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: 12-31-2014
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 02-17-2015
[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: 3
Form 13F Information Table Entry Total: 278
Form 13F Information Table Value Total: 1,268,644
(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
1 028-10674 RAMIUS ADVISORS LLC
2 028-14361 Ramius Alternative Solutions LLC
3 028-04125 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
22ND CENTY GROUP INC COM 90137F103 149 90,000 SH   DFND 1 90,000 0 0
ACACIA RESH CORP ACACIA TCH COM 003881307 356 21,000 SH   DFND 1 21,000 0 0
ACI WORLDWIDE INC COM 004498101 5,868 290,949 SH   DFND 2 290,949 0 0
ACTAVIS PLC SHS G0083B108 1,686 6,550 SH   DFND 1 6,550 0 0
ADOBE SYS INC COM 00724F101 5,889 80,998 SH   DFND 2 80,998 0 0
AGILENT TECHNOLOGIES INC COM 00846U101 796 19,440 SH   DFND 1 19,440 0 0
AGIOS PHARMACEUTICALS INC COM 00847X104 1,603 14,305 SH   DFND 1 14,305 0 0
AIR PRODS & CHEMS INC COM 009158106 5,563 38,572 SH   DFND 2 38,572 0 0
AKAMAI TECHNOLOGIES INC COM 00971T101 5,663 89,942 SH   DFND 2 89,942 0 0
ALKERMES PLC SHS G01767105 898 15,340 SH   DFND 1 15,340 0 0
ALLERGAN INC COM 018490102 72,506 341,059 SH   DFND 1 341,059 0 0
ALLERGAN INC COM 018490102 1 2,500 SH   DFND 3 2,500 0 0
ALLERGAN INC COM 018490102 1 3,700 SH Call DFND 3 3,700 0 0
ALLERGAN INC COM 018490102 22,407 105,400 SH Put DFND 1 105,400 0 0
ALLERGAN INC COM 018490102 1 3,700 SH Put DFND 3 3,700 0 0
ALLIANT TECHSYSTEMS INC COM 018804104 2,105 18,108 SH   DFND 1 18,108 0 0
ALLISON TRANSMISSION HLDGS I COM 01973R101 823 24,268 SH   DFND 1 24,268 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 5,499 607,673 SH   DFND 2 607,673 0 0
AMERICAN SUPERCONDUCTOR CORP COM 030111108 22 30,000 SH   DFND 1 30,000 0 0
AMGEN INC COM 031162100 637 4,000 SH   DFND 1 4,000 0 0
ANADARKO PETE CORP COM 032511107 5,827 70,626 SH   DFND 2 70,626 0 0
ANADARKO PETE CORP COM 032511107 9 105,018 SH   DFND 3 105,018 0 0
ANADARKO PETE CORP COM 032511107 9 105,000 SH Put DFND 3 105,000 0 0
APPLE INC COM 037833100 2,477 22,437 SH   DFND 1 22,437 0 0
APPLIED MATLS INC COM 038222105 782 31,400 SH Call DFND 1 31,400 0 0
ASTRAZENECA PLC SPONSORED ADR 046353108 0 6,300 SH   DFND 3 6,300 0 0
ASTRAZENECA PLC SPONSORED ADR 046353108 1 10,000 SH Put DFND 3 10,000 0 0
AT&T INC COM 00206R102 0 10 SH   DFND 3 10 0 0
AT&T INC COM 00206R102 15,824 471,100 SH Call DFND 1 471,100 0 0
AT&T INC COM 00206R102 0 5,100 SH Call DFND 3 5,100 0 0
AT&T INC COM 00206R102 10,071 299,800 SH Put DFND 1 299,800 0 0
AUXILIUM PHARMACEUTICALS INC COM 05334D107 6,627 192,741 SH   DFND 1 192,741 0 0
AVALANCHE BIOTECHNOLOGIES IN COM 05337G107 13,428 248,674 SH   DFND 1 248,674 0 0
AVIV REIT INC MD COM 05381L101 5,559 161,224 SH   DFND 1 161,224 0 0
B/E AEROSPACE INC COM 073302101 1,941 33,447 SH   DFND 1 33,447 0 0
