SEC FORM 13F-HR

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: 06-30-2013
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, 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:
/s/ Owen Littman New YorkNY 08-14-2013
[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: 281
Form 13F Information Table Value Total: 988,215
(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
ACTAVIS INC COM 00507K103 6,361 50,400 SH   DFND 2 50,400 0 0
ACTAVIS INC COM 00507K103 2,550 20,200 SH Call DFND 5 20,200 0 0
AEGERION PHARMACEUTICALS INC COM 00767E102 1,628 25,700 SH Call DFND 5 25,700 0 0
AGENUS INC COM NEW 00847G705 99 26,200 SH   DFND 2 26,200 0 0
AMERICAN DG ENERGY INC COM 025398108 26 19,500 SH   DFND 2 19,500 0 0
APPLE INC COM 037833100 3,966 10,000 SH   DFND 2 10,000 0 0
ARBITRON INC COM 03875Q108 6,408 137,965 SH   DFND 2 137,965 0 0
ARENA PHARMACEUTICALS INC COM 040047102 116 15,000 SH   DFND 2 15,000 0 0
ARIAD PHARMACEUTICALS INC COM 04033A100 787 45,000 SH   DFND 2 45,000 0 0
ASTA FDG INC COM 046220109 138 16,000 SH   DFND 2 16,000 0 0
AT&T INC COM 00206R102 1,593 45,000 SH   DFND 2 45,000 0 0
ATHENAHEALTH INC COM 04685W103 703 8,300 SH Call DFND 5 8,300 0 0
AWARE INC MASS COM 05453N100 219 42,200 SH   DFND 2 42,200 0 0
AXT INC COM 00246W103 171 63,400 SH   DFND 2 63,400 0 0
BANK OF AMERICA CORPORATION COM 060505104 9,002 700,000 SH   DFND 2 700,000 0 0
BAXTER INTL INC COM 071813109 1,385 20,000 SH Put DFND 5 20,000 0 0
BAXTER INTL INC COM 071813109 422 6,100 SH Call DFND 5 6,100 0 0
BAXTER INTL INC COM 071813109 1,185 17,100 SH   DFND 5 17,100 0 0
BELO CORP COM SER A 080555105 2,020 144,800 SH   DFND 2 144,800 0 0
BERRY PETE CO CL A 085789105 19,050 450,140 SH   DFND 2 450,140 0 0
BG MEDICINE INC COM 08861T107 91 68,400 SH   DFND 2 68,400 0 0
BIOGEN IDEC INC COM 09062X103 753 3,500 SH Call DFND 5 3,500 0 0
BMC SOFTWARE INC COM 055921100 19,591 434,111 SH   DFND 2 434,111 0 0
BMC SOFTWARE INC COM 055921100 316 7,000 SH   DFND 5 7,000 0 0
BOARDWALK PIPELINE PARTNERS UT LTD PARTNER 096627104 622 20,600 SH   DFND 2 20,600 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 3,703 82,838 SH   DFND 2 82,838 0 0
BSB BANCORP INC MD COM 05573H108 158 12,000 SH   DFND 2 12,000 0 0
BUCKEYE PARTNERS L P UNIT LTD PARTN 118230101 1,316 18,750 SH   DFND 2 18,750 0 0
CADIZ INC COM NEW 127537207 110 24,000 SH   DFND 2 24,000 0 0
CAFEPRESS INC COM 12769A103 85 13,600 SH   DFND 2 13,600 0 0
CAPE BANCORP INC COM 139209100 144 15,200 SH   DFND 2 15,200 0 0
CAPITAL ONE FINL CORP COM 14040H105 317 5,050 SH   DFND 2 5,050 0 0
CENOVUS ENERGY INC COM 15135U109 713 25,000 SH   DFND 5 25,000 0 0
CHEROKEE INC DEL NEW COM 16444H102 189 14,800 SH   DFND 2 14,800 0 0
CHEVRON CORP NEW COM 166764100 16,935 143,112 SH   DFND 2 143,112 0 0
CISCO SYS INC COM 17275R102 1,105 45,400 SH Put DFND 5 45,400 0 0
CISCO SYS INC COM 17275R102 1,105 45,400 SH   DFND 5 45,400 0 0
