 0 0
CLIFFS NAT RES INC COM 18683K101 227 11,800 SH Put DFND 5 11,800 0 0
CLOROX CO DEL COM 189054109 230 2,600 SH Put DFND 5 2,600 0 0
COBALT INTL ENERGY INC COM 19075F106 1,410 50,000 SH Call DFND 5 50,000 0 0
COCA COLA CO COM 191216100 542 13,400 SH Call DFND 5 13,400 0 0
COCA COLA CO COM 191216100 416 10,300 SH Put DFND 5 10,300 0 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 360 4,700 SH Call DFND 5 4,700 0 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 276 3,600 SH Put DFND 5 3,600 0 0
COLGATE PALMOLIVE CO COM 194162103 696 5,900 SH Put DFND 5 5,900 0 0
COMCAST CORP NEW CL A 20030N101 369 8,800 SH Call DFND 5 8,800 0 0
COMCAST CORP NEW CL A 20030N101 525 12,500 SH Put DFND 5 12,500 0 0
COMMONWEALTH REIT COM SH BEN INT 203233101 997 44,400 SH Put DFND 2 44,400 0 0
COMPUWARE CORP COM 205638109 418 33,441 SH   DFND 2 33,441 0 0
CONOCOPHILLIPS COM 20825C104 354 5,900 SH Call DFND 5 5,900 0 0
CONSTELLATION BRANDS INC CL A 21036P108 486 10,200 SH Call DFND 5 10,200 0 0
CONSTELLATION BRANDS INC CL A 21036P108 17,889 375,500 SH Put DFND 2 375,500 0 0
CONSTELLATION BRANDS INC CL A 21036P108 300 6,300 SH Put DFND 5 6,300 0 0
CONSTELLATION BRANDS INC CL A 21036P108 2,738 57,478 SH   DFND 2 57,478 0 0
COPANO ENERGY L L C COM UNITS 217202100 2,980 73,545 SH   DFND 2 73,545 0 0
CORRECTIONS CORP AMER NEW COM NEW 22025Y407 2,735 70,000 SH   DFND 2 70,000 0 0
COSTCO WHSL CORP NEW COM 22160K105 542 5,100 SH Call DFND 5 5,100 0 0
COVENTRY HEALTH CARE INC COM 222862104 14,812 314,953 SH   DFND 2 314,953 0 0
COWEN GROUP INC NEW CL A 223622101 4,317 1,530,720 SH   DFND 2 1,530,720 0 0
CREXUS INVT CORP COM 226553105 332 25,500 SH   DFND 2 25,500 0 0
CREXUS INVT CORP COM 226553105 1,544 118,600 SH Put DFND 2 118,600 0 0
CROWN HOLDINGS INC COM 228368106 524 12,600 SH Call DFND 5 12,600 0 0
CSX CORP COM 126408103 285 11,600 SH Call DFND 5 11,600 0 0
CYMER INC COM 232572107 8,904 92,600 SH Put DFND 2 92,600 0 0
CYMER INC COM 232572107 12,755 132,659 SH   DFND 2 132,659 0 0
DANAHER CORP DEL COM 235851102 255 4,100 SH Call DFND 5 4,100 0 0
DEAN FOODS CO NEW COM 242370104 2,770 152,758 SH   DFND 2 152,758 0 0
DEERE & CO COM 244199105 740 8,600 SH Call DFND 5 8,600 0 0
DELL INC COM 24702R101 1,770 123,500 SH   DFND 2 123,500 0 0
DELL INC COM 24702R101 6,655 464,400 SH Call DFND 2 464,400 0 0
DELL INC COM 24702R101 1,519 105,900 SH Call DFND 5 105,900 0 0
DELL INC COM 24702R101 1,460 101,900 SH Put DFND 2 101,900 0 0
DELL INC COM 24702R101 1,622 113,200 SH Put DFND 5 113,200 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 325 8,300 SH Put DFND 5 8,300 0 0
DISNEY WALT CO COM DISNEY 254687106 471 8,300 SH Put DFND 5 8,300 0 0
DISNEY WALT CO COM DISNEY 254687106 511 9,000 SH Call DFND 5 9,000 0 0
DOW CHEM CO COM 260543103 726 22,800 SH Put DFND 5 22,800 0 0
DU PONT E I DE NEMOURS & CO COM 263534109 1,002 20,400 SH Put DFND 5 20,400 0 0
DU PONT E I DE NEMOURS & CO COM 263534109 618 12,600 SH Call DFND 5 12,600 0 0
E M C CORP MASS COM 268648102 487 20,400 SH Put DFND 5 20,400 0 0
