2007 NAICS Definitions
523 Securities, Commodity Contracts, and Other Financial Investments and Related Activities

523 Securities, Commodity Contracts, and Other Financial Investments and Related Activities

Industries in the Securities, Commodity Contracts, and Other Financial Investments and Related Activities subsector group establishments that are primarily engaged in one of the following: (1) underwriting securities issues and/or making markets for securities and commodities; (2) acting as agents (i.e., brokers) between buyers and sellers of securities and commodities; (3) providing securities and commodity exchange services; and (4) providing other services, such as managing portfolios of assets; providing investment advice; and trust, fiduciary, and custody services.

5231 Securities and Commodity Contracts Intermediation and Brokerage

This industry group comprises establishments primarily engaged in putting capital at risk in the process of underwriting securities issues or in making markets for securities and commodities; and those acting as agents and/or brokers between buyers and sellers of securities and commodities, usually charging a commission.

52311 Investment Banking and Securities Dealing

See industry description for 523110 below.

523110 Investment Banking and Securities Dealing

This industry comprises establishments primarily engaged in underwriting, originating, and/or maintaining markets for issues of securities. 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) Stock option dealing Securities underwriting

Cross-References. Establishments primarily engaged in--

52312 Securities Brokerage

See industry description for 523120 below.

523120 Securities Brokerage

This industry comprises establishments primarily engaged in acting as agents (i.e., brokers) between buyers and sellers in buying or selling securities on a commission or transaction fee basis.

Illustrative Examples:

Mutual fund agencies (i.e., brokerages) Stock brokerages Securities brokerages

52313 Commodity Contracts Dealing

See industry description for 523130 below.

523130 Commodity Contracts Dealing

This industry comprises establishments primarily engaged in acting as principals (i.e., investors who buy or sell for their own account) in buying or selling spot or futures commodity contracts or options, such as precious metals, foreign currency, oil, or agricultural products, generally on a spread basis.

Cross-References. Establishments primarily engaged in--

52314 Commodity Contracts Brokerage

See industry description for 523140 below.

523140 Commodity Contracts Brokerage

This industry comprises establishments primarily engaged in acting as agents (i.e., brokers) in buying or selling spot or future commodity contracts or options on a commission or transaction fee basis.

Illustrative Examples:

Commodity contracts brokerages Financial futures brokerages Commodity futures brokerages

Cross-References. Establishments primarily engaged in--

5232 Securities and Commodity Exchanges

52321 Securities and Commodity Exchanges

See industry description for 523210 below.

523210 Securities and Commodity Exchanges

This industry comprises establishments primarily engaged in furnishing physical or electronic marketplaces for the purpose of facilitating the buying and selling of stocks, stock options, bonds, or commodity contracts.

5239 Other Financial Investment Activities

This industry group comprises establishments primarily engaged in one of the following: (1) acting as principals in buying or selling financial contracts (except investment bankers, securities dealers, and commodity contracts dealers); (2) acting as agents (i.e., brokers) (except securities brokerages and commodity contracts brokerages) in buying or selling financial contracts; or (3) providing other investment services (except securities and commodity exchanges), such as portfolio management; investment advice; and trust, fiduciary, and custody services.

52391 Miscellaneous Intermediation

See industry description for 523910 below.

523910 Miscellaneous Intermediation

This industry comprises establishments primarily engaged in acting as principals (except investment bankers, securities dealers, and commodity contracts dealers) in buying or selling of financial contracts generally on a spread basis. Principals are investors that buy or sell for their own account.

Illustrative Examples:

Investment clubs Tax liens dealing (i.e., acting as a principal in dealing tax liens to investors) Mineral royalties or leases dealing (i.e., acting as a principal in dealing royalties or leases to investors) Venture capital companies

52392 Portfolio Management

See industry description for 523920 below.

523920 Portfolio Management

This industry comprises establishments primarily engaged in managing the portfolio assets (i.e., funds) of others on a fee or commission basis. Establishments in this industry have the authority to make investment decisions, and they derive fees based on the size and/or overall performance of the portfolio.

Illustrative Examples:

Managing trusts Pension fund managing Mutual fund managing Portfolio fund managing

52393 Investment Advice

See industry description for 523930 below.

523930 Investment Advice

This industry comprises establishments primarily engaged in providing customized investment advice to clients on a fee basis, but do not have the authority to execute trades. Primary activities performed by establishments in this industry are providing financial planning advice and investment counseling to meet the goals and needs of specific clients.

Illustrative Examples:

Financial investment advice services, customized, fees paid by client Investment advisory services, customized, fees paid by client Financial planning services, customized, fees paid by client

Cross-References. Establishments primarily engaged in--

52399 All Other Financial Investment Activities

This industry comprises establishments primarily engaged in acting as agents or brokers (except securities brokerages and commodity contracts brokerages) in buying and selling financial contracts providing financial investment activities (except securities and commodity exchanges, portfolio management, and investment advice).

Illustrative Examples:

Bank trust offices Fiduciary agencies (except real estate) Escrow agencies (except real estate) Stock quotation services

Cross-References. Establishments primarily engaged in--

523991 Trust, Fiduciary, and Custody Activities

This U.S. industry comprises establishments primarily engaged in providing trust, fiduciary, and custody services to others, as instructed, on a fee or contract basis, such as bank trust offices and escrow agencies (except real estate).

Cross-References. Establishments primarily engaged in--

523999 Miscellaneous Financial Investment Activities

This U.S. industry comprises establishments primarily engaged in acting as agents and/or brokers (except securities brokerages and commodity contracts brokerages) in buying or selling financial contracts and those providing financial investment services (except securities and commodity exchanges; portfolio management; investment advice; and trust, fiduciary, and custody services) on a fee or commission basis.

Illustrative Examples:

Exchange clearinghouses, commodities or securities Stock quotation services Gas lease brokers' offices

Cross-References. Establishments primarily engaged in--