黄金ETF市场发展的国际比较

An International Comparison of the Development of Gold ETF Market

本文对黄金ETF市场的发展情况及国际黄金ETF产品进行了研究,着重分析了黄金ETF的组织结构、产品运作模式,并比较了现有黄金ETF产品的特点和差别。本文认为,黄金ETF合理的运作模式和灵活的产品设计,将其实物黄金属性和证券属性很好地结合出来,促使了黄金ETF的快速发展。本文还探讨了黄金ETF引入我国市场可能存在的潜在问题,提议对黄金ETF的发起设立、交易和保管以及跨市场监管要重点关注。

In this paper, we studied the development status of the gold ETF market and compared it with the international gold ETF products. We analyzed gold ETFs, particularly in the structures, product operations, the characteristics and differences in current gold ETF products. We believe that the reasonable operation mode and the flexible product design of gold ETF well combine the gold＇ s physical property and security property, therefore boost the development of gold ETF. We also discussed potential problems caused by introducing gold ETF into China market, and special attentions should be paid on the establishment, trading and keeping, as well as the cross-market regulation of gold ETF.