EASTMAN CHEM CO COM 277432100 3,144 45,000 SH Call DFND 5 45,000 0 0
EATON CORP PLC SHS G29183103 429 7,000 SH Call DFND 5 7,000 0 0
EBAY INC COM 278642103 677 12,500 SH Call DFND 5 12,500 0 0
EBAY INC COM 278642103 1,452 26,800 SH Put DFND 5 26,800 0 0
ELAN PLC ADR 284131208 176 14,917 SH   DFND 2 14,917 0 0
ELAN PLC ADR 284131208 767 65,000 SH Call DFND 5 65,000 0 0
ENDO HEALTH SOLUTIONS INC COM 29264F205 692 22,500 SH Call DFND 5 22,500 0 0
ENERGY XXI (BERMUDA) LTD USD UNRS SHS G10082140 313 11,500 SH   DFND 2 11,500 0 0
ENERGYSOLUTIONS INC COM 292756202 2,022 539,199 SH   DFND 2 539,199 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 1,711 28,375 SH   DFND 2 28,375 0 0
EXELON CORP COM 30161N101 428 12,400 SH Call DFND 5 12,400 0 0
EXPEDIA INC DEL COM NEW 30212P303 246 4,100 SH Put DFND 5 4,100 0 0
EXPEDITORS INTL WASH INC COM 302130109 291 8,100 SH Put DFND 5 8,100 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 1,849 32,100 SH Call DFND 5 32,100 0 0
EXXON MOBIL CORP COM 30231G102 313 3,471 SH   DFND 2 3,471 0 0
EXXON MOBIL CORP COM 30231G102 2,693 29,900 SH Call DFND 5 29,900 0 0
EXXON MOBIL CORP COM 30231G102 2,575 28,600 SH Put DFND 5 28,600 0 0
F M C CORP COM NEW 302491303 3,233 56,700 SH Call DFND 5 56,700 0 0
FACEBOOK INC CL A 30303M102 1,347 52,700 SH Call DFND 5 52,700 0 0
FACEBOOK INC CL A 30303M102 1,590 62,100 SH Put DFND 5 62,100 0 0
FEDEX CORP COM 31428X106 305 3,100 SH Put DFND 5 3,100 0 0
FEDEX CORP COM 31428X106 334 3,400 SH Call DFND 5 3,400 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 267 20,300 SH Call DFND 5 20,300 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 149 11,400 SH Put DFND 5 11,400 0 0
FRANCO NEVADA CORP COM 351858105 5,269 115,564 SH   DFND 2 115,564 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 3,658 110,500 SH Call DFND 2 110,500 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 1,079 32,600 SH Put DFND 2 32,600 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 1,314 39,700 SH Put DFND 5 39,700 0 0
GARDNER DENVER INC COM 365558105 2,246 29,900 SH   DFND 2 29,900 0 0
GARDNER DENVER INC COM 365558105 15,773 210,000 SH Call DFND 5 210,000 0 0
GARDNER DENVER INC COM 365558105 646 8,600 SH Put DFND 5 8,600 0 0
GENERAL DYNAMICS CORP COM 369550108 296 4,200 SH Put DFND 5 4,200 0 0
GENERAL ELECTRIC CO COM 369604103 264 11,400 SH Call DFND 5 11,400 0 0
GENERAL ELECTRIC CO COM 369604103 630 27,300 SH Put DFND 5 27,300 0 0
GENERAL MTRS CO COM 37045V100 482 17,300 SH Call DFND 5 17,300 0 0
GENESIS ENERGY L P UNIT LTD PARTN 371927104 289 6,000 SH   DFND 2 6,000 0 0
GEO GROUP INC COM 36159R103 3,445 91,584 SH   DFND 2 91,584 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 1,090 7,400 SH Put DFND 5 7,400 0 0
GOOGLE INC CL A 38259P508 834 1,050 SH   DFND 2 1,050 0 0
GRACE W R & CO DEL NEW COM 38388F108 1,170 15,100 SH Call DFND 5 15,100 0 0
HALLIBURTON CO COM 406216101 253 6,265 SH   DFND 2 6,265 0 0
HALLIBURTON CO COM 406216101 13,942 345,000 SH Call DFND 5 345,000 0 0
HALLIBURTON CO COM 406216101 368 9,100 SH Put DFND 2 9,100 0 0
