Research On Risk Management Of Pledge-style Stock Repurchase In GL Securities

Since China's securities market is born for 30 years,with the deepening of the reform and opening up,China's capital market on the basis of full study international advanced experience of the developed countries,out of the obeys the law of China's economic development road.China's securities market has taken off from quantitative to qualitative and gradually infiltrated into the physical layer from the capital layer.In the stock market scale expands rapidly,at the same time,the development of diversified financial services,innovative business steadily,the Shanghai stock exchange,shenzhen stock exchange in 2013 and China securities depository and clearing co.,LTD.Jointly developed the shares pledged repo transactions and regulations for the registration and settlement business(try out)"(hereinafter referred to as the" method "),the securities company began to implement stock pledged repo business,the business rapidly developed in our country,the height of the market in June 2015,the Shanghai and shenzhen two city stock pledge financing scale has reached 1 trillion,80% RongChu party funds for securities firms.The stock pledge repo business broadens the financing channels of listed enterprise shareholders,which can enhance their liquidity or meet the project investment demand.At the same time,the stock pledge repo business also provides a new profit growth point for securities companies,but also brings new risk points.The explosion of systemic market risk in July 2015 and January 2016 has faced an extremely serious risk challenge for the stock pledge repo business of securities companies.Shares pledged repo business and shenzhen two cities more than 330 warning on the evidence of unwinding,securities companies on how to recognize,measure and effectively cope with stock repurchase pledge business of market risk,credit risk,liquidity risk,operation risk,etc.,effective risk management system has not been formed.In view of the above securities companies risk management present situation,this article on the technical route,first of all,using literature research study of risk classification and risk management theory,it is concluded that the corresponding theory method,the GL securities company shares pledged repo operations,this paper analyzes the risk management,summarizes the measures of risk management.Then use case analysis method to introduce the relevant stock pledge case,and have targeted analysis of the problems existing in the stock pledge repo business of GL securities company,and give relevant countermeasures and Suggestions.Based on GL securities companies as the research object,according to the risk classification of the Basel framework,based on the theory of comprehensive risk management theory,through the analysis of corporate risk management system,a deep understanding of the risk management of stock repurchase pledge business organization structure,department function,system process,risk threshold,etc.,combined with the financiers,into the party,the underlying business pledge to carry out the actual situation,perfect for GL securities company shares pledged repo business market risk,credit risk,liquidity risk and risk management recommendations.