1)信用风险 credit risk: The risk of a trading partner not fulfilling his obligations in full on due date or at any time Including aggregation probability of default and expected loss measurements 2)市场风险 Market Risk: an institution 's financial condition resulting from adverse movements in the level or volatility of market prices of interest rate instruments, equities, commodities and currencies. Market risk is usually measured as the potential gain/loss in a position/portfolio that is associated with a price movement of a given probability over a specified time horizon. This is typically known as value-at-risk (VAR) 3)清算风险 Settlement risk: Settlement risk is the risk that a settlement in a transfer system does not take place as expected. settlement risk comprises both credit and liquidity risks The former arises when a counterparty cannot meet an obligation for full value on due date and thereafter because it is insolvent. liquidity risk refers to the risk that a counterparty will not settle for full value at due date but could do so at some unspecified time thereafter; causing the party which did not receive its expected payment to finance the shortfall at short notice 4)其它风险 Other risks: (1)流动性风险 liquidity risk, which comes in two forms. Market liquidity risk arises when a firm is unable to conclude a large transaction in a particular instrument at anything near the current market price Funding liquidity risk is defined as the inability to obtain funds to meet cashflow obligations (2)法律风险 legal risk, which is the risk that a transaction proves unenforceable in law or because it has been inadequately documented; (3)操作风险 operational risk,ie. the risk of unexpected losses arising from deficiencies in a firm's management information, support and control systems and procedures7 1）信用风险 credit risk：The risk of a trading partner not fulfilling his obligations in full on due date or at any time。Including aggregation, probability of default and expected loss measurements。 2）市场风险 Market Risk：an institution's financial condition resulting from adverse movements in the level or volatility of market prices of interest rate instruments, equities, commodities and currencies. Market risk is usually measured as the potential gain/loss in a position/portfolio that is associated with a price movement of a given probability over a specified time horizon. This is typically known as value-at-risk (VAR). 3）清算风险 Settlement Risk：Settlement risk is the risk that a settlement in a transfer system does not take place as expected. settlement risk comprises both credit and liquidity risks. The former arises when a counterparty cannot meet an obligation for full value on due date and thereafter because it is insolvent. Liquidity risk refers to the risk that a counterparty will not settle for full value at due date but could do so at some unspecified time thereafter; causing the party which did not receive its expected payment to finance the shortfall at short notice. 4）其它风险 Other Risks： （1）流动性风险 liquidity risk, which comes in two forms. Market liquidity risk arises when a firm is unable to conclude a large transaction in a particular instrument at anything near the current market price. Funding liquidity risk is defined as the inability to obtain funds to meet cashflow obligations. （2）法律风险 legal risk, which is the risk that a transaction proves unenforceable in law or because it has been inadequately documented; （3）操作风险 operational risk, i.e. the risk of unexpected losses arising from deficiencies in a firm's management information, support and control systems and procedures