HALLIBURTON CO COM 406216101 504 12,500 SH Put DFND 5 12,500 0 0
HARRIS TEETER SUPERMARKETS I COM 414585109 1,411 33,039 SH   DFND 2 33,039 0 0
HCA HOLDINGS INC COM 40412C101 281 6,900 SH Put DFND 5 6,900 0 0
HECLA MNG CO COM 422704106 41 10,500 SH Put DFND 5 10,500 0 0
HEINZ H J CO COM 423074103 14,729 203,800 SH Call DFND 2 203,800 0 0
HEINZ H J CO COM 423074103 2,891 40,000 SH Put DFND 5 40,000 0 0
HEINZ H J CO COM 423074103 6,018 83,274 SH   DFND 2 83,274 0 0
HESS CORP COM 42809H107 216 3,000 SH Put DFND 5 3,000 0 0
HEWLETT PACKARD CO COM 428236103 1,083 45,400 SH Call DFND 5 45,400 0 0
HEWLETT PACKARD CO COM 428236103 301 12,600 SH Put DFND 5 12,600 0 0
HOME DEPOT INC COM 437076102 608 8,700 SH Call DFND 5 8,700 0 0
HOME DEPOT INC COM 437076102 1,969 28,200 SH Put DFND 5 28,200 0 0
HONEYWELL INTL INC COM 438516106 205 2,700 SH Put DFND 5 2,700 0 0
HORSEHEAD HLDG CORP COM 440694305 1,636 150,413 SH   DFND 2 150,413 0 0
HOT TOPIC INC COM 441339108 334 24,071 SH   DFND 2 24,071 0 0
HOUSTON AMERN ENERGY CORP COM 44183U100 8 38,000 SH   DFND 2 38,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 225 3,700 SH Call DFND 5 3,700 0 0
INERGY L P UNIT LTD PTNR 456615103 373 18,250 SH   DFND 2 18,250 0 0
INFORMATICA CORP COM 45666Q102 979 28,400 SH Put DFND 5 28,400 0 0
INTEL CORP COM 458140100 3,551 162,700 SH Put DFND 5 162,700 0 0
INTEL CORP COM 458140100 4,068 186,300 SH Call DFND 5 186,300 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 1,013 4,750 SH   DFND 2 4,750 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 1,941 9,100 SH Call DFND 5 9,100 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 1,024 4,800 SH Put DFND 5 4,800 0 0
INTERPUBLIC GROUP COS INC COM 460690100 1,738 133,400 SH Call DFND 5 133,400 0 0
INTL PAPER CO COM 460146103 247 5,300 SH Call DFND 5 5,300 0 0
INTL PAPER CO COM 460146103 230 4,900 SH Put DFND 5 4,900 0 0
INTUIT COM 461202103 558 8,500 SH Put DFND 5 8,500 0 0
IRON MTN INC COM 462846106 3,725 102,580 SH   DFND 2 102,580 0 0
ISHARES GOLD TRUST ISHARES 464285105 449 28,960 SH   DFND 2 28,960 0 0
ISHARES INC MSCI BRAZIL CAPP 464286400 414 7,600 SH Call DFND 5 7,600 0 0
ISHARES INC MSCI BRAZIL CAPP 464286400 5,448 100,000 SH Put DFND 2 100,000 0 0
ISHARES INC MSCI BRAZIL CAPP 464286400 16,344 300,000 SH Call DFND 2 300,000 0 0
ISHARES INC MSCI BRAZIL CAPP 464286400 584 10,700 SH Put DFND 5 10,700 0 0
ISHARES INC MSCI CDA INDEX 464286509 285 10,000 SH   DFND 2 10,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 1,658 60,500 SH Call DFND 5 60,500 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 2,054 74,900 SH Put DFND 5 74,900 0 0
ISHARES TR BARCLYS 20+ YR 464287432 1,202 10,200 SH Call DFND 5 10,200 0 0
ISHARES TR BARCLYS 20+ YR 464287432 2,226 18,900 SH Put DFND 5 18,900 0 0
ISHARES TR RUSSELL1000VAL 464287598 36,534 450,094 SH   DFND 3 450,094 0 0
ISHARES TR RUSSELL 2000 464287655 3,514 37,300 SH Call DFND 5 37,300 0 0
ISHARES TR RUSSELL 2000 464287655 17,942 190,000 SH Put DFND 2 190,000 0 0
ISHARES TR RUSSELL 2000 464287655 3,677 39,000 SH Put DFND 5 39,000 0 0
