U.S. SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    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 June 30, 2001
                                       -------------

[ ]     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                  (I.R.S.Employer
         Incorporation or Organization)                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)


         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 ____

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

                  PROCEEDINGS DURING THE PRECEEDING FIVE YEARS

         Indicate by check mark whether the  registrant  has filed all documents
and reports required to be filed by Section 12,13 or 15(d) of the Securities and
Exchange of 1934 Act subsequent to the  distribution of securities  under a plan
confirmed by a court.

Yes  ___    No____

                      APPLICABLE ONLY TO CORPORATE ISSUERS

         State the number of shares  outstanding of each of the issuer's classes
of common equity, as of the latest practicable date: As of August 8, 2001, there
were 22,489,250 shares of Common Stock, par value $.01 per share, outstanding.

         Transitional Small Business Disclosure Format (check one):


 Yes  _X_   No ____

<PAGE>



          Unless the context  otherwise  requires,  the  "Company"  or "Siebert"
shall mean Siebert Financial Corp. and its wholly owned subsidiaries.

         The Company's  quarterly and annual operating results are affected by a
wide  variety of factors  that could  materially  and  adversely  affect  actual
results,   including:   changes  in  general  economic  and  market  conditions,
fluctuations  in volume and prices of  securities,  changes  and  prospects  for
changes in  interest  rates and  demand for  brokerage  and  investment  banking
services,  increases in  competition  within and without the discount  brokerage
business  through  broader  services  offerings or otherwise,  competition  from
electronic  discount  brokerage firms offering greater  discounts on commissions
than the Company, prevalence of a flat fee environment, decline in participation
in equity or municipal  finance  underwritings,  decreased  ticket volume in the
discount  brokerage  division,  limited  trading  opportunities,   increases  in
expenses, changes in net capital or other regulatory requirements.

         As a result of these and other  factors,  the  Company  may  experience
material  fluctuations  in future  operating  results on a  quarterly  or annual
basis,  which could  materially  and adversely  affect its  business,  financial
condition,  operating results, and stock price.  Furthermore,  this document and
other documents filed by the Company with the Securities and Exchange Commission
(the "SEC")  contain  certain  forward-looking  statements  with  respect to the
business of the Company. These forward-looking statements are subject to certain
risks and uncertainties, including those mentioned above, which may cause actual
results to differ  significantly  from  these  forward-looking  statements.  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 SEC filings.

                                      -2-


<PAGE>


                         PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Siebert Financial Corp. & Subsidiaries
Consolidated Statements of Financial Condition
<TABLE>
<CAPTION>

                                                                    June 30, 2001      December 31,
                                                                     (unaudited)           2000
                                                                     -----------           ----
<S>                                                                   <C>               <C>
ASSETS
Cash and cash equivalents                                             $23,843,000       $26,370,000
Cash equivalents - restricted                                           1,300,000         1,300,000
Receivable from clearing broker                                         2,418,000           124,000
Securities owned, at market value                                       6,398,000         6,271,000
Furniture, equipment and leasehold improvements, net                    1,873,000         1,956,000
Investment in and advances to affiliate                                 2,021,000           981,000
Intangibles, net                                                        2,037,000         2,375,000
Prepaid expenses and other assets                                       1,095,000         1,259,000
                                                                     ------------       -----------
                                                                      $40,985,000       $40,636,000
                                                                     ============       ===========

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
Securities sold, not yet purchased, at market value                   $     8,000       $     2,000
Accounts payable and accrued liabilities                                3,941,000         3,950,000
                                                                     ------------       -----------
                                                                        3,949,000         3,952,000
                                                                     ------------       -----------
Commitments and contingent liabilities


Stockholders' equity:
Common stock, $.01 par value; 49,000,000 shares authorized,
22,916,735 and 22,915,495 issued at June 30, 2001
and December 31, 2000, respectively                                       229,000           229,000
Additional paid-in  capital                                            17,738,000        17,736,000
Retained earnings                                                      21,355,000        19,522,000
Less: 444,100 and 148,700 shares of
treasury stock, at cost at June 30, 2001 and
December 31,2000, respectively                                        (2,286,000)         (803,000)
                                                                     ------------       -----------
                                                                       37,036,000        36,684,000
                                                                     ------------       -----------

