01 / NAICS Market Profile
NAICS 523110 Investment Banking And Securities Dealing Federal Contracts
North American Industry Classification System code 523110
Federal contract activity classified under Investment Banking And Securities Dealing across FY 2020–FY 2026. Net obligations include both new obligations and subsequent deobligations.
02 / Market Size
How large is the NAICS 523110 federal market?
03 / Spending Trend
NAICS 523110 contract spending by fiscal year
Annual obligations, activity, and participation across the same FY 2020–FY 2026 profile window.
Latest closed fiscal year$12.25M
FY 2026| Fiscal year | Obligations | Actions | Vendors | Customers | Change |
|---|---|---|---|---|---|
| FY 2020 | $619.50M | 68 | 19 | 13 | — |
| FY 2021 | $620.52M | 58 | 17 | 9 | +0.2% |
| FY 2022 | $125.88M | 65 | 17 | 11 | −79.7% |
| FY 2023 | -$117.06M | 45 | 11 | 8 | −193.0% |
| FY 2024 | $19.50M | 46 | 13 | 9 | +116.7% |
| FY 2025 | -$1.94B | 44 | 14 | 10 | −10,057.1% |
| FY 2026 | $12.25M | 45 | 10 | 9 | +100.6% |
04 / Top Federal Customers
Which federal agencies buy most in this industry?
Ranked by net obligations during FY 2020–FY 2026.
| Federal customer | Code | Obligations | Actions | Vendors | Market share |
|---|---|---|---|---|---|
| PENSION BENEFIT GUARANTY CORPORATION | 1665 | $128.23M | 146 | 6 | -19.4% |
| OFFICE OF THE INSPECTOR GENERAL | 7004 | $12.73M | 58 | 1 | -1.9% |
| OFFICES, BOARDS AND DIVISIONS | 1501 | $3.65M | 45 | 2 | -0.6% |
| DEPARTMENTAL OFFICES | 1406 | $1.39M | 16 | 1 | -0.2% |
| FEDERAL ENERGY REGULATORY COMMISSION | 8960 | $1.26M | 7 | 1 | -0.2% |
| FEDERAL MOTOR CARRIER SAFETY ADMINISTRATION | 6953 | $983.9K | 1 | 1 | -0.1% |
| INTERNAL REVENUE SERVICE | 2050 | $447.3K | 13 | 1 | -0.1% |
| SECURITIES AND EXCHANGE COMMISSION | 5000 | $374.1K | 13 | 4 | -0.1% |
| FARM PRODUCTION AND CONSERVATION BUSINESS CENTER | 12D0 | $361.6K | 1 | 1 | -0.1% |
| CHEMICAL SAFETY AND HAZARD INVESTIGATION BOARD | 9565 | $47.4K | 1 | 1 | 0.0% |
05 / Contracting Offices
Which contracting offices buy in NAICS 523110?
Ranked by net obligations during FY 2020–FY 2026.
| Office | Code | Agency | Obligations | Actions | Vendors | Market share |
|---|---|---|---|---|---|---|
| PENSION BENEFIT GUARANTY CORP | 16PBGC | PENSION BENEFIT GUARANTY CORPORATION | $128.23M | 146 | 6 | -19.4% |
| OFFICE INSPECTOR GENERAL | 70VT15 | OFFICE OF THE INSPECTOR GENERAL | $12.73M | 58 | 1 | -1.9% |
| CRIMINAL DIVISION | 15JCRM | OFFICES, BOARDS AND DIVISIONS | $2.56M | 18 | 1 | -0.4% |
| IBC ACQ SVCS DIRECTORATE (00004) | 140D04 | DEPARTMENTAL OFFICES | $1.39M | 16 | 1 | -0.2% |
| FEDERAL ENERGY REGULATORY COMM | 896030 | FEDERAL ENERGY REGULATORY COMMISSION | $1.26M | 7 | 1 | -0.2% |
| 693JJ4 OFFICE OF ACQUISITION MGT | 693JJ4 | FEDERAL MOTOR CARRIER SAFETY ADMINISTRATION | $983.9K | 1 | 1 | -0.1% |
| EOUSA-ACQUISITIONS STAFF | 15JA05 | OFFICES, BOARDS AND DIVISIONS | $590.7K | 7 | 1 | -0.1% |
| SPECIAL OPERATIONS | 2023H2 | INTERNAL REVENUE SERVICE | $531.5K | 10 | 1 | -0.1% |
| TAX DIVISION | 15JTAX | OFFICES, BOARDS AND DIVISIONS | $407.3K | 16 | 1 | -0.1% |
| SECURITIES AND EXCHANGE COMMISSION | 503102 | SECURITIES AND EXCHANGE COMMISSION | $374.1K | 13 | 4 | -0.1% |
06 / Top Vendors
Which contractors lead the NAICS 523110 market?
