FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

MCARTHUR KENNETH W 		2. Issuer Name and Ticker or Trading Symbol

OPPENHEIMER HOLDINGS INC [ OPY ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

93 RIVERWOOD PARKWAY 		3. Date of Earliest Transaction (MM/DD/YYYY)

12/21/2009
(Street)

TORONTO ONTARIO, A6 M8Y 4E4
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A non-voting common stock   12/21/2009     M    5000   A $25.53   25000   D    
Class A non-voting common stock                  25700   I   Shurway Capital Corp  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Options on Class A non-voting common stock   $25.53   12/21/2009     M         5000    7/1/2007   12/31/2009   Class A non-voting common stock   5000   $25.53   0   D    
Options on Class A non-voting common stock   $19.99                    1/1/2008   (1) 12/31/2010   Class A non-voting common stock   5000     5000   D    
Options on Class A non-voting common stock   $12.33                    11/16/2013   (2) 5/16/2014   Class A non-voting common stock   15000     15000   D    

Explanation of Responses:
( 1)  Exercisable as follows: 25% on 1/8/08; 50% on 1/1/09; 75% on 1/1/2010; 100% on 7/1/2010
( 2)  Exercisable as follows: 25% 5/16/2011; 50% on 5/16/2012; 75% on 5/16/2013; 100% on 11/16/2013

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
MCARTHUR KENNETH W
93 RIVERWOOD PARKWAY
TORONTO ONTARIO, A6 M8Y 4E4 		X



Signatures
Kenneth W. McArthur 12/21/2009
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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