Analysis
NAICS 523150 is the 2022 national industry for investment banking and securities intermediation, part of 52315 (Investment Banking and Securities Intermediation). Census lists 32 example activities under it in the official index.
Its index entries, the activities Census uses to assign businesses to this code, include banking, investment, bond brokerages, bond dealing (i.e., acting as a principal in dealing… and brokerages, securities, among 32 in all.
For example, investment clubs or individual investors primarily engaged in buying or selling financial contracts (e.g., securities) on their own account are classified in 523910 (Miscellaneous Intermediation) instead.
Census lists 2 related activities that belong elsewhere, most often in 523910 and 5221. Businesses that do several things are classified by their primary activity, the one that generates the most value, so check those boundaries before settling on this code.
County Business Patterns publishes no national count for it, either because the code is out of the survey's scope or because the figures are suppressed to protect individual businesses.
Official definition
This industry comprises establishments primarily engaged in underwriting, originating, and/or maintaining markets for issues of securities, or acting as agents (i.e., brokers) between buyers and sellers in buying or selling securities on a commission or transaction fee basis. Investment bankers act as principals (i.e., investors who buy or sell on their own account) in firm commitment transactions or act as agents in best effort and standby commitments. This industry also includes establishments acting as principals in buying or selling securities generally on a spread basis, such as securities dealers or stock option dealers.
Illustrative Examples:
Bond dealing (i.e., acting as a principal in dealing securities to investors) Mutual fund agencies (i.e., brokerages) Securities brokerages Securities underwriting Stock brokerages Stock options dealing
Source: US Census Bureau, NAICS 2022 Manual.
Not this code if…
| The business mainly does | Use instead |
|---|---|
| Investment clubs or individual investors primarily engaged in buying or selling financial contracts (e.g., securities) on their own account | 523910 Miscellaneous Intermediation |
| Accepting deposits and lending funds from these deposits | 5221 Depository Credit Intermediation |
Index entries (32)
- Banking, investment
- Bond brokerages
- Bond dealing (i.e., acting as a principal in dealing securities to investors)
- Brokerages, securities
- Certificate of deposit (CD) brokers' offices
- Commercial note brokers' offices
- Commercial paper dealing (i.e., acting as a principal in dealing securities to investors)
- Discount securities brokerages
- Investment banking
- Making markets for securities
- Market making for securities
- Mutual fund agencies (i.e., brokerages)
- Mutual fund agents' (i.e., brokers') offices
- Online securities brokerages
- Paper, dealing of commercial (i.e., acting as a principal in dealing securities to investors)
- Securities brokerages
- Securities brokers' offices
- Securities dealers (i.e., acting as a principal in dealing securities to investors)
- Securities dealing (i.e., acting as a principal in dealing securities to investors)
- Securities distributing (i.e., acting as a principal in dealing securities to investors)
- Securities floor brokers
- Securities floor traders (i.e., acting as a principal in dealing securities to investors)
- Securities flotation companies
- Securities originating (i.e., acting as a principal in dealing securities to investors)
- Securities trading (i.e., acting as a principal in dealing securities to investors)
- Securities underwriting
- Stock brokerages
- Stock brokers' offices
- Stock options brokerages
- Stock options dealing (i.e., acting as a principal in dealing securities to investors)
- Trading securities (i.e., acting as a principal in dealing securities to investors)
- Underwriting securities