BABCOCK & WILCOX CO NEW COM 05615F102 1,214 40,074 SH   DFND 1 40,074 0 0
BABCOCK & WILCOX CO NEW COM 05615F102 5,932 195,777 SH   DFND 2 195,777 0 0
BANK NEW YORK MELLON CORP COM 064058100 5,523 136,134 SH   DFND 2 136,134 0 0
BARNES & NOBLE INC COM 067774109 0 1,000 SH   DFND 3 1,000 0 0
BARNES & NOBLE INC COM 067774109 1 30,000 SH Put DFND 3 30,000 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 226 1 SH   DFND 1 1 0 0
BIOGEN IDEC INC COM 09062X103 339 1,000 SH   DFND 1 1,000 0 0
BLACKHAWK NETWORK HLDGS INC CL B 09238E203 5,885 156,145 SH   DFND 2 156,145 0 0
BLOUNT INTL INC NEW COM 095180105 5,624 320,117 SH   DFND 2 320,117 0 0
BLUEBIRD BIO INC COM 09609G100 8,918 97,226 SH   DFND 1 97,226 0 0
BOB EVANS FARMS INC COM 096761101 2,075 40,549 SH   DFND 1 40,549 0 0
BUCKEYE PARTNERS L P UNIT LTD PARTN 118230101 1,078 14,250 SH   DFND 1 14,250 0 0
CAMERON INTERNATIONAL CORP COM 13342B105 5,711 114,331 SH   DFND 2 114,331 0 0
CANADIAN PAC RY LTD COM 13645T100 5,682 29,490 SH   DFND 2 29,490 0 0
CAPITAL ONE FINL CORP COM 14040H105 413 5,000 SH   DFND 1 5,000 0 0
CAREFUSION CORP COM 14170T101 74,146 1,249,505 SH   DFND 1 1,249,505 0 0
CAREFUSION CORP COM 14170T101 1 11,457 SH   DFND 3 11,457 0 0
CATALYST PHARM PARTNERS INC COM 14888U101 0 106,250 SH   DFND 3 106,250 0 0
CBRE GROUP INC CL A 12504L109 5,714 166,845 SH   DFND 2 166,845 0 0
CBS CORP NEW CL B 124857202 360 6,500 SH   DFND 1 6,500 0 0
CDK GLOBAL INC COM 12508E101 5,726 140,469 SH   DFND 2 140,469 0 0
CEMPRA INC COM 15130J109 423 18,000 SH   DFND 1 18,000 0 0
CHENIERE ENERGY INC COM NEW 16411R208 352 5,000 SH   DFND 1 5,000 0 0
CHESAPEAKE ENERGY CORP COM 165167107 788 40,281 SH   DFND 1 40,281 0 0
CHICAGO BRIDGE & IRON CO N V COM 167250109 1,027 24,454 SH   DFND 1 24,454 0 0
CHIPMOS TECH BERMUDA LTD SHS G2110R114 583 25,000 SH   DFND 1 25,000 0 0
CHIPMOS TECH BERMUDA LTD SHS G2110R114 1 53,598 SH   DFND 3 53,598 0 0
CHRISTOPHER & BANKS CORP COM 171046105 67 11,800 SH   DFND 1 11,800 0 0
CIVEO CORP COM 178787107 0 12,400 SH Call DFND 3 12,400 0 0
CLOUD PEAK ENERGY INC COM 18911Q102 1 50,000 SH Call DFND 3 50,000 0 0
COMCAST CORP NEW CL A 20030N101 5,296 91,300 SH Call DFND 1 91,300 0 0
CONSTANT CONTACT INC COM 210313102 587 16,000 SH   DFND 1 16,000 0 0
CORNERSTONE ONDEMAND INC COM 21925Y103 0 10,000 SH Put DFND 3 10,000 0 0
CORNERSTONE ONDEMAND INC COM 21925Y103 0 7,000 SH   DFND 3 7,000 0 0
COVANCE INC COM 222816100 24,438 235,347 SH   DFND 1 235,347 0 0
COVIDIEN PLC SHS G2554F113 54,784 535,632 SH   DFND 1 535,632 0 0
COWEN GROUP INC NEW CL A 223622101 18,310 3,814,624 SH   DFND 1 3,814,624 0 0
CUBIST PHARMACEUTICALS INC COM 229678107 21,927 217,858 SH   DFND 1 217,858 0 0
CUBIST PHARMACEUTICALS INC COM 229678107 12,833 127,500 SH Put DFND 1 127,500 0 0
CYTEC INDS INC COM 232820100 397 8,600 SH   DFND 1 8,600 0 0
DELCATH SYS INC COM NEW 24661P401 91 75,000 SH   DFND 1 75,000 0 0
