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 September 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 November 9, 2001, there
were 22,390,977 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" 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 that 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 that are detailed from
time to time in the Company's SEC filings.



<PAGE>


                         PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

SIEBERT FINANCIAL CORP. & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
                                                                                                September 30,      December 31,
                                                                                                    2001              2000
                                                                                                    ----              ----
                                                                                                (unaudited)
                                                                                                -----------

ASSETS
<S>                                                                                             <C>               <C>
Cash and cash equivalents                                                                       $28,765,000       $26,370,000
Cash equivalents - restricted                                                                     1,300,000         1,300,000
Receivable from clearing broker                                                                   1,399,000           124,000
Securities owned, at market value                                                                 3,433,000         6,271,000
Furniture, equipment and leasehold improvements, net                                              1,767,000         1,956,000
Investment in and advances to affiliate                                                           1,884,000           981,000
Intangibles, net                                                                                  1,855,000         2,375,000
Prepaid expenses and other assets                                                                 1,012,000         1,259,000
                                                                                                  ---------         ---------
                                                                                                $41,415,000       $40,636,000
                                                                                                ===========       ===========

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
Securities sold, not yet purchased, at market value                                              $   17,000         $   2,000
Accounts payable and accrued liabilities                                                          4,305,000         3,950,000
                                                                                                  ---------         ---------
                                                                                                  4,322,000         3,952,000
                                                                                                  ---------         ---------

Commitments and contingent liabilities


Stockholders' equity:
Common stock, $.01 par value; 49,000,000 shares authorized,
22,916,735 and 22,911,187 issued at September 30, 2001 and December 31, 2000,
respectively                                                                                        229,000           229,000
Additional paid-in capital                                                                       17,781,000        17,736,000
Retained earnings                                                                                21,580,000        19,522,000
Less: 493,500 and 148,700 shares of treasury stock, at cost at September 30, 2001 and
December 31,2000, respectively                                                                   (2,497,000)         (803,000)
                                                                                                -----------         ---------
                                                                                                 37,093,000        36,684,000
                                                                                                -----------         ---------
                                                                                                $41,415,000       $40,636,000
                                                                                                ===========       ===========



                 See notes to consolidated financial statements


                                      -3-


<PAGE>


SIEBERT FINANCIAL CORP. & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)

                                                       Three Months Ended                       Nine Months Ended
                                                           September 30,                        September 30,
                                                  -----------------------------       ----------------------------------
                                                       2001             2000             2001                   2000
                                                    ---------        ---------         ----------            ----------
Revenues:
   Commissions and fees                            $5,882,000       $8,657,000        $20,481,000           $31,139,000
   Investment banking                                 422,000          700,000          1,522,000             1,518,000
   Trading profits                                    243,000          159,000            717,000               552,000
   Income (loss) from equity investee                  78,000          (19,000)         1,536,000              (360,000)
   Interest and dividends                             349,000          502,000          1,135,000             1,369,000
                                                    ---------        ---------         ----------            ----------

                                                    6,974,000        9,999,000         25,391,000            34,218,000
                                                    ---------        ---------         ----------            ----------


Expenses:
   Employee compensation and benefits               2,649,000        2,796,000          8,285,000             9,014,000
    Clearing fees, including floor
      Brokerage                                       944,000        1,343,000          3,315,000             5,123,000
   Advertising and promotion                          475,000          822,000          2,420,000             2,080,000
   Communications                                     685,000          660,000          2,237,000             2,242,000
   Occupancy                                          261,000          219,000            757,000               591,000
   Interest                                             1,000            6,000             11,000                14,000
   Other general and administrative                 1,487,000        1,129,000          4,544,000             3,588,000
                                                    ---------        ---------         ----------            ----------

                                                    6,502,000        6,975,000         21,569,000            22,652,000
                                                    ---------        ---------         ----------            ----------

Income before income taxes                            472,000        3,024,000          3,822,000            11,566,000

Provision for income taxes                            247,000        1,270,000          1,764,000             4,852,000
                                                    ---------        ---------         ----------            ----------

Net income                                          $ 225,000      $ 1,754,000         $2,058,000            $6,714,000
                                                    =========      ===========         ==========            ==========

Net income per share of common stock -
    Basic and diluted                                   $0.01            $0.08              $0.09                 $0.29

Weighted average shares outstanding -
     Basic                                         22,489,171       22,892,692         22,451,664            22,896,070


Weighted average shares outstanding -
     Diluted                                       22,731,302       23,259,267         22,721,412            23,301,153

                                       See notes to consolidated financial statements.