                                                                      $40,985,000       $40,636,000
                                                                     ============       ===========
</TABLE>

                 See notes to consolidated financial statements



                                      -3-
<PAGE>





Siebert Financial Corp. & Subsidiaries
Consolidated Statements of Income

(unaudited)
<TABLE>
<CAPTION>

                                                            Three Months Ended                        Six Months Ended
                                                   ------------------------------------     ------------------------------------
                                                                 June 30,                                 June 30,
                                                         2001                 2000                2001                 2000
                                                         ----                 ----                ----                 ----
<S>                                                  <C>                 <C>                <C>                   <C>
Revenues:
   Commissions and fees                              $6,192,000          $9,830,000         $14,599,000           $22,482,000

   Investment banking                                   910,000             349,000           1,100,000               818,000
   Trading profits                                      203,000             174,000             474,000               393,000
    Income (loss) from equity investee                  884,000            (250,000)          1,458,000              (341,000)
   Interest and dividends                               366,000             495,000             786,000               867,000
                                                     ----------          ----------         -----------           -----------
                                                      8,555,000          10,598,000          18,417,000            24,219,000
                                                     ----------          ----------         -----------           -----------

Expenses:
   Employee compensation and benefits                 2,559,000           2,969,000           5,635,000             6,218,000
    Clearing fees, including floor
      Brokerage                                       1,068,000           1,775,000           2,371,000             3,779,000
   Advertising and promotion                            929,000             686,000           1,945,000             1,258,000
   Communications                                       754,000             779,000           1,553,000             1,582,000
   Occupancy                                            238,000             198,000             497,000               373,000
   Interest                                               2,000               3,000               9,000                 9,000
   Other general and administrative                   1,116,000           1,164,000           3,058,000             2,459,000
                                                     ----------          ----------         -----------           -----------

                                                      6,666,000           7,574,000          15,068,000            15,678,000
                                                     ----------          ----------         -----------           -----------

Income before income taxes                            1,889,000           3,024,000           3,349,000             8,541,000

Provision for income taxes                              858,000           1,270,000           1,516,000             3,581,000
                                                     ----------          ----------         -----------           -----------

Net income                                          $ 1,031,000         $ 1,754,000          $1,833,000            $4,960,000
                                                    ===========         ===========          ==========            ==========

Net income per share of common stock -
    Basic                                                $0.05               $0.08               $0.08                 $0.22
    Diluted                                              $0.05               $0.08               $0.08                 $0.21

Weighted average shares outstanding -
     Basic                                           22,483,438          22,895,537          22,432,910            22,896,070

Weighted average shares outstanding -
     Diluted                                         22,760,996          23,308,878          22,716,466            23,322,096
</TABLE>


                See notes to consolidated financial statements.

                                      -4-
<PAGE>

Siebert Financial Corp. & Subsidiaries
Consolidated Statements of Cash Flows
(unaudited)
<TABLE>
<CAPTION>

                                                                              Six Months Ended
                                                                                  June 30,
                                                                      ------------------------------
                                                                           2001            2000
                                                                      --------------     -----------
<S>                                                                     <C>             <C>
Cash flows from operating activities:
   Net income                                                           $  1,833,000    $  4,960,000
                                                                        ------------    ------------
   Adjustments to reconcile net income to net cash provided by
    Operating activities:
   Depreciation and amortization                                             635,000        232,000
     (Income) loss from equity investee                                   (1,458,000)       341,000
     Changes in operating assets and liabilities:
       Net (increase) decrease in securities owned, at market value         (127,000)     (1,794,000)
       Net (increase) decrease in receivable from clearing broker         (2,294,000)        (41,000)
       (Increase) decrease in prepaid expenses and other assets              183,000         134,000
       Net increase (decrease) in securities sold, not yet purchased,
         at market value                                                       6,000         (50,000)
       Increase (decrease) in accounts payable, taxes payable
         and accrued liabilities                                              (9,000)      1,620,000
                                                                        ------------    ------------
      Net (cash used in) provided by operating activities                 (1,231,000)      5,402,000
                                                                        ------------    ------------


