<ARTICLE> BD
<LEGEND>
This schedule contains summary financial information extracted from the
Consolidated Statement of Income and Consolidated Statement of Financial
Condition in the Company's quarterly report on Form 10-Q for the quarterly
period ended March 31, 2000 and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<MULTIPLIER> 1,000

                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-2000
<PERIOD-START>                             JAN-01-2000
<PERIOD-END>                               MAR-31-2000
<CASH>                                         449,379
<RECEIVABLES>                                  235,796
<SECURITIES-RESALE>                                  0
<SECURITIES-BORROWED>                                0
<INSTRUMENTS-OWNED>                          1,079,553
<PP&E>                                          37,915
<TOTAL-ASSETS>                               1,891,271
<SHORT-TERM>                                         0
<PAYABLES>                                     352,709
<REPOS-SOLD>                                    10,278
<SECURITIES-LOANED>                                  0
<INSTRUMENTS-SOLD>                             892,265
<LONG-TERM>                                          0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         1,222
<OTHER-SE>                                     634,797
<TOTAL-LIABILITY-AND-EQUITY>                 1,891,271
<TRADING-REVENUE>                              487,045
<INTEREST-DIVIDENDS>                             8,642
<COMMISSIONS>                                    4,695
<INVESTMENT-BANKING-REVENUES>                        0
<FEE-REVENUE>                                    9,428
<INTEREST-EXPENSE>                               5,162
<COMPENSATION>                                 175,141
<INCOME-PRETAX>                                216,940
<INCOME-PRE-EXTRAORDINARY>                     216,940
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   136,532
<EPS-BASIC>                                       1.12
<EPS-DILUTED>                                     1.08