                                      -4-

<PAGE>



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

                                                                                            Nine Months Ended
                                                                                              September 30,
                                                                                  -----------------------------------
                                                                                        2001                 2000
                                                                                  -------------         -------------
Cash flows from operating activities:
   Net income                                                                      $  2,058,000          $  6,714,000
   Adjustments to reconcile net income to net cash provided by
    Operating activities:
    Depreciation and amortization                                                      1,002,000               375,000
    (Income) loss from equity investee                                                (1,536,000)              360,000
    Changes in operating assets and liabilities:
       Net (increase) decrease in securities owned, at market value                   2,838,000            (1,827,000)
       Net (increase) decrease in receivable from clearing broker                    (1,275,000)              710,000
       (Increase) decrease in prepaid expenses and other assets                         247,000                16,000
       Net increase (decrease) in securities sold, not yet purchased,
         at market value                                                                 15,000               (46,000)
       Increase (decrease) in accounts payable, taxes payable
         and accrued liabilities                                                        355,000             1,172,000
                                                                                   ------------          ------------

      Net cash provided by operating activities                                       3,704,000             7,474,000

Cash flows from investing activities:
  Purchase of furniture, equipment and leasehold improvements                          (293,000)           (1,053,000)
  Distribution from equity investee                                                        --                  53,000
  Net (advances to) repayments from equity investee                                     633,000              (226,000)
                                                                                   ------------          ------------
      Net cash provided by (used in) investing activities                               340,000            (1,226,000)
                                                                                   ------------          ------------


Cash flows from financing activities:
   Dividend on common stock                                                                --                (121,000)
   Proceeds from exercise of options                                                     45,000                56,000
    Repurchase of Company Stock                                                      (1,694,000)             (156,000)
                                                                                   ------------          ------------


             Net cash used in financing activities                                   (1,649,000)             (221,000)
                                                                                   ------------          ------------

             Net increase in cash and cash equivalents                                2,395,000             6,027,000


Cash and cash equivalents - beginning of period                                      26,370,000            22,882,000
                                                                                   ------------          ------------



Cash and cash equivalents  end of period                                           $ 28,765,000          $ 28,909,000
                                                                                   ============          ============

 Supplemental cash flow disclosures:
   Cash paid for:
     Interest                                                                      $     11,000          $     14,000
     Income taxes                                                                  $    793,000          $  4,644,000
</TABLE>


                 See notes to consolidated financial statements.


                                      -5-

<PAGE>


Siebert Financial Corp. & Subsidiaries
Notes to Consolidated Financial Statements
Nine Months Ended September 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 September  30, 2001 and
     September 30, 2000,  Siebert had net capital of  approximately  $20,400,000
     and $19,800,000, 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  September  30,  2001,  493,500  shares  have  been
     purchased at an average price of $5.06.

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 nine months ended September 30, 2001 amount to 242,131 and
     269,748,  respectively,  and for the three  months  and nine  months  ended
     September 30, 2000 amount to 366,575 and 405,083, respectively.


                                      -6-

<PAGE>



Siebert Financial Corp. & Subsidiaries
Notes to Consolidated Financial Statements
Nine Months Ended September 30, 2001
 (unaudited)


5.       Investment in Affiliate:

     The  summarized  financial  data of Siebert's  49% owned  equity  investee,
     Siebert,  Brandford,  Shank & Co.,  LLC at  September  30, and for the nine
     months then ended was:


<TABLE>
<CAPTION>
       (In Thousands)                                                        September 30,        September 30,
                                                                            --------------        -------------
                                                                                  2001                2000
                                                                            --------------        -------------
<S>                                                                              <C>                <C>
     Total assets                                                                $5,960             $4,024
     Total liabilities including subordinated liabilities of $1,200               2,221              3,491
     Total members' capital                                                       3,739                532
     Total revenues                                                               9,127              4,000
     Net income (loss)                                                            3,134               (734)
</TABLE>



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  third  quarter  of 2001  reflected  a
     continuation  of the bear  market  that  started in 2000 and were  severely
     affected by the events of September 11, 2001.  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 war and a recession.  Competition in the brokerage industry
     remains intense.

