<TABLE>
<CAPTION>
===================================================================================================================
                     U.S. SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549
<S>                                                   <C>

                                    FORM 10-Q

(Mark One)

[X]      Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934

         For the quarterly period ended         March 31, 2003
                                            -----------------------------------------------------------------------

[ ]     Transition report under Section 13 or 15(d) of the Exchange Act

         For the transition period from                                         to
                                        -------------------------------            --------------------------------

         Commission file number             0-5703
                                 ----------------------------------------------------------------------------------
                                              Siebert Financial Corp.
-------------------------------------------------------------------------------------------------------------------
                                (Exact Name of Issuer as Specified in its Charter)


            New York                                                                   11-1796714
-------------------------------                                                ------------------
(State or Other Jurisdiction of Incorporation)                           (I.R.S. Employer Identification No.)


                                       885 Third Avenue, New York, NY 10022
-------------------------------------------------------------------------------------------------------------------
                                     (Address of Principal Executive Offices)

                                                  (212) 644-2400
-------------------------------------------------------------------------------------------------------------------
                                 (Issuer's Telephone Number, Including Area Code)


-------------------------------------------------------------------------------------------------------------------
                (Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
</TABLE>

         Indicate by check mark whether the registrant: (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

Yes     X             No
    ------------         -----------

         Indicate by check mark whether the registrant is an accelerated filer
(as defined in Rule 12b-2 of the Exchange Act).

Yes                   No   X
    ------------         -----------

         State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date: As of May 6, 2003, there
were 22,375,985 shares of Common Stock, par value $.01 per share, outstanding.




<PAGE>


         Unless the context otherwise requires, the "Company" shall mean Siebert
Financial  Corp.  and its wholly owned  subsidiaries  and  "Siebert"  shall mean
Muriel Siebert & Co., Inc., a wholly owned subsidiary of the Company.

         Certain  statements  contained  in  the  "Management's  Discussion  and
Analysis of Financial  Condition and Results of Operations"  below and elsewhere
in this document,  as well as oral statements that may be made by the Company or
by its officers, directors or employees acting on the Company's behalf, that are
not  statements  of  historical  or current  fact  constitute  "forward  looking
statements" within the meaning of the Private  Securities  Litigation Reform Act
of 1995. Such forward looking  statements  involve risks and  uncertainties  and
known and unknown  factors that could cause the actual results of the Company to
be materially  different from the historical  results or from any future results
expressed  or implied by such forward  looking  statements,  including,  without
limitation:  changes in general economic and market conditions;  fluctuations in
volume and prices of  securities;  demand for brokerage and  investment  banking
services;  competition  within and  without  the  discount  brokerage  business,
including the offer of broader  services;  competition from electronic  discount
brokerage  firms  offering  lower rates on  commissions  than the  Company;  the
prevalence  of a flat fee  environment;  decline in  participation  in equity or
municipal finance underwritings;  limited trading  opportunities;  the method of
placing  trades  by the  Company's  customers;  computer  and  telephone  system
failures;  the level of spending by the Company on advertising  and  promotions;
trading  errors and the  possibility  of losses  from  customer  non-payment  of
amounts  due;  other  increases  in expenses and changes in net capital or other
regulatory  requirements.  The  Company  undertakes  no  obligation  to publicly
release the results of any revisions to these  forward-looking  statements which
may be made to  reflect  events  or  circumstances  after  the  date  when  such
statements were made or to reflect the occurrence of  unanticipated  events.  An
investment in the Company  involves  various risks,  including  those  mentioned
above and those which are detailed from time to time in the Company's Securities
and Exchange Commission filings.



<PAGE>



                                          Part I - FINANCIAL INFORMATION

Item 1.  Financial Statements.

Siebert Financial Corp. & Subsidiaries
Consolidated Statements of Financial Condition

<TABLE>
<CAPTION>

                                                                                     March 31, 2003    December 31,
                                                                                       (unaudited)         2002
                                                                                     ---------------------------------
ASSETS
<S>                                                                                      <C>              <C>
Cash and cash equivalents                                                                $19,772,000      $22,498,000
Cash equivalents - restricted                                                              1,300,000        1,300,000
Receivable from clearing broker                                                            3,080,000        1,100,000
Securities owned, at market value                                                          5,206,000        5,225,000
Furniture, equipment and leasehold improvements, net                                       2,490,000        2,616,000
Investment in and advances to equity investee                                              3,120,000        2,748,000
Intangibles, net                                                                           3,130,000        2,302,000
Prepaid expenses and other assets                                                          1,572,000        1,816,000
Deferred tax asset                                                                         1,061,000          846,000
                                                                                     ---------------------------------
                                                                                         $40,731,000      $40,451,000
                                                                                     =================================
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities                                                   5,417,000        4,784,000
                                                                                     ---------------------------------
                                                                                           5,417,000        4,784,000
                                                                                     ---------------------------------
Commitments and contingent liabilities

Stockholders' equity:
Common stock, $.01 par value; 49,000,000 shares authorized, 22,968,167 shares
issued and 22,373,699 and 22,395,767 shares
outstanding at March 31, 2003 and December 31, 2002, respectively                            229,000          229,000
Additional paid-in capital                                                                17,880,000       17,880,000
Retained earnings                                                                         20,081,000       20,377,000
Less: 594,468 and 572,400 shares of treasury stock, at cost at March 31, 2003
and December 31, 2002, respectively                                                      (2,876,000)      (2,819,000)
                                                                                     ---------------------------------
                                                                                          35,314,000       35,667,000
                                                                                     ---------------------------------
                                                                                         $40,731,000      $40,451,000
                                                                                     =================================
</TABLE>


                 See notes to consolidated financial statements.



