52 Finance and Insurance

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 options dealing
Securities underwriting

Establishments primarily engaged in acting as agents (i.e., brokers) in buying or selling securities on a commission or transaction fee basis are classified in Industry 523120, Securities Brokerage.

Investment clubs or individual investors primarily engaged in buying or selling financial contracts (e.g., securities) on their own account are classified in Industry 523910, Miscellaneous Intermediation.

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

Establishments primarily engaged in investment banking and securities dealing (i.e., buying or selling securities on their own account) are classified in Industry 523110, Investment Banking and Securities Dealing.

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.

Acting as agents (i.e., brokers) in buying or selling spot or futures commodity contracts on a commission or transaction fee basis are classified in Industry 523140, Commodity Contracts Brokerage.

Buying and selling physical commodities for resale to other than the general public are classified in Sector 42, Wholesale Trade.

523140 Commodity Contracts Brokerage

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

Illustrative Examples:

Commodity contracts brokerages
Financial futures brokerages
Commodity futures brokerages

Acting as principals in buying or selling spot or futures commodity contracts generally on a spread basis are classified in Industry 523130, Commodity Contracts Dealing.

Buying and selling physical commodities for resale to other than the general public are classified in Sector 42, Wholesale Trade.