▁market ▁making , ▁trad ing ▁of ▁derivatives ▁and ▁equ ity ▁se cur ities , ▁and ▁F IC C ▁services ▁( fixed ▁income ▁instruments , ▁curr encies , ▁and ▁comm od ities ). ▁Most ▁invest ment ▁banks ▁maintain ▁prime ▁bro ker age ▁and ▁asset ▁management ▁depart ments ▁in ▁conj unction ▁with ▁their ▁invest ment ▁research ▁business es . ▁As ▁an ▁industry , ▁it ▁is ▁broken ▁up ▁into ▁the ▁Bul ge ▁Bra cket ▁( upper ▁tier ), ▁Middle ▁Market ▁( mid - level ▁business es ), ▁and ▁bout ique ▁market ▁( special ized ▁business es ). ▁ ▁Un like ▁commercial ▁banks ▁and ▁ret ail ▁banks , ▁invest ment ▁banks ▁do ▁not ▁take ▁depos its . ▁From ▁the ▁passage ▁of ▁G lass – Ste ag all ▁Act ▁in ▁ 1 9 3 3 ▁until ▁its ▁repe al ▁in ▁ 1 9 9 9 ▁by ▁the ▁Gr amm – Le ach – Bl iley ▁Act , ▁the ▁United ▁States ▁maintained ▁a ▁separation ▁between ▁invest ment ▁bank ing ▁and ▁commercial ▁banks . ▁Other ▁industrial ized ▁countries , ▁including ▁G 7 ▁countries , ▁have ▁histor ically ▁not ▁maintained ▁such ▁a ▁separation . ▁As ▁part ▁of ▁the ▁D odd – Fran k ▁Wall ▁Street ▁Reform ▁and ▁Cons umer ▁Prote ction ▁Act ▁of ▁ 2 0 1 0 ▁( D odd – Fran k ▁Act ▁of ▁ 2 0 1 0 ), ▁the ▁Vol cker ▁Rule ▁as ser ts ▁some ▁institution al ▁separation ▁of ▁invest ment ▁bank ing ▁services ▁from ▁commercial ▁bank ing . ▁ ▁All ▁invest ment ▁bank ing ▁activity