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 2019–FY 2025. 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 2019–FY 2025 profile window.
Latest closed fiscal year-$1.94B
FY 2025| Fiscal year | Obligations | Actions | Vendors | Customers | Change |
|---|---|---|---|---|---|
| FY 2019 | $640.85M | 65 | 16 | 10 | — |
| FY 2020 | $619.50M | 68 | 19 | 13 | −3.3% |
| 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% |
04 / Top Federal Customers
Which federal agencies buy most in this industry?
Ranked by net obligations during FY 2019–FY 2025.
| Federal customer | Code | Obligations | Actions | Vendors | Market share |
|---|---|---|---|---|---|
| PENSION BENEFIT GUARANTY CORPORATION | 1665 | $132.63M | 139 | 6 | -407.4% |
| OFFICE OF THE INSPECTOR GENERAL | 7004 | $15.52M | 58 | 1 | -47.7% |
| FEDERAL COMMUNICATIONS COMMISSION | 2700 | $9.23M | 18 | 1 | -28.4% |
| OFFICES, BOARDS AND DIVISIONS | 1501 | $3.53M | 48 | 2 | -10.8% |
| FEDERAL ENERGY REGULATORY COMMISSION | 8960 | $1.50M | 8 | 1 | -4.6% |
| DEPARTMENTAL OFFICES | 1406 | $1.27M | 15 | 1 | -3.9% |
| INTERNAL REVENUE SERVICE | 2050 | $617.5K | 13 | 1 | -1.9% |
| SECURITIES AND EXCHANGE COMMISSION | 5000 | $374.1K | 13 | 4 | -1.1% |
| CHEMICAL SAFETY AND HAZARD INVESTIGATION BOARD | 9565 | $47.4K | 1 | 1 | -0.1% |
| PUBLIC BUILDINGS SERVICE | 4740 | $12.5K | 3 | 1 | 0.0% |
05 / Contracting Offices
Which contracting offices buy in NAICS 523110?
Ranked by net obligations during FY 2019–FY 2025.
| Office | Code | Agency | Obligations | Actions | Vendors | Market share |
|---|---|---|---|---|---|---|
| CPO : FHA HOUSING SUPPORT DIVISION | 866156 | HOUSING AND URBAN DEVELOPMENT, DEPARTMENT OF | $362.01M | 34 | 4 | -1,111.9% |
| PENSION BENEFIT GUARANTY CORP | 16PBGC | PENSION BENEFIT GUARANTY CORPORATION | $132.63M | 139 | 6 | -407.4% |
| DEPT HUD-CHIEF PROCUREMENT OFFICER | 86543E | HOUSING AND URBAN DEVELOPMENT, DEPARTMENT OF | $57.89M | 8 | 3 | -177.8% |
| OFFICE INSPECTOR GENERAL | 70VT15 | OFFICE OF THE INSPECTOR GENERAL | $15.52M | 58 | 1 | -47.7% |
| FCC | 273FCC | FEDERAL COMMUNICATIONS COMMISSION | $9.23M | 18 | 1 | -28.4% |
| CRIMINAL DIVISION | 15JCRM | OFFICES, BOARDS AND DIVISIONS | $2.53M | 20 | 1 | -7.8% |
| FEDERAL ENERGY REGULATORY COMM | 896030 | FEDERAL ENERGY REGULATORY COMMISSION | $1.50M | 8 | 1 | -4.6% |
| IBC ACQ SVCS DIRECTORATE (00004) | 140D04 | DEPARTMENTAL OFFICES | $1.27M | 15 | 1 | -3.9% |
| DEPT HUD-CHIEF PROCUREMENT OFFICER | 86543F | HOUSING AND URBAN DEVELOPMENT, DEPARTMENT OF | $1.11M | 1 | 1 | -3.4% |
| SPECIAL OPERATIONS | 2023H2 | INTERNAL REVENUE SERVICE | $701.7K | 10 | 1 | -2.2% |
06 / Top Vendors
Which contractors lead the NAICS 523110 market?
| Vendor | Obligations | Actions | Customers | Market share | Latest activity |
|---|---|---|---|---|---|
| NISA INVESTMENT ADVISORS LLC | $73.62M | 35 | 1 | -226.1% | Oct 30, 2024 |
| WELLINGTON MANAGEMENT COMPANY LLP | $32.71M | 28 | 1 | -100.5% | Oct 30, 2024 |
| MADISON ASSOCIATES INCORPORATED | $19.90M | 124 | 4 | -61.1% | Sep 10, 2025 |
| COLCHESTER GLOBAL INVESTORS LIMITED | $11.67M | 23 | 1 | -35.8% | Mar 18, 2025 |
| CARRINGTON MORTGAGE SERVICES, LLC | $10.38M | 23 | 1 | -31.9% | Mar 18, 2025 |
| ROLKA LOUBE SALTZER ASSOCIATES, LLC | $9.23M | 18 | 1 | -28.4% | Sep 29, 2025 |
| MFS INSTITUTIONAL ADVISORS INC | $8.19M | 24 | 1 | -25.2% | Jun 17, 2025 |
| PERFORMANCE EQUITY MANAGEMENT, LLC | $5.38M | 18 | 1 | -16.5% | Oct 16, 2024 |
| ELOCEN GROUP, LLC, THE | $1.55M | 9 | 2 | -4.8% | Jul 2, 2025 |
| GENERAL MOTORS INVESTMENT MANAGEMENT CORPORATION | $1.06M | 11 | 1 | -3.3% | Oct 28, 2024 |
07 / Product and Service Mix
What products and services are purchased under NAICS 523110?
| PSC | Description | Obligations | Actions | Vendors | Share |
|---|---|---|---|---|---|
| R710 | SUPPORT- MANAGEMENT: FINANCIAL | $118.70M | 156 | 11 | -364.6% |
| R499 | SUPPORT- PROFESSIONAL: OTHER | $9.56M | 44 | 1 | -29.4% |
| R405 | SUPPORT- PROFESSIONAL: OPERATIONS RESEARCH/QUANTITATIVE ANALYSIS | $9.23M | 5 | 1 | -28.4% |
| R704 | SUPPORT- MANAGEMENT: AUDITING | $8.05M | 47 | 1 | -24.7% |
| R418 | SUPPORT- PROFESSIONAL: LEGAL | $2.05M | 19 | 2 | -6.3% |
| M1AZ | OPERATION OF OTHER ADMINISTRATIVE FACILITIES AND SERVICE BUILDINGS | $1.50M | 8 | 1 | -4.6% |
| R424 | SUPPORT- PROFESSIONAL: EXPERT WITNESS | $991.6K | 26 | 5 | -3.0% |
| B547 | SPECIAL STUDIES/ANALYSIS- ACCOUNTING/FINANCIAL MANAGEMENT | $51.8K | 4 | 1 | -0.2% |
| R706 | SUPPORT- MANAGEMENT: LOGISTICS SUPPORT | $47.4K | 1 | 1 | -0.1% |
| R411 | SUPPORT- PROFESSIONAL: REAL PROPERTY APPRAISALS | $8.0K | 1 | 1 | 0.0% |
08 / Buying Pattern
How does the government buy in NAICS 523110?
| Common action type | Obligations | Actions |
|---|---|---|
| DEFINITIVE CONTRACT | -$60.59M | 223 |
| DELIVERY ORDER | $21.94M | 128 |
| BPA CALL | $6.04M | 36 |
| PURCHASE ORDER | $51.8K | 4 |
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 -$32.56M market as addressable.