                                       1
<PAGE>






Siebert Financial Corp. & Subsidiaries
Consolidated Statements of Operations
(unaudited)

<TABLE>
<CAPTION>
                                                                  Three Months Ended
                                                                       March 31,
                                                           ----------------------------------
                                                                 2003             2002
                                                           ----------------------------------
Revenues:
<S>                                                               <C>             <C>
    Commissions and fees                                          $4,126,000      $5,225,000
    Investment banking                                               476,000         524,000
    Trading profits                                                  197,000         211,000
    Income from equity investee                                      711,000         123,000
    Interest and dividends                                            96,000         138,000
                                                           ----------------------------------
                                                                   5,606,000       6,221,000
                                                           ----------------------------------

Expenses:
    Employee compensation and benefits                             2,228,000       2,352,000
    Clearing fees, including floor brokerage                         852,000         931,000
    Advertising and promotion                                        359,000         413,000
    Communications                                                   747,000         550,000
    Occupancy                                                        264,000         237,000
    Other general and administrative                               1,667,000       1,299,000
                                                           ----------------------------------
                                                                   6,117,000       5,782,000
                                                           ----------------------------------

(Loss) income before income taxes                                  (511,000)         439,000

(Benefit) provision for income taxes                               (215,000)         184,000
                                                           ----------------------------------
Net (loss) income                                                 $(296,000)        $255,000
                                                           ==================================

Net (loss) income per share of common stock -
    Basic and Diluted                                                 $(.01)            $.01
Weighted average shares outstanding -
    Basic                                                         22,381,216      22,389,247
Weighted average shares outstanding -
    Diluted                                                       22,381,216      22,590,701
</TABLE>





                 See notes to consolidated financial statements.

                                       2
<PAGE>



Siebert Financial Corp. & Subsidiaries
Consolidated Statements of Cash Flows
(unaudited)
<TABLE>
<CAPTION>
                                                                                           Three Months Ended
                                                                                                March 31,
                                                                                    ----------------------------------
                                                                                          2003             2002
                                                                                    ----------------------------------
Cash flows from operating activities:
<S>                                                                                  <C>                   <C>
    Net (loss) income                                                                $   (296,000)         $    255,000
    Adjustments to reconcile net (loss) income to net cash used in operating
       activities:
       Depreciation and amortization                                                      470,000               389,000
       Income from equity investee                                                       (711,000)             (123,000)
       Changes in operating assets and liabilities:
            Net decrease (increase) in securities owned, at market value                   19,000            (1,103,000)
            Net (increase) decrease in receivable from clearing broker                   (480,000)              175,000
            Decrease in prepaid expenses and other assets                                 244,000               166,000
            Net decrease in securities sold, not yet purchased, at market value                                  (4,000)
            Net change in deferred taxes                                                 (215,000)              (92,000)
            Increase (decrease) in accounts payable and accrued liabilities               633,000              (723,000)
                                                                                      ---------------------------------
       Net cash used in operating activities                                             (336,000)           (1,060,000)
                                                                                      ---------------------------------

Cash flows from investing activities:
    Purchase of furniture, equipment and leasehold improvements                           (72,000)             (105,000)
    Advance to clearing broker                                                         (1,500,000)
    Purchase of customer accounts                                                      (1,100,000)
    Net (advances) collections of advances by equity investee                             (53,000)              409,000
    Distribution from equity investee                                                     392,000
                                                                                       --------------------------------
       Net cash (used in) provided by investing activities                             (2,333,000)              304,000
                                                                                       --------------------------------

Cash flows from financing activities:

    Repurchase of common stock                                                            (57,000)
                                                                                       --------------------------------
            Net cash used in financing activities                                         (57,000)
                                                                                       --------------------------------
            Net decrease in cash and cash equivalents                                  (2,726,000)             (756,000)

Cash and cash equivalents - beginning of period                                        22,498,000            25,670,000
                                                                                       --------------------------------

Cash and cash equivalents - end of period                                            $ 19,772,000          $ 24,914,000
                                                                                     ==================================


Supplemental cash flow disclosures:
    Cash paid for:
       Income taxes                                                                  $     18,000          $    961,000
</TABLE>



                 See notes to consolidated financial statements.