JOHNSON & JOHNSON COM 478160104 791 9,700 SH Call DFND 5 9,700 0 0
JOHNSON & JOHNSON COM 478160104 2,143 26,300 SH Put DFND 5 26,300 0 0
JOHNSON CTLS INC COM 478366107 341 9,700 SH Call DFND 5 9,700 0 0
JPMORGAN CHASE & CO COM 46625H100 1,569 33,100 SH Put DFND 5 33,100 0 0
JPMORGAN CHASE & CO COM 46625H100 489 10,300 SH Call DFND 5 10,300 0 0
JUNIPER NETWORKS INC COM 48203R104 203 10,900 SH Put DFND 5 10,900 0 0
KB HOME COM 48666K109 1,242 57,000 SH Call DFND 5 57,000 0 0
KB HOME COM 48666K109 756 34,700 SH Put DFND 5 34,700 0 0
KIMBERLY CLARK CORP COM 494368103 1,529 15,600 SH Put DFND 5 15,600 0 0
LAS VEGAS SANDS CORP COM 517834107 463 8,200 SH Call DFND 5 8,200 0 0
LAS VEGAS SANDS CORP COM 517834107 975 17,300 SH Put DFND 5 17,300 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 1,015 50,000 SH   DFND 2 50,000 0 0
LIBERTY GLOBAL INC COM SER C 530555309 5,947 86,650 SH   DFND 2 86,650 0 0
LIFE TECHNOLOGIES CORP COM 53217V109 1,959 30,305 SH   DFND 2 30,305 0 0
LILLY ELI & CO COM 532457108 353 6,200 SH Put DFND 5 6,200 0 0
LILLY ELI & CO COM 532457108 722 12,700 SH Call DFND 5 12,700 0 0
LINNCO LLC COMSHS LTD INT 535782106 386 9,900 SH Call DFND 5 9,900 0 0
LORAL SPACE & COMMUNICATNS I COM 543881106 217 3,500 SH Call DFND 5 3,500 0 0
LORILLARD INC COM 544147101 209 5,200 SH Call DFND 5 5,200 0 0
LOWES COS INC COM 548661107 1,380 36,400 SH Call DFND 5 36,400 0 0
LULULEMON ATHLETICA INC COM 550021109 361 5,800 SH Put DFND 5 5,800 0 0
MACYS INC COM 55616P104 461 11,000 SH Call DFND 5 11,000 0 0
MACYS INC COM 55616P104 347 8,300 SH Put DFND 5 8,300 0 0
MAGELLAN HEALTH SVCS INC COM NEW 559079207 2,854 60,000 SH Put DFND 5 60,000 0 0
MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 1,860 34,810 SH   DFND 2 34,810 0 0
MANNKIND CORP COM 56400P201 425 125,500 SH Call DFND 5 125,500 0 0
MARATHON OIL CORP COM 565849106 398 11,800 SH Call DFND 5 11,800 0 0
MCDONALDS CORP COM 580135101 330 3,300 SH Put DFND 5 3,300 0 0
MCDONALDS CORP COM 580135101 499 5,000 SH Call DFND 5 5,000 0 0
MCGRAW HILL COS INC COM 580645109 495 9,500 SH Put DFND 5 9,500 0 0
MCGRAW HILL COS INC COM 580645109 495 9,500 SH Call DFND 5 9,500 0 0
MCKESSON CORP COM 58155Q103 302 2,800 SH Call DFND 5 2,800 0 0
MCMORAN EXPLORATION CO COM 582411104 1,183 72,344 SH   DFND 2 72,344 0 0
MEDICINES CO COM 584688105 935 28,000 SH Call DFND 5 28,000 0 0
MEDTRONIC INC COM 585055106 385 8,200 SH Put DFND 5 8,200 0 0
MERCK & CO INC NEW COM 58933Y105 477 10,800 SH Call DFND 5 10,800 0 0
MERCK & CO INC NEW COM 58933Y105 433 9,800 SH Put DFND 5 9,800 0 0
METLIFE INC COM 59156R108 567 14,900 SH Call DFND 5 14,900 0 0
METLIFE INC COM 59156R108 640 16,800 SH Put DFND 5 16,800 0 0
METROPCS COMMUNICATIONS INC COM 591708102 1,590 145,909 SH   DFND 2 145,909 0 0
METROPCS COMMUNICATIONS INC COM 591708102 4,480 411,000 SH Call DFND 2 411,000 0 0
MICHAEL KORS HLDGS LTD SHS G60754101 438 7,700 SH Put DFND 5 7,700 0 0
MICRON TECHNOLOGY INC COM 595112103 199 19,900 SH Put DFND 5 19,900 0 0
MICROSOFT CORP COM 594918104 444 15,500 SH Put DFND 5 15,500 0 0
