What FBN Securities does

FBN Securities, Inc. is an independent, boutique institutional broker-dealer established in 1983 and headquartered in New York City, with additional offices in Summit NJ, Lower Gwynedd PA, and Bay Harbor Islands FL. The firm operates an agency-only model — it does not commit proprietary capital and avoids conflicts of interest — providing anonymous execution in equities, fixed income, and derivatives across listed and over-the-counter markets, alongside investment research, corporate access programming, capital introduction services for alternative asset managers, syndicate/selling group participation, and SEC Rule 28(e) soft dollar accounts. Clearing is provided by RBC Capital Markets, LLC (previously Pershing LLC).

The product surface spans five core service lines (Institutional Execution, Corporate Access, Capital Markets & Privates Trading, Capital Introduction, Soft Dollars) and four research verticals (Technology Infrastructure, Merger Arbitrage & Event Driven, Macroeconomic & Technical Commentary, Derivative Hedging & Strategy). The firm does not describe a proprietary software platform; rather, its "technology" advantage is characterized as sophisticated trading infrastructure with direct NYSE access. The research organization combines deep fundamental analysis with technical market dynamics and macroeconomics to produce published reports and analyst consultations, and the firm runs recurring institutional events including a semi-annual Silicon Valley bus tour, management conferences, one-on-ones, and capital introduction events.

FBN generates revenue entirely on a transaction-fee basis across four streams: execution commissions on equity/fixed income/derivative trades, capital markets and syndicate fees from selling group participation in IPOs and secondaries, capital introduction matchmaking fees in the alternatives space, and soft dollar credits under SEC Rule 28(e). The go-to-market is direct enterprise field sales — a long-tenured sales force relationships with traditional institutions, publicly-traded corporations, and well-established hedge funds. The firm is a member of FINRA and SIPC, maintains AML compliance under the USA PATRIOT ACT, and complies with SEC Rule 606(b)(3) order-routing disclosure requirements effective April 1, 2020. Revenue and employee headcount (bracketed only as 11-50) are not publicly disclosed.

Name

FBN Securities

Legal name

FBN Securities, Inc.

Website

https://fbnsecurities.com

Company type

Private

Founded year

1983

Operating status

Operating

Headcount range

11–50 employees

Short description

FBN Securities is an independent, boutique institutional broker-dealer providing agency-only execution in equities, fixed income, and derivatives, plus research, corporate access, capital introduction, and syndicate services. The firm serves traditional institutions, publicly-traded corporations, and well-established hedge funds from offices in NY, NJ, PA, and FL.

Ownership category

akta.pro rank

Product category

Institutional Brokerage

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Other Financial Investment Activities (5239)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Follow-on Offerings (FPOs) (FSACAAAB)

akta.pro secondary industries

Private Placements (144A/Reg S/MTN) (FSACABAK), Corporate Bond Trading Platforms (FSAFACAB), Electronic Bond Trading Networks (Dealer-to-Client / All-to-All) (FSAFACAE)

Keywords

• Institutional brokerage services
• Agency equity execution
• Capital introduction services
• Investment research
• Soft dollar brokerage

Headquarters

HQ city

Brooklyn

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Execution commissions: FBN Securities generates revenue through commissions on equity, fixed income, and derivative execution for institutional clients. As an agency-only broker-dealer, they do not commit proprietary capital, eliminating conflicts of interest and allowing them to focus on execution quality for clients. The firm also offers soft dollar accounts where a portion of each trade executed can be credited towards research services.
2. Capital markets and syndicate services: Revenue is earned from selling group participation in IPOs and secondary offerings, where FBN targets specific institutional investors for corporate clients through their corporate access program. The firm also provides after-market advisory services and market intelligence for equity capital market participants.
3. Capital introduction fees: FBN Securities facilitates introductions between alternative asset managers and institutional investors (endowments, pension plans, fund of funds, family offices, and high net worth individuals), earning fees for these matchmaking services in the alternative investment space.
4. Soft dollar credits: Under SEC Rule 28(e), FBN offers soft dollar arrangements allowing investment managers to credit a portion of trade commissions toward investment research and brokerage services, providing an additional revenue stream linked to trading volume.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

FBN Securities operates as an agency-only institutional broker-dealer providing anonymous execution in equities, fixed income, and derivatives, complemented by corporate access, capital introduction, capital markets syndicate participation, soft dollar accounts, and published investment research. The firm does not commit proprietary capital, eliminating conflicts of interest, and serves traditional institutions, publicly-traded corporations, and hedge funds through direct relationships.