                                       3
<PAGE>


                     Siebert Financial Corp. & Subsidiaries

Notes to Consolidated Financial Statements
Three Months Ended March 31, 2003 and 2002
(Unaudited)

1. Organization and Basis of Presentation:

     The  consolidated  financial  statements  include  the  accounts of Siebert
     Financial Corp. (the  "Company") and its wholly owned  subsidiaries  Muriel
     Siebert & Co., Inc. ("Siebert") and Siebert Women's Financial Network, Inc.
     ("WFN").  All material  intercompany  balances  have been  eliminated.  The
     statements  are  unaudited;  however,  in the  opinion of  management,  all
     adjustments  considered necessary to reflect fairly the Company's financial
     position  and  results  of  operations,   consisting  of  normal  recurring
     adjustments, have been included.

     The accompanying  consolidated  financial  statements do not include all of
     the information  and footnote  disclosures  normally  included in financial
     statements  prepared  in  accordance  with  generally  accepted  accounting
     principles.  Accordingly, the statements should be read in conjunction with
     the audited financial statements included in the Company's Annual Report on
     Form 10-K for the year ended  December 31,  2002.  Because of the nature of
     the  Company's  business,  the  results  of  any  interim  period  are  not
     necessarily indicative of results for a full year.

2. Stock-Based Compensation

     Statement of Financial  Accounting  Standards ("SFAS") No. 123,  Accounting
     for  Stock-Based  Compensation  ("SFAS  123") as amended  by SFAS No.  148,
     (Accounting  for  Stock-Based  Compensation  - Transition and Disclosure an
     amendment  to FASB  Statement  123),  allows the fair value of  stock-based
     compensation   to  be   included  in  expense   over  the  period   earned;
     alternatively, if the fair value of stock-based compensation awards are not
     included in expense,  SFAS 123 requires disclosure of net income (loss), on
     a pro forma basis, as if expense  treatment had been applied.  As permitted
     by SFAS 123, the Company continues to account for such  compensation  under
     Accounting Principles Board Opinion No. 25 ("APB 25"), Accounting for Stock
     Issued to  Employees,  and  related  interpretations,  pursuant to which no
     compensation  cost was recognized in connection  with the issuance of stock
     options,  as all options  granted  under the 1997 Stock  Option Plan had an
     exercise  price equal to or greater  than the fair value of the  underlying
     common  stock on the date of grant.  Had the Company  elected to  recognize
     compensation expense for the stock option plan,  consistent with the method
     prescribed  by SFAS 123, the  Company's net (loss) income and (loss) income
     per share for the three months  ended March 31,  2003,  and 2002 would have
     (increased) decreased to the pro forma amounts as follows:


<TABLE>
<CAPTION>
                                                                    Three  Months Ended March 31,
                                                                    -----------------------------

                                                                         2003           2002
                                                                         ----           ----

<S>                                                                   <C>             <C>
Net (loss) income, as reported                                        $(296,000)      $255,000
Stock-based employee compensation determined
           under APB 25                                                      --             --
Stock-based employee compensation determined
           under the fair value based method, net of tax effect        (470,000)      (75,000)
                                                                       ---------      --------

Pro forma net (loss) income                                           $(766,000)      $180,000
                                                                      ==========      ========

Net (loss) income per share - basic:

           As reported                                                     $(.01)          $.01
           Pro forma                                                       $(.03)          $.01

Net (loss) income per share - diluted:

           As reported                                                     $(.01)          $.01
           Pro forma                                                       $(.03)          $.01
</TABLE>


                                       4
<PAGE>

3. Net Capital:

     Siebert is subject to the Securities and Exchange  Commission's Uniform Net
     Capital Rule (Rule 15c3-1),  which requires the  maintenance of minimum net
     capital.  Siebert has elected to use the alternative  method,  permitted by
     the rule,  which  requires that Siebert  maintain  minimum net capital,  as
     defined, equal to the greater of $250,000 or two percent of aggregate debit
     balances arising from customer  transactions,  as defined. (The net capital
     rule of the New York Stock  Exchange also provides that equity  capital may
     not be withdrawn or cash  dividends  paid if resulting net capital would be
     less than five percent of aggregate  debits.) As of March 31, 2003, Siebert
     had net capital of  approximately  $13,687,000 as compared with net capital
     requirements of $250,000.

4. Capital Transactions:

     On May 15, 2000,  the board of directors of the Company  authorized a stock
     buy  back  program  of up to one  million  common  shares.  Shares  will be
     purchased from time to time in the open market and in private transactions.
     Through March 31, 2003,  594,468  shares have been  purchased at an average
     price of $4.84 per share.

5. Option Grants:

     During the period ended March 31, 2003,  the  Company's  Board of Directors
     granted  options to  employees  of the Company to purchase an  aggregate of
     25,000 shares of the Company's  common stock at an exercise price of $2.68,
     the fair market value on the date of grant.  The employee  options  granted
     during  the  quarter  vest 20% per year for five years and expire ten years
     from the date of grant.

