SEC Filing | Cowen Inc

View:

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:	Oct 31, 2018
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 York, NY	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

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

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
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