DENISON MINES CORP COM 248356107 15 16,500 SH   DFND 1 16,500 0 0
DIRECTV COM 25490A309 0 1,500 SH Put DFND 3 1,500 0 0
DIRECTV COM 25490A309 45,911 529,540 SH   DFND 1 529,540 0 0
DIRECTV COM 25490A309 0 1,500 SH   DFND 3 1,500 0 0
DOMINION RES INC VA NEW COM 25746U109 385 5,000 SH   DFND 1 5,000 0 0
DREAMWORKS ANIMATION SKG INC CL A 26153C103 1 50,000 SH Call DFND 3 50,000 0 0
DRESSER-RAND GROUP INC COM 261608103 4,090 50,000 SH Put DFND 1 50,000 0 0
ENCANA CORP COM 292505104 0 3,800 SH Put DFND 3 3,800 0 0
ENCANA CORP COM 292505104 0 3,400 SH   DFND 3 3,400 0 0
ENCANA CORP COM 292505104 1,139 82,100 SH Call DFND 1 82,100 0 0
ENERGY TRANSFER EQUITY L P COM UT LTD PTN 29273V100 2,591 45,150 SH   DFND 1 45,150 0 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 829 12,750 SH   DFND 1 12,750 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 1,544 42,750 SH   DFND 1 42,750 0 0
EOG RES INC COM 26875P101 691 7,500 SH   DFND 1 7,500 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 582 22,669 SH   DFND 1 22,669 0 0
EXXON MOBIL CORP COM 30231G102 265 2,871 SH   DFND 1 2,871 0 0
FACEBOOK INC CL A 30303M102 312 4,000 SH   DFND 1 4,000 0 0
FAMILY DLR STORES INC COM 307000109 15,479 195,423 SH   DFND 1 195,423 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 5,892 171,020 SH   DFND 2 171,020 0 0
GILEAD SCIENCES INC COM 375558103 4,066 43,140 SH   DFND 1 43,140 0 0
GNC HLDGS INC COM CL A 36191G107 941 20,028 SH   DFND 1 20,028 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 5,884 205,949 SH   DFND 2 205,949 0 0
GOOGLE INC CL A 38259P508 743 1,400 SH   DFND 1 1,400 0 0
GOOGLE INC CL C 38259P706 703 1,335 SH   DFND 1 1,335 0 0
GRACE W R & CO DEL NEW COM 38388F108 391 4,100 SH   DFND 1 4,100 0 0
HALLIBURTON CO COM 406216101 1,762 44,800 SH Put DFND 1 44,800 0 0
HALLIBURTON CO COM 406216101 4,246 107,954 SH   DFND 1 107,954 0 0
HALLIBURTON CO COM 406216101 4,122 104,800 SH Call DFND 1 104,800 0 0
HANWHA SOLARONE CO LTD SPONSORED ADR 41135V103 27 24,200 SH   DFND 1 24,200 0 0
HARMAN INTL INDS INC COM 413086109 5,356 50,190 SH   DFND 2 50,190 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 1,156 46,345 SH   DFND 1 46,345 0 0
HORIZON PHARMA PLC SHS G4617B105 5,019 389,366 SH   DFND 1 389,366 0 0
HORIZON PHARMA PLC SHS G4617B105 0 700 SH   DFND 3 700 0 0
HOUSTON AMERN ENERGY CORP COM 44183U100 6 38,000 SH   DFND 1 38,000 0 0
HUNTSMAN CORP COM 447011107 1 33,800 SH Call DFND 3 33,800 0 0
HUNTSMAN CORP COM 447011107 0 30,000 SH Put DFND 3 30,000 0 0
HUNTSMAN CORP COM 447011107 1 26,500 SH   DFND 3 26,500 0 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 2,533 41,670 SH   DFND 1 41,670 0 0
IGI LABS INC COM 449575109 116 13,200 SH   DFND 1 13,200 0 0
INGERSOLL-RAND PLC SHS G47791101 5,637 88,930 SH   DFND 2 88,930 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 722 4,500 SH   DFND 1 4,500 0 0
