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Although Large Language Model (LLM)-based agents are increasingly used in financial trading, it remains unclear whether they can reason and adapt in live markets, as most studies test models instead of agents, cover limited periods and…

This paper presents a realistic simulated stock market where large language models (LLMs) act as heterogeneous competing trading agents. The open-source framework incorporates a persistent order book with market and limit orders, partial…

Computational Finance · Quantitative Finance 2025-04-16 Alejandro Lopez-Lira

Trading is a highly competitive task that requires a combination of strategy, knowledge, and psychological fortitude. With the recent success of large language models(LLMs), it is appealing to apply the emerging intelligence of LLM agents…

Trading and Market Microstructure · Quantitative Finance 2026-03-03 Han Ding , Yinheng Li , Junhao Wang , Hang Chen , Doudou Guo , Yunbai Zhang

Large language models (LLMs) demonstrate strong potential as autonomous agents, with promising capabilities in reasoning, tool use, and sequential decision-making. While prior benchmarks have evaluated LLM agents in various domains, the…

Machine Learning · Computer Science 2026-03-03 Yanxu Chen , Zijun Yao , Yantao Liu , Amy Xin , Jin Ye , Jianing Yu , Lei Hou , Juanzi Li

Large Language Models (LLMs) have demonstrated remarkable potential as autonomous agents, approaching human-expert performance through advanced reasoning and tool orchestration. However, decision-making in fully dynamic and live…

Computational Finance · Quantitative Finance 2025-12-15 Tianyu Fan , Yuhao Yang , Yangqin Jiang , Yifei Zhang , Yuxuan Chen , Chao Huang

Large language models (LLMs) are increasingly deployed in agentic frameworks, in which prompts trigger complex tool-based analysis in pursuit of a goal. While these frameworks have shown promise across multiple domains including in finance,…

Statistical Finance · Quantitative Finance 2025-07-14 Dimitrios Emmanoulopoulos , Ollie Olby , Justin Lyon , Namid R. Stillman

Data marketplaces, which mediate the purchase and exchange of data from third parties, have attracted growing attention for reducing the cost and effort of data collection while enabling the trading of diverse datasets. However, a…

Multiagent Systems · Computer Science 2025-11-18 Jun Sashihara , Yukihisa Fujita , Kota Nakamura , Masahiro Kuwahara , Teruaki Hayashi

The utilization of Large Language Models (LLMs) in financial trading has primarily been concentrated within the stock market, aiding in economic and financial decisions. Yet, the unique opportunities presented by the cryptocurrency market,…

Trading and Market Microstructure · Quantitative Finance 2024-07-16 Yuan Li , Bingqiao Luo , Qian Wang , Nuo Chen , Xu Liu , Bingsheng He

Large language model (LLM)-based agents are increasingly expected to negotiate, coordinate, and transact autonomously, yet existing benchmarks lack principled settings for evaluating language-mediated economic interaction among multiple…

Artificial Intelligence · Computer Science 2026-02-06 Xianyang Liu , Shangding Gu , Dawn Song

Can AI Agents simulate real-world trading environments to investigate the impact of external factors on stock trading activities (e.g., macroeconomics, policy changes, company fundamentals, and global events)? These factors, which…

Trading and Market Microstructure · Quantitative Finance 2024-09-24 Chong Zhang , Xinyi Liu , Zhongmou Zhang , Mingyu Jin , Lingyao Li , Zhenting Wang , Wenyue Hua , Dong Shu , Suiyuan Zhu , Xiaobo Jin , Sujian Li , Mengnan Du , Yongfeng Zhang

Significant progress has been made in automated problem-solving using societies of agents powered by large language models (LLMs). In finance, efforts have largely focused on single-agent systems handling specific tasks or multi-agent…

Trading and Market Microstructure · Quantitative Finance 2025-06-04 Yijia Xiao , Edward Sun , Di Luo , Wei Wang

In real-world stock markets, certain chart patterns -- such as price declines near historical highs -- cannot be fully explained by fundamentals alone. These phenomena suggest the presence of path dependence in price formation, where…

Computational Engineering, Finance, and Science · Computer Science 2025-10-15 Ryuji Hashimoto , Takehiro Takayanagi , Masahiro Suzuki , Kiyoshi Izumi

We present StockSim, an open-source simulation platform for systematic evaluation of large language models (LLMs) in realistic financial decision-making scenarios. Unlike previous toolkits that offer limited scope, StockSim delivers a…

Computational Engineering, Finance, and Science · Computer Science 2025-07-15 Charidimos Papadakis , Giorgos Filandrianos , Angeliki Dimitriou , Maria Lymperaiou , Konstantinos Thomas , Giorgos Stamou

Inventory management remains a challenge for many small and medium-sized businesses that lack the expertise to deploy advanced optimization methods. This paper investigates whether Large Language Models (LLMs) can help bridge this gap. We…

Artificial Intelligence · Computer Science 2026-01-05 Yaqi Duan , Yichun Hu , Jiashuo Jiang

Large language models (LLMs) achieve strong performance across benchmarks--from knowledge quizzes and math reasoning to web-agent tasks--but these tests occur in static settings, lacking real dynamics and uncertainty. Consequently, they…

Trading and Market Microstructure · Quantitative Finance 2025-11-06 Haofei Yu , Fenghai Li , Jiaxuan You

Large Language Models (LLMs) have shown remarkable capabilities in natural language tasks requiring complex reasoning, yet their application in agentic, multi-step reasoning within interactive environments remains a difficult challenge.…

Artificial Intelligence · Computer Science 2024-08-15 Pranav Putta , Edmund Mills , Naman Garg , Sumeet Motwani , Chelsea Finn , Divyansh Garg , Rafael Rafailov

Agent-based modeling (ABM) has long been used in economics to study human behavior, and large language model (LLM) agents now enable new forms of social and economic simulation. While prior work has discovered strategic deception by LLM…

Artificial Intelligence · Computer Science 2026-05-19 Shijun Lei , Quang Nguyen , Swapneel S Mehta , Zeping Li , Huichuan Fu , Xiaolong Zheng , Siki Chen , Yunji Liang , Philip Torr , Zhenfei Yin

A growing body of work explores how Large Language Models (LLMs) can be embedded in trading systems as agents that perceive market information, retrieve context, reason about decisions, emit tradable actions, and adapt under market…

Artificial Intelligence · Computer Science 2026-05-20 Yihan Xia , Panpan You , Taotao Wang , Fang Liu , Han Qi , Xiaoxiao Wu , Shengli Zhang

In financial trading, large language model (LLM)-based agents demonstrate significant potential. However, the high sensitivity to market noise undermines the performance of LLM-based trading systems. To address this limitation, we propose a…

Trading and Market Microstructure · Quantitative Finance 2025-08-19 Li Zhao , Rui Sun , Zuoyou Jiang , Bo Yang , Yuxiao Bai , Mengting Chen , Xinyang Wang , Jing Li , Zuo Bai

This study explores the potential of large language models (LLMs) to conduct market experiments, aiming to understand their capability to comprehend competitive market dynamics. We model the behavior of market agents in a controlled…

Human-Computer Interaction · Computer Science 2024-11-04 Jingru Jia , Zehua Yuan
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