CISCO SYS INC COM 17275R102 6,332 260,200 SH   DFND 2 260,200 0 0
CITIGROUP INC COM NEW 172967424 5,693 118,675 SH   DFND 2 118,675 0 0
CLEARWIRE CORP NEW CL A 18538Q105 1,141 228,500 SH Call DFND 5 228,500 0 0
CLEARWIRE CORP NEW CL A 18538Q105 6,933 1,387,900 SH   DFND 2 1,387,900 0 0
CLEARWIRE CORP NEW CL A 18538Q105 75 15,000 SH   DFND 5 15,000 0 0
CODEXIS INC COM 192005106 200 90,500 SH   DFND 2 90,500 0 0
COLLECTORS UNIVERSE INC COM NEW 19421R200 199 15,000 SH   DFND 2 15,000 0 0
COMPUWARE CORP COM 205638109 2,403 232,404 SH   DFND 2 232,404 0 0
COOPER TIRE & RUBR CO COM 216831107 7,434 224,100 SH   DFND 2 224,100 0 0
COOPER TIRE & RUBR CO COM 216831107 199 6,000 SH   DFND 5 6,000 0 0
COOPER TIRE & RUBR CO COM 216831107 504 15,200 SH Put DFND 5 15,200 0 0
COVIDIEN PLC SHS G2554F113 4,022 64,000 SH   DFND 2 64,000 0 0
COWEN GROUP INC NEW CL A 223622101 4,450 1,539,945 SH   DFND 2 1,539,945 0 0
CPI AEROSTRUCTURES INC COM NEW 125919308 200 18,400 SH   DFND 2 18,400 0 0
CPI AEROSTRUCTURES INC COM NEW 125919308 0 7 SH   DFND 5 7 0 0
CROWN HOLDINGS INC COM 228368106 856 20,800 SH Call DFND 5 20,800 0 0
CUMBERLAND PHARMACEUTICALS I COM 230770109 101 19,800 SH   DFND 2 19,800 0 0
DELL INC COM 24702R101 10,417 781,696 SH   DFND 2 781,696 0 0
DELL INC COM 24702R101 653 49,000 SH   DFND 5 49,000 0 0
DELL INC COM 24702R101 197 14,800 SH Call DFND 5 14,800 0 0
DELL INC COM 24702R101 988 74,100 SH Put DFND 5 74,100 0 0
DELTA APPAREL INC COM 247368103 183 13,000 SH   DFND 2 13,000 0 0
DISCOVERY LABORATORIES INC N COM NEW 254668403 101 66,200 SH   DFND 2 66,200 0 0
DOLAN CO COM 25659P402 184 112,600 SH   DFND 2 112,600 0 0
DRESSER-RAND GROUP INC COM 261608103 1,512 25,200 SH Call DFND 5 25,200 0 0
DYNAVAX TECHNOLOGIES CORP COM 268158102 17 15,400 SH   DFND 2 15,400 0 0
EBIX INC COM NEW 278715206 463 50,000 SH   DFND 2 50,000 0 0
ECHELON CORP COM 27874N105 196 93,000 SH   DFND 2 93,000 0 0
ELAN PLC ADR 284131208 3,936 278,300 SH   DFND 2 278,300 0 0
ELAN PLC ADR 284131208 35 2,500 SH   DFND 5 2,500 0 0
ELAN PLC ADR 284131208 905 64,000 SH Call DFND 5 64,000 0 0
EMULEX CORP COM NEW 292475209 98 15,000 SH   DFND 5 15,000 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 1,235 19,875 SH   DFND 2 19,875 0 0
EQUINIX INC COM NEW 29444U502 2,771 15,000 SH   DFND 2 15,000 0 0
EXA CORP COM 300614500 153 14,900 SH   DFND 2 14,900 0 0
EXPEDIA INC DEL COM NEW 30212P303 1,744 29,000 SH   DFND 5 29,000 0 0
EXPEDIA INC DEL COM NEW 30212P303 3,014 50,100 SH Call DFND 5 50,100 0 0
EXPEDIA INC DEL COM NEW 30212P303 3,014 50,100 SH Put DFND 5 50,100 0 0
EXXON MOBIL CORP COM 30231G102 268 2,971 SH   DFND 2 2,971 0 0
FACEBOOK INC CL A 30303M102 0 122,600 SH Call DFND 5 122,600 0 0
FALCONSTOR SOFTWARE INC COM 306137100 152 111,300 SH   DFND 2 111,300 0 0
FARMERS NATL BANC CORP COM 309627107 85 13,500 SH   DFND 2 13,500 0 0
FIDELITY NATIONAL FINANCIAL CL A 31620R105 8,479 356,100 SH   DFND 2 356,100 0 0
