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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

      [X] Quarterly Report Pursuant to Section 13 or 15(D) of the
          Securities Exchange Act of 1934

          For the quarterly period ended  September 30, 2000
                                          --------------

      [ ] Transition Report Pursuant to 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 Small Business 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, New York 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 November 8, 2000,
there  were  22,913,205  shares  of Common  Stock,  par  value  $.01 per  share,
outstanding.

         Transitional Small Business Disclosure Format (check one):

Yes [ ] No [X]

<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  and risks
related to the Year 2000.

         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,  including  prospective financing  arrangements.  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.

Part I    Financial Information

Item 1    Financial Statements



                                      -2-

<PAGE>


                      SIEBERT FINANCIAL CORP. & SUBSIDIARY
                 Consolidated Statements of Financial Condition

<TABLE>
<CAPTION>
                                                                                             September 30,     December 31,
                                                                                                 2000              1999
                                                                                                 ----              ----
                                                                                              (unaudited)


ASSETS
<S>                                                                                             <C>               <C>
Cash and cash equivalents                                                                       $28,909,000       $22,882,000
Cash equivalents  restricted                                                                     1,300,000         1,300,000
Receivable from clearing broker                                                                   1,648,000         2,358,000
Securities owned, at market value                                                                 4,480,000         2,653,000
Furniture, equipment and leasehold improvements, net                                              1,494,000           729,000
Investment in affiliate                                                                             910,000         1,097,000
Prepaid expenses and other assets                                                                 1,183,000         1,286,000
                                                                                                  ---------         ---------

                                                                                                $39,924,000       $32,305,000
                                                                                                ===========       ===========


LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
Securities sold, not yet purchased, at market value                                                 $ 4,000           $50,000
Accounts payable and accrued liabilities                                                          3,973,000         2,801,000
                                                                                                  ---------         ---------

                                                                                                  3,977,000         2,851,000
                                                                                                  ---------         ---------

Commitments and contingent liabilities



Stockholders' equity:
Common stock, $.01 par value; 49,000,000 shares authorized,
     22,912,778 and 22,889,687 issued and outstanding at September 30, 2000
     and December 31, 1999, respectively                                                            229,000           228,000
Additional paid-in capital                                                                       17,637,000        17,582,000
Retained earnings                                                                                18,237,000        11,644,000
Less: 21,700 shares of treasury stock, at cost                                                    (156,000)                --
                                                                                               -----------        -----------

                                                                                                 35,947,000        29,454,000
                                                                                               ------------       -----------

                                                                                                $39,924,000       $32,305,000
                                                                                               ============       ===========



                 See notes to consolidated financial statements.

                                      -3-

<PAGE>


Siebert Financial Corp. & Subsidiary
Consolidated Statements of Income
(unaudited)

                                                               Three Months Ended                       Nine Months Ended
                                                                  September 30,                            September 30,
                                                             2000                 1999                2000                 1999
                                                             ----                 ----                ----                 ----

Revenues:
<S>                                                        <C>                 <C>                <C>                   <C>
   Commissions and fees                                    $8,657,000          $7,139,000         $31,139,000           $22,762,000
   Investment banking                                         700,000             443,000           1,518,000             1,093,000
   Trading profits                                            159,000             250,000             552,000               668,000
    Income (loss) from equity investee                        (19,000)           (373,000)           (360,000)              263,000
   Interest and dividends                                     502,000             323,000           1,369,000               802,000
                                                            ---------           ---------          ----------            ----------

                                                            9,999,000           7,782,000          34,218,000            25,588,000
                                                            ---------           ---------          ----------            ----------

Expenses:
   Employee compensation and benefits                       2,796,000           2,442,000           9,014,000             8,141,000
    Clearing fees, including floor
      brokerage                                             1,343,000           1,339,000           5,123,000             4,173,000
   Advertising and promotion                                  822,000           1,058,000           2,080,000             2,469,000
   Communications                                             660,000             598,000           2,242,000             1,813,000
   Occupancy                                                  219,000             140,000             591,000               404,000
   Interest                                                     6,000              44,000              14,000               148,000
   Other general and administrative                         1,129,000           1,052,000           3,588,000             3,090,000
                                                            ---------           ---------           ---------             ---------

                                                            6,975,000           6,673,000          22,652,000            20,238,000
                                                            ---------           ---------          ----------            ----------

Income before income taxes                                  3,024,000           1,109,000          11,566,000             5,350,000

Provision for income taxes                                  1,270,000             466,000           4,852,000             2,307,000
                                                            ---------             -------           ---------             ---------

Net income                                                $ 1,754,000           $ 643,000          $6,714,000            $3,043,000
                                                          ===========           =========          ==========            ==========

Net income per share of common stock -
    basic and diluted                                           $0.08               $0.03               $0.29                 $0.13

Weighted average shares outstanding -                      22,892,692          22,873,565          22,896,070            22,741,604
     basic


Weighted average shares outstanding
     diluted                                               23,259,267          23,370,233          23,301,153            23,247,901



                 See notes to consolidated financial statements.


