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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

As automated trading gains traction in the financial market, algorithmic investment strategies are increasingly prominent. While Large Language Models (LLMs) and Agent-based models exhibit promising potential in real-time market analysis…

Multiagent Systems · Computer Science 2025-02-20 Xiangyu Li , Yawen Zeng , Xiaofen Xing , Jin Xu , Xiangmin Xu

Recent advances in Large Language Models (LLMs) have shown remarkable capabilities in financial reasoning and market understanding. Multi-agent LLM frameworks such as TradingAgent and FINMEM augment these models to long-horizon investment…

Computational Engineering, Finance, and Science · Computer Science 2025-09-30 Fei Xiong , Xiang Zhang , Aosong Feng , Siqi Sun , Chenyu You

Autonomous agents based on Large Language Models (LLMs) that devise plans and tackle real-world challenges have gained prominence.However, tailoring these agents for specialized domains like quantitative investment remains a formidable…

Artificial Intelligence · Computer Science 2024-02-07 Saizhuo Wang , Hang Yuan , Lionel M. Ni , Jian Guo

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

In this study, we developed a computational framework for simulating large-scale agent-based financial markets. Our platform supports trading multiple simultaneous assets and leverages distributed computing to scale the number and…

Trading and Market Microstructure · Quantitative Finance 2024-02-01 Aaron Wheeler , Jeffrey D. Varner

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…

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

The advancement of large language models (LLMs) has accelerated the development of autonomous financial trading systems. While mainstream approaches deploy multi-agent systems mimicking analyst and manager roles, they often rely on abstract…

Artificial Intelligence · Computer Science 2026-02-27 Kunihiro Miyazaki , Takanobu Kawahara , Stephen Roberts , Stefan Zohren

Recent advancements in large language models (LLMs) have enabled powerful agent-based applications in finance, particularly for sentiment analysis, financial report comprehension, and stock forecasting. However, existing systems often lack…

Artificial Intelligence · Computer Science 2025-08-26 Feng Tian , Flora D. Salim , Hao Xue

Financial trading has been a challenging task, as it requires the integration of vast amounts of data from various modalities. Traditional deep learning and reinforcement learning methods require large training data and often involve…

Trading and Market Microstructure · Quantitative Finance 2024-11-15 Sorouralsadat Fatemi , Yuheng Hu

This paper introduces an agent-based artificial financial market in which heterogeneous agents trade one single asset through a realistic trading mechanism for price formation. Agents are initially endowed with a finite amount of cash and a…

Statistical Mechanics · Physics 2009-11-07 Marco Raberto , Silvano Cincotti , Sergio M. Focardi , Michele Marchesi

Financial report generation tasks range from macro- to micro-economics analysis, also requiring extensive data analysis. Existing LLM models are usually fine-tuned on simple QA tasks and cannot comprehensively analyze real financial…

Computational Engineering, Finance, and Science · Computer Science 2025-07-15 Yingqian Wu , Qiushi Wang , Zefei Long , Rong Ye , Zhongtian Lu , Xianyin Zhang , Bingxuan Li , Wei Chen , Liwen Zhang , Zhongyu Wei

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

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

Financial trading is a crucial component of the markets, informed by a multimodal information landscape encompassing news, prices, and Kline charts, and encompasses diverse tasks such as quantitative trading and high-frequency trading with…

Trading and Market Microstructure · Quantitative Finance 2024-07-01 Wentao Zhang , Lingxuan Zhao , Haochong Xia , Shuo Sun , Jiaze Sun , Molei Qin , Xinyi Li , Yuqing Zhao , Yilei Zhao , Xinyu Cai , Longtao Zheng , Xinrun Wang , Bo An

In this work, we study the risks of collective financial fraud in large-scale multi-agent systems powered by large language model (LLM) agents. We investigate whether agents can collaborate in fraudulent behaviors, how such collaboration…

Multiagent Systems · Computer Science 2026-04-07 Qibing Ren , Zhijie Zheng , Jiaxuan Guo , Junchi Yan , Lizhuang Ma , Jing Shao

Recent advancements in large language models (LLMs) and agentic systems have shown exceptional decision-making capabilities, revealing significant potential for autonomic finance. Current financial trading agents predominantly simulate…

Multiagent Systems · Computer Science 2026-02-10 Zifan Song , Kaitao Song , Guosheng Hu , Ding Qi , Junyao Gao , Xiaohua Wang , Dongsheng Li , Cairong Zhao

Simulating consumer decision-making is vital for designing and evaluating marketing strategies before costly real-world deployment. However, post-event analyses and rule-based agent-based models (ABMs) struggle to capture the complexity of…

Artificial Intelligence · Computer Science 2025-10-22 Man-Lin Chu , Lucian Terhorst , Kadin Reed , Tom Ni , Weiwei Chen , Rongyu Lin

Trading markets represent a real-world financial application to deploy reinforcement learning agents, however, they carry hard fundamental challenges such as high variance and costly exploration. Moreover, markets are inherently a…

Machine Learning · Computer Science 2021-07-20 Yue Gao , Kry Yik Chau Lui , Pablo Hernandez-Leal
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