FORBES ENERGY SVCS LTD COM 345143101 103 25,500 SH   DFND 2 25,500 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 2,345 151,600 SH   DFND 2 151,600 0 0
FORTINET INC COM 34959E109 3,000 171,400 SH Call DFND 5 171,400 0 0
FORTRESS PAPER LTD-CL A CS 34958R101 2,357 409,698 SH   DFND 2 409,698 0 0
FRANCO NEVADA CORP COM 351858105 3,161 88,364 SH   DFND 2 88,364 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 9,539 345,500 SH   DFND 2 345,500 0 0
GARDNER DENVER INC COM 365558105 9,244 122,956 SH   DFND 2 122,956 0 0
GARDNER DENVER INC COM 365558105 2,856 38,000 SH   DFND 5 38,000 0 0
GARDNER DENVER INC COM 365558105 15,066 200,400 SH Call DFND 5 200,400 0 0
GARDNER DENVER INC COM 365558105 647 8,600 SH Put DFND 5 8,600 0 0
GENERAL MTRS CO COM 37045V100 0 80,000 SH Call DFND 5 80,000 0 0
GENESIS ENERGY L P UNIT LTD PARTN 371927104 518 10,000 SH   DFND 2 10,000 0 0
GEO GROUP INC COM 36159R103 247 7,280 SH   DFND 2 7,280 0 0
GEVO INC COM 374396109 183 90,000 SH   DFND 2 90,000 0 0
GOLDEN MINERALS CO COM 381119106 180 132,100 SH   DFND 2 132,100 0 0
GOLDEN STAR RES LTD CDA COM 38119T104 168 400,100 SH   DFND 2 400,100 0 0
GOOGLE INC CL A 38259P508 1,056 1,200 SH   DFND 2 1,200 0 0
GROUPON INC COM CL A 399473107 560 65,500 SH Call DFND 5 65,500 0 0
HALLIBURTON CO COM 406216101 104 2,500 SH   DFND 5 2,500 0 0
HALLIBURTON CO COM 406216101 13,768 330,000 SH Call DFND 5 330,000 0 0
HANSEN MEDICAL INC COM 411307101 96 67,100 SH   DFND 2 67,100 0 0
HARRIS & HARRIS GROUP INC COM 413833104 194 63,900 SH   DFND 2 63,900 0 0
HARRIS TEETER SUPERMARKETS I COM 414585109 1,080 23,053 SH   DFND 2 23,053 0 0
HARVEST NATURAL RESOURCES IN COM 41754V103 197 63,700 SH   DFND 2 63,700 0 0
HERBALIFE LTD COM USD SHS G4412G101 1,715 38,000 SH   DFND 2 38,000 0 0
HERBALIFE LTD COM USD SHS G4412G101 248 5,500 SH   DFND 5 5,500 0 0
HERBALIFE LTD COM USD SHS G4412G101 1,669 37,000 SH Put DFND 5 37,000 0 0
HILL INTERNATIONAL INC COM 431466101 117 42,600 SH   DFND 2 42,600 0 0
HOME DEPOT INC COM 437076102 6,368 82,200 SH   DFND 2 82,200 0 0
HORSEHEAD HLDG CORP COM 440694305 701 54,723 SH   DFND 2 54,723 0 0
HOUSTON AMERN ENERGY CORP COM 44183U100 10 38,000 SH   DFND 2 38,000 0 0
HUDSON GLOBAL INC COM 443787106 146 58,800 SH   DFND 2 58,800 0 0
IAMGOLD CORP COM 450913108 1,277 295,000 SH   DFND 5 295,000 0 0
IAMGOLD CORP COM 450913108 1,277 295,000 SH Put DFND 5 295,000 0 0
IMMUNOCELLULAR THERAPEUTICS COM 452536105 97 49,800 SH   DFND 2 49,800 0 0
INERGY L P UNIT LTD PTNR 456615103 413 25,750 SH   DFND 2 25,750 0 0
INFORMATICA CORP COM 45666Q102 341 9,750 SH   DFND 5 9,750 0 0
INFORMATICA CORP COM 45666Q102 993 28,400 SH Put DFND 5 28,400 0 0
INNODATA INC COM NEW 457642205 79 24,700 SH   DFND 2 24,700 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 860 4,500 SH   DFND 2 4,500 0 0
INTERPUBLIC GROUP COS INC COM 460690100 1,404 96,500 SH Call DFND 5 96,500 0 0
