News Articles

Tehran Securities Exchange Weekly Market Report, 8-12 August 2026

Sun, 16 Aug 2026 09:22:59 GMT

Click here to download Tehran Securities Exchange's weekly market report.

SEC Charges Boiler Room Operator And Three Entities With Defrauding Retail Investors In $74 Million Pre-IPO Investment Scam

Fri, 14 Aug 2026 22:16:25 GMT

The Securities and Exchange Commission today charged New York resident Andrew Spaventa and three entities he owned and controlled with fraud and other violations in connection with unregistered securities offerings of private funds that purportedly provided retail investors an opportunity to invest in shares of “pre-IPO” private companies while charging hidden fees.

According to the SEC’s complaint, between approximately December 2020 and June 2025, Spaventa, The Spaventa Group LLC, TSG Capital Advisors LLC, and TSG Alpha Partners LLC raised more than $74 million from more than 800 mostly retail investors across the United States for eleven private funds. Through entities he owned, Spaventa purchased the pre-IPO shares, either directly or through another investment fund, and then sold them in principal transactions to his funds at marked-up prices. These markups were then passed on to investors in the form of hidden fees charged on the sale of membership interests in the funds.

“Unsolicited calls and high-pressure sales tactics are the calling cards of so-called boiler room operators. They get you on the phone and then hit you with the hidden fees,” said Sheldon L. Pollock, Associate Director of the SEC’s New York Regional Office. “We encourage investors to be vigilant when it comes to these types of tactics.”

As alleged, Spaventa and the entities he controlled solicited these investments using over 100 “sales agents” to cold call and pitch the funds to thousands of prospective investors, many of them retirees, using high-pressure sales tactics. The defendants falsely told investors that they would pay either no upfront fees at all or upfront fees of at most 12.5%, when in reality, the prices investors paid were on average approximately 46% higher than the prices Spaventa paid for the investments. As a result of their fraud, the defendants collected approximately $23 million in upfront fees from unsuspecting investors – of which more than $12 million was funneled to their sales agents for commissions and approximately $4 million went to Spaventa personally.

The SEC’s complaint, filed in the U.S. District Court for the Southern District of New York, charges defendants with violating the antifraud, securities registration, and broker-dealer registration provisions of the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940. It also charges Spaventa with control person liability and aiding and abetting violations. The complaint seeks permanent injunctions, disgorgement of ill-gotten gains and prejudgment interest, and civil penalties from all of the defendants, and conduct-based injunctions against Spaventa.

Investors can learn more about the risks of investing in pre-IPO offerings in this Investor Alert.

Resources

CFTC Commitments Of Traders Reports Update

Fri, 14 Aug 2026 21:05:17 GMT

The current reports for the week of August 11, 2026 are now available. Report data is also available in the CFTC Public Reporting Environment (PRE), which allows users to search, filter, customize and download report data.

Additional information on Commitments of Traders (COT) | CFTC.gov

CFTC Public Reporting Environment (PRE)

Moscow Exchange: Updated Constituents List For OFZ Zero Coupon Yield Curve To Come Into Force On 17 August 2026

Fri, 14 Aug 2026 17:57:15 GMT

On 17 August 2026, the following updated constituents list for OFZ Zero Coupon Yield Curve will come into force.

№	Name	Regnumber
1	OFZ 26245	SU26245RMFS9
2	OFZ 26207	SU26207RMFS9
3	OFZ 26232	SU26232RMFS7
4	OFZ 26212	SU26212RMFS9
5	OFZ 26242	SU26242RMFS6
6	OFZ 26228	SU26228RMFS5
7	OFZ 26218	SU26218RMFS6
8	OFZ 26241	SU26241RMFS8
9	OFZ 26221	SU26221RMFS0
10	OFZ 26244	SU26244RMFS2
11	OFZ 26225	SU26225RMFS1
12	OFZ 26233	SU26233RMFS5
13	OFZ 26240	SU26240RMFS0
14	OFZ 26238	SU26238RMFS4
15	OFZ 26239	SU26239RMFS2
16	OFZ 26247	SU26247RMFS5
17	OFZ 26236	SU26236RMFS8
18	OFZ 26248	SU26248RMFS3
19	OFZ 26235	SU26235RMFS0
20	OFZ 26246	SU26246RMFS7
21	OFZ 26249	SU26249RMFS1
22	OFZ 26250	SU26250RMFS9
23	OFZ 26252	SU26252RMFS5
24	OFZ 26251	SU26251RMFS7
25	OFZ 26253	SU26253RMFS3
26	OFZ 26254	SU26254RMFS1

Nigerian Exchange Weekly Market Report For The Week Ended 14 August 2026

Fri, 14 Aug 2026 17:41:01 GMT

A total turnover of 12.153 billion shares worth ₦176.058 billion in 224,146 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 5.359 billion shares valued at ₦139.053 billion that exchanged hands last week in 261,869 deals.

Click here for full details.

