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, 1999

                                       OR

          [ ] Transition Report Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

             For the transition period from __________ to __________

                          Commission File Number 0-5703

                             SIEBERT FINANCIAL CORP.

             (Exact name of registrant 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
              (Registrant'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 [ ] 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 [X] No [ ]o

                      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 May 9, 2000, there
were 22,896,345 shares of Common Stock, par value $.01 per share, outstanding.

         Transitional Small Business Disclosure Format (check one):

                                 Yes [ ] No [X]





<PAGE>


         Unless otherwise indicated,  all information in this Form 10-Q has been
adjusted to reflect the acquisition on May 28, 1999, of Andrew Peck  Associates,
Inc.  ("Peck")  in a  transaction  accounted  for  as a  pooling  of  interests.
Accordingly,  all prior  information  has been  adjusted  to include  historical
statements of the financial  position and results of operations of Peck.  Unless
the context otherwise requires,  the "Company"shall mean Siebert Financial Corp.
and its wholly owned subsidiary.

         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 trading 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 expense
and changes in net capital or other regulatory requirements.

         As a  result  of these  and  other  factors,  the  Company  experiences
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>

                                                                                            March 31, 2000    December 31,
                                                                                              (unaudited)          1999
                                                                                              -----------          ----
<S>                                                                                         <C>               <C>
ASSETS
Cash and cash equivalents                                                                   $27,730,000       $22,822,000
Cash equivalents - restricted                                                                 1,300,000         1,300,000
Receivable from clearing broker                                                               3,593,000         2,358,000
Securities owned, at market value                                                             2,645,000         2,653,000
Furniture, equipment and leasehold improvements, net                                            838,000           729,000
Investment in and advances to affiliate                                                       1,155,000         1,097,000
Prepaid expenses and other assets                                                             1,363,000         1,286,000
                                                                                            -----------         ---------

                                                                                            $38,624,000       $32,305,000
                                                                                            ===========       ===========
LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
Securities sold, not yet purchased, at market value                                             $11,000           $50,000
Taxes payable                                                                                 2,221,000                 -
Accounts payable and accrued liabilities                                                      3,706,000         2,801,000
                                                                                              ---------         ---------

                                                                                              5,938,000         2,851,000
                                                                                              ---------         ---------

Commitments and contingent liabilities


Stockholders' equity:
Common stock,  $.01 par value;  49,000,000  shares  authorized,  22,896,345  and
  22,522,769 issued and outstanding at March 31, 2000 and December 31,
  1999, respectively                                                                            229,000           228,000
Additional paid-in  capital                                                                  17,607,000        17,582,000
Retained earnings                                                                            14,850,000        11,644,000
                                                                                             ----------        ----------

                                                                                             32,686,000        29,454,000
                                                                                             ----------        ----------

                                                                                            $38,624,000       $32,305,000
                                                                                            ===========       ===========
</TABLE>



                 See notes to consolidated financial statements





                                       -3-


<PAGE>


Siebert Financial Corp. & Subsidiary
Consolidated Statements of Income
(unaudited)
                                                     Three Months Ended
                                               -------------------------------
                                                          March 31,
                                                    2000             1999
                                                    ----             ----
Revenues:
   Commissions and fees                         $ 12,652,000    $  7,569,000
   Investment banking                                469,000         278,000
   Trading profits                                   219,000         242,000
   Income (loss) from equity investee                (91,000)        176,000
   Interest and dividends                            372,000         285,000
                                                ------------    ------------


                                                  13,621,000       8,550,000
                                                ------------    ------------

Expenses:
   Employee compensation and benefits              3,249,000       2,786,000
   Clearing fees, including floor brokerage        2,004,000       1,448,000
   Advertising and promotion                         572,000         722,000
   Communications                                    803,000         563,000
   Occupancy                                         175,000         126,000
   Interest                                            6,000          52,000
   Other general and administrative                1,295,000       1,013,000
                                                ------------    ------------

                                                   8,104,000       6,710,000
                                                ------------    ------------

Income before income taxes                         5,517,000       1,840,000

Provision for income taxes                         2,311,000         809,000
                                                ------------    ------------

Net income                                      $  3,206,000    $  1,031,000
                                                ============    ============

Net income per share of common stock -
     Basic                                      $       0.14    $       0.05
     Diluted                                    $       0.14    $       0.04

Weighted average shares outstanding - basic       22,896,604      22,522,769

Weighted average shares outstanding - diluted     23,335,314      23,092,822


                 See notes to consolidated financial statements.