Product overview

FBN Securities is a boutique institutional brokerage firm that operates as a unified platform providing multiple integrated services rather than discrete software products. The core offering comprises agency trading execution across equities, derivatives, and fixed income markets, complemented by corporate access programs, capital introduction services, capital markets advisory, and soft dollar accounts. The research division supports these services with sector-specific coverage in technology infrastructure, merger arbitrage and event-driven strategies, macroeconomic and technical commentary, and derivative hedging strategies. All services are delivered through an agency-only model without proprietary trading to eliminate conflicts of interest.

Differentiator

Problem solved

Functional benefit

Products and services

• Institutional Execution Agency trading desk providing execution expertise in listed and over-the-counter securities across equities, derivatives, and fixed income markets, focused on quality execution, client anonymity, and acting as an extension of the client's trading desk.
• Corporate Access Program facilitating relationships between publicly-traded companies and institutional clients through conferences, one-on-one meetings, and conference calls with corporate management teams.
• Capital Markets & Privates Trading Equity capital markets services including selling group participation in IPOs and secondary offerings, research commentary, after-market advisory, market intelligence, and pre-IPO secondary liquidity for late-stage and mid-stage private companies.
• Capital Introduction Program utilizing FBN's network of global institutional investors including endowments, pension plans, fund of funds, family offices, and high net worth individuals to facilitate introductions between investors and alternative asset managers.
• Soft Dollars Service under SEC Rule 28(e) allowing clients to credit a portion of each trade executed toward a soft dollar account used to obtain investment research and brokerage services, with consolidated monthly or quarterly reporting.
• Investment Research Published research and analyst consultations across technology infrastructure, merger arbitrage and event-driven strategies, macroeconomic and technical commentary, and derivative hedging and strategy, combining deep fundamental analysis with technical market dynamics to deliver actionable investment recommendations.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators2 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• B. Riley Financial: Mid-sized broker-dealer offering institutional research, trading, and capital markets services, including specialized event-driven and distressed research. Closely comparable in boutique institutional focus.
• Maxim Group: Boutique broker-dealer with institutional execution, investment banking, and equity research. Comparable small-to-mid-size institutional brokerage franchise.
• Stifel Financial: Broker-dealer and investment bank providing institutional execution, research, and capital markets services. Comparable in serving institutional investors with execution and research, though larger and public.
• Piper Sandler: Mid-sized broker-dealer offering institutional execution, investment research, and capital markets services. Comparable mid-market institutional brokerage with diversified revenue streams.
• Cowen (TD Cowen): Boutique institutional broker-dealer with strong equity research, ECM, and trading franchises. Comparable in its institutional focus, agency execution model, and event-driven research capabilities.
• Oppenheimer & Co. Private full-service broker-dealer providing institutional execution, equity research, capital markets, and investment banking. Closely comparable multi-product boutique serving institutional and corporate clients.
• National Securities Corporation: Private broker-dealer providing institutional execution, research, and capital markets services. Comparable as a similarly sized private multi-product boutique serving institutional clients.
• William Blair: Private boutique institutional broker-dealer offering execution, investment research, and capital markets services to institutional clients. Highly comparable boutique franchise with similar agency-style positioning and multi-product research coverage.
• Benchmark Co. Small private boutique broker-dealer specializing in institutional research and corporate services. Highly comparable as a similarly sized private boutique institutional brokerage.

Broad incumbents

• Jefferies Financial Group: Major investment bank and broker-dealer with institutional execution, equity research, and capital markets businesses. Broader incumbent with overlapping services but wider scale and product breadth.

Market position

Weaknesses3 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/fbn-securities

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FBN Securities