Gold ETF Will Be Launched:Research On Mechanism Construction And Risk Measurement

The launch of the gold ETF greatly stimulated the demand for the world gold market and profoundly changed the pattern of the world gold market.Obviously,gold ETF led the development of the world gold market.China is to develop the gold market and to build Shanghai into an international financial center.It is necessary to keep up with the pace of development of the world gold market.So Shanghai launched the gold derivative of Gold ETF is an inevitable choice.Shanghai launches the gold ETF,involving a wide range of issues.This paper is at the core of gold ETF and a variety of analysis is carried out.Firstly,the analysis of the gold ETF theory is done,including the concepts,attributes,characteristics and operation mechanism,in particular,the theoretical basis of the gold ETF.Secondly,the paper analyzes the main qualifications of gold ETF from the legal and market perspective.Then gold ETF market mechanism is reasonably constructed,based on our current subscription and redemption mechanism and secondary market trading mechanism.Thirdly,the paper analyzes the elements of the gold ETF contract.According to the Hong Kong Gold ETF,the reference program of gold ETF launched in Shanghai is rationally designed.Fourth,the analysis of the gold ETF risk status is done.Referring to the Hong Kong gold ETF,the paper focuses on the risk analysis of the gold ETF launched in Shanghai,especially the in-depth analysis of the mechanism of the gold ETF market risk.Fifth,in order to choose the best method of measuring the gold ETF market risk,the paper not only reviews the characteristics of the different risk measurement methods,but also regarding SPDR Gold ETF as the research object,conducts empirical analysis based on the GARCH family's CVaR method.The paper explored the inherent discipline of the volatility of return rate to choose the best measurement model.Finally,in the opinion of development and connection,the paper has an outlook on the future of the gold ETF in Shanghai and makes an extension analysis on the risk.Above the paper conducts a scientific and rational analysis,and draws valuable conclusions.It not only plays a very important role in reference to gold ETF launched in Shanghai,but is very helpful for the financial decision-making body and the fund company to more effectively control the gold ETF market risk.In addition,the paper constructed the gold ETF mechanism,designed the gold ETF contract and measured the gold ETF Market risk.It is an important innovation of the theory and practice of financial engineering and risk management,which has a very important theoretical and practical significance.Finally,the content of this article is very helpful for scientists or social worker to study the gold market.