| Electronic trading of commodities mainly refers to the use of Internet technology as a mean, to spot electronic warehouse assets of spot commodity contracts, forward contracts and Futures online broker and exchanges. The model of spot trading through electronic warehouse receipt method for commodity traders at home and abroad to provide a fast, convenient and efficient trade matching platform, greatly promoting the development and prosperity of China's commodities market. Since 1997, China began to promote the traditional model of commodity trading electronically. In particular, in recent years, Along with the deepening of economic globalization, China's commodity trading exchanges rapid development. By 2015 more than 1000 commodities trading market in China has reached, trading volume has over 30 trillion. Commodity issues of electronic transactions has become China's largest raw material purchases and sales exchanges, which develop the China's economics, keep economic position in the world.With the development of Internet technology, China's commodity trading business model starting from a single set of information to logistics, financial, payment, settlement as one whole, integrated services model. This financial service-oriented and innovative business models, electronic trading of commodities financing from traditional Bank-led business model changed to vertical and financing of commodities electronic exchange-led a financing model, financed by traditional offline mode expansion for online financing model. Commodities electronic exchange direct credit funds raised from investors of innovative financing models in meeting the investment needs of investors, at the same time also significantly broadens the scope of business of commodities electronic exchange, address the status of some of the financing difficulties of SMEs. However, the commodity trading industry, the legal system is not sound, lack of supervision, commodities trading risk events occur. In July 2015, China's largest non-ferrous metal Exchange--FanYa non-ferrous Exchange innovation finance has reported 40 billion cash risk once again sounded the alarm for us, innovation of its business on the commodities electronic exchange, risk must be carried out under controlled conditions. Therefore, comprehensive analysis of commodities electronic exchange of innovative financing risk categories and risk, and targeted prevention, ensuring the electronic trading of commodities ordered and stable development with important practical significance.At this stage, risk measurement method is the use of statistical methods through objective data risk indicators. However, for electronic trading of commodities markets, due to the imperfect legal system, poor supervision, problems such as lack of financial disclosure system lead to objective market data acquisition, data quality is poor, there is a big gray. From the commodity-led innovation financing based on the risk of the electronic exchange, multi-level grey analysis method, discussed China's commodities trading risk type of innovative financing models and integrated assessment. First chapter for the introduction, introduces the research background and significance, both at home and abroad about the risks of electronic trading of commodities-related literature and innovation of this paper and shortcomings. Chapter two introduces the electronic exchange of commodities in China is dominated by the traditional financing model and mode of operation and characteristics of innovative financing models, and innovative finance a brief qualitative analysis of model risk. Chapter to build a multi-level grey comprehensive risk assessment methods, and related literature and electronic exchange of commodities is dominated by the characteristic of innovative financing models, completed the risk evaluation index system. Includes legal risk, liquidity risk, credit risk, operational risk and market risk level risk indicators lag Member, market access, exchange of legal internal control procedures of rationality,17 second-level risk indicators such as price fluctuations. The fourth chapter of the research questionnaire and way to get risk index system of weighting the data analysis and multi-level grey comprehensive risk analysis results showed that innovative financing for commodities electronic transactions business, liquidity risk and legal risk is the most important source of risk, and integrated the business risk is also high. On the fourth chapter, the risk weights in the fifth chapter, puts risk prevention advice and recommendations. Including reserve system, large amounts of redemption declared control measures and early warning mechanisms, such as liquidity risk, legal risk control measures, such as perfecting legal supervision system, market risk control measures such as variation margin system, practitioners registration system of operational risk control measures, such as loan before the credit risk control measures. As well as through third party companies such as insurance company should be introduced. |
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