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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

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

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) 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

LLM-based agents are rapidly being adopted across diverse domains. Since they interact with users without supervision, they must be tested extensively. Current testing approaches focus on acceptance-level evaluation from the user's…

Large language models (LLMs) are increasingly deployed as autonomous agents in financial trading. However, they often exhibit a hazardous behavioral bias that we term uniform trust, whereby retrieved information is implicitly assumed to be…

Computational Engineering, Finance, and Science · Computer Science 2026-03-25 Minghan Li , Rachel Gonsalves , Weiyue Li , Sunghoon Yoon , Mengyu Wang

Third-party skills are becoming the package ecosystem for LLM agents. They package natural-language instructions, helper scripts, templates, documents, and service configuration into reusable workflows. This makes skills useful, but it also…

Cryptography and Security · Computer Science 2026-05-15 Haomin Zhuang , Hanwen Xing , Yujun Zhou , Yuchen Ma , Yue Huang , Yili Shen , Yufei Han , Xiangliang 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

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

Large language models (LLMs) have demonstrated remarkable capabilities in natural language tasks, yet their performance in dynamic, real-world financial environments remains underexplored. Existing approaches are limited to historical…

Machine Learning · Computer Science 2025-09-03 Tianmi Ma , Jiawei Du , Wenxin Huang , Wenjie Wang , Liang Xie , Xian Zhong , Joey Tianyi Zhou

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

In this paper, our objective is to develop a multi-agent financial system that incorporates simulated trading, a technique extensively utilized by financial professionals. While current LLM-based agent models demonstrate competitive…

Artificial Intelligence · Computer Science 2025-10-07 Xiangyu Li , Yawen Zeng , Xiaofen Xing , Jin Xu , Xiangmin Xu

In this paper, we propose a method for evaluating autonomous trading strategies that provides realistic expectations, regarding the strategy's long-term performance. This method addresses This method addresses many pitfalls that currently…

Software Engineering · Computer Science 2021-11-22 Murilo Sibrao Bernardini , Paulo Andre Lima de Castro

LLM-based financial agents increasingly rely on both numerical market data and textual signals for sequential trading and stock prediction. However, financial misinformation often appears as subtle textual perturbations rather than explicit…

Computational Engineering, Finance, and Science · Computer Science 2026-05-12 Zhiwei Liu , Yangyang Yu , Yupeng Cao , Yuechen Jiang , Haohang Li , Zhuoran Lu , Yuyan Wang , Yixiang Zheng , Xiaorui Guo , Calvin Yixiang Cheng , Sophia Ananiadou

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

Current LLM agents are proficient at calling isolated APIs but struggle with the "last mile" of commercial software automation. In real-world scenarios, tools are not independent; they are atomic, interdependent, and prone to environmental…

Artificial Intelligence · Computer Science 2026-05-21 Yuanyang Li , Xue Yang , Longyue Wang , Weihua Luo , Hongyang Chen

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

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

Recent works have increasingly applied Large Language Models (LLMs) as agents in financial stock market simulations to test if micro-level behaviors aggregate into macro-level phenomena. However, a crucial question arises: Do LLM agents'…

Trading and Market Microstructure · Quantitative Finance 2026-03-25 Zeping Li , Guancheng Wan , Keyang Chen , Yu Chen , Yiwen Zhao , Philip Torr , Guangnan Ye , Zhenfei Yin , Hongfeng Chai
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