2022 NAICS national industry in sector 52 Finance and Insurance
523150 Investment Banking and Securities Intermediation
NAICS 523150 is the US industry code for investment banking and securities intermediation. It covers 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.
- Code
- 523150 (2022 NAICS)
- Title
- Investment Banking and Securities Intermediation
- Part of
- Securities and Commodity Contracts Intermediation and Brokerage
- SBA small business limit
- Average annual receipts up to $47 million
- Closest UK SIC
- 64991, 64992, 64999, 66120 (details)
Changes coming. The NAICS 2027 revision applies to data from 1 January 2027, and SBA proposed new size standards on 20 August 2026. The values on this page are the ones in force today; we update this page when the official files change.
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.
Examples Census gives
- 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
When to use a different code
Census classifies these close-sounding activities somewhere else. Businesses mainly engaged in:
- 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.
- Establishments primarily engaged in accepting deposits and lending funds from these deposits are classified in Industry Group 5221, Depository Credit Intermediation.
Activities listed under 523150
The Census index assigns these 32 activities to this code. If your business matches one, this is your code.
- 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
SBA size standard for 523150
To count as a small business for SBA loans and federal contracts under NAICS 523150, your business (including affiliates) must not exceed $47 million in average annual receipts. Check your business.
Source: SBA table of size standards, effective March 17, 2023.
Closest UK SIC 2007 codes
There is no official one-to-one link between NAICS and UK SIC. These codes share the same international class (ISIC Rev. 4: 6499, 6612), so treat them as a starting point and check the definition.
- 64991Security dealing on own accountUK SIC
- 64992FactoringUK SIC
- 64999Financial intermediation not elsewhere classifiedUK SIC
- 66120Security and commodity contracts dealing activitiesUK SIC
Built from Census concordances 2022→2017 NAICS and 2017 NAICS→ISIC Rev. 4.
Similar codes to compare
Data last changed November 14, 2026. How this page is built.