Only two of seven LLMs produce positive returns on live Polymarket data, with MiMo-V2-Flash at 17.6% CWR and Gemini-3-Flash at 6.2% CWR while the other five lose money.
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BloombergGPT: A Large Language Model for Finance
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abstract
The use of NLP in the realm of financial technology is broad and complex, with applications ranging from sentiment analysis and named entity recognition to question answering. Large Language Models (LLMs) have been shown to be effective on a variety of tasks; however, no LLM specialized for the financial domain has been reported in literature. In this work, we present BloombergGPT, a 50 billion parameter language model that is trained on a wide range of financial data. We construct a 363 billion token dataset based on Bloomberg's extensive data sources, perhaps the largest domain-specific dataset yet, augmented with 345 billion tokens from general purpose datasets. We validate BloombergGPT on standard LLM benchmarks, open financial benchmarks, and a suite of internal benchmarks that most accurately reflect our intended usage. Our mixed dataset training leads to a model that outperforms existing models on financial tasks by significant margins without sacrificing performance on general LLM benchmarks. Additionally, we explain our modeling choices, training process, and evaluation methodology. We release Training Chronicles (Appendix C) detailing our experience in training BloombergGPT.
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First study of 1,899 MCP servers finds eight distinct vulnerabilities (only three traditional), 7.2% with general issues, 5.5% with tool poisoning, and 66% with code smells, urging MCP-specific security practices.
QuantEvolver applies reinforcement fine-tuning to evolve an LLM policy for generating executable alpha factor expressions, yielding higher-quality and more complementary factors than prompt-based baselines on market benchmarks.
AutoRedTrader generates synthetic financial misinformation via behavioral bias manipulation and agent feedback to red-team LLM trading agents, reaching 69% exposure and 26.67% attack success on Bitcoin data simulations.
Constrained LLM agents discover cryptocurrency factors that produce a portfolio with 44.55% annualized return and Sharpe ratio of 1.55 in pure out-of-sample 2024-2026 testing after trading costs.
AWASH detects AI-washing via cross-modal inconsistency reasoning on a new trimodal benchmark of 88k corporate disclosure triplets, achieving F1 0.882 with a CMID network that grounds claims against patents and hiring data.
SynBench benchmarks DP text generators across nine datasets and uses a new MIA to show that public pre-training on portions of private data overestimates synthetic text quality and breaks DP privacy bounds.
Distinguishable Deletion unifies knowledge erasure and refusal for LLM unlearning via an energy index that enforces boundaries during training and enables refusal at inference.
A dataset-agnostic framework converts text tool-calling benchmarks to paired audio evaluations via TTS, speaker variation and noise, then evaluates seven omni-modal models showing model- and task-dependent performance with small text-to-voice gaps.
Stateful sessions with incremental KV cache and flash queries allow O(|q|) latency in streaming transformer inference, delivering up to 5.9x speedup over conventional engines while preserving full attention.
FinAgent-RAG achieves 76.81-78.46% execution accuracy on financial QA benchmarks by combining contrastive retrieval, program-of-thought code generation, and adaptive strategy routing, outperforming baselines by 5.62-9.32 points.
Encoder models trained on SEC filings struggle with earnings calls due to domain shift, while LLMs enable open-ended KPI extraction with 79.7% human-verified precision on newly introduced benchmarks.
RouteNLP is a closed-loop LLM routing framework using conformal cascading and distillation co-optimization that cut inference costs by 58% in an 8-week enterprise deployment while preserving 91% acceptance and high quality on benchmarks.
LLM filtering of embedding-based stock networks raises long-short Sharpe ratio from 0.742 to 0.820 and cuts max drawdown from -10.47% to -7.85% in 2011-2019 S&P 500 backtests.
QRAFTI is a multi-agent framework using tool-calling and reflection-based planning to emulate quant research tasks like factor replication and signal testing on financial data.
MFMDQwen is the first open-source LLM for multilingual financial misinformation detection, backed by a new instruction dataset and benchmark on which it outperforms other open-source models.
SenseAI is a human-in-the-loop financial sentiment dataset with reasoning processes and market outcomes that reveals predictable LLM error patterns like Latent Reasoning Drift for RLHF alignment.
SysTradeBench evaluates 17 LLMs on 12 trading strategies, finding over 91.7% code validity but rapid convergence in iterative fixes and a continued need for human oversight on critical strategies.
PolySwarm aggregates predictions from 50 LLM personas for Polymarket trading using Bayesian combination and divergence metrics, outperforming single models in calibration while adding latency arbitrage via CEX price models.
CGCMA separates text-conditioned grounding from lag-aware trust gating to fuse asynchronous price and web data, yielding the highest Sharpe ratio of +0.449 on a new crypto news corpus.
