Daily Papers

Large language models (LLMs) are increasingly being applied to financial analysis, reporting, investment decision support, risk management, compliance, and professional training. However, robust evaluation of their domain competence in finance remains incomplete. Widely used open benchmarks such as FinQA, ConvFinQA, and TAT-QA have played an important role in advancing financial question answering and numerical reasoning, but they focus primarily on question answering over financial reports and do not provide an explicit hierarchy of professional difficulty. Broader resources, including FinanceBench, PIXIU, FinBen, and FLaME, expand the coverage of financial tasks, yet the problem of evaluating the transition from foundational knowledge to expert-level financial reasoning remains open. In this work, we present FINESSE-Bench, a suite of eight specialized benchmarks comprising 3,993 questions for hierarchical evaluation of financial competencies in LLMs. FINESSE-Bench combines exam-oriented datasets inspired by professional certifications (CFA-like Levels 1-3, CMT-like Level 2, and CFTe-like Level 1), applied trading task collections, and a Russian-language olympiad benchmark. This design enables evaluation of domain breadth, performance degradation as difficulty increases, the ability to solve computational tasks, and model behavior in specialized financial domains. We also describe a unified evaluation protocol covering multiple-choice questions, numerical answers, and short open-ended responses, together with an automated scoring scheme for freeform answers based on the LLM-as-judge paradigm. FINESSE-Bench is intended both as a complement to existing open financial benchmarks and as a tool for more substantive evaluation of professionally relevant financial competencies in large language models.

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. As a next step, we plan to release training logs (Chronicles) detailing our experience in training BloombergGPT.

LLM agents struggle with regulatory audit replay: when asked to reproduce a flagged transaction decision with identical inputs, many deployments fail to return consistent results. We introduce the Determinism-Faithfulness Assurance Harness (DFAH), a framework for measuring trajectory determinism, decision determinism, and evidence-conditioned faithfulness in tool-using agents deployed in financial services. Across 4,700+ agentic runs (7 models, 4 providers, 3 financial benchmarks with 50 cases each at T=0.0), we find that decision determinism and task accuracy are not detectably correlated (r = -0.11, 95% CI [-0.49, 0.31], p = 0.63, n = 21 configurations): models can be deterministic without being accurate, and accurate without being deterministic. Because neither metric predicts the other in our sample, both must be measured independently, which is precisely what DFAH provides. Small models (7-20B) achieve near-perfect determinism through rigid pattern matching at the cost of accuracy (20-42%), while frontier models show moderate determinism (50-96%) with variable accuracy. No model achieves both perfect determinism and high accuracy, supporting DFAH's multi-dimensional measurement approach. We provide three financial benchmarks (compliance triage, portfolio constraints, and DataOps exceptions; 50 cases each) together with an open-source stress-test harness. Across these benchmarks and DFAH evaluation settings, Tier 1 models with schema-first architectures achieved determinism levels consistent with audit replay requirements.

Large language models (LLMs) have advanced financial applications, yet they often lack sufficient financial knowledge and struggle with tasks involving multi-modal inputs like tables and time series data. To address these limitations, we introduce Open-FinLLMs, a series of Financial LLMs. We begin with FinLLaMA, pre-trained on a 52 billion token financial corpus, incorporating text, tables, and time-series data to embed comprehensive financial knowledge. FinLLaMA is then instruction fine-tuned with 573K financial instructions, resulting in FinLLaMA-instruct, which enhances task performance. Finally, we present FinLLaVA, a multimodal LLM trained with 1.43M image-text instructions to handle complex financial data types. Extensive evaluations demonstrate FinLLaMA's superior performance over LLaMA3-8B, LLaMA3.1-8B, and BloombergGPT in both zero-shot and few-shot settings across 19 and 4 datasets, respectively. FinLLaMA-instruct outperforms GPT-4 and other Financial LLMs on 15 datasets. FinLLaVA excels in understanding tables and charts across 4 multimodal tasks. Additionally, FinLLaMA achieves impressive Sharpe Ratios in trading simulations, highlighting its robust financial application capabilities. We will continually maintain and improve our models and benchmarks to support ongoing innovation in academia and industry.