6. Recent Developments

     In  April  2002  Siebert  entered  into  an  exclusive  Strategic  Alliance
     Agreement with Intuit, Inc. to offer a joint brokerage service to customers
     of Quicken and  Quicken.com.  The joint  brokerage  service (the "JBS") was
     launched in September 2002.  Siebert's share of organizational and start-up
     expenses  were charged to operations in 2002 and revenues from this service
     during 2002 were nominal. New accounts added since inauguration of the JBS,
     through  the  first   quarter  of  2003,   have  been  far  below   initial
     expectations.  Charges to the operations of the Company relating to the JBS
     during  the  first  quarter  of 2003  were  approximately  $598,000,  which
     included  technology,  marketing  and  content  expenses  of  approximately
     $369,000 and certain  brokerage  and other  services  expenses of $229,000.
     Revenues from the JBS to the Company were nominal  during the first quarter
     of 2003. The Company and Intuit have been discussing ways of  substantially
     reducing  ongoing  costs  relating  to the JBS until  market  activity  and
     customer  interest justify a higher level of  expenditures,  or alternative
     courses of action that may be available.

7. Account Purchases:

     In January 2003 Siebert agreed to acquire certain retail discount brokerage
     accounts from Your  Discount  Broker,  Inc ("YDB") for $1.1 million.  These
     accounts,  which  were  transferred  to Siebert  in March  2003,  are being
     serviced  from  Siebert's  Boca Raton  office.  As of March 31,  2003,  the
     purchase price for the customer accounts has been recorded in "Intangibles"
     and is being amortized over a five-year period.


8. Siebert Brandford Shank & Co., LLC:

     Summarized  financial  data  (presented in thousands) of Siebert  Brandford
     Shank & Co.,  LLC,  ("SBS") as of and for the three  months  ended March 31
     2003 and 2002 is set forth below. Siebert holds a 49% ownership interest in
     SBS.

<TABLE>
<CAPTION>
                                                                         2003            2002
                                                                         ----            ----

<S>                                                                   <C>             <C>
     Total assets                                                     $9,185,000      $14,100,000
     Total liabilities, including subordinated liabilities of
        $1,200,000                                                    $2,994,000       $9,200,000
     Total members' capital                                           $6,191,000       $4,800,000
     Total revenues                                                   $4,288,000       $2,200,000
     Net income                                                       $1,450,000         $250,000
</TABLE>



                                       5
<PAGE>

     Siebert  charged  SBS  $60,000  during each period for rent and general and
     administrative  services,  which Siebert believes  approximates the cost of
     furnishing such services.

     Siebert's share of  undistributed  earnings from SBS amounted to $2,642,000
     and  $1,955,000 at March 31, 2003 and 2002  respectively.  Such amounts may
     not be  immediately  available  for  distribution  to Siebert  for  various
     reasons including the amount of SBS's available cash, the provisions of the
     agreement between Siebert and the principals and SBS's continued compliance
     with its regulatory and net capital requirements.

9. Commitments and Contingent Liabilities:

     On April 30, 2002, Siebert signed a fully disclosed clearing agreement (the
     "Clearing  Agreement")  with the Pershing  division of Donaldson,  Lufkin &
     Jenrette  Securities  Corporation  ("Pershing").  Pursuant to the  Clearing
     Agreement, Siebert advanced Pershing a total of $1,500,000 in January 2003,
     principally  for  software  customization  setup of the JBS.  Pershing  has
     agreed that it shall rebate such amount in three equal annual installments,
     without interest,  over the initial three years of the Clearing  Agreement,
     provided  that  if the  Clearing  Agreement  is  terminated  under  certain
     circumstances,  the amounts so rebated must be repaid to Pershing.  Siebert
     believes that the advance to Pershing  should be treated as an "incremental
     expense"  that,  with any related  rebates,  would be shared  equally  with
     Intuit under the Strategic  Alliance  Agreement  governing the JBS. Siebert
     has also paid  $866,000  for a  Customer  Relationship  Management  ("CRM")
     system  purchased  to service  anticipated  customers  of the JBS.  Siebert
     believes that this should also be an  incremental  expense  shared  equally
     with Intuit.  Intuit has  indicated  that it does not agree with  Siebert's
     positions  with  respect to the advance to Pershing and the cost of the CRM
     system.   In  addition,   Siebert  and  Intuit  will  incur  other  charges
     aggregating  approximately  $485,000 for the setup of the JBS's website and
     related  matters.  Siebert and Intuit will share  equally in the advance of
     the  other  charges.  The  amount  advanced  to  Pershing  is  included  in
     receivable from clearing broker in the Consolidated Statements of Financial
     Condition.

     The Company is involved in various  routine  lawsuits of a nature deemed by
     the Company  customary and  incidental  to its business.  In the opinion of
     management,  the  ultimate  disposition  of such  actions  will  not have a
     material adverse effect on its financial position or results of operations.

