Miscellaneous Intermediation
Key Figures
Figures are published for NAICS 523910 directly.
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Official definition
This industry comprises establishments primarily engaged in acting as principals (except investment bankers, securities dealers, and commodity contracts dealers) in buying or selling financial contracts generally on a spread basis. Principals are investors that buy or sell for their own account.
Source: US Census Bureau, 2017 NAICS Definitions. Public domain.
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
Which code does this activity belong in?
Miscellaneous Intermediation comprises establishments that act as principals, investing their own capital in buying and selling financial contracts such as tax liens, mineral royalties, and leases on a spread basis. This differs from Portfolio Management, which involves managing investment portfolios on behalf of clients, and from Investment Advice, which provides counsel on financial decisions. Establishments functioning as agents or brokers rather than principals in financial contracts are classified in All Other Financial Investment Activities.