INTERNATIONAL GAME TECHNOLOG COM 459902102 9,564 554,416 SH   DFND 1 554,416 0 0
INVESTORS BANCORP INC NEW COM 46146L101 5,603 499,180 SH   DFND 2 499,180 0 0
ISHARES MSCI CDA ETF 464286509 289 10,000 SH   DFND 1 10,000 0 0
ISHARES MSCI GERMANY ETF 464286806 1,233 45,000 SH Put DFND 1 45,000 0 0
ISHARES MSCI MEX CAP ETF 464286822 2,970 50,000 SH Call DFND 1 50,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 50,827 424,900 SH Put DFND 1 424,900 0 0
JAZZ PHARMACEUTICALS PLC SHS USD G50871105 458 2,800 SH   DFND 1 2,800 0 0
KIRBY CORP COM 497266106 396 4,900 SH   DFND 1 4,900 0 0
KITE PHARMA INC COM 49803L109 990 17,160 SH   DFND 1 17,160 0 0
KLX INC COM 482539103 1,817 44,049 SH   DFND 1 44,049 0 0
KRAFT FOODS GROUP INC COM 50076Q106 0 1,300 SH   DFND 3 1,300 0 0
KRAFT FOODS GROUP INC COM 50076Q106 2 25,000 SH Put DFND 3 25,000 0 0
LADENBURG THALMAN FIN SVCS I COM 50575Q102 52 13,200 SH   DFND 1 13,200 0 0
LAMAR ADVERTISING CO NEW CL A 512816109 782 14,583 SH   DFND 1 14,583 0 0
LEAR CORP COM NEW 521865204 5,678 57,895 SH   DFND 2 57,895 0 0
LEGG MASON INC COM 524901105 5,458 102,271 SH   DFND 2 102,271 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 4 80,000 SH Call DFND 3 80,000 0 0
LIBERTY INTERACTIVE CORP INT COM SER A 53071M104 400 13,600 SH   DFND 1 13,600 0 0
LILLY ELI & CO COM 532457108 0 5,300 SH   DFND 3 5,300 0 0
LILLY ELI & CO COM 532457108 1 12,500 SH Put DFND 3 12,500 0 0
LOCKHEED MARTIN CORP COM 539830109 7 36,000 SH Call DFND 3 36,000 0 0
MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 2,507 30,326 SH   DFND 1 30,326 0 0
MALLINCKRODT PUB LTD CO SHS G5785G107 1,185 11,965 SH   DFND 1 11,965 0 0
MANITOWOC INC COM 563571108 862 39,012 SH   DFND 1 39,012 0 0
MATTSON TECHNOLOGY INC COM 577223100 340 100,000 SH   DFND 1 100,000 0 0
MCDONALDS CORP COM 580135101 2,180 23,266 SH   DFND 1 23,266 0 0
MCDONALDS CORP COM 580135101 0 3,000 SH   DFND 3 3,000 0 0
MCDONALDS CORP COM 580135101 1 10,000 SH Put DFND 3 10,000 0 0
MENS WEARHOUSE INC COM 587118100 1,797 40,692 SH   DFND 1 40,692 0 0
MERCK & CO INC NEW COM 58933Y105 3 56,600 SH Call DFND 3 56,600 0 0
METHANEX CORP COM 59151K108 298 6,500 SH   DFND 1 6,500 0 0
MICHAEL KORS HLDGS LTD SHS G60754101 563 7,500 SH   DFND 1 7,500 0 0
MICROSOFT CORP COM 594918104 232 5,000 SH   DFND 1 5,000 0 0
MICROSOFT CORP COM 594918104 5,433 116,974 SH   DFND 2 116,974 0 0
MOLSON COORS BREWING CO CL B 60871R209 1,729 23,206 SH   DFND 1 23,206 0 0
MONDELEZ INTL INC CL A 609207105 5,263 144,881 SH   DFND 2 144,881 0 0
MONMOUTH REAL ESTATE INVT CO CL A 609720107 221 20,000 SH   DFND 1 20,000 0 0
MONSANTO CO NEW COM 61166W101 5,518 46,186 SH   DFND 2 46,186 0 0
MOTOROLA SOLUTIONS INC COM NEW 620076307 5,756 85,815 SH   DFND 2 85,815 0 0
MYLAN INC COM 628530107 5,515 97,843 SH   DFND 2 97,843 0 0
NCR CORP NEW COM 62886E108 5,761 197,711 SH   DFND 2 197,711 0 0