                                      -4-

<PAGE>

                      Siebert Financial Corp. & Subsidiary
                     Consolidated Statements of Cash Flows
                                  (unaudited)

                                                                                          Nine Months Ended
                                                                                            September 30,
                                                                                            -------------
                                                                                     2000                      1999

CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                              <C>                   <C>
  Net income                                                                     $  6,714,000          $  3,043,000
  Adjustments to reconcile net income to net cash provided by
    Operating activities:
      Depreciation and amortization                                                   375,000               310,000
      Utilization of deferred tax asset                                                    --             2,307,000
     (Income) loss from equity investee                                               360,000              (263,000)
     Changes in operating assets and liabilities:
        Net (increase) decrease in securities owned, at market value               (1,827,000)            2,758,000
        Net (increase) decrease in receivable from clearing broker                    710,000               545,000
        (Increase) decrease in prepaid expenses and other assets                       16,000              (204,000)
        Net increase (decrease) in securities sold, not yet purchased,
         at market value                                                              (46,000)             (521,000)
        Increase (decrease) in accounts payable, taxes payable
         and  accrued liabilities                                                   1,172,000            (1,140,000)
                                                                                 ------------          ------------

        Net cash provided by operating activities                                   7,474,000             6,835,000
                                                                                 ------------          ------------



CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of furniture, equipment and leasehold improvements                      (1,053,000)             (370,000)
  Distribution from equity investee                                                    53,000               997,000
  Advances to equity investee, net                                                   (226,000)                   --

                                                                                 ------------          ------------
       Net cash provided by (used in) investing activities                         (1,226,000)              627,000
                                                                                 ------------          ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Dividend on common stock                                                           (121,000)             (300,000)
  Repayment of subordinated debt                                                           --            (1,000,000)
  Proceeds from exercise of options                                                    56,000               710,000
   Repurchase of common stock                                                        (156,000)                   --
   Proceeds from rights offering                                                           --             7,183,000
                                                                                 ------------          ------------
             Net cash provided by (used in) financing activities                     (221,000)            6,593,000
                                                                                 ------------          ------------
             Net increase in cash and cash equivalents                              6,027,000            14,055,000


Cash and cash equivalents  beginning of period                                     22,882,000             6,735,000
                                                                                 ------------          ------------

Cash and cash equivalents  end of period                                         $ 28,909,000          $ 20,790,000
                                                                                 ============          ============

 SUPPLEMENTAL CASH FLOW DISCLOSURES:
   Cash paid for:
     Interest                                                                    $     14,000          $    143,000
     Income taxes                                                                $  4,644,000          $    567,000
 NONCASH INVESTING AND FINANCING ACTIVITIES:
   Dividends declared                                                                      --          $    120,000
  Tax benefit from stock options exercise (see note 3)                                     --          $  3,036,000
</TABLE>


      See notes to consolidated financial statements.


                                      -5-

<PAGE>




SIEBERT FINANCIAL CORP. & SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NINE MONTHS ENDED SEPTEMBER 30, 2000
(UNAUDITED)




1.   Organization and Basis of Presentation:

     The  consolidated  financial  statements  include  the  accounts of Siebert
     Financial  Corp. (the  "Company") and its wholly owned  subsidiary,  Muriel
     Siebert & Co., Inc.  ("Siebert").  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 10K for the year ended December 31, 1999. 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 15c31),  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 2% 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 5 percent of aggregate  debits.  As of September 30, 2000 and December
     31, 1999, Siebert had net capital of approximately  $19.8 million and $15.5
     million,  respectively,  as  compared  with  net  capital  requirements  of
     $250,000.


3.  Deferred Taxes:

     During the nine months ended  September  30, 1999,  the Company  recorded a
     deferred  tax asset of, and  increased  additional  paidin  capital by $3.0
     million,  attributable to the  deductibility of the difference  between the
     exercise  price of  exercised  options and the market value of the stock on
     the  dates  of  exercise  of the  options.  During  the nine  months  ended
     September 30, 1999, the Company utilized  approximately $2.3 million of the
     deferred tax asset to offset income taxes payable.