Financial large language models (FinLLMs) with multimodal capabilities are envisioned to revolutionize applications across business, finance, accounting, and auditing. However, real-world adoption requires robust benchmarks of FinLLMs' and agents' performance. Maintaining an open leaderboard of models is crucial for encouraging innovative adoption and improving model effectiveness. In collaboration with Linux Foundation and Hugging Face, we create an open FinLLM leaderboard, which serves as an open platform for assessing and comparing LLMs' performance on a wide spectrum of financial tasks. By demoncratizing access to advanced AI tools and financial knowledge, a chatbot or agent may enhance the analytical capabilities of the general public to a professional-level within a few months of usage. This open leaderboard welcomes contributions from academia, open-source community, industry, and stakeholders. In particular, we encourage contributions of new datasets, tasks, and models for continual update. Through fostering a collaborative and open ecosystem, we seek to ensure the long-term sustainability and relevance of LLMs and agents as they evolve with the financial sector's needs.

Pre-trained language models have shown impressive performance on a variety of tasks and domains. Previous research on financial language models usually employs a generic training scheme to train standard model architectures, without completely leveraging the richness of the financial data. We propose a novel domain specific Financial LANGuage model (FLANG) which uses financial keywords and phrases for better masking, together with span boundary objective and in-filing objective. Additionally, the evaluation benchmarks in the field have been limited. To this end, we contribute the Financial Language Understanding Evaluation (FLUE), an open-source comprehensive suite of benchmarks for the financial domain. These include new benchmarks across 5 NLP tasks in financial domain as well as common benchmarks used in the previous research. Experiments on these benchmarks suggest that our model outperforms those in prior literature on a variety of NLP tasks. Our models, code and benchmark data are publicly available on Github and Huggingface.

Financial document parsing requires accuracy, structural consistency, and verifiability that current benchmarks often fail to reflect. We present FinixDoc, an end-to-end agentic parsing system for real-world financial documents, with FinixDoc-VL, a 4B-scale vision-language model built on Qwen3-VL-4B, as its core parser. To characterize the gap between benchmark and deployment performance, we introduce a Document Parsing Capability Matrix organized along two practical axes: visual quality and document scale. Guided by this matrix, FinixDoc-VL is trained with a domain-adapted recipe combining homoglyph-aware contrastive learning and multi-stage reinforcement learning with composite domain-specific rewards. To better leverage our accumulated advantage in low-quality financial-document data and support large-scale, high-quality data production, we further build a human-in-the-loop Data Factory pipeline with confidence-aware expert review. For evaluation, we construct FinixDocBench, a financial-domain evaluation suite covering digital-native, camera-captured, ultra-large-page, and internal-workflow scenarios, with a compliance-reviewed subset released alongside this technical report. On its main subsets, FinixDoc-VL achieves the highest overall score (81.43) among evaluated baselines, outperforming the next-best open-source model by 5.13 points, with the largest gains on internal financial workflows (FinixInner: 84.08 vs. 78.73).

With the rapid advancement of Deep Research Agents in knowledge-intensive domains such as finance, establishing reliable and domain-aligned evaluation standards remains a critical challenge. Existing benchmarks focus on either closed-ended question answering or open-ended report evaluation, failing to jointly capture retrieval-reasoning accuracy and end-to-end research quality required in real-world workflows. We introduce ICBCBench, a consortium-driven benchmark for financial deep research, developed in collaboration with domain experts from a broad range of financial institutions and academia, involving over 50 experts across more than 40 organizations. It adopts a dual-track paradigm integrating objective tasks with verifiable answers and subjective long-form report evaluation, enabling complementary assessment of retrieval-reasoning accuracy and end-to-end report quality in terms of expert alignment, citation consistency, and source quality. Experiments on state-of-the-art DRAs and large language models reveal substantial gaps in complex reasoning, factual grounding, and report quality, highlighting the challenges of achieving industry-level performance. Our dataset and evaluation framework are available at https://github.com/DeepFin-Intelligence/ICBCBench.

AI agents can increasingly handle the mechanical tasks of financial analysis: retrieving documents, calculating formulas, updating spreadsheets. The harder, more valuable challenge is reasoning through the open-ended questions that define expert Analyst work. Existing benchmarks do not capture this class of problem, and those that attempt to evaluate open-ended reasoning rely on model-judged outputs that introduce noise and circularity. We present Hedge-Bench 1.0: a benchmark of 102 actual, on-the-job tasks grounded in the explicit reasoning traces of professional hedge fund analysts working with relevant information sources. This approach enables deterministic grading against verified expert steps. Frontier models and agents score below 16\% on the benchmark. We publish the dataset and evaluation harness at github.com/Trata-Inc/trata-hedge-bench.

