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NAICS Code· 523150

NAICS 523150: Investment Banking and Securities Intermediation

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 Cross-References.Show more

NAICS 523150 – Investment Banking and Securities Intermediation encompasses financial advisory services related to capital raising, mergers and acquisitions, asset restructuring, and securities underwriting for public and private entities. In the government contracting context, this NAICS code applies to firms providing strategic financial counsel to federal agencies on debt issuance, public-private partnerships, infrastructure financing, and portfolio optimization.

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Active Contracts
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Industry Spending Overview

Federal obligations, top contractors and agencies, and related industry codes for NAICS 523150.

AI Industry Description

NAICS 523150 – Investment Banking and Securities Intermediation encompasses financial advisory services related to capital raising, mergers and acquisitions, asset restructuring, and securities underwriting for public and private entities. In the government contracting context, this NAICS code appli...

NAICS 523150 – Investment Banking and Securities Intermediation encompasses financial advisory services related to capital raising, mergers and acquisitions, asset restructuring, and securities underwriting for public and private entities. In the government contracting context, this NAICS code applies to firms providing strategic financial counsel to federal agencies on debt issuance, public-private partnerships, infrastructure financing, and portfolio optimization. These services support mission-critical initiatives requiring complex capital structuring, risk assessment, and compliance with federal fiscal regulations such as the Budget and Accounting Act and OMB Circular A-129. While traditionally associated with private-sector finance, government entities increasingly engage specialized financial intermediaries to navigate intricate capital markets, manage sovereign debt instruments, and execute large-scale asset monetization strategies. No contractor data is available to identify top performers in this NAICS code within the federal marketplace. Firms operating here typically include elite investment banks, boutique financial advisory firms, and occasionally small businesses with specialized expertise in public finance or federal treasury operations. No agency data is available to identify primary buyers. However, agencies with substantial capital budgets—such as the Department of Treasury, Department of Transportation, and General Services Administration—are likely candidates for these services, particularly when managing infrastructure bonds, revolving funds, or public-private financing vehicles. The competitive landscape for this NAICS code is highly specialized, with limited contractors possessing the regulatory expertise and financial modeling capabilities required for federal engagements. Opportunities are concentrated in agencies undergoing financial transformation or launching large-scale capital programs. Demand is driven by evolving fiscal policies, increased emphasis on sustainable infrastructure financing, and the need for independent financial oversight in federally funded projects. Contractors must demonstrate deep knowledge of federal accounting standards and securities compliance to compete effectively.

Competition

How many companies historically bid on federal awards in NAICS 523150, from bidder counts reported on USAspending.

Too few awards in NAICS 523150 report bidder counts (4 of 4) to summarize competition. The broader industry family below gives the closest honest picture.

How this code compares up the NAICS hierarchy. Parent cohorts pool every code under their prefix, so they are the steadier baseline when a 6-digit sample is thin.

Industry FamilyCompetitionMedian BiddersSingle-BidBidder MixReported Awards
523150This Code
Investment Banking and Securities Intermediation
Not enough reported data———
4100% of 4
52315NAICS Industry
Not enough reported data———
4100% of 4
5231Industry Group
Securities and Commodity Contracts Intermediation and Brokerage
Usually Single-Bid160%
1,00492% of 1,094
523Subsector
Usually Single-Bid176%
29,54795% of 31,250
52Sector
Finance and Insurance
Usually Single-Bid171%
55,82685% of 65,508

Bidder counts reported on past federal awards in this NAICS (USAspending). An open opportunity has no bidders yet, so this is the historical norm for similar work, not a fact about this solicitation. Not all awards report bidder counts, and fewer bidders often means incumbent-held work rather than an easier win. Federal reporting of bidder counts fell from ~96% of awards (FY2016) to ~30% (FY2018 onward); the chart shows shares of reported awards, and washed-out stretches mark years with fewer than 30 of them.

Related NAICS Codes

Industries similar to Investment Banking and Securities Intermediation, by shared sector, subsector, and industry group.

