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.
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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.