<ARTICLE> BD

                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
<CASH>                                          $7,161
<RECEIVABLES>                                  284,364
<SECURITIES-RESALE>                             13,457
<SECURITIES-BORROWED>                          755,747
<INSTRUMENTS-OWNED>                            195,926
<PP&E>                                          11,347
<TOTAL-ASSETS>                               1,294,725
<SHORT-TERM>                                   185,314
<PAYABLES>                                      70,901
<REPOS-SOLD>                                         0
<SECURITIES-LOANED>                            910,850
<INSTRUMENTS-SOLD>                              34,138
<LONG-TERM>                                      6,367
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            73
<OTHER-SE>                                      51,128
<TOTAL-LIABILITY-AND-EQUITY>                 1,294,725
<TRADING-REVENUE>                               30,000
<INTEREST-DIVIDENDS>                            26,471
<COMMISSIONS>                                   36,889
<INVESTMENT-BANKING-REVENUES>                   14,531
<FEE-REVENUE>                                    8,507
<INTEREST-EXPENSE>                              21,674
<COMPENSATION>                                  69,029
<INCOME-PRETAX>                                     33
<INCOME-PRE-EXTRAORDINARY>                          20
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                        20
<EPS-BASIC>                                          0
<EPS-DILUTED>                                        0