INTEVAC INC COM 461148108 140 24,700 SH   DFND 2 24,700 0 0
IPASS INC COM 46261V108 160 84,900 SH   DFND 2 84,900 0 0
IRON MTN INC COM 462846106 2,410 90,554 SH   DFND 2 90,554 0 0
ISHARES INC MSCI BRAZIL CAPP 464286400 10,664 243,128 SH   DFND 2 243,128 0 0
ISHARES INC MSCI CDA INDEX 464286509 262 10,000 SH   DFND 2 10,000 0 0
ISHARES TR FTSE CHINA25 IDX 464287184 3,786 116,400 SH   DFND 2 116,400 0 0
ISHARES TR MSCI EAFE INDEX 464287465 229 4,000 SH   DFND 2 4,000 0 0
ISHARES TR MSCI EMERG MKT 464287234 8,480 220,269 SH   DFND 2 220,269 0 0
ISHARES TR RUSSELL 2000 464287655 240 2,474 SH   DFND 2 2,474 0 0
ISHARES TR RUSSELL1000VAL 464287598 46,320 552,808 SH   DFND 3 552,808 0 0
JOHNSON & JOHNSON COM 478160104 3,005 35,000 SH Put DFND 5 35,000 0 0
JOHNSON & JOHNSON COM 478160104 6,845 79,707 SH   DFND 2 79,707 0 0
JOHNSON & JOHNSON COM 478160104 3,005 35,000 SH   DFND 5 35,000 0 0
JOS A BANK CLOTHIERS INC COM 480838101 310 7,500 SH   DFND 5 7,500 0 0
JOS A BANK CLOTHIERS INC COM 480838101 1,194 28,900 SH Call DFND 5 28,900 0 0
JOS A BANK CLOTHIERS INC COM 480838101 769 18,600 SH Put DFND 5 18,600 0 0
JPMORGAN CHASE & CO COM 46625H100 6,841 129,600 SH   DFND 2 129,600 0 0
JPMORGAN CHASE & CO COM 46625H100 135 2,900 SH Call DFND 5 2,900 0 0
KEY TRONICS CORP COM 493144109 193 18,600 SH   DFND 2 18,600 0 0
LAMAR ADVERTISING CO CL A 512815101 1,866 43,000 SH   DFND 2 43,000 0 0
LENDER PROCESSING SVCS INC COM 52602E102 3,149 97,339 SH   DFND 2 97,339 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 822 39,000 SH   DFND 2 39,000 0 0
LIFE TECHNOLOGIES CORP COM 53217V109 25,254 341,274 SH   DFND 2 341,274 0 0
LIFE TECHNOLOGIES CORP COM 53217V109 1,551 20,954 SH   DFND 5 20,954 0 0
LIFE TECHNOLOGIES CORP COM 53217V109 8,791 118,800 SH Call DFND 5 118,800 0 0
LIFE TECHNOLOGIES CORP COM 53217V109 8,155 110,200 SH Put DFND 5 110,200 0 0
LILLY ELI & CO COM 532457108 2,770 56,400 SH   DFND 2 56,400 0 0
LINN ENERGY LLC UNIT LTD LIAB 536020100 431 13,000 SH   DFND 5 13,000 0 0
LINN ENERGY LLC UNIT LTD LIAB 536020100 1,659 50,000 SH Put DFND 5 50,000 0 0
LINNCO LLC COMSHS LTD INT 535782106 8,878 238,200 SH   DFND 2 238,200 0 0
LIPOSCIENCE INC COM 53630M108 106 15,100 SH   DFND 2 15,100 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 1,835 27,700 SH Call DFND 5 27,700 0 0
MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 1,788 32,810 SH   DFND 2 32,810 0 0
MANNKIND CORP COM 56400P201 585 90,000 SH Call DFND 5 90,000 0 0
MARKET LEADER INC COM 57056R103 650 60,781 SH   DFND 2 60,781 0 0
MATTERSIGHT CORP COM 577097108 48 16,700 SH   DFND 2 16,700 0 0
MATTSON TECHNOLOGY INC COM 577223100 203 92,600 SH   DFND 2 92,600 0 0
MAXYGEN INC COM 577776107 100 40,500 SH   DFND 2 40,500 0 0
MCEWEN MNG INC COM 58039P107 199 118,300 SH   DFND 2 118,300 0 0
MEETME INC COM 585141104 102 62,700 SH   DFND 2 62,700 0 0