Commodity Contracts Intermediation

This industry comprises establishments primarily engaged in acting as principals (i.e., investors wh...
523160Same Industry GroupHigh Similarity

Securities and Commodity Exchanges

This industry comprises establishments primarily engaged in furnishing physical or electronic market...
523210Same SubsectorMedium Similarity

Miscellaneous Intermediation

This industry comprises establishments primarily engaged in acting as principals (except investment ...
523910Same SubsectorMedium Similarity

Portfolio Management and Investment Advice

This industry comprises establishments primarily engaged in managing the portfolio assets (i.e., fun...
523940Same SubsectorMedium Similarity

Trust, Fiduciary, and Custody Activities

This U.S. industry comprises establishments primarily engaged in providing trust, fiduciary, and cus...
523991Same SubsectorMedium Similarity

Miscellaneous Financial Investment Activities

This U.S. industry comprises establishments primarily engaged in acting as agents and/or brokers (ex...
523999Same SubsectorMedium Similarity

Monetary Authorities-Central Bank

This industry comprises establishments primarily engaged in performing central banking functions, su...
521110Same SectorMedium Similarity

Commercial Banking

This industry comprises establishments primarily engaged in accepting demand and other deposits and ...
522110Same SectorMedium Similarity

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NAICS 523150 FAQ

Frequently Asked Questions

NAICS code 523150 covers Investment Banking and Securities Intermediation. 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 Cross-References.

Recently Posted in Investment Banking and Securities Intermediation

NAICS: 523150
Closed
SLED
Commercial Paper Program
Solicitation # Z4866
The Nashville Electric Service is soliciting proposals for a Commercial Paper Program under solicitation number Z4866. This opportunity is managed by the procurement contact Bryan Lillard and is based in Nashville, Tennessee. The response deadline is set for August 14, 2026, at 7:00 PM. The contract specifies a preferred payment term of net 30 days, though bidders are required to specify their own terms and provide a quoted delivery timeline in calendar days from the receipt of the order. To be considered, bids must be signed by an authorized person and returned with the proposal.
Nashville Electric Service

POSTED

15 days ago

CLOSED

15 days ago
View Details
NAICS: 523150
Awarded
International
Infrastructure - Notice of Award - SOW FOR TRANSACTION AND FINANCIAL ADVISORY SERVICES FOR MARKET SOUNDING ACTIVITIES
Solicitation # AB-2026-05478
Infrastructure has awarded Statement of Work No. 024415 for a range of transaction and financial advisory services specifically to support market sounding activities. The contract was issued under solicitation number AB-2026-05478, with the award notice posted on August 4, 2026, and places of performance are designated in Alberta. The services encompass expert financial and transactional guidance to facilitate the assessment of market interest, structure potential deals, and support decision-making related to infrastructure initiatives. The primary point of contact for this contract is Wale Amuzat, Senior Project Procurement Specialist, who can be reached at wale.amuzat@gov.ab.ca. While details on set-aside status, NAICS classification, and specific financial terms are not provided, the scope is clearly focused on advisory services tied to infrastructure market development and financing evaluation.
Infrastructure

POSTED

25 days ago

DEADLINE

N/A
View Details
NAICS: 523150
Closed
SLED
C-946-02 (Tax Anticipation Note - TAN)
Solicitation # PE-70710-NONST-2027-000000037
Newton County Board of Education is soliciting proposals for the issuance of a Tax Anticipation Note (TAN) to address short-term cash flow needs, with the solicitation numbered PE-70710-NONST-2027-000000037 and titled C-946-02. The opportunity was posted on August 4, 2026, and responses are due by August 10, 2026, at 3:00 PM Eastern Time, with all submissions required through the official bid portal at https://ncssebid.ionwave.net/. The agency, located in Georgia, is a State, Local, and Education (SLED) entity, and the performance location is within Newton County, Georgia. The procurement is purely financial in nature, involving the structuring and provision of a municipal debt instrument secured by anticipated tax revenues, with no physical deliverables, packaging, or marking requirements. No detailed pricing, cost structures, or contract value estimates are included in the available information, nor are there specified line items, payment offices, invoicing methods, or accounting data provided. The solicitation does not include any Federal Acquisition Regulation (FAR) clauses, contract clauses, evaluation factors, representations or certifications, special requirements, or inspection and acceptance criteria within the provided documentation. Key contact for inquiries is Cory Craver, reachable via email at ncs.corycraver@gmail.com or phone at 770-385-6874. All procedural instructions, including proposal formatting, submission guidelines, and any unlisted contractual terms, are directed to the agency’s bid portal, as the provided materials contain only foundational metadata and omit the full solicitation content.
Newton County Board of Education