NOBLE CORP PLC SHS USD G65431101 1 37,500 SH Call DFND 3 37,500 0 0
NOODLES & CO CL A 65540B105 0 29,600 SH Call DFND 3 29,600 0 0
NORTHWEST PIPE CO COM 667746101 219 7,270 SH   DFND 1 7,270 0 0
NOVO-NORDISK A S ADR 670100205 1 20,000 SH Call DFND 3 20,000 0 0
NRG ENERGY INC COM NEW 629377508 1 27,500 SH Call DFND 3 27,500 0 0
NRG ENERGY INC COM NEW 629377508 0 2,300 SH Put DFND 3 2,300 0 0
NRG ENERGY INC COM NEW 629377508 0 4,000 SH   DFND 3 4,000 0 0
NUANCE COMMUNICATIONS INC COM 67020Y100 2,011 140,923 SH   DFND 1 140,923 0 0
NUVERRA ENVIRONMENTAL SOLUTI COM NEW 67091K203 0 15,000 SH Call DFND 3 15,000 0 0
ONCOTHYREON INC COM 682324108 190 100,000 SH   DFND 1 100,000 0 0
ORBITZ WORLDWIDE INC COM 68557K109 108 13,100 SH   DFND 1 13,100 0 0
OUTERWALL INC COM 690070107 3 45,000 SH Call DFND 3 45,000 0 0
OUTERWALL INC COM 690070107 1 12,700 SH Put DFND 3 12,700 0 0
OWENS ILL INC COM NEW 690768403 5,862 217,179 SH   DFND 2 217,179 0 0
PANTRY INC COM 698657103 1,853 50,000 SH Call DFND 1 50,000 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103 393 8,000 SH   DFND 1 8,000 0 0
PEPSICO INC COM 713448108 5,427 57,397 SH   DFND 2 57,397 0 0
PETSMART INC COM 716768106 12,715 156,400 SH Call DFND 1 156,400 0 0
PETSMART INC COM 716768106 4,268 52,500 SH Put DFND 1 52,500 0 0
PFIZER INC COM 717081103 6 200,000 SH Call DFND 3 200,000 0 0
PHILLIPS 66 PARTNERS LP COM UNIT REP INT 718549207 931 13,500 SH   DFND 1 13,500 0 0
PINNACLE ENTMT INC COM 723456109 793 35,649 SH   DFND 1 35,649 0 0
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 825 16,070 SH   DFND 1 16,070 0 0
PLAINS GP HLDGS L P SHS A REP LTPN 72651A108 539 21,000 SH   DFND 1 21,000 0 0
PLATFORM SPECIALTY PRODS COR COM 72766Q105 5,376 231,531 SH   DFND 2 231,531 0 0
PLATINUM UNDERWRITER HLDGS L COM G7127P100 6,273 85,440 SH   DFND 1 85,440 0 0
POLYPORE INTL INC COM 73179V103 343 7,300 SH   DFND 1 7,300 0 0
POWERSHS DB US DOLLAR INDEX DOLL INDX BULL 73936D107 4,795 200,000 SH Call DFND 1 200,000 0 0
PRECISION CASTPARTS CORP COM 740189105 602 2,500 SH   DFND 1 2,500 0 0
PROSHARES TR II ULTRASHORT YEN N 74347W569 708 7,928 SH   DFND 1 7,928 0 0
PROSHARES TR II ULTRASHRT EURO 74347W882 890 41,205 SH   DFND 1 41,205 0 0
PROTECTIVE LIFE CORP COM 743674103 13,210 189,656 SH   DFND 1 189,656 0 0
QEP RES INC COM 74733V100 746 36,898 SH   DFND 1 36,898 0 0
QLIK TECHNOLOGIES INC COM 74733T105 1 18,400 SH   DFND 3 18,400 0 0
QLIK TECHNOLOGIES INC COM 74733T105 1 22,000 SH Put DFND 3 22,000 0 0
RACKSPACE HOSTING INC COM 750086100 5,566 118,898 SH   DFND 2 118,898 0 0
REAL GOODS SOLAR INC CL A 75601N104 9 19,200 SH   DFND 1 19,200 0 0
REGULUS THERAPEUTICS INC COM 75915K101 0 5,700 SH   DFND 3 5,700 0 0
REGULUS THERAPEUTICS INC COM 75915K101 0 12,600 SH Put DFND 3 12,600 0 0
RENESOLA LTD SPONS ADS 75971T103 44 31,200 SH   DFND 1 31,200 0 0
RENTECH INC COM 760112102 19 15,000 SH   DFND 1 15,000 0 0