Item 2. Management's  Discussion and Analysis of Financial Condition and Results
        of Operations

     This discussion  should be read in conjunction  with the Company's  audited
     and the unaudited  Consolidated  Financial Statements and the Notes thereto
     contained elsewhere in this Quarterly Report.

Business Environment

         The  market  was very weak in the first  quarter  of 2003  despite  the
record low interest rate  environment  maintained by the Federal  Reserve Bank.
The war in Iraq  dominated  headlines  and the result was a lack of  interest in
buying stocks.  Competition in the brokerage  industry  remains intense although
many of  Siebert's  competitors  have  been  consolidated  or have  gone  out of
business.



                                       6
<PAGE>

         The  Company,  like other  securities  firms,  is directly  affected by
general  economic and market  conditions  including  fluctuations  in volume and
prices of  securities,  changes and prospects for changes in interest  rates and
demand for brokerage and investment  banking  services,  all of which can affect
the Company's  relative  profitability.  In periods of reduced market  activity,
profitability  is likely to be  adversely  affected  because  certain  expenses,
including  salaries  and related  costs,  portions of  communications  costs and
occupancy  expenses remain relatively fixed.  Earnings,  or loss, for any period
should not be considered representative of any other period.

Recent Developments

         In January  2003  Siebert  agreed to acquire  certain  retail  discount
brokerage  accounts  from Your  Discount  Broker,  Inc for $1.1  million.  These
accounts,  which were  transferred  to Siebert in March 2003, are being serviced
from Siebert's  Boca Raton office.  As of March 31, 2003, the purchase price for
the customer  accounts has been recorded in "Intangibles" and is being amortized
over a five-year period.

         As previously reported, in April 2002 Siebert entered into an exclusive
Strategic  Alliance  Agreement  with  Intuit,  Inc.  to offer a joint  brokerage
service  (the  "JBS") to  customers  of  Quicken  and  Quicken.com.  The JBS was
launched in  September  2002.  Siebert's  share of  organizational  and start-up
expenses  were charged to  operations  in 2002 and revenues  from the JBS during
2002 were nominal. New accounts added since inauguration of the JBS, through the
first quarter of 2003, have been far below initial expectations.  Charges to the
operations  of the Company  relating to the JBS during the first quarter of 2003
were approximately  $598,000,  which included technology,  marketing and content
expenses of  approximately  $369,000 and certain  brokerage  and other  services
expenses of $229,000.  Revenues from the JBS to the Company were nominal  during
the first quarter of 2003. The Company and Intuit have been  discussing  ways of
substantially  reducing  ongoing costs relating to the JBS until market activity
and customer  interest  justify a higher level of  expenditures,  or alternative
courses of action that may be available.

         On April 30, 2002,  Siebert signed a fully disclosed clearing agreement
(the "Clearing  Agreement") with the Pershing  division of Donaldson,  Lufkin, &
Jenrette  Securities   Corporation   ("Pershing").   Pursuant  to  the  Clearing
Agreement,  Siebert  advanced  Pershing a total of $1.5 million in January 2003,
principally  for software  customization  setup of the JBS.  Pershing has agreed
that it shall rebate such amounts in three equal  annual  installments,  without
interest, over the initial three years of the Clearing Agreement,  provided that
if the Clearing Agreement is terminated under certain circumstances,  the amount
so rebated  must be repaid to  Pershing.  Siebert  believes  that the advance to
Pershing  should be treated as an  "incremental  expense" that, with any related
rebates,  would be shared  equally  with  Intuit  under the  Strategic  Alliance
Agreement  governing  the JBS.  Siebert  has also paid  $866,000  for a Customer
Relationship   Management  ("CRM")  system  purchased  to  service   anticipated
customers of the JBS.  Siebert  believes that this should also be an incremental
expense shared equally with Intuit.  Intuit has indicated that it does not agree
with Siebert's positions with respect to the advance to Pershing and the cost of
the CRM  system.  In  addition,  Siebert  and Intuit  will incur  other  charges
aggregating  approximately  $485,000  for the  setup of the  JBS's  website  and
related  matters.  Siebert and Intuit  will share  equally in the advance of the
other charges.

         On May 15, 2000,  the board of directors of the Company  authorized the
repurchase of up to 1,000,000 shares of the Company's common stock.  Shares will
be purchased  from time to time, in the  discretion of the Company,  in the open
market and in private transactions.  Through March 31, 2003, 594,468 shares have
been  purchased at an average price of $4.84 per share.  The Company  intends to
continue  acquiring shares pursuant to its stock  repurchase  program based upon
the price of the stock and in accordance with applicable rules and regulations.