Cash flows from investing activities:

  Purchase of furniture, equipment and leasehold improvements               (235,000)       (811,000)
  Distribution from equity investee                                                -          53,000
  Net advances to equity investee                                            420,000        (257,000)
                                                                        ------------    ------------
      Net cash provided by (used in) investing activities                    185,000      (1,015,000)
                                                                        ------------    ------------
Cash flows from financing activities:
   Dividend on common stock                                                        -        (121,000)
   Proceeds from exercise of options                                           2,000          46,000
    Repurchase of Company Stock                                           (1,483,000)       (129,000)
                                                                        ------------    ------------
             Net cash used in financing activities                        (1,481,000)       (204,000)
                                                                        ------------    ------------
             Net (decrease) increase in cash and cash equivalents         (2,527,000)      4,183,000

Cash and cash equivalents - beginning of period                           26,370,000      22,882,000
                                                                        ------------    ------------
Cash and cash equivalents - end of period                               $ 23,843,000    $ 27,065,000
                                                                        ============    ============

 Supplemental cash flow disclosures:
   Cash paid for:
   Interest                                                             $     20,000    $      9,000
   Income taxes                                                         $    793,000    $  2,152,000
</TABLE>

                See notes to consolidated financial statements.


                                      -5-
<PAGE>



Siebert Financial Corp. & Subsidiaries
Notes to Consolidated Financial Statements
Six  Months Ended June 30, 2001

 (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,  2000.  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.   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 June 30, 2001 and June
     30,  2000,  Siebert  had  net  capital  of  approximately  $20,279,000  and
     $19,527,000,  respectively,  as compared with net capital  requirements  of
     $250,000.

3.   Capital Transactions:

     On May 15, 2000,  the board of directors of the Company  authorized a stock
     repurchase program of up to one million shares of common stock. Shares will
     be  purchased  from  time  to  time  in the  open  market  and  in  private
     transactions.  Through June 30, 2001, 444,100 shares have been purchased at
     an average price of $5.15.

4.   Earnings per share:

     Earnings  per basic  share are  calculated  by  dividing  net income by the
     weighted average outstanding shares during the period. Earnings per diluted
     share are  calculated  by dividing  net income by the basic  shares and all
     dilutive securities, which consist of options. The treasury stock method is
     used to reflect the dilutive effect of outstanding options,  which, for the
     three  months and six  months  ended June 30,  2001  amount to 277,558  and
     283,556,  respectively,  and for the three months and six months ended June
     30, 2000 amount to 413,341 and 426,026, respectively.



                                      -6-
<PAGE>

Siebert Financial Corp. & Subsidiaries
Notes to Consolidated Financial Statements
Six  Months Ended June 30, 2001

 (unaudited)

5.   Investment in Affiliate:

     The  summarized  financial  data of Siebert's  49% owned  equity  investee,
     Siebert, Brandford, Shank & Co., LLC is:
<TABLE>
<CAPTION>

     (In Thousands)                                                         June 30, 2001     June 30, 2000
                                                                            -------------     -------------
<S>                                                                             <C>               <C>
     Total assets                                                               $6,085            $5,570
     Total liabilities including subordinated liabilities of $1,200              2,505             4,998
     Total members' capital                                                      3,580               572
     Total revenues                                                              7,350             2,588
     Net income (loss)                                                           2,974              (695)

</TABLE>



                                      -7-
<PAGE>


Item 2. Management's Discussion and Analysis or Plan of Operation.

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

     Business Environment

          Market  conditions  during the  second  quarter  of 2001  reflected  a
     continuation of the bear market that started in 2000. The markets continued
     to be characterized by low trading volumes  especially when compared to the
     record levels of the first  quarter of 2000,  the high volume levels of the
     second quarter of 2000, new 52 week trading lows in the technology weighted
     NASDAQ  composite  index,  the revaluation of stocks with record high stock
     prices,  and the fear of a recession. Competition in the discount brokerage
     industry remains intense.

