(I) The boundary between the crime of manipulating the price of securities and futures trading and the non-crime The crime of manipulating the price of securities and futures trading belongs to the crime of circumstances, that is, "the circumstances are serious" is a necessary component 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. (two) the difference between the crime of manipulating the price of securities and futures trading and the crime of luring investors to buy and sell securities and futures contracts. The crime of manipulating the trading price of securities and futures, affecting the normal price of the securities market, creating the illusion of the securities and futures market, inducing or causing investors to make investment decisions without knowing the truth, and inducing investors to buy and sell securities and futures contracts refers to the crime of deliberately providing false information, forging, altering or destroying trading records, and inducing investors to buy and sell securities and futures contracts. Obviously, the crime of manipulating the price of securities and futures trading and the crime of tricking investors into buying and selling securities and futures contracts all involve that securities investors may or actually make securities trading behaviors that are not in line with their wishes under untrue circumstances, so there is a certain connection. There are the following differences between the two crimes: 1. Different themes. The former belongs to the general subject, that is, people who have reached the age of criminal responsibility and have criminal responsibility ability. Most of them are securities and futures investors or personnel engaged in securities issuance, securities and futures trading and related activities. The latter are special subjects, namely employees of stock exchanges, futures exchanges, securities companies, futures brokerage companies, securities associations, futures industry associations or securities and futures supervision and management departments. 2. Objectively, it is different. The former is that the actor influences the price of securities and futures trading by manipulating the market, creates a false securities and futures market, and induces other investors to participate in securities and futures trading, thus benefiting from it; the latter is that the actor induces investors to buy and sell securities and futures contracts by providing false information, forging, altering or destroying trading records. Visible, on the one hand, the two incentives are different, the former is abnormal securities and futures market, the latter is false information or untrue transaction records, on the other hand, there are differences in the subjective fault of the deceived, the former deception is indirect, the latter deception is direct, therefore, the former deceived has a higher degree of subjective fault, and the corresponding responsibility is also greater.