The Convergence Report · 2026-08-05 · nonpartisan, sourced, not advice

Nine Members Traded $GS as Three Agencies Circled the Same Name

The week's densest overlap sits on the financials. Nine members of Congress traded Goldman Sachs ($GS) against a backdrop of three separate regulatory signals — from the CFTC, the FTC, and the SEC — all touching the same ticker. Morgan Stanley ($MS) drew a nearly identical pattern: five members trading, with signals from the same three agencies. No other names on the tape this week carried a three-regulator convergence.

The exchange operators round out the cluster. Intercontinental Exchange ($ICE) saw five members trading alongside CFTC and SEC signals; CME Group ($CME) drew four members and the same two agencies. Robinhood ($HOOD), the retail-brokerage name, logged four members trading with an SEC signal attached. Taken together, the market-structure and capital-markets complex — the venues, the brokers, and the two largest bulge-bracket banks — accounts for the bulk of this week's convergence density. The overlaps are context: agency activity and member trades landing on the same tickers in the same window.

Two convergences stand apart from the financials. Newmont ($NEM) showed one member trading against an Executive Action signal — a thinner overlap by member count but a rare pairing of a single miner with a direct executive-branch signal. AT&T ($T) drew nine members trading alongside a Federal Contract signal, the same member count as $GS but a different kind of policy touchpoint. KRE, the regional-bank ETF, carried one member trade against a Fed signal.

The Signal Lab

Among the pre-registered strategies benchmarked to SPY, Convergence leads at +0.84% across 147 positions, followed by Copy Everything at +0.47% over 378 positions and Committee Overlap at +0.4% over 54 positions. The two concentrated strategies remain the laggards: Big Bets ≥$250K sits at -8.68% on a single position, and High Conviction ≥60 at -9.68%, also on one position. Options Tape holds no positions. In the ETF race, NANC is +2.44% and KRUZ -2.27%, both against SPY's +2.67%.

Also on the tape

• The largest disclosed Form 4 flow was a set of 32 insider open-market sales of $JMKE totaling roughly $9.47 billion on 2026-08-04, with the Abu Dhabi Investment Authority and Submarine Buyer Llc among the sellers. Against it, four open-market purchases of $APCX (~$231.8M) by Lord Albert L stood as the week's notable buy-side print.
• Berkshire Hathaway logged three open-market sales of $DVA (~$109.5M). General Dynamics ($GD) saw 12 insider sales (~$72.1M), including CEO Phebe N. Novakovic and EVP Marguerite Amy Gilliland. PBF Energy ($PBF) drew 12 sales (~$101.7M) led by CEO Matthew C. Lucey.
• On the consensus board, $MSFT remained the most-held name with 21 members (45 buys, 30 sells) and 8 committee-sector overlaps — the widest overlap count on the list. $AAPL matched it at 21 members with 5 overlaps; Nancy Pelosi disclosed an $AAPL sale of $5M–$25M, on the sell side of a name showing 30 buys against 17 sells.
• Two other members filed at the top of the range: Chip Roy disclosed a buy of $AESI ($5M–$25M), and Jefferson Shreve disclosed a sale of $RILA ($5M–$25M). Founder-and-CEO selling clustered elsewhere — Ken Xie sold $FTNT (~$52.5M), Bahram Akradi and others sold $LTH (~$92.1M), and $CRDO drew 42 insider sales (~$55.5M) led by its CTO and COO.

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