| Nowadays various brokering cases emerge endlessly. Referring to the internal reference of brokering cases of Guotai Junan Securities, one will feel restless and be shocked by the sight. No matter how powerful a securities dealer is, or how abundant his capital is, it will end up in nothing if the risks are not controlled radically.Securities business is a result of highly development of commodity economy and credit economy, of which the essence decides the indetermination in its price. In nature, securities is a kind of symbol of value; its price is the currency discount of prospective return the market has on capital while its prospective return can be affected by many factors such as interest rate, exchange rate and inflation rate and so forth. Since the price fluctuates acutely, the securities market which deals with securities is endued with characteristics of high risks from the very start.The risks can be generalized as the possibility of future capital and income losses. Risks of the securities dealer can be divided into system risks and non-system risks, where the former indicates earning losses, including political risk, interest rate risk, exchange rate risk, inflation risk, unbalance between supply and demand risk and policy risk, etc., caused by some overall factors; the latter means the possibility of influence and losses caused by a special factor on a certain securities dealer or a certain kind of securities, including credit risk, liquidity risk, capital risk, calculated risk, operation risk and finance risk and so on.Chinese securities business risk has its own peculiarities:Besides common characteristics such as high risk of securities, complexity of running the securities business, speculation actions flooded in the market, along with significant impact and damages the securities business risks have on society and economy, Chinese securities risk owns a unique peculiarity:... |
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