Siebert Financial Corp. (Siebert) is a holding company that conducts its retail discount brokerage and investment banking business through its wholly owned subsidiary, Muriel Siebert and Co., Inc. The Company's principal activity is providing online and traditional discount brokerage and related services to retail investors. In addition, Siebert, Brandford, Shank Financial, L.L.C., a company in which Siebert holds a 49% ownership interest, is the Minority and Women's Business Enterprise in the tax-exempt underwriting business in the United States. The Company's Retail Division includes Discount Brokerage and Related Services, Independent Retail Execution Services, Retail Customer Service, Retirement Accounts, Customer Financing and Information and Communications Systems. Siebert's Capital Markets Group (SCM) division serves the Company as a co-manager, underwriting syndicate member or selling group member on a spectrum of securities offerings for corporations and Federal agencies.