          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. Further, the planned
     development  and  promotion of the Company's  financial  website for women,
     WFN,  the  Women's  Financial  Network,  at  Siebert,  ("WFN")  resulted in
     significant  expenditures  for the redesign and launch of its website and a
     continuing expenditure for maintaining and updating the content.

          Earnings for any period should not be considered representative of any
     other period.

Recent Developments

          On May 15, 2000, the board of directors of the Company  authorized the
     repurchase  of up to one million  common  shares.  Shares will be purchased
     from time to time in the open market and in private  transactions.  Through
     June 30, 2001, 444,100 shares have been  purchased at  an average price  of
     $5.15.

          The Women's Financial Network at Siebert was redesigned and relaunched
     in April 2001 and, in accordance  with comments  received from its advisory
     board and its users, was significantly improved and redesigned for a launch
     in July of 2001.  The Company  believes that the site will be a destination
     for women (and men) to manage their financial affairs with a greater degree
     of ease and confidence.


                                      -8-
<PAGE>


Results of Operations

Three Months Ended June 30, 2001 Compared to Three Months Ended June 30, 2000

          Revenues. Total revenues for the three months ended June 30, 2001 were
     $8.6 million, a decrease of $2.0 million, or 19.3%, over the same period in
     2000.

          Commission and fee income for the three months ended June 30, 2001 was
     $6.2  million,  a decrease of $3.6 million or 37.0% over the same period in
     2000 due to a substantial reduction in trading volume as result of the bear
     market conditions  during 2001.

          Investment  banking  revenues for the three months ended June 30, 2001
     were  $910,000,  an  increase of $561,000 or 160.7% over the same period in
     2000 due to the  company's  increased  participation  in larger  new issues
     partially offset by decreased activity in the new issue market as result of
     the bear market conditions during 2001.

          Income from equity  investee  for the three months ended June 30, 2001
     was  $884,000,  compared to a loss of $250,000,  for the three months ended
     June  30,  2000  due to  improved  municipal  bond  market  conditions  and
     increased market share of underwritings.

          Trading profits for the three months ended June 30, 2001 were $203,000
     an increase of $29,000 or 16.7% over the same period in 2000.

          Interest and  dividends  for the three months ended June 30, 2001 were
     $366,000,  a decrease  of  $129,000  or 26.1% over the same  period in 2000
     primarily  due to slightly  lower cash  balances  available  for  temporary
     investment coupled with lower interest rates.

          Expenses.  Total expenses for the three months June 30, 2001 were $6.7
     million, a decrease of $908,000, or 12.0% over the same period in 2000.



                                      -9-
<PAGE>

          Employee  compensation  and benefit  costs for the three  months ended
     June 30, 2001 were $2.6  million,  a decrease of $410,000 or 13.8% over the
     same  period in 2000.  This  decrease  was  primarily  due to a decrease in
     discretionary  payments to employees, a decrease in commission payouts, and
     a decrease in personnel due to the low trading volumes.

          Clearing and floor  brokerage fees for the three months ended June 30,
     2001 were $1.1  million,  a  decrease  of  $707,000  or 39.8% over the same
     period in 2000 primarily due to the decreased volume of trade executions.

          Advertising and promotion expenses for the three months ended June 30,
     2001 were  $929,000,  an increase of $243,000 or 35.4% over the same period
     in 2000 due to increased  promotion  expenditures  in  connection  with the
     redesigned  website  for  WFN,  coupled  with  increased  print  and  media
     advertisement by Siebert.

          Communications  expense for the three months ended June 30, 2001,  was
     $754,000,  a decrease  of $25,000 or 3.2% over the same  period in 2000 due
     primarily  to the lower  volume of call  traffic as a result of low trading
     volumes.

          Occupancy costs for the three months ended June 30, 2001 was $238,000,
     an increase  of $40,000 or 20.2% over the same period in 2000,  principally
     due to the move of some of the  Company's  operations  to Jersey City,  New
     Jersey,  and a  branch/customer  service  call  center  in Ft.  Lauderdale,
     Florida opened in June 2000.