                                      -4-

<PAGE>


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

                                                                                Three Months Ended
                                                                            -----------------------------
                                                                                     March 31,
                                                                               2000              1999
                                                                            ------------    ------------
<S>                                                                         <C>             <C>
Cash flows from operating activities:
   Net income                                                               $  3,206,000    $  1,031,000
   Adjustments to reconcile net income to net cash (used in) provided by
      operating activities:
        Depreciation and amortization                                            103,000          86,000
            Utilization of deferred tax asset                                       --           809,000
            Income from equity investee                                           91,000        (176,000)
        Changes in operating assets and liabilities:
           Net (increase) decrease in securities owned, at market value            8,000         (74,000)
           Net (increase) decrease in receivable from clearing broker         (1,235,000)       (483,000)
           (Increase) decrease in prepaid expenses and other assets             (226,000)        (81,000)
           Net increase (decrease) in securities sold, not yet purchased,
              at market value                                                    (39,000)        641,000
           Increase in  taxes payable                                          2,221,000            --
           Increase (decrease) in accounts payable and accrued
              liabilities                                                        905,000        (418,000)
                                                                            ------------    ------------
              Net cash provided by operating activities                        5,034,000       1,335,000
                                                                            ------------    ------------

Cash flows from investing activities:

   Purchase of furniture, equipment and leasehold improvements                  (212,000)       (103,000)
   Distribution from equity investee                                                --           632,000
                                                                            ------------    ------------
              Net cash provided by (used in) investing activities               (212,000)        529,000
                                                                            ------------    ------------

Cash flows from financing activities:
   Dividend on common stock                                                         --           (79,000)
   Proceeds from exercise of options                                              26,000         530,000
   Proceeds from rights offering                                                    --         7,183,000
                                                                            ------------    ------------
              Net cash provided by financing activities                           26,000       7,634,000
                                                                            ------------    ------------

              Net increase  in cash and cash equivalents                       4,848,000       9,498,000



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

Cash and cash equivalents - end of period                                   $ 27,730,000    $ 16,233,000
                                                                            ============    ============

Supplemental cash flow disclosures:
   Cash paid for:

      Interest                                                              $      6,000    $     52,000
      Income taxes                                                          $     26,000    $    464,000

Noncash investing and Financing activities:

   Dividends  declared                                                             --             91,000
   Deferred taxes (see note 3)                                                     --       $  1,391,000
</TABLE>

                 See notes to consolidated financial statements.

                                      -5-

<PAGE>


Siebert Financial Corp. & Subsidiary
Notes to Consolidated Financial Statements
Three Months Ended March 31, 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.

     On May  28,1999,  the  Company  consummated  a merger,  accounted  for as a
     pooling  of  interests  with  Andrew  Peck   Associates,   Inc.   ("Peck").
     Accordingly,  all periods prior to the merger have been restated to include
     the net assets and the operations of Peck.

     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,  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 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 2 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 5 percent of  aggregate  debits.) At March 31, 2000 and  December
     31,  1999,  Siebert  had  net  capital  of  approximately  $17,600,000  and
     $15,475,000,  respectively,  as compared with net capital  requirements  of
     $250,000.


3.   Deferred Taxes:

     During the quarter ended March 31, 1999 the Company recorded a deferred tax
     asset of, and increased  additional  paid-in capital by $ 2,200,000 arising
     from the deductibility of the difference  between the exercise price of the
     options  and the market  value of the stock on the dates of exercise of the
     options.  During the quarter  ended  March 31, 1999 the Company  utilized $
     809,000 of the deferred tax asset to offset income taxes payable.

                                      -6-

<PAGE>




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

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

Business Environment

         The  volume  of  trading   during  the  first  three  months  of  2000,
accompanied by large daily swings in the market averages,  set all-time records.
Meanwhile,  competition  continued  to  intensify  both  among  all  classes  of
brokerage firms and within the discount brokerage business,  as well as from new
firms not  previously in the discount  brokerage  business.  Electronic  trading
continues to grow as a  percentage  of trading  volume with some firms  offering
very  low  flat  rate  trading   execution  fees  that  are  difficult  for  any
conventional  discount  firm to meet.  Many of the flat  fee  brokers,  however,
impose  charges for services such as mailing,  transfers and handling  exchanges
which the Company  does not impose and also direct their  executions  to captive
market makers.  Trading volume has declined significantly in the current quarter
and the Company  currently  anticipates  that its revenue and net income for the
second  quarter  will not  reach  the  levels  attained  in the  first  quarter.
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.  Industry-wide  changes in  trading  practices  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 directly  affected 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  adversely  affected  because  certain
expenses, including 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.

