-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Ip85DS04Bop4dxJ8+3ClQEGikTRZpsAFkL4PxdqsvQMEqbi7e4x5JA1NuRKJ0bXm
 CvfE8Q1OyCtxKY+9gE5lfw==

<SEC-DOCUMENT>0001225208-10-004567.txt : 20100216
<SEC-HEADER>0001225208-10-004567.hdr.sgml : 20100215
<ACCEPTANCE-DATETIME>20100216182922
ACCESSION NUMBER:		0001225208-10-004567
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100104
FILED AS OF DATE:		20100216
DATE AS OF CHANGE:		20100216

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Buchholz Robert A
		CENTRAL INDEX KEY:			0001429682

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19483
		FILM NUMBER:		10610483

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

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:			0626

	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>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-01-04</periodOfReport>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001429682</rptOwnerCik>
            <rptOwnerName>Buchholz Robert A</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>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock $.10 Par Value</value>
            </securityTitle>
            <transactionDate>
                <value>2010-01-04</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>G</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>9207</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>59154</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>As trustee for minor children</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock $.10 Par Value</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>270640</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock $.10 Par Value</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>9075</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By children</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock $.10 Par Value</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>48672</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By family partnerships</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock $.10 Par Value</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>100000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By family trust</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes></footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>Allen R. Tubb, Power of Attorney</signatureName>
        <signatureDate>2010-02-14</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----