REPLIGEN CORP COM 759916109 4 160,500 SH Call DFND 3 160,500 0 0
REPROS THERAPEUTICS INC COM NEW 76028H209 0 40,300 SH Call DFND 3 40,300 0 0
RESTORATION HARDWARE HLDGS I COM 761283100 2 20,000 SH Put DFND 3 20,000 0 0
RIGEL PHARMACEUTICALS INC COM NEW 766559603 0 150,000 SH   DFND 3 150,000 0 0
RITE AID CORP COM 767754104 0 25,000 SH   DFND 3 25,000 0 0
RITE AID CORP COM 767754104 0 25,000 SH Put DFND 3 25,000 0 0
RIVERBED TECHNOLOGY INC COM 768573107 21,856 1,070,827 SH   DFND 1 1,070,827 0 0
RLJ ENTMT INC COM 74965F104 27 13,503 SH   DFND 1 13,503 0 0
ROWAN COMPANIES PLC SHS CL A G7665A101 6,249 267,953 SH   DFND 2 267,953 0 0
SALIX PHARMACEUTICALS INC COM 795435106 2,371 20,624 SH   DFND 1 20,624 0 0
SALIX PHARMACEUTICALS INC COM 795435106 3,437 29,900 SH Call DFND 1 29,900 0 0
SANCHEZ ENERGY CORP COM 79970Y105 5,352 576,157 SH   DFND 1 576,157 0 0
SCHWAB CHARLES CORP NEW COM 808513105 1,131 37,450 SH   DFND 1 37,450 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 3,635 285,550 SH   DFND 1 285,550 0 0
SEADRILL LIMITED SHS G7945E105 5 430,000 SH Call DFND 3 430,000 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 1,443 20,000 SH Call DFND 1 20,000 0 0
SHIRE PLC SPONSORED ADR 82481R106 1,169 5,500 SH   DFND 1 5,500 0 0
SIGA TECHNOLOGIES INC COM 826917106 272 188,798 SH   DFND 1 188,798 0 0
SIGMA ALDRICH CORP COM 826552101 38,843 282,966 SH   DFND 1 282,966 0 0
SIGNET JEWELERS LIMITED SHS G81276100 5,754 43,734 SH   DFND 2 43,734 0 0
SILVER STD RES INC COM 82823L106 150 30,000 SH   DFND 1 30,000 0 0
SMITH & NEPHEW PLC SPDN ADR NEW 83175M205 3,803 103,500 SH   DFND 1 103,500 0 0
SMITH & NEPHEW PLC SPDN ADR NEW 83175M205 2,756 75,000 SH Put DFND 1 75,000 0 0
SONUS NETWORKS INC COM 835916107 44 11,000 SH   DFND 1 11,000 0 0
SPANSION INC COM CL A NEW 84649R200 4,970 145,233 SH   DFND 1 145,233 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 1 5,000 SH Put DFND 3 5,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 152,018 739,600 SH Put DFND 1 739,600 0 0
SPRINT CORP COM SER 1 85207U105 1,269 305,800 SH Call DFND 1 305,800 0 0
STERLING BANCORP DEL COM 85917A100 747 51,960 SH   DFND 1 51,960 0 0
SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 553 12,797 SH   DFND 1 12,797 0 0
SUNEDISON INC COM 86732Y109 2 93,500 SH   DFND 3 93,500 0 0
SUNEDISON INC COM 86732Y109 0 11,000 SH Call DFND 3 11,000 0 0
SUNEDISON INC COM 86732Y109 2 103,900 SH Put DFND 3 103,900 0 0
SUNOCO LOGISTICS PRTNRS L P COM UNITS 86764L108 1,451 34,728 SH   DFND 1 34,728 0 0
SUSQUEHANNA BANCSHARES INC P COM 869099101 0 10,000 SH   DFND 3 10,000 0 0
SUSQUEHANNA BANCSHARES INC P COM 869099101 3,681 274,114 SH   DFND 1 274,114 0 0
SYNERGY PHARMACEUTICALS DEL COM NEW 871639308 549 180,000 SH   DFND 1 180,000 0 0
TALISMAN ENERGY INC COM 87425E103 0 50,250 SH   DFND 3 50,250 0 0
TECK RESOURCES LTD CL B 878742204 0 25,000 SH Call DFND 3 25,000 0 0