Critical Accounting Policies

         The  Company  generally  follows  accounting  policies  standard in the
brokerage  industry and believes  that its  policies  appropriately  reflect its
financial position and results of operations.  Management has identified the use
of  "Estimates"  as its  critical  accounting  policy.  These  estimates  relate
primarily  to revenue and expense  items in the normal  course of business as to
which the Company receives no confirmations, invoices, or other documentation at
the time the books are closed for a period.  The Company uses its best judgment,
based on its knowledge of these revenue  transactions and expenses incurred,  to
estimate the amounts of such  revenue and  expense.  The Company is not aware of
any material differences between the estimates used in closing its books for the
last five years and the actual amounts of revenue received and expenses incurred
when the Company  subsequently  receives the actual  confirmations,  invoices or
other documentation.  Estimates are also used in determining the useful lives of
tangible and intangible  assets, and the fair market value of intangible assets.
Management believes that its estimates are reasonable.



                                       7
<PAGE>

Results of Operations

         The Company  believes that its business is performing  relatively well,
given the  current  difficult  business  environment  for  discount  and  online
brokers. The Company had a net loss of $296,000 for the three months ended March
31,  2003.  Excluding  the direct  expenses of  approximately  $598,000  and the
nominal revenues attributable to the JBS, the Company would have been profitable
for the three months ended March 31, 2003.

         The Company has  implemented  various cost  reduction  programs such as
reducing head count and related employee  expenses,  reducing  communication and
market data costs and renegotiating of vendor  contracts.  The Company continues
to evaluate  acquisition  opportunities  aimed at increasing  profitability  and
enhancing economies of scale within the Company's existing infrastructure.

Three Months Ended March 31, 2003 Compared to Three Months Ended March 31, 2002

         Total  revenues  for the three  months  ended  March 31, 2003 were $5.6
million, a decrease of $615,000 or 10% from the same period in 2002.

         Commission and fee income for the three months ended March 31, 2003 was
$4.1 million, a decrease of $1.1 million or 21% from the same period in 2002 due
to lower  trading  volume as a result of the  continued  weak market  conditions
prevailing during the first quarter of 2003.

         Investment  banking  revenues for the three months ended March 31, 2003
were $476,000, a decrease of $48,000 or 9.2% from the same period in 2002 due to
less activity in the new issue market.

         Income from the Company's equity  investment in Siebert Brandford Shank
& Co., LLC, an entity in which the Company holds a 49% equity interest  ("SBS"),
for the three  months  ended March 31, 2003 was  $711,000  compared to income of
$123,000,  an increase  of  $588,000 or 478% from the same period in 2002.  This
increase was due to increased  activity in the municipal bond market. SBS serves
as an underwriter for municipal bond offerings.

         Trading  profits  were  $197,000  for the three  months ended March 31,
2003,  a  decrease  of  $14,000  or 6.6% over the same  period in 2002 due to an
overall decrease in trading volume.



                                       8
<PAGE>

         Interest and  dividends  for the three months ended March 31, 2003 were
$96,000,  a decrease of $42,000 or 30.4% from the same period in 2002  primarily
due to slightly lower cash balances  available for temporary  investment coupled
with lower interest rates.

         Total  expenses  for the three  months  ended  March 31, 2003 were $6.1
million, an increase of $335,000 or 5.8% from the same period in 2002.

         Employee compensation and benefit costs for the three months ended
March 31, 2003 were $2.2 million, a decrease of $124,000 or 5.3% from the same
period in 2002. This decrease was primarily due to a decrease in the number of
employees due to the low trading volumes and a decrease in commission payouts,
offset in part by an increase in employee expenses of $88,000 due to the
Company's participation in the JBS with Intuit described above.

         Clearing and floor brokerage costs for the three months ended March 31,
2003 were $852,000, a decrease of $79,000 or 8.5% from the same period in 2002
primarily due to decreased volume of trade executions, offset in part by an
increase in clearing costs of $14,000 due to the Company's participation in the
JBS.

         Advertising and promotion expenses for the three months ended March 31,
2003 were $359,000, a decrease of $54,000 or 13.1% from the same period in 2002
primarily due to management's decision to spend less for advertising and
promotion as a result of the continued weakness in the marketplace, offset in
part by an increase in advertising and promotion expenses of $54,000 due to the
Company's participation in the JBS.

         Communications  expense for the three months ended March 31, 2003,  was
$747,000,  an  increase  of  $197,000  or 35.8% from the same period in 2002 due
primarily to a higher volume of call traffic and quotes and $96,000  relating to
the Company's participation in the JBS.

         Occupancy  costs  for the  three  months  ended  March  31,  2003  were
$264,000,  an increase  of $27,000 or 11.4% from the same  period in 2002.  This
increase  was  primarily  due to the month to month  rental  of office  space in
Aventura  and Boca  Raton,  Florida,  previously  occupied  by YDB,  as part the
transition of customer accounts from YDB to Siebert,  as well as, an increase in
occupancy cost relating to the JBS.

         Other  general  and  administrative  expenses  were  $1.7  million,  an
increase of $368,000 or 28.3% from the same period in 2002.  This  increase  was
primarily due to costs of $328,000 for the  development of products  relating to
the JBS.

         For the three months  ended March 31, 2003,  there was a tax benefit of
$215,000 due to the Company's loss before income tax of $511,000.  For the three
months ended March 31, 2002,  the provision for income taxes was $184,000 due to
income before taxes of $439,000.



