<ARTICLE>           BD
<LEGEND>

     This schedule contains summary financial information extracted from the 
     unaudited Consolidated Balance Sheet as of June 30, 1998 and the unaudited
     Consolidated Statements of Operations for the six months ended June 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>                                  6-MOS        
<FISCAL-YEAR-END>                              DEC-31-1998  
<PERIOD-START>                                 JAN-01-1998
<PERIOD-END>                                   JUN-30-1998 

<CASH>                                          71,246
<RECEIVABLES>                                   26,117
<SECURITIES-RESALE>                                  0
<SECURITIES-BORROWED>                                0
<INSTRUMENTS-OWNED>                            137,991
<PP&E>                                           6,193
<TOTAL-ASSETS>                                 353,444
<SHORT-TERM>                                         0
<PAYABLES>                                      70,026
<REPOS-SOLD>                                         0
<SECURITIES-LOANED>                                  0
<INSTRUMENTS-SOLD>                              19,164
<LONG-TERM>                                      2,169
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       249,659
<OTHER-SE>                                           0
<TOTAL-LIABILITY-AND-EQUITY>                   353,444
<TRADING-REVENUE>                                3,262
<INTEREST-DIVIDENDS>                             9,210
<COMMISSIONS>                                    8,043
<INVESTMENT-BANKING-REVENUES>                   96,620
<FEE-REVENUE>                                    5,452
<INTEREST-EXPENSE>                               3,127
<COMPENSATION>                                  57,241
<INCOME-PRETAX>                                 38,331
<INCOME-PRE-EXTRAORDINARY>                      38,331
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    23,012
<EPS-PRIMARY>                                     0.46
<EPS-DILUTED>                                     0.46