FinFRE-RAG combines importance-guided feature reduction with label-aware retrieval-augmented generation to boost LLM performance on tabular fraud detection across four public datasets while providing human-readable rationales.
MM-Telco creates multimodal benchmarks for telecom and demonstrates that fine-tuned LLMs and VLMs achieve significant performance gains on domain-specific tasks.
CoRT achieves 95% average attack success rate on nine LLMs by using iterative risk-concealing prompts and a controller that scores concealment levels on a new 522-instruction financial risk benchmark.
Testing 18 LLMs found 94.4% vulnerable to direct prompt injection for malware installation, 83.3% to RAG backdoor attacks, and 100% to inter-agent trust exploitation in multi-agent systems.
citing papers explorer
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PolyBench: Benchmarking LLM Forecasting and Trading Capabilities on Live Prediction Market Data
Only two of seven LLMs produce positive returns on live Polymarket data, with MiMo-V2-Flash at 17.6% CWR and Gemini-3-Flash at 6.2% CWR while the other five lose money.
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Model Context Protocol (MCP) at First Glance: Studying the Security and Maintainability of MCP Servers
First study of 1,899 MCP servers finds eight distinct vulnerabilities (only three traditional), 7.2% with general issues, 5.5% with tool poisoning, and 66% with code smells, urging MCP-specific security practices.
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From Feedback Loops to Policy Updates: Reinforcement Fine-Tuning for LLM-Based Alpha Factor Discovery
QuantEvolver applies reinforcement fine-tuning to evolve an LLM policy for generating executable alpha factor expressions, yielding higher-quality and more complementary factors than prompt-based baselines on market benchmarks.
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AutoRedTrader: Autonomous Red Teaming of Trading Agents through Synthetic Misinformation Injection
AutoRedTrader generates synthetic financial misinformation via behavioral bias manipulation and agent feedback to red-team LLM trading agents, reaching 69% exposure and 26.67% attack success on Bitcoin data simulations.
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From Hypotheses to Factors: Constrained LLM Agents in Cryptocurrency Markets
Constrained LLM agents discover cryptocurrency factors that produce a portfolio with 44.55% annualized return and Sharpe ratio of 1.55 in pure out-of-sample 2024-2026 testing after trading costs.
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Detecting Corporate AI-Washing via Cross-Modal Semantic Inconsistency Learning
AWASH detects AI-washing via cross-modal inconsistency reasoning on a new trimodal benchmark of 88k corporate disclosure triplets, achieving F1 0.882 with a CMID network that grounds claims against patents and hiring data.
-
SynBench: A Benchmark for Differentially Private Text Generation
SynBench benchmarks DP text generators across nine datasets and uses a new MIA to show that public pre-training on portions of private data overestimates synthetic text quality and breaks DP privacy bounds.
-
Distinguishable Deletion: Unifying Knowledge Erasure and Refusal for Large Language Model Unlearning
Distinguishable Deletion unifies knowledge erasure and refusal for LLM unlearning via an energy index that enforces boundaries during training and enables refusal at inference.
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From Text to Voice: A Reproducible and Verifiable Framework for Evaluating Tool Calling LLM Agents
A dataset-agnostic framework converts text tool-calling benchmarks to paired audio evaluations via TTS, speaker variation and noise, then evaluates seven omni-modal models showing model- and task-dependent performance with small text-to-voice gaps.
-
Attention Once Is All You Need: Efficient Streaming Inference with Stateful Transformers
Stateful sessions with incremental KV cache and flash queries allow O(|q|) latency in streaming transformer inference, delivering up to 5.9x speedup over conventional engines while preserving full attention.
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Agentic Retrieval-Augmented Generation for Financial Document Question Answering
FinAgent-RAG achieves 76.81-78.46% execution accuracy on financial QA benchmarks by combining contrastive retrieval, program-of-thought code generation, and adaptive strategy routing, outperforming baselines by 5.62-9.32 points.
-
Effective Performance Measurement: Challenges and Opportunities in KPI Extraction from Earnings Calls
Encoder models trained on SEC filings struggle with earnings calls due to domain shift, while LLMs enable open-ended KPI extraction with 79.7% human-verified precision on newly introduced benchmarks.
-
RouteNLP: Closed-Loop LLM Routing with Conformal Cascading and Distillation Co-Optimization
RouteNLP is a closed-loop LLM routing framework using conformal cascading and distillation co-optimization that cut inference costs by 58% in an 8-week enterprise deployment while preserving 91% acceptance and high quality on benchmarks.
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Cross-Stock Predictability via LLM-Augmented Semantic Networks
LLM filtering of embedding-based stock networks raises long-short Sharpe ratio from 0.742 to 0.820 and cuts max drawdown from -10.47% to -7.85% in 2011-2019 S&P 500 backtests.
