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<SEC-DOCUMENT>0001225208-07-004387.txt : 20070503
<SEC-HEADER>0001225208-07-004387.hdr.sgml : 20070503
<ACCEPTANCE-DATETIME>20070503170218
ACCESSION NUMBER:		0001225208-07-004387
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070501
FILED AS OF DATE:		20070503
DATE AS OF CHANGE:		20070503

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			COBB BRODIE L
		CENTRAL INDEX KEY:			0001182222

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19483
		FILM NUMBER:		07816314

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		214-859-1800

	MAIL ADDRESS:	
		STREET 1:		832 SANSOME ST
		STREET 2:		1ST FL
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111

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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>doc4.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2007-05-01</periodOfReport>

    <issuer>
        <issuerCik>0000878520</issuerCik>
        <issuerName>SWS GROUP INC</issuerName>
        <issuerTradingSymbol>SWS</issuerTradingSymbol>
    </issuer>

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        <reportingOwnerId>
            <rptOwnerCik>0001182222</rptOwnerCik>
            <rptOwnerName>COBB BRODIE L</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1201 ELM STREET</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 3500</rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75270</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
        </reportingOwnerRelationship>
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                <value>Common Stock $.10 Par Value</value>
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            <transactionDate>
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                <transactionFormType>4</transactionFormType>
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        <nonDerivativeTransaction>
            <securityTitle>
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            <transactionDate>
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        <nonDerivativeTransaction>
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    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Sales being made are pursuant to a Plan adopted on 02/17/07 intended to comply with Rule 10b5-1 of the Securities Exchange Act of 1934.</footnote>
    </footnotes>

    <remarks>Multiple Forms submitted.</remarks>

    <ownerSignature>
        <signatureName>Allen R. Tubb, Power of Attorney</signatureName>
        <signatureDate>2007-05-03</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----