          The Company,  like other  securities  firms,  is directly  affected by
     general economic, political 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. The cost impact of WFN on the consolidated earnings has stabilized
     as the initial costs have now been fully incurred.


                                      -7-


<PAGE>

                  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 September 30, 2001, 493,500 shares have been
         purchased at an average price of $5.06.

Results of Operations

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

                  Revenues. Total revenues for the three months ended September
         30, 2001 were $7.0 million, a decrease of $3.0 million, or 30%, over
         the same period in 2000.

                  Commission and fee income for the three months ended September
         30, 2001 was $5.9 million, a decrease of $2.8 million, or 32.2%, 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
         September 30, 2001 were $422,000, a decrease of $278,000 or 39.7% over
         the same period in 2000 due to the Company's decreased participation in
         larger new issues as result of the bear market conditions during 2001.

                  Income from equity investee, Siebert, Brandford, Shank & Co.,
         LLC ("SBS") for the three months ended September 30, 2001 was $78,000,
         compared to a loss of $19,000 for the three months ended September 30,
         2000 due to improved municipal bond market conditions and an increase
         by SBS of its market share of underwritings.

                  Trading profits for the three months ended September 30, 2001
         were $243,000, an increase of $84,000, or 52.8%, over the same period
         in 2000.

                  Interest and dividends for the three months ended September
         30, 2001 were $349,000, a decrease of $153,000, or 30.5%, 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 ended September
         30, 2001 were $6.5 million, a decrease of $473,000, or 6.8%, over the
         same period in 2000.

                  Employee compensation and benefit costs for the three months
         ended September 30, 2001 were $2.6 million, a decrease of $147,000, or
         5.3%, over the same period in 2000. This decrease was primarily due to
         a decrease in bonus payments to employees, a decrease in commission
         payouts, and a decrease in personnel due to the low trading volumes,
         offset in part by base salary increases.

                  Clearing and floor brokerage fees for the three months ended
         September 30, 2001 were $944,000, a decrease of $399,000, or 29.7%,
         over the same period in 2000 primarily due to the decreased volume of
         trade executions.

                  Advertising and promotion expenses for the three months ended
         September 30, 2001 were $475,000, a decrease of $347,000, or 42.2%,
         over the same period in 2000 due to decreased expenditures for print
         and media advertisement.


                                      -8-


<PAGE>

                  Communications expense for the three months ended September
         30, 2001, was $685,000, an increase of $25,000, or 3.8%, over the same
         period in 2000 due primarily to duplication of costs during the
         installation of a new Company-wide telephone system.

                  Occupancy costs for the three months ended September 30, 2001
         was $261,000, an increase of $42,000, or 19.2%, over the same period in
         2000, principally due to the move of some of the Company's operations
         to additional office space in Jersey City, New Jersey, and a
         branch/customer service call center in Ft. Lauderdale, Florida opened
         in September 2000.

                  Interest expense for the three months ended September 30, 2001
         was $1,000, a decrease of $5,000, or 83.4%, over the same period in
         2000.

                  Other general and administrative expenses were $1.5 million,
         an increase of $358,000 or 31.7% from the same period in 2000 due to
         increased amortization of intangible assets relating to WFN, consulting
         and professional fees

                  Provision for income taxes decreased for the three months
         ended September 30, 2001 to $247,000 a decrease of $1.0 million, or
         80.6%, due to a decrease in net income before tax to $472,000 for the
         third quarter of 2001 as compared to net income before tax of $3.0
         million in the same period in 2000.

Nine Months Ended September 30, 2001 Compared to Nine Months Ended September 30,
2000

                  Revenues. Total revenues for the nine months ended September
         30, 2001 were $25.4 million, a decrease of $8.8 million, or 25.8%, over
         the same period in 2000.