MERCK & CO INC NEW COM 58933Y105 4,478 96,400 SH   DFND 2 96,400 0 0
MET PRO CORP COM 590876306 4,116 306,269 SH   DFND 2 306,269 0 0
MICROFINANCIAL INC COM 595072109 85 10,800 SH   DFND 2 10,800 0 0
MTR GAMING GROUP INC COM 553769100 152 45,400 SH   DFND 2 45,400 0 0
MYERS INDS INC COM 628464109 201 13,400 SH   DFND 2 13,400 0 0
MYLAN INC COM 628530107 2,172 70,000 SH Put DFND 5 70,000 0 0
MYRIAD GENETICS INC COM 62855J104 575 21,400 SH Call DFND 5 21,400 0 0
MYRIAD GENETICS INC COM 62855J104 134 5,000 SH Put DFND 5 5,000 0 0
NATIONAL AMERN UNIV HLDGS IN COM 63245Q105 120 32,200 SH   DFND 2 32,200 0 0
NATIONAL FINL PARTNERS CORP COM 63607P208 18,953 748,845 SH   DFND 2 748,845 0 0
NII HLDGS INC CL B NEW 62913F201 1,215 182,500 SH   DFND 2 182,500 0 0
NOBLE ENERGY INC COM 655044105 3,602 60,000 SH Call DFND 5 60,000 0 0
NOKIA CORP SPONSORED ADR 654902204 935 250,000 SH   DFND 2 250,000 0 0
NORANDA ALUM HLDG CORP COM 65542W107 54 16,700 SH   DFND 2 16,700 0 0
NORTHWEST PIPE CO COM 667746101 1,293 46,345 SH   DFND 2 46,345 0 0
NUANCE COMMUNICATIONS INC COM 67020Y100 6,764 367,600 SH   DFND 2 367,600 0 0
NUANCE COMMUNICATIONS INC COM 67020Y100 598 32,500 SH   DFND 5 32,500 0 0
NUANCE COMMUNICATIONS INC COM 67020Y100 938 51,000 SH Call DFND 5 51,000 0 0
NUANCE COMMUNICATIONS INC COM 67020Y100 74 4,000 SH Put DFND 5 4,000 0 0
NV ENERGY INC COM 67073Y106 16,754 714,150 SH   DFND 2 714,150 0 0
NYSE EURONEXT COM 629491101 5,108 123,386 SH   DFND 2 123,386 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 2,677 30,000 SH Call DFND 5 30,000 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 1,022 11,450 SH   DFND 5 11,450 0 0
OCLARO INC COM NEW 67555N206 30 25,000 SH   DFND 5 25,000 0 0
OFS CAP CORP COM 67103B100 202 17,000 SH   DFND 2 17,000 0 0
OMTHERA PHARMACEUTICALS INC COM 68217A103 2,566 192,935 SH   DFND 2 192,935 0 0
ONCOTHYREON INC COM 682324108 259 165,000 SH   DFND 2 165,000 0 0
ONEOK INC NEW COM 682680103 219 5,310 SH   DFND 2 5,310 0 0
ONEOK PARTNERS LP UNIT LTD PARTN 68268N103 224 4,515 SH   DFND 2 4,515 0 0
OPTIMER PHARMACEUTICALS INC COM 68401H104 2,136 147,648 SH   DFND 2 147,648 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 102 17,700 SH   DFND 2 17,700 0 0
PACKAGING CORP AMER COM 695156109 1,557 31,800 SH Call DFND 5 31,800 0 0
PDI INC COM 69329V100 163 34,600 SH   DFND 2 34,600 0 0
PFIZER INC COM 717081103 4,202 150,000 SH   DFND 2 150,000 0 0
PFIZER INC COM 717081103 42 1,517 SH   DFND 5 1,517 0 0
PFIZER INC COM 717081103 493 17,600 SH Call DFND 5 17,600 0 0
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 1,176 21,070 SH   DFND 2 21,070 0 0
POWER ONE INC NEW COM 73930R102 1,885 298,400 SH   DFND 2 298,400 0 0
POWERSHARES ETF TRUST II SENIOR LN PORT 73936Q769 25,557 1,032,600 SH   DFND 3 1,032,600 0 0
PREMIER EXIBITIONS INC COM 74051E102 143 82,000 SH   DFND 2 82,000 0 0
PROCTER & GAMBLE CO COM 742718109 354 4,600 SH   DFND 2 4,600 0 0