Nowadays, large multilingual translation models demonstrate impressive translation capabilities in the machine translation benchmarks. This raises a practical question to the developers: is it worth developing translation models specialized for a particular language pair if you only need to support that language pair? To give an anecdotal answer to this question, we develop a family of small language models (0.8B, 1.4B, 3.3B, and 7B parameters) specialized for Japanese-English bidirectional translation. We employ a two-stage supervised fine-tuning approach followed by Multi-Objective GRPO (Ichihara et al. 2025) to train models on synthetically generated parallel corpora. We evaluate our models on WMT and real-world translation benchmarks across business, legal, medical, financial, and patent domains. While multilingual models achieve strong performance on WMT benchmarks, our compact models outperform them on real-world benchmarks, suggesting the practical utility of developing specialized translation models even in the era of large multilingual models.

Low-rank adaptation (LoRA) methods show great potential for scaling pre-trained general-purpose Large Language Models (LLMs) to hundreds or thousands of use scenarios. However, their efficacy in high-stakes domains like finance is rarely explored, e.g., passing CFA exams and analyzing SEC filings. In this paper, we present the open-source FinLoRA project that benchmarks LoRA methods on both general and highly professional financial tasks. First, we curated 19 datasets covering diverse financial applications; in particular, we created four novel XBRL analysis datasets based on 150 SEC filings. Second, we evaluated five LoRA methods and five base LLMs. Finally, we provide extensive experimental results in terms of accuracy, F1, and BERTScore and report computational cost in terms of time and GPU memory during fine-tuning and inference stages. We find that LoRA methods achieved substantial performance gains of 36\% on average over base models. Our FinLoRA project provides an affordable and scalable approach to democratize financial intelligence to the general public. Datasets, LoRA adapters, code, and documentation are available at https://github.com/Open-Finance-Lab/FinLoRA

Large Language Models (LLMs) have shown promise for financial applications, yet their suitability for this high-stakes domain remains largely unproven due to inadequacies in existing benchmarks. Existing benchmarks solely rely on score-level evaluation, summarizing performance with a single score that obscures the nuanced understanding of what models truly know and their precise limitations. They also rely on datasets that cover only a narrow subset of financial concepts, while overlooking other essentials for real-world applications. To address these gaps, we introduce FinCDM, the first cognitive diagnosis evaluation framework tailored for financial LLMs, enabling the evaluation of LLMs at the knowledge-skill level, identifying what financial skills and knowledge they have or lack based on their response patterns across skill-tagged tasks, rather than a single aggregated number. We construct CPA-QKA, the first cognitively informed financial evaluation dataset derived from the Certified Public Accountant (CPA) examination, with comprehensive coverage of real-world accounting and financial skills. It is rigorously annotated by domain experts, who author, validate, and annotate questions with high inter-annotator agreement and fine-grained knowledge labels. Our extensive experiments on 30 proprietary, open-source, and domain-specific LLMs show that FinCDM reveals hidden knowledge gaps, identifies under-tested areas such as tax and regulatory reasoning overlooked by traditional benchmarks, and uncovers behavioral clusters among models. FinCDM introduces a new paradigm for financial LLM evaluation by enabling interpretable, skill-aware diagnosis that supports more trustworthy and targeted model development, and all datasets and evaluation scripts will be publicly released to support further research.

