The crime of manipulating the price of securities and futures trading belongs to the crime of circumstances, that is, "serious circumstances" is the necessary constituent element of its establishment. If the actor manipulates the price of securities and futures trading objectively, subjectively, it is indeed out of direct intention, but the circumstances of the whole case are not serious enough, and his behavior does not constitute a crime, but only belongs to the general illegal behavior in the securities and futures market. Relatively speaking, illegal manipulation is less harmful to society, and only those manipulations that are more harmful to society and reach the degree of "serious circumstances" without punishment constitute the crime of manipulating the price of securities and futures trading. As for the severity of the whole case, we can generally consider it from the following aspects: 1, the degree of personal danger of the perpetrator, that is, whether the perpetrator is a first-time offender, an occasional offender, or a frequent or recidivist; 2. The result of the actor's behavior, that is, the amount that the actor actually seeks benefits or avoids losses, the actual situation of disrupting the order of the securities and futures market, and whether the adverse effects are serious; 3. The specific means and methods of the actor to manipulate the securities and futures market and the number of manipulations. If the actor's manipulation behavior does not reach "serious circumstances", only the corresponding administrative liability or civil liability shall be investigated. In addition, the manipulation of the price of securities and futures trading is extremely complicated in real life, sometimes mixed with legal behavior, and sometimes covered up by legal trading behavior. This requires the judicial organs to strictly grasp the basic elements of the crime of manipulating the trading price of securities and futures, and distinguish the behavior of manipulating the trading price from legal trading.