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

Investment banking, securities dealing, securities brokering, commodity contracts dealing, or commodity contracts brokering--are classified in Industry Group 5231, Securities and Commodity Contracts Intermediation and Brokerage; and Managing the portfolio assets (i.e., funds) of others and/or providing customized investment advice--are classified in Industry 523940, Portfolio Management and Investment Advice.