Algorithmic Trading In Energy Markets Features Again In ACER's Latest REMIT Quarterly

Fri, 14 Aug 2026 16:41:03 GMT

REMIT is the EU-wide framework that detects and deters market manipulation and abuse in wholesale energy markets. It enhances transparency and trust in the integrity of Europe’s energy markets.

ACER’s REMIT Quarterlies provide updates on REMIT-related activities, helping stakeholders stay informed. Due to strong interest from readers, the latest issue continues the series on algorithmic trading in energy markets.

What’s new?

Following the overview of algorithmic trading and its implications under REMIT in the 44^th edition, the 45th REMIT Quarterly explains how ACER is adapting its market surveillance to the growing use of this practice in wholesale energy markets.

Algorithmic trading uses computer programs to automatically execute trades based on pre-defined instructions (such as when to buy or sell), often at speeds and volumes beyond human capacity. As energy markets become increasingly automated, REMIT continues to evolve to ensure that potential market abuse can be effectively detected and addressed, regardless of whether trading is manual or automated.

Also in this Quarterly:

Takeaways from two joint ACER-European Commission events: the annual REMIT workshop (11 June 2026) and the webinar on new REMIT implementing rules (23 April 2026).
A case report on the Hungarian energy regulator’s decision to fine Hungaro Energy for manipulating the gas market.
Updates on market surveillance, including statistics on the 453 REMIT breach cases under review at the end of Q2 2026.
Changes to the geographical scope of inside information platforms (IIPs) and how market participants are using them.
Recent energy market trends, showing a continued increase in trading on organised market places (OMPs), driven by growth in natural gas forward markets.

Read all the REMIT Quarterlies

Office Of The Comptroller Of The US Currency: Bank Accounting Advisory Series Updated

Fri, 14 Aug 2026 18:18:59 GMT

The Office of the Comptroller of the Currency (OCC) today released its annual update to the Bank Accounting Advisory Series (BAAS).

The BAAS contains staff responses to frequently asked questions from the banking industry and bank examiners on a variety of accounting topics and promotes consistent application of accounting standards and regulatory reporting among national banks and federal savings associations.

This edition of the BAAS reflects updates to accounting standards issued by the Financial Accounting Standards Board on topics including purchased loans, government grants, and internal-use software.

The BAAS does not represent rules or regulations of the OCC. Rather, it contains the OCC Office of the Chief Accountant’s interpretations of generally accepted accounting principles and regulatory guidance based on the facts and circumstances presented.

Updated Statement Regarding The SEC Division Of Corporation Finance’s Role In The Exchange Act Rule 14a-8 Process

Fri, 14 Aug 2026 15:40:46 GMT

On November 17, 2025, the Division announced that for the 2025–2026 proxy season (October 1, 2025 – September 30, 2026) it would not respond to no-action requests or express any views regarding companies’ intended reliance on any basis for excluding shareholder proposals under Rule 14a-8, except for no-action requests to exclude a proposal under Rule 14a-8(i)(1).[1] The Division also stated that, if a company wished to receive a response for any proposal that it intended to exclude pursuant to a basis other than Rule 14a-8(i)(1), the company or its counsel could include, as part of its notification pursuant to Rule 14a-8(j), an unqualified representation that the company had a reasonable basis to exclude the proposal based on the provisions of Rule 14a-8, prior published guidance, and/or judicial decisions. In those situations, the Division stated that it would respond with a letter indicating that, based solely on the company’s or counsel’s representation, the Division would not object if the company omitted the proposal from its proxy materials.

In order to focus Division resources on the review of Securities Act and Exchange Act filings, including those reviews that are statutorily required, for the protection of investors and facilitation of capital formation, and in light of the extensive body of guidance from the Commission and the staff available to both companies and proponents on Rule 14a-8, the Division has determined to discontinue responding to Rule 14a-8 no-action requests entirely, including those submitted under Rule 14a-8(i)(1),[2] effective immediately, unless and until the Division announces otherwise. It also will no longer respond to notices filed under Rule 14a-8(j) with a letter indicating that it will not object if a company omits a proposal from its proxy materials. Although the staff “has for many years engaged in the informal practice of expressing its enforcement position” in response to notices submitted under Rule 14a-8(j), the Commission has also long recognized that “[n]o response or other action by the Commission or its staff is required in regard to such communications.”[3]

Companies will continue to be required under Rule 14a-8(j) to submit notices to the Commission containing the information required by the rule when they intend to exclude shareholder proposals from their proxy materials. Companies should submit those notices using the online Shareholder Proposal Form. In addition, the Division’s shareholder proposal email address is no longer functional. Companies and shareholder proponents should submit any questions or other correspondence using the Shareholder Proposal Form.

The Division of Investment Management is responsible for reviewing Rule 14a-8 requests related to investment companies. In order to focus the Division of Investment Management resources on the review of investment company filings for the protection of investors and facilitation of capital formation, the staff of the Division of Investment Management will take a substantially similar approach as set forth above. Any notices submitted pursuant to Rule 14a-8(j) related to investment companies must be submitted to the Division of Investment Management by email to IMshareholderproposals@sec.gov. Companies and shareholder proponents should submit any questions or other correspondence concerning investment companies to the Division of Investment Management’s Disclosure Review and Accounting Office at IMshareholderproposals@sec.gov or 202-551-6921.