MICROSOFT CORP COM 594918104 947 33,100 SH Call DFND 5 33,100 0 0
MONDELEZ INTL INC CL A 609207105 276 9,000 SH Put DFND 5 9,000 0 0
MONSANTO CO NEW COM 61166W101 285 2,700 SH Call DFND 5 2,700 0 0
MONSANTO CO NEW COM 61166W101 1,583 15,000 SH Put DFND 5 15,000 0 0
MORGAN STANLEY COM NEW 617446448 520 23,700 SH Call DFND 5 23,700 0 0
MORGAN STANLEY COM NEW 617446448 530 24,200 SH Put DFND 5 24,200 0 0
MOSAIC CO NEW COM 61945C103 233 3,900 SH Put DFND 5 3,900 0 0
MOTOROLA SOLUTIONS INC COM NEW 620076307 1,185 18,500 SH Call DFND 5 18,500 0 0
MYLAN INC COM 628530107 434 15,000 SH Call DFND 5 15,000 0 0
MYLAN INC COM 628530107 2,027 70,000 SH Put DFND 5 70,000 0 0
NABORS INDUSTRIES LTD SHS G6359F103 1,995 123,000 SH   DFND 2 123,000 0 0
NETAPP INC COM 64110D104 395 11,600 SH Put DFND 5 11,600 0 0
NETAPP INC COM 64110D104 245 7,200 SH Call DFND 5 7,200 0 0
NEWMONT MINING CORP COM 651639106 352 8,400 SH Call DFND 5 8,400 0 0
NEWMONT MINING CORP COM 651639106 863 20,600 SH Put DFND 5 20,600 0 0
NEWS CORP CL A 65248E104 546 17,900 SH Put DFND 5 17,900 0 0
NII HLDGS INC CL B NEW 62913F201 216 50,000 SH   DFND 2 50,000 0 0
NIKE INC CL B 654106103 272 4,600 SH Call DFND 5 4,600 0 0
NIKE INC CL B 654106103 313 5,300 SH Put DFND 5 5,300 0 0
NORTHWEST PIPE CO COM 667746101 1,525 54,501 SH   DFND 2 54,501 0 0
NUCOR CORP COM 670346105 333 7,200 SH Call DFND 5 7,200 0 0
NUCOR CORP COM 670346105 365 7,900 SH Put DFND 5 7,900 0 0
NYSE EURONEXT COM 629491101 4,444 115,004 SH   DFND 2 115,004 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 438 5,600 SH Put DFND 5 5,600 0 0
ONEOK PARTNERS LP UNIT LTD PARTN 68268N103 403 7,015 SH   DFND 2 7,015 0 0
ONYX PHARMACEUTICALS INC COM 683399109 871 9,800 SH Call DFND 5 9,800 0 0
ORACLE CORP COM 68389X105 657 20,400 SH Call DFND 5 20,400 0 0
ORACLE CORP COM 68389X105 540 16,800 SH Put DFND 5 16,800 0 0
OSI SYSTEMS INC COM 671044105 2,541 40,800 SH Call DFND 5 40,800 0 0
PALOMAR MED TECHNOLOGIES INC COM NEW 697529303 1,051 77,896 SH   DFND 2 77,896 0 0
PEABODY ENERGY CORP COM 704549104 406 19,300 SH Put DFND 5 19,300 0 0
PENN NATL GAMING INC COM 707569109 4,899 90,000 SH   DFND 2 90,000 0 0
PENNEY J C INC COM 708160106 241 15,900 SH Call DFND 5 15,900 0 0
PENNEY J C INC COM 708160106 525 34,600 SH Put DFND 5 34,600 0 0
PEPSICO INC COM 713448108 601 7,600 SH Call DFND 5 7,600 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 292 17,700 SH Put DFND 5 17,700 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 1,988 120,000 SH Call DFND 2 120,000 0 0
PFIZER INC COM 717081103 421 14,600 SH Put DFND 5 14,600 0 0
PFIZER INC COM 717081103 450 15,600 SH Call DFND 5 15,600 0 0
PHILIP MORRIS INTL INC COM 718172109 333 3,600 SH Put DFND 5 3,600 0 0
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 1,388 24,570 SH   DFND 2 24,570 0 0
PLAINS EXPL& PRODTN CO COM 726505100 9,724 204,839 SH   DFND 2 204,839 0 0
PLAINS EXPL& PRODTN CO COM 726505100 7,889 166,200 SH Call DFND 2 166,200 0 0
PNC FINL SVCS GROUP INC COM 693475105 439 6,600 SH Put DFND 5 6,600 0 0
