<ARTICLE> BD
       
                                                  
<PERIOD-TYPE>                   YEAR                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1998             DEC-31-1997
<PERIOD-END>                               DEC-31-1998             DEC-31-1997
<CASH>                                          46,827                 207,691
<RECEIVABLES>                                   35,537                  29,772
<SECURITIES-RESALE>                                  0                       0
<SECURITIES-BORROWED>                                0                       0
<INSTRUMENTS-OWNED>                            110,307                 115,135
<PP&E>                                           6,946                   3,471
<TOTAL-ASSETS>                                 205,116                 359,327
<SHORT-TERM>                                         0                  40,000
<PAYABLES>                                      13,411                  73,591
<REPOS-SOLD>                                         0                       0
<SECURITIES-LOANED>                                  0                       0
<INSTRUMENTS-SOLD>                               2,892                  16,673
<LONG-TERM>                                      1,911                   2,416
<PREFERRED-MANDATORY>                                0                       0
<PREFERRED>                                          0                       0
<COMMON>                                       209,025                 209,343
<OTHER-SE>                                     (22,123)                 17,303
<TOTAL-LIABILITY-AND-EQUITY>                   205,116                 359,327
<TRADING-REVENUE>                              (28,193)                 16,646
<INTEREST-DIVIDENDS>                            16,151                   4,945
<COMMISSIONS>                                   15,308                  12,395
<INVESTMENT-BANKING-REVENUES>                  112,146                 203,155
<FEE-REVENUE>                                   11,397                  15,766
<INTEREST-EXPENSE>                               4,927                   3,770
<COMPENSATION>                                  82,599                 156,957
<INCOME-PRETAX>                                (16,209)                 57,136
<INCOME-PRE-EXTRAORDINARY>                     (16,209)                 57,136
<EXTRAORDINARY>                                      0                       0
<CHANGES>                                            0                       0
<NET-INCOME>                                   (16,209)                 59,539
<EPS-PRIMARY>                                    (0.33)                   1.48
<EPS-DILUTED>                                    (0.33)                   1.48