4.   Capital Transactions:

     On May 15, 2000,  the board of  directors  of the Company  authorized a buy
     back 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
     September 30, 2000,  21,700 shares were purchased at prices ranging between
     $6.968 to $7.97.


5.   Subsequent Event:

     During the fourth  quarter  of 2000,  the  Company  acquired  two  websites
     providing  financial  information for women for an aggregate purchase price
     of  approximately  $2.3 million.  Neither  website was fully  developed and
     neither had a significant  revenue source.  Accordingly,  the  acquisitions
     will be accounted for as asset purchases.


                                      -6-

<PAGE>

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
Consolidated  Financial  Statements and the Notes thereto contained elsewhere in
this Quarterly Report.


Current Developments

         Siebert's  commission per customer trade is trending down as the number
of  trades  executed  on  SiebertNet  increases.  Customers  placing  trades  on
SiebertNet are charged a lower  commission than customers using other methods of
placing trades. For the nine months ended September 30, 2000,  SiebertNet trades
accounted for  approximately  59% of all retail  trades  compared to 39% for the
nine months ended September 30, 1999.

         On May 15, 2000, the board of directors of the Company authorized a buy
back of up to 1 million  common  shares.  Shares will be purchased  from time to
time in the open market and in private transactions. Through September 30, 2000,
21,700 shares have been purchased at prices ranging between $6.968 to $7.97.

         In October,  2000,  the  Company  announced  the  creation of a woman's
financial  website  and  the  purchase  of two  women's  websites,  wfn.com  and
herdollar.com, that will serve as the foundation for the new site. The Company's
new website, WFN, the Women's Financial Network, by Siebert (wfn.com), currently
offers financial education,  community,  transaction  capabilities and a link to
WFN  Invest,  a  division  of Muriel  Siebert & Co.,  Inc.  that  offers all the
products offered by SiebertNet.com.  The site is being redesigned for a relaunch
in January 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.

Business Environment

         Market  conditions  during  the  first  quarter  of  2000  reflected  a
continuation of the 1996 bull market characterized by record volume, record high
market levels and large daily swings in the market averages.  Concerns about oil
prices  and a  slowing  economy,  however,  led to lower  trading  volume in the
markets overall during the second and third quarters. Meanwhile, competition has
continued to intensify  among all types of brokerage  firms  including  discount
brokers,  as well as from new firms  entering the discount  brokerage  business.
Electronic  trading  continues  to account for an  increasing  amount of trading
activity with some firms offering very low flat rate trading execution fees that
are difficult for any conventional discount firm to meet. Many of these flat fee
brokers,  however,  impose  charges for services such as mailing,  transfers and
handling  exchanges which the Company currently does not impose, and also direct
their executions to captive market makers.  Continued competition from ultra low
cost flat fee brokers and broader service  offerings from other discount brokers
could  limit the  Company's  growth or even lead to a decline  in the  Company's
customer  base,   which  would  adversely  affect  its  results  of  operations.
Industrywide  changes  in  trading  practices,  such as the  advent of  decimal
pricing  and  the  increasing  use of  electronic  communication  networks,  are
expected to cause continuing pressure on fees earned by discount brokers for the
sale of order flow.

         The  Company,  like other  securities  firms,  is affected  directly by
general economic and market conditions including  fluctuations in trading 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  results  of  operations.  In  periods  of reduced  market
activity,  profitability  is likely to be  affected  adversely  because  certain
expenses,  such as salaries and related costs,  portions of communications costs
and occupancy expenses, remain relatively fixed.  Accordingly,  earnings for any
period  should not be considered  representative  of earnings to be expected for
any  other  period.  Further,  the  planned  development  and  promotion  of the
Company's  financial website for women, WFN, the Women's Financial  Network,  by
Siebert,  may have an adverse affect on future  earnings.  The Company  believes
that revenues from new accounts  expected to be generated by the website will be
sufficient  to  offset  the  operating  and  promotional  cost for its  website.
However,  the Company  cannot say for certain  that a  sufficient  number of new
accounts will be generated to offset the costs or produce significant profits.


                                      -7-

<PAGE>

Results of Operations

         Total revenues for the three months ended September 30, 2000 were $10.0
million, an increase of $2.2 million, or 28.5%, over the same period in 1999.