POTASH CORP SASK INC COM 73755L107 426 10,800 SH Put DFND 5 10,800 0 0
POWERSHARES ETF TRUST II SENIOR LN PORT 73936Q769 28,064 1,118,100 SH   DFND 3 1,118,100 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 1,200 17,398 SH   DFND 2 17,398 0 0
PROCERA NETWORKS INC COM NEW 74269U203 595 50,000 SH   DFND 2 50,000 0 0
PROCTER & GAMBLE CO COM 742718109 871 11,300 SH Put DFND 5 11,300 0 0
PROCTER & GAMBLE CO COM 742718109 1,395 18,100 SH Call DFND 5 18,100 0 0
PROSHARES TR PSHS ULSHT SP500 74347B300 220 5,000 SH   DFND 2 5,000 0 0
PRUDENTIAL FINL INC COM 744320102 277 4,700 SH Call DFND 5 4,700 0 0
PULTE GROUP INC COM 745867101 234 11,600 SH Put DFND 5 11,600 0 0
QEP RES INC COM 74733V100 1,274 40,000 SH   DFND 2 40,000 0 0
QUALCOMM INC COM 747525103 1,144 17,100 SH Call DFND 5 17,100 0 0
QUALCOMM INC COM 747525103 1,693 25,300 SH Put DFND 5 25,300 0 0
RADIAN GROUP INC COM 750236101 116 10,900 SH Call DFND 5 10,900 0 0
RED HAT INC COM 756577102 409 8,100 SH Put DFND 5 8,100 0 0
REPUBLIC AWYS HLDGS INC COM 760276105 1,165 100,969 SH   DFND 2 100,969 0 0
RESEARCH IN MOTION LTD COM 760975102 506 35,000 SH   DFND 2 35,000 0 0
RESEARCH IN MOTION LTD COM 760975102 769 53,500 SH Call DFND 5 53,500 0 0
RESEARCH IN MOTION LTD COM 760975102 623 43,200 SH Put DFND 5 43,200 0 0
RLJ ENTMT INC COM 74965F104 63 13,503 SH   DFND 2 13,503 0 0
ROCKWOOD HLDGS INC COM 774415103 2,703 41,300 SH Call DFND 5 41,300 0 0
ROSS STORES INC COM 778296103 279 4,600 SH Put DFND 5 4,600 0 0
SAIC INC COM 78390X101 1,228 90,650 SH   DFND 2 90,650 0 0
SANCHEZ ENERGY CORP COM 79970Y105 3,593 180,388 SH   DFND 2 180,388 0 0
SANCHEZ ENERGY CORP COM 79970Y105 16,419 824,260 SH   DFND RAMIUS LLC 824,260 0 0
SANDISK CORP COM 80004C101 870 15,800 SH Call DFND 5 15,800 0 0
SANDRIDGE ENERGY INC COM 80007P307 163 30,800 SH Call DFND 5 30,800 0 0
SANGAMO BIOSCIENCES INC COM 800677106 154 16,100 SH Put DFND 5 16,100 0 0
SAUER-DANFOSS INC COM 804137107 2,144 36,701 SH   DFND 2 36,701 0 0
SCHLUMBERGER LTD COM 806857108 861 11,500 SH Call DFND 5 11,500 0 0
SCHLUMBERGER LTD COM 806857108 591 7,900 SH Put DFND 5 7,900 0 0
SCHWAB CHARLES CORP NEW COM 808513105 531 30,000 SH   DFND 2 30,000 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 569 65,000 SH Call DFND 5 65,000 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 2,659 303,831 SH   DFND 2 303,831 0 0
SEAGATE TECHNOLOGY PLC SHS G7945M107 1,473 40,300 SH Call DFND 5 40,300 0 0
SEAGATE TECHNOLOGY PLC SHS G7945M107 341 9,300 SH Put DFND 5 9,300 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 943 11,900 SH Put DFND 5 11,900 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 1,596 87,800 SH Put DFND 5 87,800 0 0
SIGA TECHNOLOGIES INC COM 826917106 1,018 284,432 SH   DFND 2 284,432 0 0
SILVER WHEATON CORP COM 828336107 707 22,600 SH Put DFND 5 22,600 0 0
SLM CORP COM 78442P106 10,163 495,800 SH Call DFND 5 495,800 0 0
SMITHFIELD FOODS INC COM 832248108 662 25,000 SH   DFND 2 25,000 0 0