Current Developments

         Siebert's  commission per customer trade is trending down as the number
of trades  executed on  SiebertNet  increases.  For the quarter  ended March 31,
2000,  SiebertNet trades accounted for approximately of 57% of all retail trades
compared to 36% for the first quarter of 1999.

Results of Operations

Three Months Ended March 31, 2000 Compared to Three Months Ended March 31, 1999

         Revenues. Total revenues for the three months ended March 31, 2000 were
$13.6  million,  an increase of $5  million,  or 59.3%,  over the same period in
1999.

         Commission  and fee income  increased  $5 million,  or 67.2%,  over the
three months ended March 31, 1999 to $12.7 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 at a rapid pace.

         Investment  banking  revenues for the three months ended March 31, 2000
were  $469,000,  an increase of $191,000 or 68.7%  over the three  months  ended
March 31, 1999.

                                      -7-

<PAGE>

         Loss from equity investee for the three months ended March 31, 2000 was
$91,000,  compared to income of  $176,000 a decrease of 267,000,  or 151.7% from
the three months ended March 31, 1999.

         Trading  profits  for the  three  months  ended  March  31,  2000  were
$219,000,  a decrease of $23,000,  or 9.5% from the three months ended March 31,
1999.

         Income from interest and dividends for the three months ended March 31,
2000 were $372,000, an increase of $87,000, or 30.5% from the three months ended
March 31,  1999  primarily  due to  additional  funds  available  for  temporary
investment.

         Expenses. Total expenses for the three months ended March 31, 2000 were
$8.1 million,  an increase of $1.4 million, or 20.8% from the three months ended
March 31, 1999.

         Employee  compensation  and benefit  costs for the three  months  ended
March 31, 2000 were $3.2  million,  an increase of  $463,000,  or 16.6% from the
three  months  ended  March 31,  1999  primarily  due to  additional  registered
personnel to handle the substantially increased trading volume.

         Clearing and floor  brokerage fees for the three months ended March 31,
2000 were $2 million,  an increase of  $556,000,  or 38.4% from the three months
ended March 31, 1999  primarily due to the large increase in the number of trade
executions.

         Advertising and promotion  expense for the three months ended March 31,
2000 were $572,000, a decrease of $150,000, or 20.8% from the three months ended
March 31, 1999 due to a decreased level of promotional advertising.

         Communications  expense for the three  months ended March 31, 2000 were
$803,000,  an increase of  $240,000,  or 42.6% from the three months ended March
31, 1998 primarily due increased trading volume and quote requests.

         Occupancy  costs  for the  three  months  ended  March  31,  2000  were
$175,000, an increase of $49,000, or 38.9% from the three months ended March 31,
1998 principally due to additional office space in Jersey City, New Jersey.

         General and  administrative  expenses  for the three months ended March
31, 2000 were $1.3  million,  an increase of  $282,000,  or 27.8% from the three
months ended March 31, 1999 primarily due to additional executive headcount.

         Taxes.  Provision for income taxes increased for the three months ended
March 31, 2000 were $2.3 million,  an increase of $1.5  million,  or 185.7% from
the three  months  ended March 31, 1999 due to an increase in net income  before
income tax to $3.7  million for the first three months of 2000 over $1.8 million
for the same period of 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 March 31, 2000 were $38.6 million.  As of March 31, 2000,  $34.5
million,  or 89.3%,  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, 1999,  Siebert's regulatory net
capital  was $17.6  million,  $17.4  million  in excess of its  minimum  capital
requirement of $250,000.




                                      -8-
<PAGE>

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 exchange-listed
and NASDAQ equity  securities on both a long and short basis.  The fair value of
all  securities  at  March  31,  2000 was  approximately  $2.6  million  in long
positions and  approximately  $11,000 in short positions.  The fair value of all
securities at March 31, 1999 was  approximately  $4.5 million in long  positions
and approximately $1.2 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  $263,000 and $330,000,  respectively,  due to the
offset of change in fair value in 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.




                                      -9-
<PAGE>

         PART II - OTHER INFORMATION

Item 6. Exhibits and Reports on Form 8-K.

(a)      Exhibits
         27 - Financial Data Schedule (Edgar Filing Only)

(b)      Reports on Form 8-K
         None.



                                   SIGNATURES

         In accordance with the requirements of the Exchange Act, the registrant
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
                                          Chair and President
                                          (Principal executive officer)

                                    Date:  May 12, 2000




                                    By:   /s/  Mitchell M. Cohen
                                          ----------------------
                                          Mitchell M. Cohen
                                          Chief Financial Officer and
                                          Assistant Secretary
                                          (principal financial and accounting
                                          officer)

                                     Date: May 12, 2000



                                      -10-