| With the development and progress of social economy,margin trading,as an innovative two-way trading mechanism,provides the market with great convenience and sufficient liquidity,and becomes an important source of income for securities brokers.However,with the continuous expansion of margin trading business,there are also some risks,such as: customer access and business process don’t meet the requirements of appropriateness,the high degree of customer shareholding concentration leads to high risk of forced liquidation.It is difficult for forced liquidation customers to recover,and poor monitoring of abnormal transactions by customers leads to regulatory penalties.Therefore,it is the basis to ensure the healthy development of margin lending business of securities firms to identify the risks and clarify the areas where the risks occur,find out the causes of the risks and put forward corresponding improvement measures.This paper is based on the risk management of margin trading business of securities firms,taking SW securities as an example,starting from the development status of margin trading business,combining with a large amount of data,in-depth analysis of the existing problems in risk management,and put forward targeted improvement plans.By SW securities lending and borrowing business scale,customer structure,customer guarantee maintenance ratio and unwind situation,I find that there are external risk factors and internal risk factors in the SW securities lending and borrowing business risk management.The main external risk factors include market risk and regulatory risk.Internal risks mainly include credit risk,operational risk,transaction risk and legal risk.Through qualitative and quantitative analysis of the above risks,the ranking of impacts of various risks on margin trading business of SW securities is obtained,and the risk matrix of margin trading business of SW securities is constructed to identify the high-risk areas that need to be controlled.At the same time,I put forward measures to improve the risk management system,risk evaluation standard,risk management structure configuration and risk management assessment system of margin and short selling business of SW securities.This paper designed SW securities margin business risk management improvement schemes.First of all,improve the risk management and evaluation system of SW securities margin business.Enhance the overall risk prevention ability of margin and short selling business by strengthening the analysis and response of external regulatory situation and the control of internal risk assessment process,and provide guarantee for the development of margin and short selling business.Secondly,improve the risk evaluation standard of margin and short selling business of SW securities to identify the risks existing in the margin and short selling business.Construct the risk matrix and optimize the control of each risk factor in the internal and external risk factors.Third,improve the risk management structure of margin and short selling business,and take risk escalation control measures such as customer shareholding concentration,reducing limited shares to participate in margin and short selling business.Fourth,by improving the risk management assessment system of margin and short selling business,business development and risk management level can promote each other.The above four improvement measures need to be coordinated with the organization,system design,system development and pressure test to ensure their implementation. |