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QRAFTI: An Agentic Framework for Empirical Research in Quantitative Finance
QRAFTI is a multi-agent framework using tool-calling and reflection-based planning to emulate quant research tasks like factor replication and signal testing on financial data.
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MFMDQwen: Multilingual Financial Misinformation Detection Based on Large Language Model
MFMDQwen is the first open-source LLM for multilingual financial misinformation detection, backed by a new instruction dataset and benchmark on which it outperforms other open-source models.
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SenseAI: A Human-in-the-Loop Dataset for RLHF-Aligned Financial Sentiment Reasoning
SenseAI is a human-in-the-loop financial sentiment dataset with reasoning processes and market outcomes that reveals predictable LLM error patterns like Latent Reasoning Drift for RLHF alignment.
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SysTradeBench: An Iterative Build-Test-Patch Benchmark for Strategy-to-Code Trading Systems with Drift-Aware Diagnostics
SysTradeBench evaluates 17 LLMs on 12 trading strategies, finding over 91.7% code validity but rapid convergence in iterative fixes and a continued need for human oversight on critical strategies.
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PolySwarm: A Multi-Agent Large Language Model Framework for Prediction Market Trading and Latency Arbitrage
PolySwarm aggregates predictions from 50 LLM personas for Polymarket trading using Bayesian combination and divergence metrics, outperforming single models in calibration while adding latency arbitrage via CEX price models.
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CGCMA: Conditionally-Gated Cross-Modal Attention for Event-Conditioned Asynchronous Fusion
CGCMA separates text-conditioned grounding from lag-aware trust gating to fuse asynchronous price and web data, yielding the highest Sharpe ratio of +0.449 on a new crypto news corpus.
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Understanding Structured Financial Data with LLMs: A Case Study on Fraud Detection
FinFRE-RAG combines importance-guided feature reduction with label-aware retrieval-augmented generation to boost LLM performance on tabular fraud detection across four public datasets while providing human-readable rationales.
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MM-Telco: Benchmarks and Multimodal Large Language Models for Telecom Applications
MM-Telco creates multimodal benchmarks for telecom and demonstrates that fine-tuned LLMs and VLMs achieve significant performance gains on domain-specific tasks.
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Learning to Conceal Risk: Controllable Multi-turn Red Teaming for LLMs in the Financial Domain
CoRT achieves 95% average attack success rate on nine LLMs by using iterative risk-concealing prompts and a controller that scores concealment levels on a new 522-instruction financial risk benchmark.
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The Dark Side of LLMs: Agent-based Attack Vectors for System-level Compromise
Testing 18 LLMs found 94.4% vulnerable to direct prompt injection for malware installation, 83.3% to RAG backdoor attacks, and 100% to inter-agent trust exploitation in multi-agent systems.
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From Time Series Analysis to Question Answering: A Survey in the LLM Era
A survey proposing a taxonomy of Injective, Bridging, and Internal Alignment paradigms to evolve TSA into user-driven Time Series Question Answering with LLMs.
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ConfusionPrompt: Practical Private Inference for Online Large Language Models
ConfusionPrompt enables private black-box LLM inference via prompt decomposition and pseudo-prompt mixing, claiming better privacy-utility trade-off than perturbation methods and lower memory use than open-source local models.
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Jailbreaking Black Box Large Language Models in Twenty Queries
PAIR uses an attacker LLM to iteratively craft effective jailbreak prompts for black-box target LLMs in fewer than 20 queries.
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SmoothLLM: Defending Large Language Models Against Jailbreaking Attacks
SmoothLLM mitigates jailbreaking attacks on LLMs by randomly perturbing multiple copies of a prompt at the character level and aggregating the outputs to detect adversarial inputs.
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Reasoning through Verifiable Forecast Actions: Consistency-Grounded RL for Financial LLMs
StockR1 unifies LLM-based financial reasoning and time-series forecasting by emitting verifiable forecast actions that condition a decoder, optimized via consistency-grounded RL to improve accuracy on QA and prediction tasks.
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MeMo: Memory as a Model
MeMo encodes new knowledge into a separate memory model that integrates with frozen LLMs, showing strong performance on QA benchmarks while avoiding catastrophic forgetting and working without access to model weights.
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Semantic State Abstraction Interfaces for LLM-Augmented Portfolio Decisions: Multi-Axis News Decomposition and RL Diagnostics
SSAI maps news into four factors (sentiment, risk, confidence, volatility) for trading, but factor portfolios, ridge models, and RL agents show no reliable edge over baselines after coverage controls and costs.
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FinGround: Detecting and Grounding Financial Hallucinations via Atomic Claim Verification
FinGround reduces financial hallucinations by 68% over baselines in retrieval-equalized tests through atomic claim verification and grounding, with an 8B model retaining 91.4% F1 at low cost.