                  Commission and fee income for the nine months ended September
         30, 2001 was $20.5 million, a decrease of $10.7 million or 34.2% 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 nine months ended
         September 30, 2001 were $1.5 million, an increase of $4,000 over the
         same period in 2000.

                  Income from equity investee for the nine months ended
         September 30, 2001 was $1.5 million, compared to a loss of $360,000 for
         the nine months ended September 30, 2000 due to improved municipal bond
         market conditions and an increase by SBS of its market share of
         underwritings.

                  Trading profits for the nine months ended September 30, 2001
         were $717,000, an increase of $165,000 or 29.8% over the same period in
         2000.

                  Interest and dividends for the nine months ended September 30,
         2001 were $1,100,000, a decrease of $234,000 or 17.0% 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 nine months September 30,
         2001 were $21.6 million, a decrease of $1 million or 4.8% over the same
         period in 2000.

                  Employee compensation and benefit costs for the nine months
         ended September 30, 2001 were $8.3 million, a decrease of $729,000 or
         8.0% over the same period in 2000. This decrease was primarily due to a
         decrease in bonus payments to employees coupled with a decrease in
         commission payouts and a decrease in personnel due to low trading
         volumes.


                                      -9-


<PAGE>


                  Clearing and floor brokerage fees for the nine months ended
         September 30, 2001 were $3.3 million, a decrease of $1.8 million, or
         35.2%, over the same period in 2000 primarily due to the decreased
         volume of trade executions.

                  Advertising and promotion expenses for the nine months ended
         September 30, 2001 were $2.4 million an increase of $340,000, or 16.3%,
         over the same period in 2000 due to promotion expenses incurred in
         connection with the re-launch of WFN's redesigned website and increased
         print and media advertisement.

                  Communications expense for the nine months ended September 30,
         2001, was $2.2 million, a decrease of $5,000 over the same period in
         2000.

                  Occupancy costs for the nine months ended September 30, 2001
         was $757,000, an increase of $166,000, or 28.0%, over the same period
         in 2000, principally due to the move of some of the Company's
         operations to additional office space in Jersey City, New Jersey,

                  Interest expense for the nine months ended September 30, 2001
         was $11,000, a decrease of $3,000 from the same period in 2000.

                  Other general and administrative expenses were $4.5 million,
         an increase of $956,000 or 26.6% over the same period in 2000 primarily
         due to increased amortization of intangible assets relating to WFN,
         depreciation and consulting and professional fees.

                  Provision for income taxes decreased for the nine months ended
         September 30, 2001 to $1.7 million, a decrease of $3.1 million, or
         63.6%, due to a decrease in net income before tax to $3.8 million as
         compared to net income before tax of $11.6 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. The Company's total assets at September 30, 2001 were $41.4
         million. As of September 30, 2001, $33.6 million, or 81.2% 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, 2001,
         Siebert's regulatory net capital was $20.4 million, $20.1 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 September 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.

                                      -10-

<PAGE>

Item 3.  Quantitative and Qualitative Disclosures About Market Risk


Financial Instruments Held For Trading Purposes:

                  Through Siebert, the Company maintains inventories of
         exchange-listed and NASDAQ equity securities on both a long and short
         basis. The fair value of all securities at September 30, 2001 was
         approximately $3.4 million in long positions and approximately $17,000
         in short positions. The fair value of all securities at September 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
         $343,000, and $440,000, respectively, taking into account 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

                  None

Item 5.  Other Information

                  None


                                      -11-


<PAGE>



Item 6.  Exhibits and Reports on Form 8-K

                  (a)      Exhibits

                  (b)      Reports on Form 8-K

                           None


                                      -12-

<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.

<TABLE>
<CAPTION>
         Name                               Title                                     Date
         ----                               -----                                     ----

<S>                                 <C>
/s/Muriel F. Siebert                Chairwoman, President and Director
-----------------------------       (principal executive officer)
Muriel F.  Siebert                                                            November 12, 2001


/s/Mitchell M. Cohen                Chief Financial Officer                   November 12, 2001
----------------------------        and Assistant Secretary
Mitchell M.  Cohen                  (principal financial and
                                    accounting officer)

</TABLE>




                                      -13-