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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 b8tDRP+ByPyUwvZ6cUOdZw==

<SEC-DOCUMENT>0001225208-03-000744.txt : 20031114
<SEC-HEADER>0001225208-03-000744.hdr.sgml : 20031114
<ACCEPTANCE-DATETIME>20031114121025
ACCESSION NUMBER:		0001225208-03-000744
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031112
FILED AS OF DATE:		20031114

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SWS GROUP INC
		CENTRAL INDEX KEY:			0000878520
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				752040825
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0625

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 3500
		STREET 2:		1201 ELM STREET
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75270
		BUSINESS PHONE:		2146511800

	MAIL ADDRESS:	
		STREET 1:		SUITE 3500
		STREET 2:		1201 ELM STREET
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75270

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SOUTHWEST SECURITIES GROUP INC
		DATE OF NAME CHANGE:	19930328

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LELAND DANIEL
		CENTRAL INDEX KEY:			0001249603

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19483
		FILM NUMBER:		031001833

	BUSINESS ADDRESS:	
		STREET 1:		1201 ELM STREET STE 3500
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75270
		BUSINESS PHONE:		2148599407

	MAIL ADDRESS:	
		STREET 1:		1201 ELM STREET STE 3500
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75270
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>doc4.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
  <periodOfReport>2003-11-12</periodOfReport>
    <issuer>
        <issuerCik>0000878520</issuerCik>
        <issuerName>SWS GROUP INC</issuerName>
        <issuerTradingSymbol>SWS</issuerTradingSymbol>
  </issuer>
  <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001249603</rptOwnerCik>
            <rptOwnerName>LELAND DANIEL</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1201 ELM STREET</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 3500</rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState></rptOwnerState>
            <rptOwnerZipCode>75270</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
      <isOfficer>1</isOfficer>
      <officerTitle>Executive Vice President</officerTitle>
    </reportingOwnerRelationship>
  </reportingOwner>
  <nonDerivativeTable>
    <nonDerivativeTransaction>
      <securityTitle>
        <value>Common Stock $.10 Par Value</value>
      </securityTitle>
      <transactionDate>
        <value>2003-11-12</value>
      </transactionDate>
      <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>A</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
        <transactionShares>
          <value>615</value>
        </transactionShares>
        <transactionPricePerShare>
          <value>0</value>
        </transactionPricePerShare>
        <transactionAcquiredDisposedCode>
          <value>A</value>
        </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
        <sharesOwnedFollowingTransaction>
          <value>60973</value>
        </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
        <directOrIndirectOwnership>
          <value>D</value>
        </directOrIndirectOwnership>
      </ownershipNature>
    </nonDerivativeTransaction>
    <nonDerivativeHolding>
      <securityTitle>
        <value>Common Stock $.10 Par Value</value>
      </securityTitle>
      <postTransactionAmounts>
        <sharesOwnedFollowingTransaction>
          <value>4768</value>
        </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
        <directOrIndirectOwnership>
          <value>I</value>
        </directOrIndirectOwnership>
        <natureOfOwnership>
          <value>401 (k)</value>
        </natureOfOwnership>
      </ownershipNature>
    </nonDerivativeHolding>
    <nonDerivativeHolding>
      <securityTitle>
        <value>Common Stock $.10 Par Value</value>
      </securityTitle>
      <postTransactionAmounts>
        <sharesOwnedFollowingTransaction>
          <value>3450</value>
        </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
        <directOrIndirectOwnership>
          <value>I</value>
        </directOrIndirectOwnership>
        <natureOfOwnership>
          <value>Trust</value>
        </natureOfOwnership>
      </ownershipNature>
    </nonDerivativeHolding>
  </nonDerivativeTable>
  <derivativeTable>
    <derivativeHolding>
      <securityTitle>
        <value>Stock Option SWS Stock Option Plan</value>
      </securityTitle>
      <conversionOrExercisePrice>
        <value>13.7511</value>
      </conversionOrExercisePrice>
      <exerciseDate>
        <value>1998-08-27</value>
      </exerciseDate>
      <expirationDate>
        <value>2007-08-25</value>
      </expirationDate>
      <underlyingSecurity>
        <underlyingSecurityTitle>
          <value>Common Stock $.10 Par Value</value>
        </underlyingSecurityTitle>
        <underlyingSecurityShares>
          <value>7728</value>
        </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
        <sharesOwnedFollowingTransaction>
          <value>7728</value>
