<ARTICLE>                                           BD
<LEGEND>
This  schedule  contains  summary  financial   information  extracted  from  the
Condensed  Consolidated  Statement of Income and Condensed  Consolidated Balance
Sheet of the Company's  Quarterly  Report on Form 10-Q for the quarterly  period
ended  September 30, 1999, and is qualified in its entirety by reference to such
financial statements.
</LEGEND>

<MULTIPLIER>                                      1000

                                        
<PERIOD-TYPE>                                    9-mos
<FISCAL-YEAR-END>                          Dec-31-1999
<PERIOD-END>                               Sep-30-1999
<CASH>                                       2,733,670
<RECEIVABLES>                               13,980,765
<SECURITIES-RESALE>                          7,305,800
<SECURITIES-BORROWED>                                0
<INSTRUMENTS-OWNED>                            303,980
<PP&E>                                         532,145
<TOTAL-ASSETS>                              25,088,022
<SHORT-TERM>                                   215,793
<PAYABLES>                                  21,625,575
<REPOS-SOLD>                                         0
<SECURITIES-LOANED>                                  0
<INSTRUMENTS-SOLD>                                   0
<LONG-TERM>                                    465,012
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         8,196
<OTHER-SE>                                   2,047,598
<TOTAL-LIABILITY-AND-EQUITY>                25,088,022
<TRADING-REVENUE>                              361,053
<INTEREST-DIVIDENDS>                         1,043,585
<COMMISSIONS>                                1,320,695
<INVESTMENT-BANKING-REVENUES>                        0
<FEE-REVENUE>                                  541,770
<INTEREST-EXPENSE>                             543,602
<COMPENSATION>                               1,162,461
<INCOME-PRETAX>                                689,520
<INCOME-PRE-EXTRAORDINARY>                     418,437
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   418,437
<EPS-BASIC>                                      .52<F1>
<EPS-DILUTED>                                      .50<F1>

<FN>
<F1>  The information has been prepared in accordance with SFAS No. 128.
Basic and diluted EPS have been entered in place of primary and fully
diluted, respectively.
Reflects the July 1999 two-for-one common stock split.
</FN>