POSTED

25 days ago

CLOSED

19 days ago
View Details
NAICS: 523150
SLED
EXT AIR | 50433 Credit Liquidity and Bond Purchase
Solicitation # SFGOV-0000011971
The San Francisco International Airport is seeking to establish a prequalified pool of commercial banks and financial institutions capable of providing credit or liquidity facilities to support the issuance of its bonds and commercial paper notes, or directly purchasing those bonds. This solicitation, identified as RFQ 50433, is open for proposals until May 31, 2028, but remains accessible through the date that is two months before the pool’s expiration, with submissions accepted via the Airport’s e-Procurement Portal. Proposers must demonstrate their financial stability and creditworthiness, and while prequalification does not guarantee a contract, it allows the Airport to select participants on an as-needed basis at its sole discretion. The initiative aims to secure reliable financial partners capable of ensuring liquidity and market confidence for the Airport’s debt instruments. The solicitation is administered by the City and County of San Francisco through its Airport Commission, with primary contact information provided through Matthew Lau and Alfy Wong. Although the initial proposal deadline is listed as August 21, 2026, the overall procurement period extends through June 1, 2031, allowing for a long-term engagement window. Participation requires submission of detailed information on institutional ratings and capacity to fulfill the financial obligations outlined, and all proposals must be submitted through the designated portal. Prequalified entities will be evaluated based on financial strength, market reputation, and ability to respond promptly when the Airport requires funding support, but no binding agreements are created through this process. The Airport retains full authority to determine the timing, size, and terms of any future transactions with members of the prequalified pool.
San Francisco International Airport

POSTED

29 days ago

DEADLINE

in almost 5 years
View Details
NAICS: 523150
SLED
RFQ 50433 - Credit and/or Liquidity Facilities and/or Making a Direct Purchase of Bonds
Solicitation # 50433
The San Francisco International Airport Commission is issuing RFQ 50433 to establish a pre-qualified pool of financial institutions to support its financing needs. The primary objective is to identify Providers capable of offering credit, liquidity, or alternative credit facilities to support variable rate bonds and commercial paper notes, or those capable of purchasing bonds and notes directly. This solicitation is a qualification-based process rather than a request for immediate pricing or terms. Inclusion in the pool does not guarantee a contract but allows the Commission and other City departments to solicit proposals and negotiate terms as needed. The pool is intended to remain valid for up to four years. To be eligible, Providers must meet mandatory pass/fail minimum qualifications, including specific long-term and short-term credit ratings from at least two nationally recognized agencies. Specifically, firms must hold a long-term rating of A2 or equivalent and a short-term rating of P-1 or equivalent, though other sections mention a threshold of BBB- or Baa3. Selection for the pool is based on these qualifications, with preference given to firms with the highest ratings. Additionally, Providers must register as City Suppliers and comply with local mandates, including the Labor Peace/Card Check Rule, Health Care Accountability Ordinance, and cybersecurity standards, such as providing a SOC-2 report or completing a Cyber Risk Assessment. The process is structured similarly to an indefinite delivery/indefinite quantity framework, where the City may select providers from the pool for specific transactions without further solicitation for amounts below a defined threshold.
Finance

POSTED

29 days ago

DEADLINE

in almost 2 years
View Details
NAICS: 523150
Closed
SLED
Municipal Advisory Services
Solicitation # RFP-226-07-086-SVC
The Bexar County Hospital District, operating as University Health, is a major integrated health system in South Texas with a budget exceeding $4 billion and more than 12,000 employees. Since launching a substantial capital improvement initiative in 2008, the organization has significantly expanded its services and facilities to meet the growing healthcare demands of the region and currently holds approximately $950 million in outstanding bonds issued over multiple years. The District is now seeking qualified firms to provide municipal advisory services to support future bond issuances, refinancing activities, and strategic debt analysis to align with its long-term financing objectives. Proposals are being solicited under RFP-226-07-086-SVC, with responses due by August 26, 2026. The opportunity is open to qualified advisors who can assist with structuring and executing debt transactions, evaluating market conditions, and identifying opportunities to optimize the District’s capital structure. The primary point of contact for inquiries is Karthik Munnam, reachable via email at karthik.munnam@uhtx.com. All submissions must be made through the designated online portal, and the work is expected to be performed in Texas, serving the operational and financial needs of University Health across its extensive network of facilities.
University Health

