<ARTICLE>                                           BD
<LEGEND>
     
     This schedule contins summary financial information extracted from the 
     unaudited Consolidated Balance Sheet at March 31, 1998 and the unaudited
     Consolidated Statements of Operations for the three months ended March 31,
     1998, which are contined 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>                                  3-MOS
<FISCAL-YEAR-END>                              DEC-31-1997
<PERIOD-START>                                 JAN-01-1998
<PERIOD-END>                                   MAR-31-1998
<CASH>                                         139,149
<RECEIVABLES>                                   15,570
<SECURITIES-RESALE>                                  0
<SECURITIES-BORROWED>                                0
<INSTRUMENTS-OWNED>                             86,655
<PP&E>                                           3,537
<TOTAL-ASSETS>                                 504,366
<SHORT-TERM>                                         0
<PAYABLES>                                     177,449
<REPOS-SOLD>                                         0
<SECURITIES-LOANED>                                  0
<INSTRUMENTS-SOLD>                              73,716
<LONG-TERM>                                      2,294
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       242,225
<OTHER-SE>                                           0
<TOTAL-LIABILITY-AND-EQUITY>                   504,366
<TRADING-REVENUE>                                3,113
<INTEREST-DIVIDENDS>                             3,619
<COMMISSIONS>                                    3,708
<INVESTMENT-BANKING-REVENUES>                   47,710
<FEE-REVENUE>                                    3,661
<INTEREST-EXPENSE>                               1,659
<COMPENSATION>                                  28,343
<INCOME-PRETAX>                                 25,736
<INCOME-PRE-EXTRAORDINARY>                      25,736
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    15,579
<EPS-PRIMARY>                                      .31
<EPS-DILUTED>                                      .31