First, the main elements. The subject of the crime of trading by using undisclosed information is the staff of financial institutions such as stock exchanges, futures exchanges, securities companies, futures brokerage companies, fund management companies, commercial banks and insurance companies, as well as the staff of relevant regulatory authorities or industry associations. First of all, the subject of the crime of trading with non-public information is a natural person, not a unit; Secondly, these natural persons can be subdivided into three groups, namely, the staff of financial institutions, the staff of financial supervision departments and the staff of trade associations.

Second, subjective factors. The actor is required to have the intention to use undisclosed information other than inside information to conduct transactions. If the perpetrator does not have such intention, it does not constitute a crime. How to judge whether it is intentional should be carried out from the following aspects: (1) Whether the actor knows specific undisclosed information, that is, other undisclosed information other than inside information, if not, the parties cannot use it; (2) Whether the parties have engaged in relevant behaviors, that is, it is possible to infer their intention only if they have engaged in relevant behaviors; (3) The psychological state of the parties before and during the relevant behavior.

Third, objective factors. The objective requirement is that the actor uses other undisclosed information other than insider information obtained by taking advantage of his position to engage in securities and futures trading activities related to this information in violation of regulations, or engage in related trading activities explicitly or implicitly, and the circumstances are serious.

Fourth, the object elements. The object of the crime of trading by using undisclosed information is financial order, more precisely, the trading order in the securities and futures market.