PROLOR BIOTECH INC COM 74344F106 991 157,479 SH   DFND 2 157,479 0 0
PROSHARES TR II ULTRASHORT YEN N 74347W569 800 12,490 SH   DFND 2 12,490 0 0
PRUDENTIAL FINL INC COM 744320102 1,556 21,300 SH   DFND 2 21,300 0 0
PUT SPDR SER TR OP 78464A730 2,327 40,000 SH Put DFND 5 40,000 0 0
QLIK TECHNOLOGIES INC COM 74733T105 283 10,000 SH   DFND 5 10,000 0 0
QLIK TECHNOLOGIES INC COM 74733T105 424 15,000 SH Put DFND 5 15,000 0 0
QUICKLOGIC CORP COM 74837P108 190 86,000 SH   DFND 2 86,000 0 0
RAND LOGISTICS INC COM 752182105 97 18,400 SH   DFND 2 18,400 0 0
RED LION HOTELS CORP COM 756764106 186 30,400 SH   DFND 2 30,400 0 0
REPLIGEN CORP COM 759916109 577 70,000 SH Call DFND 5 70,000 0 0
REPUBLIC AWYS HLDGS INC COM 760276105 702 61,997 SH   DFND 2 61,997 0 0
REVETT MINERALS INC COM NEW 761505205 63 97,500 SH   DFND 2 97,500 0 0
RF MICRODEVICES INC COM 749941100 134 25,000 SH   DFND 5 25,000 0 0
RLJ ENTMT INC COM 74965F104 65 13,503 SH   DFND 2 13,503 0 0
ROCKWOOD HLDGS INC COM 774415103 1,281 20,000 SH Call DFND 5 20,000 0 0
SANCHEZ ENERGY CORP COM 79970Y105 2,397 104,382 SH   DFND 2 104,382 0 0
SARATOGA RES INC TEX COM 803521103 66 43,100 SH   DFND 2 43,100 0 0
SCHWAB CHARLES CORP NEW COM 808513105 584 27,500 SH   DFND 2 27,500 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 3,299 293,201 SH   DFND 2 293,201 0 0
SEATTLE GENETICS INC COM 812578102 875 27,800 SH Put DFND 5 27,800 0 0
SEATTLE GENETICS INC COM 812578102 157 5,000 SH   DFND 5 5,000 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 21,755 1,118,700 SH   DFND 2 1,118,700 0 0
SI FINL GROUP INC MD COM 78425V104 160 14,500 SH   DFND 2 14,500 0 0
SIGA TECHNOLOGIES INC COM 826917106 603 212,432 SH   DFND 2 212,432 0 0
SLM CORP COM 78442P106 949 41,500 SH Put DFND 5 41,500 0 0
SLM CORP COM 78442P106 2,636 115,300 SH Call DFND 5 115,300 0 0
SMITHFIELD FOODS INC COM 832248108 9,000 274,800 SH Call DFND 5 274,800 0 0
SMITHFIELD FOODS INC COM 832248108 1,166 35,600 SH Put DFND 5 35,600 0 0
SMITHFIELD FOODS INC COM 832248108 5,457 166,609 SH   DFND 5 166,609 0 0
SMITHFIELD FOODS INC COM 832248108 47,213 1,441,549 SH   DFND 2 1,441,549 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 216 1,815 SH   DFND 2 1,815 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 128,578 801,517 SH   DFND 2 801,517 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 1,604 10,000 SH Put DFND 5 10,000 0 0
SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP 78467Y107 106,371 506,256 SH   DFND 3 506,256 0 0
SPDR SERIES TRUST BRC HGH YLD BD 78464A417 1,165 29,500 SH   DFND 2 29,500 0 0
SPDR SERIES TRUST S&P OILGAS EXP 78464A730 716 12,300 SH   DFND 5 12,300 0 0
SPRINT NEXTEL CORP COM SER 1 852061100 5,393 768,290 SH   DFND 2 768,290 0 0
STERLING BANCORP COM 859158107 478 41,157 SH   DFND 2 41,157 0 0
STR HLDGS INC COM 78478V100 184 81,000 SH   DFND 2 81,000 0 0
SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 432 9,297 SH   DFND 2 9,297 0 0