         Commission and fee income increased $1.5 million, or 21.3 %, during the
three months  ended  September  30, 2000 to $8.7  million due to higher  trading
volume,  partially offset by lower  commissions  earned per trade resulting from
the  increased  use of lower priced  electronic  trading.  The portion of trades
executed  on  the  Company's   SiebertNet   web  site   continues  to  increase,
representing  approximately  58%  of  trades  executed  for  the  quarter  ended
September 30, 2000 compared to 46% for the quarter ended September 30, 1999.

         Investment  banking  revenues for the three months ended  September 30,
2000 were  $700,000,  an increase of $257,000,  or 58.0%,  from the three months
ended September 30, 1999.

         Loss from equity investee for the three months ended September 30, 2000
was  $19,000,  compared to a loss of  $373,000,  or a decrease of 94.9% from the
three months  ended  September  30,  1999.  The  operations  of  municipal  bond
underwriting firms are dependent on the level of market activity for such firms,
and on interest rates in general.

         Trading  profits for the three  months  ended  September  30, 2000 were
$159,000,  a decrease of $91,000, or 36.4% from the three months ended September
30, 1999.

         Income from interest and dividends for the three months ended September
30, 2000 was $502,000,  an increase of $179,000, or 55.4%, from the three months
ended  September  30, 1999  primarily  due to  additional  funds  available  for
temporary investment.

         Total expenses for the three months ended  September 30, 2000 were $7.0
million,  an increase of $302,000 or 4.5%, from the three months ended September
30, 1999.


                                      -8-

<PAGE>

         Employee  compensation  and benefit  costs for the three  months  ended
September 30, 2000 were $2.8 million,  an increase of $354,000,  or 14.5%,  from
the three months ended September 30, 1999 primarily due to additional registered
personnel to handle increased trading volume.

         Clearing and floor  brokerage fees for the three months ended September
30, 2000 were $1.3 million,  an increase of $4,000, or .3% from the three months
ended September 30, 1999. The increase was due to the increased volume of trades
executed,  offset  by a lower  per  ticket  charge  to the  Company  under a new
clearing agreement entered into in 2000.

         Advertising and promotion for the three months ended September 30, 2000
were  $822,000,  a decrease of $236,000  or,  22.3% for the three  months  ended
September 30, 1999 due to a decreased level of promotional advertising.

         Communications  expense for the three months ended  September  30, 2000
was  $660,000,  an increase of $62,000,  or 10.4%,  from the three  months ended
September  30, 1999  primarily due to an increase in the volume of the Company's
general business.

         Occupancy  costs for the three  months  ended  September  30,  2000 was
$219,000,  an  increase  of  $79,000,  or  56.4%,  from the three  months  ended
September 30, 1999 primarily due to the execution of two new leases entered into
by the Company in connection  with the planned move of the Company's  operations
to Jersey City, New Jersey.

         Interest  expense for the three  months  ended  September  30, 2000 was
$6,000,  a decrease of $38,000,  or 86.4 % from the three months ended September
30, 1999  primarily due to the  elimination  of short  positions in  proprietary
trading activities.

         General and Administrative.  General and administrative expense for the
three months ended September 30, 2000 was $1.1 million,  an increase of $77,000,
or 7.3%  from the  three  months  ended  September  30,  1999  primarily  due to
expansion of Company's customer service capacity.

         Taxes.  Provision for income taxes increased for the three months ended
September  30, 2000 to $1.3 million an increase of $804,000,  or 172.5% from the
three months ended  September 30, 1999 due to an increase in income before taxes
of $1.9 million,  to $3.0 million or 172.7% for the three months ended September
30, 2000,  compared to $1.1 million for the three  months  ended  September  30,
1999.


Nine Months Ended September 30, 2000 Compared to Nine Months Ended September 30,
1999

         Revenues.  Total revenues for the nine months ended  September 30, 2000
were $34.2 million,  an increase of $8.6 million, or 33.7%, over the same period
in 1999.

         Commission and fee income  increased $8.4 million,  or 36.8%,  over the
nine months  ended  September  30, 1999 to $31.1  million due to higher  trading
volume partially offset by lower commissions earned per trade resulting from the
increased use of lower priced electronic trading. The portion of trades executed
on the  Company's  SiebertNet  web  site  continues  to  increase,  representing
approximately  59% of trades  executed for the nine months ended  September  30,
2000 compared to 39% for the nine months ended September 30, 1999.

         Investment  banking  revenues for the nine months ended  September  30,
2000 were $1.5 million,  an increase of $425,000,  or 38.9% from the nine months
ended  September 30, 1999 as the Company  participated  in the  underwriting  or
selling group of more stock an bond offerings.