          Interest  expense for the three months ended June 30, 2001 was $2,000,
     a decrease of $1000 or 33.3% over the same period in 2000.

          Other  general  and  administrative  expenses  were  $1.1  million,  a
     decrease of $48,000 or 4.1% from the same period in 2000.

          Provision  for income taxes  decreased for the three months ended June
     30, 2001 to $858,000,  a decrease of $412,000,  or 32.4%, due to a decrease
     in net income  before tax in the second  quarter of 2001 to $1.9 million as
     compared  to net income  before tax of $3.0  million in the same  period in
     2000.


Six Months Ended June 30, 2001 Compared to Six Months Ended June 30, 2000

          Revenues.  Total  revenues for the six months ended June 30, 2001 were
     $18.4 million,  a decrease of $5.8 million,  or 24.0%, over the same period
     in 2000.


          Commission  and fee income for the six months  ended June 30, 2001 was
     14.6  million,  a decrease of $7.9 million or 35.1% over the same period in
     2000 due to a substantial reduction in trading volume as result of the bear
     market conditions during 2001.

          Investment  banking  revenues  for the six months  ended June 30, 2001
     were $1.1 million, an increase of $282,000 or 34.5% over the same period in
     2000 due to the  company's  increased  participation  in larger  new issues
     partially offset by decreased activity in the new issue market as result of
     the bear market conditions during 2001.

          Income from equity investee for the six months ended June 30, 2001 was
     $1.5 million,  compared to a loss of $341,000 for the six months ended June
     30, 2000 due to improved  municipal  bond market  conditions  and increased
     market share of underwritings.

          Trading  profits for the six months ended June 30, 2001 were  $474,000
     an increase of $81,000 or 20.6% over the same period in 2000.

          Interest  and  dividends  for the six months  ended June 30, 2001 were
     $786,000,  a  decrease  of  $81,000  or 9.3%  over the same  period in 2000
     primarily  due to slightly  lower cash  balances  available  for  temporary
     investment coupled with lower interest rates.

          Expenses.  Total  expenses for the six months June 30, 2001 were $15.1
     million, a decrease of $610,000 or 3.9% over the same period in 2000.


                                      -10-
<PAGE>

          Employee  compensation and benefit costs for the six months ended June
     30,  2001 were $5.6  million,  a decrease of $583,000 or 9.4% over the same
     period  in  2000.  This  decrease  was  primarily  due  to  a  decrease  in
     discretionary  payments to employees  coupled with a decrease in commission
     payouts and a decrease in personnel due to the low trading volumes.

          Clearing  and floor  brokerage  fees for the six months ended June 30,
     2001 were $2.4  million,  a decrease of $1.4 million or 37.3% over the same
     period in 2000 primarily due to the decreased volume of trade executions.

          Advertising  and promotion  expenses for the six months ended June 30,
     2001 were $1.9  million  an  increase  of  $687,000  or 54.6% over the same
     period in 2000 due to increased  promotion  expenditures in connection with
     the  redesigned  website for WFN,  coupled with  increased  print and media
     advertisement by Siebert in the second quarter of 2001.

          Communications  expense for the six months  ended June 30,  2001,  was
     $1.6  million,  a decrease  of $29,000 or 1.8% over the same period in 2000
     due  primarily  to the  lower  volume  of call  traffic  as a result of low
     trading volumes.

          Occupancy  costs for the six months ended June 30, 2001 was  $497,000,
     an increase of $124,000 or 33.2% over the same period in 2000,  principally
     due to the move of some of the  Company's  operations  to Jersey City,  New
     Jersey,  Fremont,  California and the opening of a branch/customer  service
     call center in Ft. Lauderdale, Florida.

          Interest  expense  for the six  months  ended June 30,  2001  remained
     unchanged at $9,000 for the same period in 2000.

          Other  general  and  administrative  expenses  were  $3.1million,   an
     increase of $599,000 or 24.4% over the same period in 2000 primarily due to
     higher  depreciation and amortization during the current period relating to
     the  purchase  of WFN in October  2000 and  increased  consulting  expense,
     partially offset by lower fulfillment costs.

