1. illegal fund-raising: illegal fund-raising for securities or futures trading through false propaganda, fraudulent means or without approval. Including illegal issuance of securities, illegal establishment of futures exchanges or trading platforms, and absorption of public deposits or investment funds.

2. False propaganda: publishing false securities and futures information, advertisements or promotional materials to mislead investors, manipulate market conditions and induce investors to make irrational investments.

3. Insider trading: trading with undisclosed information to obtain illegitimate interests. Insider traders buy and sell related securities or futures contracts in advance by obtaining important undisclosed information to obtain illegal profits.

4. Manipulation of the market: by concentrating a large amount of funds or colluding with others, manipulating the market by artificial means to induce others to follow the operation and obtain illegal benefits from it.

5. False disclosure: enterprises or individuals provide false and misleading information in securities issuance, listing and information disclosure to cover up the real situation and mislead investors to make investment decisions.

Characteristics of illegal securities and futures activities

1. Illegal nature: illegal securities and futures activities violate relevant laws, regulations and regulatory provisions without legal approval or authorization. These activities are usually illegal and unregulated, involving fraud, false propaganda, illegal transactions and other illegal acts.

2. High risk: illegal securities and futures activities often have high risks. These activities often obtain funds through illegal means, manipulate the market or spread false information, so investors are easy to fall into the trap of fraud or manipulation and may face significant investment losses.

3. Concealment: Illegal securities and futures activities usually have certain concealment. From illegal fund-raising, false propaganda, insider trading and market manipulation, these activities are often carried out by covert means, and the persons and institutions involved may hide their identities or take camouflage measures, which is difficult for supervision and law enforcement departments to detect and crack down on in time.

4. Counterfeiting fraud: Illegal securities and futures activities are often accompanied by the characteristics of counterfeiting fraud. Illegal trading platforms or institutions may pretend to be legal institutions and attract investors through false propaganda, forged documents or licenses.