| Vendor | Obligations | Actions | Customers | Market share | Latest activity |
|---|---|---|---|---|---|
| NISA INVESTMENT ADVISORS LLC | $72.11M | 35 | 1 | -10.9% | Jul 21, 2026 |
| WELLINGTON MANAGEMENT COMPANY LLP | $31.93M | 30 | 1 | -4.8% | Jul 22, 2026 |
| MADISON ASSOCIATES INCORPORATED | $17.63M | 118 | 4 | -2.7% | Sep 21, 2026 |
| MFS INSTITUTIONAL ADVISORS INC | $9.70M | 24 | 1 | -1.5% | Sep 23, 2026 |
| COLCHESTER GLOBAL INVESTORS LIMITED | $9.64M | 19 | 1 | -1.5% | Mar 18, 2025 |
| PERFORMANCE EQUITY MANAGEMENT, LLC | $3.79M | 22 | 1 | -0.6% | Aug 4, 2026 |
| ELOCEN GROUP, LLC, THE | $2.66M | 10 | 4 | -0.4% | May 1, 2026 |
| GENERAL MOTORS INVESTMENT MANAGEMENT CORPORATION | $1.06M | 16 | 1 | -0.2% | Jul 22, 2026 |
| STOUT RISIUS ROSS, LLC | $449.7K | 9 | 1 | -0.1% | Apr 2, 2025 |
| CYPRESS ASSOCIATES LLC | $447.3K | 13 | 1 | -0.1% | Aug 10, 2026 |
07 / Product and Service Mix
What products and services are purchased under NAICS 523110?
| PSC | Description | Obligations | Actions | Vendors | Share |
|---|---|---|---|---|---|
| R710 | SUPPORT- MANAGEMENT: FINANCIAL | $128.22M | 165 | 10 | -19.4% |
| R499 | SUPPORT- PROFESSIONAL: OTHER | $9.98M | 50 | 1 | -1.5% |
| R704 | SUPPORT- MANAGEMENT: AUDITING | $5.12M | 44 | 1 | -0.8% |
| M1AZ | OPERATION OF OTHER ADMINISTRATIVE FACILITIES AND SERVICE BUILDINGS | $1.26M | 7 | 1 | -0.2% |
| R424 | SUPPORT- PROFESSIONAL: EXPERT WITNESS | $821.4K | 26 | 5 | -0.1% |
| R418 | SUPPORT- PROFESSIONAL: LEGAL | $736.3K | 14 | 2 | -0.1% |
| S216 | HOUSEKEEPING- FACILITIES OPERATIONS SUPPORT | $361.6K | 1 | 1 | -0.1% |
| R706 | SUPPORT- MANAGEMENT: LOGISTICS SUPPORT | $47.4K | 1 | 1 | 0.0% |
| R419 | EDUCATIONAL SERVICES | $0 | 1 | 1 | 0.0% |
| R405 | SUPPORT- PROFESSIONAL: OPERATIONS RESEARCH/QUANTITATIVE ANALYSIS | $0 | 4 | 1 | 0.0% |
08 / Buying Pattern
How does the government buy in NAICS 523110?
| Common action type | Obligations | Actions |
|---|---|---|
| DEFINITIVE CONTRACT | -$676.20M | 211 |
| DELIVERY ORDER | $11.29M | 121 |
| BPA CALL | $3.78M | 36 |
| PURCHASE ORDER | -$36.2K | 3 |
09 / Recent Contract Awards
What was awarded most recently in NAICS 523110?
10 / Market Interpretation
How should contractors evaluate this market?
Start with the spending direction
Compare annual obligations with actions and vendor participation. Growth driven by only a few large actions represents a different opportunity from broad, recurring demand.
Follow the actual buyers
Move from federal customers to contracting offices. Offices reveal where acquisition responsibility and recurring purchasing activity are concentrated.
Measure accessible demand
Use competition, small-business participation, incumbent vendors, and PSC mix before treating the full -$661.16M market as addressable.