          Provision for income taxes decreased for the six months ended June 30,
     2001 to $1.5  million,  a  decrease  of $2.1  million,  or 57.7%,  due to a
     decrease in net income before tax to $3.3 million as compared to net income
     before tax of $8.5 million in the same period in 2000.

Liquidity and Capital Resources

          The Company's assets are highly liquid,  consisting generally of cash,
     money  market  funds and  securities  freely  saleable in the open  market.
     Siebert's total assets at June 30, 2001 were $41.0 million.  As of June 30,
     2001, $32.7 million, or 79.7%, 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  June  30,  2000,  Siebert's
     regulatory  net capital was $20.3  million,  $20.0 million in excess of its
     minimum capital requirement of $250,000.

Impact of Inflation

          General inflation in the economy increases  operating expenses of most
     businesses.  The Company has provided  compensation  increases generally in
     line with the  inflation  rate and  incurred  higher  prices  for goods and
     services.  While the Company is subject to inflation  as  described  above,
     management  believes  that  inflation  currently  does not have a  material
     effect on the Company's  operating  results,  but there can be no assurance
     that this will continue to be so in the future.

Recently Issued Accounting Pronouncements

          In  June  2001,  The  Financial   Accounting  Standards  Board  issued
     Statements of Financial  Accounting  Standards  Nos. 141 and 142 addressing
     the accounting for business  combinations and goodwill and other intangible
     assets. Under these standards, goodwill and certain other intangibles would
     not be subject to  amortization,  but rather  would be subject to  periodic
     testing for  impairment.  Under the  transition  provisions,  goodwill  and
     intangible assets determined to have an indefinite useful life shall not be
     amortized  in fiscal years  beginning  after  December  15,  2001.  Earlier
     adoption is permitted in limited circumstances.  Additionally,  guidance on
     how to  determine  and  measure  impairment  is  provided.  The  Company is
     currently evaluating the impact, if any, of these pronouncements.


                                      -11-

<PAGE>
Item 3.  Quantitative and Qualitative Disclosures About Market Risk

Financial Instruments Held For Trading Purposes:

          Through Siebert, the Company maintains  inventories in exchange-listed
     and NASDAQ equity securities on both a long and short basis. The fair value
     of all securities at June 30, 2001 was  approximately  $6.4 million in long
     positions and  approximately  $8,000 in short positions.  The fair value of
     all  securities  at June 30, 2000 was  approximately  $4.4  million in long
     positions.  Using a  hypothetical  10% increase or decrease in prices,  the
     potential  loss or gain in fair value,  respectively,  is  estimated  to be
     approximately  $640,000 and  $445,000,  respectively,  due to the offset of
     change in fair value of long and short positions.


Financial Instruments Held For Purposes Other Than Trading:

          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.

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

          The Company held its annual meeting on June 15, 2001. At that meeting,
     the following matter was voted on and received the votes indicated:

(1)      Election of Directors          For               %            Withheld
                                        ---               -            --------

Muriel F. Siebert                    22,215,606          98.71          19,787

Nicholas P. Dermigny                 22,215,506          98.71          19,887

Patricia L. Francy                   22,215,506          98.71          19,887

Jane H. Macon                        22,552,606          98.71          19,787

Daniel Jacobson                      22,552,602          98.71          19,791

                                      -12-
<PAGE>

Item 5.  Other Information
                  None

Item 6.  Exhibits and Reports on Form 8-K

                  (a)      Exhibits

                  (b)      Reports on Form 8-K

                           None


                                      -13-
<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.

         Name                       Title                              Date

/s/Muriel F. Siebert       Chair, President and Director        August 9, 2000
------------------------
Muriel F.  Siebert         (principal executive officer)

/s/Mitchell M. Cohen       Chief Financial Officer              August 9, 2000
------------------------
Mitchell M.  Cohen         and Assistant Secretary
                           (principal financial and
                           accounting officer)


                                      -14-