                                       9
<PAGE>

Liquidity and Capital Resources

         The Company's assets are highly liquid,  consisting  generally of cash,
money market funds and  marketable  securities.  The  Company's  total assets at
March 31, 2003 were $40.7 million.  As of that date,  $26.6 million,  or 65%, of
total assets were regarded by the Company as highly liquid.

         Siebert is subject to the net capital requirements of the SEC, the NYSE
and other regulatory  authorities.  At March 31, 2003,  Siebert's regulatory net
capital  was $13.7  million,  $13.4  million  in excess of its  minimum  capital
requirement of $250,000.

         As described under "Recent Developments" above, Siebert and Intuit will
incur other  charges  aggregating  approximately  $485,000  for the setup of the
JBS's website and related matters.  Siebert and Intuit will share equally in the
advance of these charges.

         The Company  also  intends to acquire  additional  shares of its common
stock pursuant to its share buy back program.

         Siebert has entered  into a Secured  Demand Note  Collateral  Agreement
with SBS under which it is obligated to lend to SBS up to $1.2 million  pursuant
to a secured promissory note on a subordinated basis. Amounts pledged by Siebert
under  the  facility  are  reflected  on the  Company's  balance  sheet as "cash
equivalents - restricted".  SBS pays Siebert interest on this amount at the rate
of 10% per annum.  The facility expires on August 31, 2004, at which time SBS is
obligated to repay to Siebert any amounts  borrowed by SBS  thereunder.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

         Working capital is generally temporarily invested in dollar denominated
money market funds and overnight certificates of deposits. These investments are
not subject to material  changes in value due to interest  rate  movements.  The
Company also invests in certain short-term  municipal bonds, the values of which
may fluctuate during the period they are held by the Company.

         In the normal course of its business,  Siebert enters into transactions
in various financial instruments with off-balance sheet risk. This risk includes
both market and credit risk, which may be in excess of the amounts recognized in
the Company's  financial  statements.  Retail customer  transactions are cleared
through clearing brokers on a fully disclosed basis. If customers do not fulfill
their  contractual  obligations,  the clearing broker may charge Siebert for any
loss  incurred  in  connection  with  the  purchase  or  sale of  securities  at
prevailing  market  prices  to  satisfy  the  customers'  obligations.   Siebert
regularly monitors the activity in its customer accounts for compliance with its
margin  requirements.  Siebert  is  exposed  to the  risk of  loss on  unsettled
customer  transactions  if  customers  and other  counter  parties are unable to
fulfill their contractual obligations.



                                       10
<PAGE>

Item 4.  Controls and Procedures

         The Company  maintains  "disclosure  controls and procedures",  as such
term is defined under Securities Exchange Act Rule 13a-14(c),  that are designed
to ensure that information  required to be disclosed in the Exchange Act reports
is  recorded,  processed,  summarized  and  reported  within  the  time  periods
specified in its Securities and Exchange  Commission's rules and forms, and that
such  information is accumulated and  communicated to the Company's  management,
including its President and Chief Financial  Officer,  as appropriate,  to allow
timely decisions regarding required disclosures. In designing and evaluating the
disclosure controls and procedures, the Company's management recognized that any
controls and procedures,  no matter how well designed and operated,  can provide
only reasonable  assurance of achieving the desired  control  objectives and the
Company's  management   necessarily  was  required  to  apply  its  judgment  in
evaluating the  cost-benefit  relationship of possible  controls and procedures.
The Company has carried out an evaluation,  within the 90 days prior to the date
of filing of this report,  under the supervision and with the  participation  of
the Company's management,  including the Company's President and Chief Financial
Officer,  of the  effectiveness  of the design and  operation  of the  Company's
disclosure  controls and procedures.  Based upon their evaluation and subject to
the  foregoing,  the President and Chief  Financial  Officer  concluded that the
Company's  disclosure  controls and  procedures  were effective in ensuring that
material  information relating to the Company is made known to the President and
Chief Financial  Officer by others within the Company during the period in which
this report was being prepared.

         There  have  been no  significant  changes  in the  Company's  internal
controls or in other  factors that could  significantly  affect  these  controls
subsequent  to the date the Company  completed  its  evaluation,  including  any
corrective  actions  with  regard  to  significant   deficiencies  and  material
weaknesses.


                                       11
<PAGE>



                           Part II - OTHER INFORMATION

Item 1.  Legal Proceedings

         The Company is involved in various routine  lawsuits of a nature deemed
by the Company  customary  and  incidental  to its  business.  In the opinion of
management,  the ultimate  disposition  of such actions will not have a material
adverse effect on its financial position or results of operations.

Item 2.  Changes in Securities and Use of Proceeds

         None

Item 3.  Defaults Upon Senior Securities

         None

Item 4.  Submission of Matters to a Vote of Security Holders

         None

Item 5.  Other Information

         None

Item 6.  Exhibits and Reports on Form 8-K



         (a) Exhibits.

