The Pattern Discussions Of Stock Returns Swap Business,and The Suggestions For Securities Company

Under the wave of the global financial markets integration, the demands for risk management and efficiency are growing, and all kinds of financial derivatives are changing. In 1981, the world's first currency swap was dealt, and then swap boarded the stage of history officially. In the subsequent time, swap quickly extended to interest rates, exchange rates, commodities, stocks, and so on. At present, the stock returns swap business has been relatively mature, and it is still in the stage of steady growth. At the same time. China's capital market is also in the constant development and improvement stage. Under the background of constructing the multi-level capital market and the innovation and development of securities companies, as an emerging OTC counter business of securities companies in China, stock returns swap arises at the historic moment. Stock returns swap, for not only the capital market in our country, but also the securities firm itself, has important and positive significance.This paper first analyses the background of stock returns swap, and then expounds the basic theories of stock returns swap and significance when securities company doing the business. Standing in the perspective of the securities company, combining with the characteristics of the current China's securities market, the specific business models of stock returns swap are discussed. And then, the statuses of our stock returns swap business are summarized. This paper also analyzes the difficulties and obstacles what securities companies are facing in the process. Finally, specific measures and suggestions are put forward for securities companies.The research framework of this article can be roughly divided into three parts. The first part mainly studies "why ". The international and domestic backgrounds of stock returns swap are explored thoroughly. The theoretical foundation and the positive significance of stock returns swap business are expounded in this part. The second part mainly discusses "what can be done". On the basis of three basic models, this paper discusses the specific business patterns, combined with the characteristics of the securities market in China. The third part concretely thinks "what are the status quo and difficulties? Why would happen, and how to deal with these difficulties". This part summarizes the pilot status of our stock returns swap business, analyzes the difficulties and obstacles which securities companies are facing in the actual process of business. Finally, this paper puts forward a series of suggestions for securities firms, including strictly limited access, strengthening the institutional guarantee, using hedging tool, and paying attention to risk education.