CoachAn industry classification code assigns an establishment or a company to one industry of a statistical classification by its main activity: the North American Industry Classification System (NAICS, six digits), the Standard Industrial Classification that the SEC still uses on EDGAR (SIC, four digits), or the European Union’s NACE.
Examples
Example 1.8 (One firm, three codes)
Virtu Financial, the listed holding company of an electronic market maker, carries SIC code 6211, Security Brokers, Dealers & Flotation Companies, on EDGAR. Its US operating subsidiary, a broker-dealer, has no SIC code at all but files broker-dealer annual reports and an alternative-trading-system form. The same SIC code 6211 is carried by Goldman Sachs and by BlackRock, a bank holding company and an asset manager. The code puts three different employers in one box; the forms put the market maker’s subsidiary in the right one.