SOUTHERN CO COM 842587107 239 5,100 SH Call DFND 5 5,100 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 879 5,690 SH   DFND 2 5,690 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 3,594 23,300 SH Call DFND 5 23,300 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 3,843 24,900 SH Put DFND 5 24,900 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 3,916 24,995 SH   DFND 2 24,995 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 1,567 10,000 SH Put DFND 5 10,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 53,581 342,000 SH Put DFND 2 342,000 0 0
SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP 78467Y107 118,827 566,598 SH   DFND 3 566,598 0 0
SPDR SERIES TRUST BRC HGH YLD BD 78464A417 1,320 32,100 SH   DFND 2 32,100 0 0
SPRINT NEXTEL CORP COM SER 1 852061100 1,355 218,200 SH Call DFND 2 218,200 0 0
SPROTT PHYSICAL GOLD TRUST UNIT 85207H104 406 30,000 SH   DFND 2 30,000 0 0
STARBUCKS CORP COM 855244109 723 12,700 SH Call DFND 5 12,700 0 0
STARBUCKS CORP COM 855244109 223 3,900 SH Put DFND 5 3,900 0 0
STATE STR CORP COM 857477103 254 4,300 SH Put DFND 5 4,300 0 0
STERLING BANCORP COM 859158107 418 41,157 SH   DFND 2 41,157 0 0
SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 296 6,647 SH   DFND 2 6,647 0 0
SUNOCO LOGISTICS PRTNRS L P COM UNITS 86764L108 2,044 31,259 SH   DFND 2 31,259 0 0
SUPERVALU INC COM 868536103 1,050 208,200 SH Put DFND 2 208,200 0 0
SYMANTEC CORP COM 871503108 303 12,300 SH Put DFND 5 12,300 0 0
TARGET CORP COM 87612E106 596 8,700 SH Put DFND 5 8,700 0 0
TARGET CORP COM 87612E106 226 3,300 SH Call DFND 5 3,300 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 4,888 232,001 SH   DFND 2 232,001 0 0
TESORO CORP COM 881609101 1,171 20,000 SH   DFND 2 20,000 0 0
TESORO CORP COM 881609101 14,655 250,300 SH Call DFND 2 250,300 0 0
TESORO CORP COM 881609101 258 4,400 SH Call DFND 5 4,400 0 0
TEXAS INSTRS INC COM 882508104 230 6,500 SH Call DFND 5 6,500 0 0
THERAVANCE INC COM 88338T104 203 8,600 SH Call DFND 5 8,600 0 0
THRESHOLD PHARMACEUTICAL INC COM NEW 885807206 92 20,000 SH   DFND 2 20,000 0 0
TRANSOCEAN LTD REG SHS H8817H100 3,216 61,900 SH   DFND 2 61,900 0 0
TRANSOCEAN LTD REG SHS H8817H100 301 5,800 SH Put DFND 5 5,800 0 0
U S AIRWAYS GROUP INC COM 90341W108 170 10,000 SH Put DFND 5 10,000 0 0
UNION PAC CORP COM 907818108 256 1,800 SH Call DFND 5 1,800 0 0
UNITED PARCEL SERVICE INC CL B 911312106 2,010 23,400 SH Call DFND 5 23,400 0 0
UNITED PARCEL SERVICE INC CL B 911312106 1,478 17,200 SH Put DFND 5 17,200 0 0
UNITED STATES STL CORP NEW COM 912909108 502 25,600 SH Put DFND 5 25,600 0 0
UNITED TECHNOLOGIES CORP COM 913017109 794 8,500 SH Put DFND 5 8,500 0 0
UNITED THERAPEUTICS CORP DEL COM 91307C102 304 5,000 SH Call DFND 5 5,000 0 0
UNITED THERAPEUTICS CORP DEL COM 91307C102 1,108 18,200 SH Put DFND 5 18,200 0 0
UNITEDHEALTH GROUP INC COM 91324P102 378 6,600 SH Call DFND 5 6,600 0 0
UNITEDHEALTH GROUP INC COM 91324P102 251 4,400 SH Put DFND 5 4,400 0 0
US BANCORP DEL COM NEW 902973304 322 9,500 SH Put DFND 5 9,500 0 0
VALE S A ADR 91912E105 358 20,600 SH Put DFND 5 20,600 0 0
