<ARTICLE> BD
<LEGEND>
This schedule contains summary financial information extracted from the
unaudited Consolidated Balance Sheet as of September 30, 1998 and the unaudited
Consolidated Statement of Operations for the nine months ended September 30,
1998, which are contained in the body of the accompanying Form 10-Q and is
qualified in its entirety by reference to such financial statements.
</LEGEND>

<MULTIPLIER>                               1,000
       
                                        
<PERIOD-TYPE>                              9-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               SEP-30-1998
<CASH>                                          58,714
<RECEIVABLES>                                   33,368
<SECURITIES-RESALE>                                  0
<SECURITIES-BORROWED>                                0
<INSTRUMENTS-OWNED>                            117,454
<PP&E>                                           6,832
<TOTAL-ASSETS>                                 221,859
<SHORT-TERM>                                         0
<PAYABLES>                                      22,971
<REPOS-SOLD>                                         0
<SECURITIES-LOANED>                                  0
<INSTRUMENTS-SOLD>                               3,418
<LONG-TERM>                                      2,037
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       209,343
<OTHER-SE>                                     (15,910)
<TOTAL-LIABILITY-AND-EQUITY>                   221,859
<TRADING-REVENUE>                              (29,487)
<INTEREST-DIVIDENDS>                            12,758
<COMMISSIONS>                                   11,906
<INVESTMENT-BANKING-REVENUES>                  105,756
<FEE-REVENUE>                                    7,594
<INTEREST-EXPENSE>                               4,680
<COMPENSATION>                                  68,112
<INCOME-PRETAX>                                (12,400)
<INCOME-PRE-EXTRAORDINARY>                     (12,400)
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   (12,400)
<EPS-PRIMARY>                                     (.25)
<EPS-DILUTED>                                     (.25)