POSTED

about 1 month ago

CLOSED

2 days ago
View Details
NAICS: 523150
Closed
SLED
RFP UNDERWRITER BANKING SERVICES
Solicitation # 260805
The Housing Authority of the City of Charleston is issuing a request for proposals to select a qualified firm to act as underwriter and, if applicable, placement agent for an upcoming bond financing initiative. The solicitation, numbered 260805, was posted on July 16, 2026, with proposals due by 6:00 p.m. on August 11, 2026. Interested firms must submit responses that demonstrate expertise in municipal bond structuring, market distribution, and compliance with applicable regulations. All questions regarding the RFP must be submitted in writing no later than noon on July 30, 2026, with the subject line clearly referencing the solicitation number. The point of contact for inquiries is Mr. Jeremy Erling, Chief Financial Officer, reachable via email at jerling@chacity.org. The contract will be executed in South Carolina, with performance tied to the financial needs of the Housing Authority in service of public housing objectives. Participation is open to all qualified entities without set-aside restrictions, and the selection will be based on technical capability, experience, and proposed terms.
Housing Authority Of The City Of Charleston

POSTED

about 1 month ago

CLOSED

18 days ago
View Details
NAICS: 523150
Closed
SLED
RFP 2026.04 Financial Advisor for Revenue and General Obligation Bonds
Solicitation # 2026.04
Brazosport College is soliciting proposals for a Financial Advisor to provide professional services related to the planning, issuance, refinancing, management, and regulatory compliance of revenue and general obligation bonds. The solicitation, numbered 2026.04, with aNAICS code of 523150, is open to responsible vendors and requires all submissions to be received by July 1, 2026, either electronically through the Ion Wave bidding portal or via sealed paper submission to the College’s Business Services office in Lake Jackson, Texas. Email or fax submissions are not accepted, and late or improperly marked mail will be returned unopened. The selected vendor must begin services on or about September 1, 2026, with an initial term of two years and the potential for two additional two-year extensions based on performance and need, including optional month-to-month service arrangements. The College reserves the right to reject any or all proposals and will award the contract based on overall value, not solely on cost. The evaluation is weighted across six factors: firm experience and qualifications (30 points), specific experience with Texas public and higher education bond programs (25 points), qualifications of key personnel (20 points), proposed approach and methodology (15 points), references and past performance (5 points), and fee proposal (5 points). Fees are not the primary selection criterion. Proposals must include an executive summary, detailed approach to advisory services, full compliance with the scope of work, and a clearly itemized fee structure covering advisory fees, bond-related transaction costs, hourly rates, reimbursable expenses, and other charges. Mandatory supporting documents include a completed Company W-9, Proof of Insurance with minimum limits of $1,000,000 each for commercial general liability, automobile liability, and workers’ compensation, a Conflict of Interest Questionnaire, Felony Conviction Notification, Non-Collusive Certificate, and Form 1295 for business entities filed with the Texas Ethics Commission. The vendor must maintain independence, disclose any conflicts of interest, and comply with Texas Government Code prohibitions against contracting with Iran, Sudan, or known terrorist organizations. The advisor must attend key meetings with the Board of Regents, auditors, and bond counsel, provide periodic written reports, and ensure access to all financial documentation. Insurance policies must include a waiver of subrogation against the College and thirty days’ prior notice of cancellation. All services are performance-based in Texas, with payment processed net thirty days
BRAZOSPORT COLLEGE

POSTED

about 2 months ago

CLOSED

about 2 months ago
View Details
NAICS: 523150
Closed
SLED
Investment Banking Underwriting Services
Solicitation # 2026-13803
The Contract for Investment Banking Underwriting Services is issued by the Contracts & Procurement Department of the Port of Portland in Oregon under solicitation number 2026-13803, with a response deadline of July 17, 2026, at 10:00 PM Pacific Time. The scope of services is detailed in Schedule 1.4, and no bid bond is required. The contract is directed toward government entities under the SLED classification, targeting firms capable of providing underwriting support for financial offerings. The primary point of contact is Alesha Siebe, reachable via email at alesha.siebe@portofportland.com or by phone at 503-415-6278. The posting date was June 26, 2026, and further details can be accessed through the vendor portal at the provided UI link. There is no specified set-aside type, NAICS code, or detailed place of performance beyond the agency’s jurisdiction in Oregon.
Contracts & Procurement Department of Port of Portland