               99.1  Certification of Muriel F. Siebert of Periodical  Financial
          Report under Section 906 of the Sarbanes-Oxley Act of 2002.

               99.2   Certification  of  Joseph  M.  Ramos,  Jr.  of  Periodical
          Financial Report under Section 906 of the Sarbanes-Oxley Act of 2002.

         (b) Reports on Form 8-K.

               None


                                      II-1


<PAGE>



                                   SIGNATURES



         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                SIEBERT FINANCIAL CORP.

                                By: /s/ Muriel F. Siebert
                                    ---------------------------
                                    Muriel F. Siebert
                                    Chairwoman and President
                                    (principal executive officer)


                                Dated:  May 14, 2003


                                By: /s/  Joseph M. Ramos, Jr.
                                    ---------------------------
                                    Joseph M. Ramos, Jr.
                                    Executive Vice President and
                                    Chief Financial Officer
                                    (principal financial and accounting officer)


                                Dated:  May  14, 2003

                                      II-2

<PAGE>



                                 CERTIFICATIONS

I, Muriel F. Siebert, the principal executive officer of the registrant, certify
that:

1.   I have reviewed  this  quarterly  report on Form 10-Q of Siebert  Financial
     Corp.;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my knowledge,  the  financial  statements,  and other  information
     included in this quarterly report,  fairly present in all material respects
     the  financial  condition,  results  of  operations  and cash  flows of the
     registrant as of, and for, the periods presented in this quarterly report;

4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

          a.)  designed such  disclosure  controls and procedures to ensure that
               material  information  relating to the registrant,  including its
               consolidated  subsidiaries,  is made known to us by others within
               those  entities,  particularly  during  the  period in which this
               quarterly report is being prepared;

          b.)  evaluated  the  effectiveness  of  the  registrant's   disclosure
               controls and  procedures as of a date within 90 days prior to the
               filing date of this quarterly report (the "Evaluation Date"); and

          c.)  presented  in this  quarterly  report our  conclusions  about the
               effectiveness of the disclosure  controls and procedures based on
               our evaluation as of the Evaluation date;

5.   The registrant's  other certifying  officer and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of the registrant's board of directors (or persons performing the
     equivalent function):

               a) all  significant  deficiencies  in the design or  operation of
          internal  controls  which  could  adversely  affect  the  registrant's
          ability to record,  process,  summarize and report  financial data and
          have identified for the registrant's  auditors any material weaknesses
          in internal controls; and

               b) any fraud,  whether or not material,  that involves management
          or other  employees  who have a significant  role in the  registrant's
          internal  controls;  and

6.   The  registrant's  other  certifying  officer and I have  indicated in this
     quarterly report whether or not there were significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

     Date: May 14, 2003          Signature: /s/ Muriel F. Siebert
                                            ---------------------
                                          Name:    Muriel F. Siebert
                                          Title:   Chairwoman and President
                                                   (principal executive officer)

                                      II-3


<PAGE>

I, Joseph M. Ramos, Jr., the principal  financial and accounting  officer of the
registrant, certify that:

1.   I have reviewed  this  quarterly  report on Form 10-Q of Siebert  Financial
     Corp.;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my knowledge,  the  financial  statements,  and other  information
     included in this quarterly report,  fairly present in all material respects
     the  financial  condition,  results  of  operations  and cash  flows of the
     registrant as of, and for, the periods presented in this quarterly report;

4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

          a.)  designed such  disclosure  controls and procedures to ensure that
               material  information  relating to the registrant,  including its
               consolidated  subsidiaries,  is made known to us by others within
               those  entities,  particularly  during  the  period in which this
               quarterly report is being prepared;

          b.)  evaluated  the  effectiveness  of  the  registrant's   disclosure
               controls and  procedures as of a date within 90 days prior to the
               filing date of this quarterly report (the "Evaluation Date"); and

          c.)  presented  in this  quarterly  report our  conclusions  about the
               effectiveness of the disclosure  controls and procedures based on
               our evaluation as of the Evaluation date;

5.   The registrant's  other certifying  officer and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of the registrant's board of directors (or persons performing the
     equivalent function):

               a) all  significant  deficiencies  in the design or  operation of
          internal  controls  which  could  adversely  affect  the  registrant's
          ability to record,  process,  summarize and report  financial data and
          have identified for the registrant's  auditors any material weaknesses
          in internal controls; and

               b) any fraud,  whether or not material,  that involves management
          or other  employees  who have a significant  role in the  registrant's
          internal  controls;  and

6.   The  registrant's  other  certifying  officer and I have  indicated in this
     quarterly report whether or not there were significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

     Date: May 14, 2003         Signature: /s/ Joseph M. Ramos, Jr.
                                           --------------------------
                                           Name:  Joseph M. Ramos, Jr.
                                           Title: Executive Vice President and
                                                  Chief Financial Officer
                                                  (principal financial and
                                                  accounting officer



                                      II-4