[1] Statement Regarding the Division of Corporation Finance’s Role in the Exchange Act Rule 14a-8 Process for the Current Proxy Season (Nov. 17, 2025), available at https://www.sec.gov/newsroom/speeches-statements/statement-regarding-division-corporation-finances-role-exchange-act-rule-14a-8-process-current-proxy-season.

[2] The Division did not receive any no-action requests to exclude a proposal under Rule 14a-8(i)(1) during the 2025-2026 proxy season.

[3] Statement of Informal Procedures for the Rendering of Staff Advice with Respect to Shareholder Proposals, Release No. 34-12599 (July 7, 1976) [41 FR 29989 (July 20, 1976)].

ETFGI Reports ETFs Industry In The United States Gathered A Record US$ 1.23 Trillion In YTD Net Inflows At End Of July

Fri, 14 Aug 2026 16:55:08 GMT

ETFGI reports ETFs industry in the United States Gathered a Record US$ 1.23 Trillion in YTD Net Inflows at end of July. During July, the ETFs industry in the United States gathered net inflows of US$193.42 billion, bringing year-to-date net inflows to US$1.23 trillion, according to ETFGI's July 2026 US ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. ETFGI, is a 14 year old leading independent research and consultancy firm renowned for its expertise in subscription research, consulting services, 6 annual ETFGI Global ETFs Insights Summits, and ETF TV on global ETF industry trends. (All dollar values in USD unless otherwise noted)

Highlights

Assets of $15.74 Tn invested in the ETFs industry in the United States at the end of July, below the record high assets of $15.78 Tn in June 2026.
Assets increased 17.3% YTD in 2026, going from $13.43 Tn at end of 2025 to $15.74 Tn.
Net inflows of $193.42 Bn in July.
YTD net inflows of $1.23 Tn are the highest on record, followed by YTD net inflows of $678.12 Bn in 2025 and the third highest recorded YTD net inflows are of $577.19 Bn in 2024.
51st month of consecutive net inflows.
US ETF industry remains highly concentrated, the three largest providers account for 70.6% of total AUM
YTD 889 new ETFs have been launched by 169 providers, while 186 ETFs have closed.

“The S&P 500 declined slightly by 0.06% in July but remained up 10.14% year-to-date in 2026. Developed markets excluding the US gained 0.30% during July and were up 14.62% year-to-date, with Luxembourg (+12.10%) and Norway (+9.93%) posting the strongest gains among developed markets. Emerging markets fell 0.33% in July but remained up 9.40% year-to-date, while Taiwan (-7.80%) and Turkey (-5.91%) recorded the largest declines among emerging markets,” according to Deborah Fuhr, Managing Partner, Founder, and Owner of ETFGI.

Growth in assets in the ETFs industry in the United States as of the end of July

The ETFs industry in the United States had 5,590 ETFs, assets of $15.74 Tn, from 493 providers on 3 exchanges at the end of July.

ETF issuers

The US ETF industry remains highly concentrated, with the three largest providers accounting for 70.6% of total assets under management. iShares led the market with $4.53 trillion in assets and a 28.8% market share, closely followed by Vanguard with $4.51 trillion and a 28.7% share. State Street SPDR ETFs ranked third with $2.08 trillion and a 13.2% market share. The other 490 providers each represented less than 7% of total industry assets.

Net flows

US-listed ETFs and ETPs gathered net inflows of $193.42 billion in July 2026.
Equity ETFs and ETPs attracted net inflows of $89.09 billion during July, bringing year-to-date inflows to $567.25 billion, more than double the $249.69 billion gathered during the same period in 2025.
Fixed income ETFs and ETPs recorded net inflows of $30.88 billion in July, increasing year-to-date inflows to $218.05 billion, compared with $120.13 billion at the end of July 2025.
Commodities ETFs and ETPs reported net inflows of $831.10 million in July; however, year-to-date flows remained negative at -$8.20 billion, a sharp contrast to the $22.79 billion in net inflows recorded over the same period in 2025.
Active ETFs and ETPs continued to see strong investor demand, gathering $63.58 billion in net inflows during July and bringing year-to-date inflows to $466.79 billion, well above the $263.03 billion recorded by the end of July 2025.
Year-to-date inflows into equity, fixed income, and active ETFs and ETPs have all surpassed the levels recorded at the end of July 2025, highlighting continued strong investor demand for these segments of the US ETF market.

Substantial inflows can be attributed to the top 20 ETF's by net new assets, which collectively gathered $111.10 Bn in July, the Vanguard S&P 500 ETF (VOO US) gathered $19.66 Bn alone.

Top 20 ETFs by net new assets July 2026: US

Substantial inflows can be attributed to the top 10 ETP's by net new assets, which collectively gathered $2.15 Bn in July, the iShares Silver Trust (SLV US) gathered $401.35 Mn alone.