POSTED

2 months ago

CLOSED

about 1 month ago
View Details
NAICS: 523150
Closed
SLED
Financial Underwriting Pool
Solicitation # RFQ 26-080; RFx 6100019657
The City of San Antonio, Texas Finance Department is soliciting qualifications from experienced financial firms to join its financial underwriting pool, which will serve as the pre-qualified source for selecting Senior Managing Underwriters and Co-Managing Underwriters for municipal debt and securities transactions. This Request for Qualifications, identified as RFQ 26-080 and cataloged under solicitation number 6100019657, is open to firms operating under NAICS Code 523150 and requires active registration through the SAePS vendor portal to be eligible to respond. Firms must demonstrate the capability to perform the full spectrum of underwriting duties associated with leading or co-leading syndicates in the issuance of city-funded securities, with no fixed term for the pool but an expectation of long-term availability for task ordering. All submissions must be made electronically through the SAePS portal by the deadline of June 3, 2026, at 11:00 a.m. Central Time, with no physical submissions permitted. Communication between proposers and city personnel is strictly prohibited until after award to ensure fairness and prevent conflicts of interest, reflecting an adherence to City Code Sections 011 and 2-61. No pricing, cost estimates, or contract value figures are included, as this is a qualifications-based solicitation rather than a price-driven procurement. The award will be based on the assessed competency and experience of respondents, though specific evaluation criteria, weights, or scoring methodologies are not detailed in the available documentation. While key contacts are identified within the Finance Department, including Morgan Aguirre as the primary point of contact and Troy Elliott as the Procurement Director, no formal contracting officer, COR, or COTR designations are publicly listed. The place of performance is San Antonio, Texas, and the City requires no federal FAR clause compliance, instead relying on its own municipal procurement procedures and administrative protocols for oversight and contract administration.
CITY OF SAN ANTONIO

POSTED

3 months ago

CLOSED

3 months ago
View Details
NAICS: 523150
Closed
SLED
RFP769-26-1026CS
Solicitation # UNTS-CONST-247-2026
The University of North Texas System is seeking a qualified firm with demonstrated expertise in structuring tax-exempt bond financing under 501(c)(3) provisions to support the development of student housing projects on university campuses through public-private partnerships. The solicitation, identified as RFP769-26-1026CS and numbered UNTS-CONST-247-2026, is open to vendors capable of navigating the complexities of municipal finance, bond issuance, and campus-based affordable housing development. Proposals must reflect a strong track record in facilitating financing arrangements that align with nonprofit and public education objectives, ensuring compliance with federal tax regulations and institutional requirements. Interested parties must submit responses by June 5, 2026, at 7:00 PM Central Time, with all inquiries directed to Carrie Stoeckert at carrie.stoeckert@untsystem.edu. The opportunity is issued under the SLED category, indicating state, local, or educational agency procurement, and is administered by the University of North Texas System in Texas. While specific location details for performance are not provided, the projects will be situated across university campuses within the system. The solicitation is accessible online via the SciQuest portal, and bidders are expected to possess specialized knowledge in structuring and closing 501(c)(3)-based financing transactions for large-scale student housing developments.
University of North Texas System

POSTED

3 months ago

CLOSED

3 months ago
View Details
NAICS: 523150
Closed
SLED
RFP769-26-1026CS 501c3 Non-Profit Finance Entity
Solicitation # CONST-248-2026
The University of North Texas System is soliciting a qualified financial partner with proven expertise in structuring tax-exempt bond financings under IRS Section 501(c)(3) to support a public-private partnership for the development of student housing and an innovation center on its Denton campus. The selected firm will work in collaboration with Core/Pinnacle, the designated developer, to design and implement a nonprofit-financed capital structure that complies with federal tax-exempt bond regulations and aligns with institutional goals for higher education housing. The solicitation emphasizes specialized experience in student housing financing on university campuses as the primary criterion for evaluation, with no explicit mention of cost-based evaluation or pricing details, indicating the award will likely prioritize technical capability over price. The project requires a firm capable of navigating complex public-private arrangements and delivering a viable financing plan, with no additional prerequisites or standard FAR clauses included in the solicitation. Submissions must be made electronically via the UNTS procurement portal by June 5, 2026, in PDF format only, with no physical delivery options. The primary point of contact for inquiries is Carrie Stoeckert, who serves as the main liaison but whose official role as a contracting officer or contracting representative is not explicitly defined. No evaluation weights, scoring rubrics, contract value estimates, or detailed performance timelines are provided, and while the place of performance is understood to be the Denton campus, specific address or inspection criteria are not stipulated. The solicitation does not require socioeconomic certifications, unique entity identifiers, or past performance disclosures beyond demonstrating relevant experience, and no packaging, invoicing, payment, or accounting data is included. All information necessary for proposal preparation is contained within the referenced RFP document and associated questions file, with PDF as the only accepted submission format.
University of North Texas System

POSTED

3 months ago

CLOSED

3 months ago
View Details

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