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When Valid Signals Fail: Regime Boundaries Between LLM Features and RL Trading Policies
LLM features optimized for high information coefficient with returns do not reliably improve PPO trading policies under distribution shifts, where price-only or macro baselines remain more robust.
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PRAGMA: Revolut Foundation Model
PRAGMA pre-trains a Transformer on heterogeneous banking events with a tailored self-supervised masked objective, yielding embeddings that support strong downstream performance on credit scoring, fraud detection, and lifetime value prediction using linear heads or light fine-tuning.
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CROP: Token-Efficient Reasoning in Large Language Models via Regularized Prompt Optimization
CROP achieves 80.6% token reduction on GSM8K, LogiQA and BIG-Bench Hard with only nominal accuracy decline by regularizing automatic prompt optimization with response-length feedback.
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FinReporting: An Agentic Workflow for Localized Reporting of Cross-Jurisdiction Financial Disclosures
FinReporting is an agentic system that constructs a canonical ontology spanning income statements, balance sheets, and cash flows, then decomposes cross-jurisdiction reporting into auditable stages with LLM-based constrained verification.
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AI Agents in Financial Markets: Architecture, Applications, and Systemic Implications
The paper develops a four-layer AI agent architecture and the Agentic Financial Market Model linking agent parameters such as autonomy and coupling to market efficiency, liquidity, and systemic risk, with an exploratory event-study application.
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BoHA: Blockwise Hadamard Product Adaptation for Parameter-Efficient Fine-Tuning
BoHA partitions frozen weights into a b by b grid and applies independent low-rank Hadamard factors per block, outperforming LoRA on matched-budget single-task averages while retaining 57.66% first-stage accuracy in a commonsense-to-arithmetic continual-learning test on Llama-3.2-3B.
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MulFSA: Multi-level Financial Sentiment Analysis Framework for Bond Market
MulFSA combines micro-level firm sentiment, meso-level industry sentiment, and duration-aware smoothing from PLMs/LLMs to extract a daily sentiment index that reduces credit spread forecast errors by 10.25% MAE and 11.94% MAPE on a 1.35M-text Chinese bond corpus.
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A Multi-Agent Orchestration Framework for Venture Capital Due Diligence
A multi-agent orchestration framework automates VC due diligence using LLMs, web retrieval, and a programmatic pipeline to extract and parse official Greek business registry filings while flagging data gaps.
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AgenticAITA: A Proof-Of-Concept About Deliberative Multi-Agent Reasoning for Autonomous Trading Systems
AgenticAITA proposes a training-free multi-agent LLM framework for autonomous trading using a deliberative pipeline, Z-score triggers, and safety gates, shown to run correctly in a five-day live dry-run with 157 invocations.
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ComplianceNLP: Knowledge-Graph-Augmented RAG for Multi-Framework Regulatory Gap Detection
ComplianceNLP integrates knowledge-graph-augmented RAG, multi-task legal text extraction, and gap analysis to detect regulatory compliance gaps, reporting 87.7 F1 and real-world efficiency gains over GPT-4o baselines.
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Multi-Model Synthetic Training for Mission-Critical Small Language Models
Fine-tunes Qwen2.5-7B on 21,543 synthetic maritime Q&A pairs generated from 3.2B AIS records by GPT-4o and o3-mini, reaching 75% accuracy at 261x lower inference cost than larger models.
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What Factors Affect LLMs and RLLMs in Financial Question Answering?
Prompting and agent methods boost standard LLMs on financial QA by simulating long chain-of-thought reasoning, but reasoning LLMs already have this capability and show limited further gains, while multilingual alignment helps mainly by lengthening reasoning with minimal benefit for reasoning models.
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Deploying Large AI Models on Resource-Limited Devices with Split Federated Learning
SFLAM is a quantized split federated fine-tuning framework for large AI models that reduces device memory, energy use, and latency via split learning, optimization strategies, and simulations showing gains over conventional methods.
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Developing an ESG-Oriented Large Language Model through ESG Practices
ESG-adapted versions of Qwen-3-4B using LoRA and IRM outperform the base model and Llama-3/Gemma-3 baselines on generative ESG question-answering tasks.
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Towards EnergyGPT: A Large Language Model Specialized for the Energy Sector
Fine-tuned LLaMA 3.1-8B variants for the energy sector outperform the base model on domain QA benchmarks, with LoRA delivering similar gains at lower training cost.
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Bridging Language Models and Financial Analysis
A survey synthesizing recent LLM research and assessing its applicability to financial data analysis.
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A Comprehensive Overview of Large Language Models
A survey paper providing an overview of Large Language Models, their background, and recent advances in the field.
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