Research On Risk Management Of Margin Trading And Short Selling Business Of Shenwan Hongyuan BenXi Business Department

With the continuous development of China's securities market,the arrival of margin business is also in line with the development of the securities market.Since its official launch in March 2013,margin lending and short selling have been favored by various securities companies.Competitive moment between the securities company,as a main income securities brokerage business commission,malicious competition in the market environment is more and more low,Although regulators have repeatedly urged brokerages not to fight "commission wars",But each brokerage or marketing personnel in order to be able to seize customers only see the immediate interests,By luring securities traders to become their clients by reducing the commission fees,the commission presented an uncontrollable downward trend,Brokerage fees are close to nothing.Compared with the innovative business and comprehensive business,the group participation of margin business is higher and it is easier to be accepted by securities participants.It can be seen that margin lending business can bring considerable profit growth for securities companies.In order to seize participants in the margin and short sale market,securities companies are more vigorously promoting margin and short sale business.Margin and short sale business has developed rapidly in China within a short period of time,from the pilot of margin and short sale business in selected securities firms to the popularization of margin and short sale business in securities firms.Margin trading is also a credit transaction,for participants in the margin trading business,the funds or securities available for operation are enlarged,and the enlarged part of the funds or securities is provided by the securities company,the funds lent by securities companies to margin and securities lending participants or securities for margin and securities lending participants to buy and sell the subjective judgment of the securities market,There is clearly some risk in lending assets or securities,if the margin participants can not be scheduled to return the funds or securities,then the securities company will bear this part of the losses.This paper studies the risk of margin lending and short selling business of shenwanhongyuan benxi business department,It is divided into six parts.The first part is the introduction;The second part is the theoretical basis of margin business risk;In the third part,the status quo of shenwanhongyuan benxi business department is sorted out from three aspects: margin customers,margin trading account functions and existing risk management framework.The fourth part analyzes the existing risk factors,this paper analyzes customer credit risk,underlying securities risk,capital liquidity risk and market risk.The fifth part,from the customer's credit rating,guarantee proportion set,customer contact warehouse line notification,and four aspects to strengthen the management of operational risk margin is given some Suggestions of risk control;The sixth part is the conclusion and prospect.In this paper,although margin business is analyzed and relevant risk management Suggestions are given,However,margin business risks still need to be paid attention to in the future,To be able to find the problem to solve in time,reduce the possibility of risk.The innovation of this paper lies in the short development time of margin business in China's a-share market.In the risk prevention should also be paid attention to,although there are studies on the risk of margin lending and short selling,there are few.And there is no research on the risk management of a securities company's business department in the actual margin business.This paper starts from the most direct unit perspective of the business department in carrying out margin business,With a point cover surface to see the larger,more detailed and intuitive characteristics,more targeted.