TESORO CORP COM 881609101 297 4,000 SH   DFND 1 4,000 0 0
TETRAPHASE PHARMACEUTICALS I COM 88165N105 397 10,000 SH   DFND 1 10,000 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 1,739 30,245 SH   DFND 1 30,245 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 1,150 20,000 SH Call DFND 1 20,000 0 0
TIME WARNER CABLE INC COM 88732J207 41,044 269,922 SH   DFND 1 269,922 0 0
TIVO INC COM 888706108 0 37,700 SH Put DFND 3 37,700 0 0
TIVO INC COM 888706108 1 99,100 SH Call DFND 3 99,100 0 0
TIVO INC COM 888706108 0 27,000 SH   DFND 3 27,000 0 0
TORNIER N V SHS N87237108 6,483 254,239 SH   DFND 1 254,239 0 0
TRIANGLE PETE CORP COM NEW 89600B201 1,419 296,841 SH   DFND 1 296,841 0 0
TRIBUNE MEDIA CO CL A 896047503 5,461 91,362 SH   DFND 1 91,362 0 0
TRIQUINT SEMICONDUCTOR INC COM 89674K103 0 10,000 SH   DFND 3 10,000 0 0
TRIQUINT SEMICONDUCTOR INC COM 89674K103 6,317 229,300 SH Put DFND 1 229,300 0 0
TRIUMPH GROUP INC NEW COM 896818101 5,638 83,869 SH   DFND 2 83,869 0 0
TRW AUTOMOTIVE HLDGS CORP COM 87264S106 0 2,300 SH Put DFND 3 2,300 0 0
TRW AUTOMOTIVE HLDGS CORP COM 87264S106 85,687 833,123 SH   DFND 1 833,123 0 0
TRW AUTOMOTIVE HLDGS CORP COM 87264S106 0 2,300 SH   DFND 3 2,300 0 0
ULTRAGENYX PHARMACEUTICAL IN COM 90400D108 6,557 149,432 SH   DFND 1 149,432 0 0
UNITED RENTALS INC COM 911363109 388 3,800 SH   DFND 1 3,800 0 0
UNITED STATES STL CORP NEW COM 912909108 254 9,500 SH   DFND 1 9,500 0 0
UTI WORLDWIDE INC ORD G87210103 5,754 476,701 SH   DFND 2 476,701 0 0
VALE S A ADR 91912E105 4 500,000 SH Put DFND 3 500,000 0 0
VALE S A ADR 91912E105 4 500,000 SH   DFND 3 500,000 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 5,655 39,514 SH   DFND 2 39,514 0 0
VANDA PHARMACEUTICALS INC COM 921659108 0 7,000 SH   DFND 3 7,000 0 0
VANDA PHARMACEUTICALS INC COM 921659108 1 52,100 SH Put DFND 3 52,100 0 0
VIPER ENERGY PARTNERS LP COM UNT RP INT 92763M105 1,099 60,600 SH   DFND 1 60,600 0 0
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 1 50,000 SH Call DFND 3 50,000 0 0
VIRNETX HLDG CORP COM 92823T108 1,677 305,541 SH   DFND 1 305,541 0 0
VOLCANO CORPORATION COM 928645100 0 22,200 SH Call DFND 3 22,200 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 774 10,160 SH   DFND 1 10,160 0 0
WASTE CONNECTIONS INC COM 941053100 392 8,900 SH   DFND 1 8,900 0 0
WESTLAKE CHEM CORP COM 960413102 397 6,500 SH   DFND 1 6,500 0 0
WHITING PETE CORP NEW COM 966387102 6,993 211,900 SH Call DFND 1 211,900 0 0
WILLIAMS COS INC DEL COM 969457100 562 12,500 SH   DFND 1 12,500 0 0
WILLIAMS COS INC DEL COM 969457100 5,296 117,835 SH   DFND 2 117,835 0 0
WRIGHT MED GROUP INC COM 98235T107 4,660 173,415 SH   DFND 1 173,415 0 0
YAHOO INC COM 984332106 1,277 25,288 SH   DFND 1 25,288 0 0
ZOETIS INC CL A 98978V103 5,463 126,948 SH   DFND 2 126,948 0 0
ZOETIS INC CL A 98978V103 1,173 27,268 SH   DFND 1 27,268 0 0