Since the re-establishment of the security market in 1990s in the country, it has developed and played an important role in the national economy under the strong push by the government. With the creation and development of the security market, so comes the inevitable illegal conduct and crime in security transaction. According to investigation, manipulation of the security market ranks the first among all the illegal conduct concerning security. We are short of experience in countering the crime of rigging the security market. In 1997, the revised version of Penal Code specified it a crime to rig the market. Afterwards, there was only one case that applied to the code while the conducts of manipulating the market may be found here and there, which severely endangers the healthy development of the market. We may find different causes in different areas concerning the aparting of legislation and law enforcement. In terms of Penal Code, we should turn to the basic composition of the crime. Th e article aims at sourcing the structure and application of the crime of manipulating the security market from the legislation as well as law enforcement perspectives so as to find out the coots and reasonable solutions to the phenomenon. The article contains about 30,000 words organized in the chapters. Chapters 1 Legal constitution of the crime of manipulating the security market. It is one of the major points of the article. The crime is based on the legal articles. Whether the conduct constitutes crime or not depends on laws, while in our country, it depends on the Penal Code. Since the crime is new with relatively coarse definitions in the Penal Code, we have to understand it together Security Law as well as other national regulations on security. The crime has no special requirements on the legal entity element, however, attention shall be paid to the possible consequences such as legal coincidences resulting from manipulation of the security market by entities with particular professional requirements. The object of the crime is quite arguable. The base to master the crime object is to clarify the nature of the behavior of <WP=3>manipulating the market, i.e., damaging the market rule of free competition on monopoly. Therefore, the crime object is the normal competition trade order and rules of the security market. Subjectively speaking, the code specifies that the purpose shall be direct intentional obtaining improper interests or shifting risks. Someone incorrectly takes it to include indirect intentional purpose in the theoretical field. Following the discussion on the legal constitution of the crime is the analysis on the name of the crime, that is, manipulating the security market. Chapter 2 Law Enforcement Application of the Crime of Manipulating the security market. This is another key point. The relationship between legislation and law enforcement is dialectical. The crime defined in law can only be finally expressed through law enforcement which may be influenced by policy, situation and so on during its application. This kind of influence is especially obvious due to the certain characteristics of the crime and those of the security market. We have transferred and drawn lessons from foreign practices in defining the crime. In terms of law enforcement, we may encounter conflict among local systems, law enforcement tradition and ideas, moral concepts and so on, which may constitute certain blockage to the specific application of the crime. The security market of our country is still at its initial stage far from mature, which in turn has limited the law enforcement for the application of the crime of manipulating the security market. All these cause the aparting of legislation and law enforcement. To overcome the two major blocks, that is, difficult to confirm subjective purpose and the danger degree, criminal deduction system may be induced. Meanwhile, it is necessary for the Penal Code to define the nature elements of manipulation. Chapter 3 Boundaries in confirming the crime