Securities and futures institutions usually refer to financial institutions specializing in securities and futures trading and related businesses, including securities companies, futures companies and fund management companies. Although trust companies are also a kind of financial institutions, their main business is to manage and use trust property, and provide services such as asset management, wealth management and investment consulting for customers, and they are not directly engaged in securities and futures trading. In China, trust companies are regulated by China Banking and Insurance Regulatory Commission. Trust companies have a wide range of business, which can involve equity investment, debt investment, real estate investment and other fields, but do not include direct securities and futures trading. If trust companies need to participate in the securities market, they will usually do so by setting up special subsidiaries or cooperating with securities companies.