VALERO ENERGY CORP NEW COM 91913Y100 2,584 56,800 SH Put DFND 2 56,800 0 0
VALERO ENERGY CORP NEW COM 91913Y100 532 11,700 SH Put DFND 5 11,700 0 0
VALERO ENERGY CORP NEW COM 91913Y100 478 10,500 SH Call DFND 5 10,500 0 0
VALERO ENERGY CORP NEW COM 91913Y100 5,459 120,000 SH Call DFND 2 120,000 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 14,142 329,687 SH   DFND 3 329,687 0 0
VERIFONE SYS INC COM 92342Y109 331 16,000 SH Call DFND 5 16,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 237 4,829 SH   DFND 2 4,829 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 2,113 43,000 SH Call DFND 2 43,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 319 6,500 SH Call DFND 5 6,500 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 2,910 59,200 SH Put DFND 2 59,200 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 442 9,000 SH Put DFND 5 9,000 0 0
VERTEX PHARMACEUTICALS INC COM 92532F100 1,254 22,800 SH Call DFND 5 22,800 0 0
VERTEX PHARMACEUTICALS INC COM 92532F100 825 15,000 SH Put DFND 5 15,000 0 0
VIACOM INC NEW CL B 92553P201 541 8,800 SH Put DFND 5 8,800 0 0
VIRGIN MEDIA INC COM 92769L101 627 12,800 SH Call DFND 2 12,800 0 0
VIRGIN MEDIA INC COM 92769L101 25,457 519,858 SH   DFND 2 519,858 0 0
VIRNETX HLDG CORP COM 92823T108 4,158 216,900 SH Put DFND 2 216,900 0 0
VIRNETX HLDG CORP COM 92823T108 5,467 285,100 SH Call DFND 2 285,100 0 0
VIRNETX HLDG CORP COM 92823T108 6,547 341,534 SH   DFND 2 341,534 0 0
VISA INC COM CL A 92826C839 306 1,800 SH Call DFND 5 1,800 0 0
VISA INC COM CL A 92826C839 1,071 6,300 SH Put DFND 5 6,300 0 0
VIVUS INC COM 928551100 1,386 126,000 SH   DFND 2 126,000 0 0
WALGREEN CO COM 931422109 287 6,000 SH Call DFND 5 6,000 0 0
WALGREEN CO COM 931422109 2,146 45,000 SH Put DFND 5 45,000 0 0
WAL-MART STORES INC COM 931142103 758 10,125 SH   DFND 2 10,125 0 0
WAL-MART STORES INC COM 931142103 4,109 54,900 SH Call DFND 2 54,900 0 0
WAL-MART STORES INC COM 931142103 860 11,500 SH Call DFND 5 11,500 0 0
WAL-MART STORES INC COM 931142103 1,107 14,800 SH Put DFND 2 14,800 0 0
WAL-MART STORES INC COM 931142103 755 10,100 SH Put DFND 5 10,100 0 0
WALTER INVT MGMT CORP COM 93317W102 422 11,335 SH   DFND 2 11,335 0 0
WELLPOINT INC COM 94973V107 232 3,500 SH Put DFND 5 3,500 0 0
WELLS FARGO & CO NEW COM 949746101 465 12,600 SH Put DFND 5 12,600 0 0
WELLS FARGO & CO NEW COM 949746101 644 17,400 SH Call DFND 5 17,400 0 0
WESTERN DIGITAL CORP COM 958102105 296 5,900 SH Put DFND 5 5,900 0 0
WHIRLPOOL CORP COM 963320106 783 6,600 SH Put DFND 5 6,600 0 0
WILLIAMS COS INC DEL COM 969457100 937 25,000 SH   DFND 2 25,000 0 0
WILLIAMS COS INC DEL COM 969457100 456 12,200 SH Call DFND 5 12,200 0 0
WILLIAMS COS INC DEL COM 969457100 259 6,900 SH Put DFND 5 6,900 0 0
WYNN RESORTS LTD COM 983134107 263 2,100 SH Put DFND 5 2,100 0 0
YAHOO INC COM 984332106 1,503 63,900 SH Call DFND 5 63,900 0 0
YAHOO INC COM 984332106 711 30,300 SH Put DFND 5 30,300 0 0
YAMANA GOLD INC COM 98462Y100 216 14,000 SH Put DFND 5 14,000 0 0
YUM BRANDS INC COM 988498101 209 2,900 SH Put DFND 5 2,900 0 0