         Loss from equity  investee for the nine months ended September 30, 2000
was $360,000,  compared to income of $263,000 a decrease of $623,000,  or 236.9%
from the nine months ended September 30, 1999.

         Trading  profits  for the nine  months  ended  September  30, 2000 were
$552,000, a decrease of $116,000, or 17.4%, from the nine months ended September
30, 1999.

         Income from interest and dividends for the nine months ended  September
30, 2000 was $1.4  million,  an increase of  $567,000,  or 70.7%,  from the nine
months ended September 30, 1999 primarily due to higher cash balances  available
for  temporary  investment  at generally  higher  interest  rates than the prior
period.

         Expenses.  Total expenses for the nine months ended  September 30, 2000
were $22.7 million,  an increase of $2.4 million, or 11.9%, from the nine months
ended September 30, 1999.

         Employee  compensation  and  benefit  costs for the nine  months  ended
September 30, 2000 were $9.0 million, an increase of $873,000, or 10.7% from the
nine months ended  September 30, 1999  primarily  due to  additional  registered
personnel to handle the substantially increased trading volume,  particularly in
the first quarter of 2000.

         Clearing and floor  brokerage fees for the nine months ended  September
30, 2000 were $5.1  million,  an increase of $950,000,  or 22.8%,  from the nine
months ended  September  30, 1999.  The increase was due to increased  volume of
trades  executed,  offset in part by a lower per  ticket  charge to the  Company
under a new clearing agreement entered into in 2000.

         Advertising  and promotion  expense for the nine months ended September
30, 2000 was $2.1 million, a decrease of $389,000, or 15.8% from the nine months
ended September 30, 1999 due to a decreased level of promotional advertising.

         Communications expense for the nine months ended September 30, 1999 was
$2.2  million,  an increase  of  $429,000,  or 23.7% from the nine months  ended
September 30, 1999 primarily due to an increase in the general business volume.

         Occupancy  costs for the nine  months  ended  September  30,  2000 were
$591,000, an increase of $187,000, or 46.3% from the nine months ended September
30, 1999  primarily due to the  execution of two new leases  entered into by the
Company in  connection  with the planned  move of the  Company's  operations  to
Jersey City, New Jersey.

         Interest  expense  for the nine  months  ended  September  30, 2000 was
$14,000,  a decrease of $134,000,  or 90.5% from the nine months ended September
30, 1999  primarily due to the  elimination  of short  positions in  proprietary
trading activities.

                                      -9-

<PAGE>

         General and Administrative.  General and administrative expense for the
nine months ended September 30, 2000 was $3.6 million,  an increase of $498,000,
or 16.1%,  from the nine  months  ended  September  30,  1999  primarily  due to
expansion of Company's customer service capacity.

         Taxes.  Provision for income taxes  increased for the nine months ended
September 30, 2000 to $ 4.8 million, an increase of $2.5 million, or 110.3% from
the nine months ended September 30, 1999 due to an increase in net income before
income  taxes to $11.6  million in the first nine  months in 2000 as compared to
$5.4 million for the same period in 1999.

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 September 30, 2000 were $39.9 million. As of September 30, 2000,
$35.0 million,  or 87.8%, 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 September 30, 2000,  Siebert's regulatory
net capital was $19.8  million,  $19.6 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.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

Financial Instruments Held For Trading Purposes:

         Through Siebert,  the Company maintains  inventories in exchangelisted
and NASDAQ equity  securities on both a long and short basis.  The fair value of
all  securities  at September  30, 2000 was  approximately  $4.4 million in long
positions  and $4,000 in short  positions.  The fair value of all  securities at
September  30,  1999  was  approximately  $2.6  million  in long  positions  and
approximately  $46,000 in short positions.  Using a hypothetical 10% increase or
decrease in prices, the potential loss or gain in fair value,  respectively,  is
estimated to be approximately  $450,000 and $255,000,  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.



                                      -10-

<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 8K

                  (a)      Exhibits

                  27       Financial Data Schedule (Edgar Filing Only)

                  (b)      Reports on Form 8K

                           None


                                      -11-

<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      November 10, 2000
-------------------------   (principal executive officer)
Muriel F.  Siebert



/s/Mitchell M. Cohen        Chief Financial Officer            November 10, 2000
-------------------------   and Assistant Secretary
Mitchell M.  Cohen          (principal financial and
                            accounting officer)



                                      -12-