<ARTICLE> BD

                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               SEP-30-1999
<CASH>                                          $1,675
<RECEIVABLES>                                  266,933
<SECURITIES-RESALE>                             38,160
<SECURITIES-BORROWED>                          782,564
<INSTRUMENTS-OWNED>                            189,168
<PP&E>                                          10,833
<TOTAL-ASSETS>                               1,324,785
<SHORT-TERM>                                   150,089
<PAYABLES>                                      98,920
<REPOS-SOLD>                                     2,471
<SECURITIES-LOANED>                            917,320
<INSTRUMENTS-SOLD>                              56,843
<LONG-TERM>                                      6,012
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            73
<OTHER-SE>                                      51,155
<TOTAL-LIABILITY-AND-EQUITY>                 1,324,785
<TRADING-REVENUE>                               44,377
<INTEREST-DIVIDENDS>                            43,459
<COMMISSIONS>                                   52,336
<INVESTMENT-BANKING-REVENUES>                   23,648
<FEE-REVENUE>                                   13,466
<INTEREST-EXPENSE>                              36,424
<COMPENSATION>                                 102,648
<INCOME-PRETAX>                                  (556)
<INCOME-PRE-EXTRAORDINARY>                       (410)
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     (410)
<EPS-BASIC>                                     (0.06)
<EPS-DILUTED>                                   (0.06)