        </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
        <directOrIndirectOwnership>
          <value>D</value>
        </directOrIndirectOwnership>
      </ownershipNature>
    </derivativeHolding>
    <derivativeHolding>
      <securityTitle>
        <value>Stock Option SWS Stock Option Plan</value>
      </securityTitle>
      <conversionOrExercisePrice>
        <value>12.4142</value>
      </conversionOrExercisePrice>
      <exerciseDate>
        <value>1999-08-24</value>
      </exerciseDate>
      <expirationDate>
        <value>2008-08-21</value>
      </expirationDate>
      <underlyingSecurity>
        <underlyingSecurityTitle>
          <value>Common Stock $.10 Par Value</value>
        </underlyingSecurityTitle>
        <underlyingSecurityShares>
          <value>7362</value>
        </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
        <sharesOwnedFollowingTransaction>
          <value>7362</value>
        </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
        <directOrIndirectOwnership>
          <value>D</value>
        </directOrIndirectOwnership>
      </ownershipNature>
    </derivativeHolding>
    <derivativeHolding>
      <securityTitle>
        <value>Stock Option SWS Stock Option Plan</value>
      </securityTitle>
      <conversionOrExercisePrice>
        <value>26.0508</value>
      </conversionOrExercisePrice>
      <exerciseDate>
        <value>2000-08-23</value>
      </exerciseDate>
      <expirationDate>
        <value>2009-08-21</value>
      </expirationDate>
      <underlyingSecurity>
        <underlyingSecurityTitle>
          <value>Common Stock $.10 Par Value</value>
        </underlyingSecurityTitle>
        <underlyingSecurityShares>
          <value>7437</value>
        </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
        <sharesOwnedFollowingTransaction>
          <value>7437</value>
        </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
        <directOrIndirectOwnership>
          <value>D</value>
        </directOrIndirectOwnership>
      </ownershipNature>
    </derivativeHolding>
    <derivativeHolding>
      <securityTitle>
        <value>Stock Option SWS Stock Option Plan</value>
      </securityTitle>
      <conversionOrExercisePrice>
        <value>23.3869</value>
      </conversionOrExercisePrice>
      <exerciseDate>
        <value>2001-08-24</value>
      </exerciseDate>
      <expirationDate>
        <value>2010-08-22</value>
      </expirationDate>
      <underlyingSecurity>
        <underlyingSecurityTitle>
          <value>Common Stock $.10 Par Value</value>
        </underlyingSecurityTitle>
        <underlyingSecurityShares>
          <value>6761</value>
        </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
        <sharesOwnedFollowingTransaction>
          <value>6761</value>
        </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
        <directOrIndirectOwnership>
          <value>D</value>
        </directOrIndirectOwnership>
      </ownershipNature>
    </derivativeHolding>
    <derivativeHolding>
      <securityTitle>
        <value>Stock Option SWS Stock Option Plan</value>
      </securityTitle>
      <conversionOrExercisePrice>
        <value>15.4475</value>
      </conversionOrExercisePrice>
      <exerciseDate>
        <value>2002-09-10</value>
      </exerciseDate>
      <expirationDate>
        <value>2011-09-08</value>
      </expirationDate>
      <underlyingSecurity>
        <underlyingSecurityTitle>
          <value>Common Stock $.10 Par Value</value>
        </underlyingSecurityTitle>
        <underlyingSecurityShares>
          <value>11063</value>
        </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
        <sharesOwnedFollowingTransaction>
          <value>11063</value>
        </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
        <directOrIndirectOwnership>
          <value>D</value>
        </directOrIndirectOwnership>
      </ownershipNature>
    </derivativeHolding>
    <derivativeHolding>
      <securityTitle>
        <value>Stock Option SWS Stock Option Plan</value>
      </securityTitle>
      <conversionOrExercisePrice>
        <value>13.42</value>
      </conversionOrExercisePrice>
      <exerciseDate>
        <value>2003-08-22</value>
      </exerciseDate>
      <expirationDate>
        <value>2012-08-19</value>
      </expirationDate>
      <underlyingSecurity>
        <underlyingSecurityTitle>
          <value>Common Stock $.10 Par Value</value>
        </underlyingSecurityTitle>
        <underlyingSecurityShares>
          <value>18000</value>
        </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
        <sharesOwnedFollowingTransaction>
          <value>18000</value>
        </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
        <directOrIndirectOwnership>
          <value>D</value>
        </directOrIndirectOwnership>
      </ownershipNature>
    </derivativeHolding>
  </derivativeTable>
  <footnotes />
  <remarks />
  <ownerSignature>
    <signatureName>Allen R. Tubb, Power of Attorney</signatureName>
    <signatureDate>2003-11-14</signatureDate>
  </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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