SUNOCO LOGISTICS PRTNRS L P COM UNITS 86764L108 1,679 26,259 SH   DFND 2 26,259 0 0
SYPRIS SOLUTIONS INC COM 871655106 68 21,300 SH   DFND 2 21,300 0 0
TAKE-TWO INTERACTIVE SOFTWAR COM 874054109 150 10,034 SH   DFND 5 10,034 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 3,081 125,000 SH   DFND 2 125,000 0 0
TELULAR CORP COM NEW 87970T208 1,264 100,200 SH   DFND 2 100,200 0 0
TESORO CORP COM 881609101 314 6,000 SH   DFND 2 6,000 0 0
THE ADT CORPORATION COM 00101J106 1,542 38,700 SH   DFND 2 38,700 0 0
THERAVANCE INC COM 88338T104 2,104 54,600 SH Call DFND 5 54,600 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 12,695 150,000 SH   DFND 2 150,000 0 0
THRESHOLD PHARMACEUTICAL INC COM NEW 885807206 105 20,000 SH   DFND 2 20,000 0 0
TIVO INC COM 888706108 1,356 122,700 SH   DFND 2 122,700 0 0
T-MOBILE US INC COM 872590104 459 18,500 SH Call DFND 5 18,500 0 0
TOOTSIE ROLL INDS INC COM 890516107 203 6,400 SH   DFND 2 6,400 0 0
TRANSCEPT PHARMACEUTICALS IN COM 89354M106 100 33,100 SH   DFND 2 33,100 0 0
TRANSITION THERAPEUTICS INC COM NEW 893716209 119 36,600 SH   DFND 5 36,600 0 0
TRINITY INDS INC COM 896522109 961 25,000 SH   DFND 5 25,000 0 0
TRINITY INDS INC COM 896522109 2,787 72,500 SH Call DFND 5 72,500 0 0
TURQUOISE HILL RES LTD COM 900435108 101 17,000 SH   DFND 5 17,000 0 0
U.S. AUTO PARTS NETWORK INC COM 90343C100 73 63,300 SH   DFND 2 63,300 0 0
UNITED STATES ANTIMONY CORP COM 911549103 64 57,300 SH   DFND 2 57,300 0 0
URANERZ ENERGY CORP COM 91688T104 196 178,600 SH   DFND 2 178,600 0 0
VALSPAR CORP COM 920355104 867 13,400 SH Call DFND 5 13,400 0 0
VANGUARD HEALTH SYS INC COM 922036207 259 12,500 SH   DFND 5 12,500 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 16,509 425,553 SH   DFND 3 425,553 0 0
VENTRUS BIOSCIENCES INC COM 922822101 115 47,800 SH   DFND 2 47,800 0 0
VERTEX PHARMACEUTICALS INC COM 92532F100 1,601 20,000 SH   DFND 5 20,000 0 0
VERTEX PHARMACEUTICALS INC COM 92532F100 3,443 43,000 SH Put DFND 5 43,000 0 0
VIRNETX HLDG CORP COM 92823T108 22,328 1,116,951 SH   DFND 2 1,116,951 0 0
VISTA GOLD CORP COM NEW 927926303 200 206,200 SH   DFND 2 206,200 0 0
VIVUS INC COM 928551100 4,892 388,887 SH   DFND 2 388,887 0 0
VIVUS INC COM 928551100 717 57,000 SH Call DFND 5 57,000 0 0
VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 1,917 66,700 SH Call DFND 5 66,700 0 0
VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 1,082 37,638 SH   DFND 2 37,638 0 0
WAL-MART STORES INC COM 931142103 791 10,625 SH   DFND 2 10,625 0 0
WALTER INVT MGMT CORP COM 93317W102 383 11,335 SH   DFND 2 11,335 0 0
WARNER CHILCOTT PLC IRELAND SHS A G94368100 398 20,000 SH   DFND 5 20,000 0 0
WELLS FARGO & CO NEW COM 949746101 1,576 38,200 SH   DFND 2 38,200 0 0
WILLIAMS COS INC DEL COM 969457100 487 15,000 SH   DFND 2 15,000 0 0
WYNDHAM WORLDWIDE CORP COM 98310W108 1,831 32,000 SH Call DFND 5 32,000 0 0