Language models have shown promising performance on the task of translating natural language questions into SQL queries (Text-to-SQL). However, most of the state-of-the-art (SOTA) approaches rely on powerful yet closed-source large language models (LLMs), such as ChatGPT and GPT-4, which may have the limitations of unclear model architectures, data privacy risks, and expensive inference overheads. To address the limitations, we introduce CodeS, a series of pre-trained language models with parameters ranging from 1B to 15B, specifically designed for the text-to-SQL task. CodeS is a fully open-source language model, which achieves superior accuracy with much smaller parameter sizes. This paper studies the research challenges in building CodeS. To enhance the SQL generation abilities of CodeS, we adopt an incremental pre-training approach using a specifically curated SQL-centric corpus. Based on this, we address the challenges of schema linking and rapid domain adaptation through strategic prompt construction and a bi-directional data augmentation technique. We conduct comprehensive evaluations on multiple datasets, including the widely used Spider benchmark, the newly released BIRD benchmark, robustness-diagnostic benchmarks such as Spider-DK, Spider-Syn, Spider-Realistic, and Dr.Spider, as well as two real-world datasets created for financial and academic applications. The experimental results show that our CodeS achieves new SOTA accuracy and robustness on nearly all challenging text-to-SQL benchmarks.

We present MiroThinker-1.7, a new research agent designed for complex long-horizon reasoning tasks. Building on this foundation, we further introduce MiroThinker-H1, which extends the agent with heavy-duty reasoning capabilities for more reliable multi-step problem solving. In particular, MiroThinker-1.7 improves the reliability of each interaction step through an agentic mid-training stage that emphasizes structured planning, contextual reasoning, and tool interaction. This enables more effective multi-step interaction and sustained reasoning across complex tasks. MiroThinker-H1 further incorporates verification directly into the reasoning process at both local and global levels. Intermediate reasoning decisions can be evaluated and refined during inference, while the overall reasoning trajectory is audited to ensure that final answers are supported by coherent chains of evidence. Across benchmarks covering open-web research, scientific reasoning, and financial analysis, MiroThinker-H1 achieves state-of-the-art performance on deep research tasks while maintaining strong results on specialized domains. We also release MiroThinker-1.7 and MiroThinker-1.7-mini as open-source models, providing competitive research-agent capabilities with significantly improved efficiency.

AI agents are increasingly deployed for professional investment research, yet no benchmark captures the complexity of the full investor workflow. Existing benchmarks mainly target financial data extraction, a narrow slice that current models have largely saturated, while reference-based metrics and generic LLM-as-a-judge scoring fall short on the open-ended, long-form answers that real analyst queries demand. We introduce FrontierFinance, a fully open benchmark of 220 expert-crafted queries and 11,543 source-attributed rubrics spanning six crucial use cases across the full investor workflow. FrontierFinance is both broader and harder than existing public finance benchmarks. Evaluating frontier models and agent systems under a common harness restricted to publicly available data, we find that the tool harness, not the model alone, strongly shapes quality and efficiency; that Samaya's in-house system leads at 56.0%, ahead of the strongest frontier model (Claude Fable 5, 49.2%) at roughly 2.2x lower cost; and that the best open-weight model (Kimi K3, 46.4%) nearly matches the best proprietary model at 4.5x lower cost. Screening & Discovery and Sector, Industry & Macro remain the hardest use cases across all systems, where even the best systems reach only 33% and 39%. We make the dataset and grading code publicly available.

Large Language Models (LLMs) have demonstrated strong general capabilities, yet their deployment in finance remains challenging due to dense domain-specific terminology, stringent numerical reasoning requirements, and low tolerance for factual errors. We conduct a controlled empirical study showing that in specialized vertical domains, performance is largely determined by the quality and difficulty/verifiability profile of post-training data. We introduce ODA-Fin-SFT-318k, constructed via multi-stage distillation and verification to produce high-quality Chain-of-Thought supervision, and ODA-Fin-RL-12k, curated for hard-but-verifiable tasks that balance reward precision and task diversity. Using standard SFT and RL pipelines, we show that high-quality CoT distillation establishes a robust foundation during SFT, while difficulty- and verifiability-aware sampling improves RL generalization. Evaluated on nine benchmarks spanning general financial tasks, sentiment analysis, and numerical reasoning, our ODA-Fin-RL-8B consistently surpasses open-source state-of-the-art (SOTA) financial LLMs of comparable size. We release our ODA-Fin-SFT-318k and ODA-Fin-RL-12k datasets, along with trained models to advance data-centric financial AI research.

Although large language models (LLMs) has shown great performance on natural language processing (NLP) in the financial domain, there are no publicly available financial tailtored LLMs, instruction tuning datasets, and evaluation benchmarks, which is critical for continually pushing forward the open-source development of financial artificial intelligence (AI). This paper introduces PIXIU, a comprehensive framework including the first financial LLM based on fine-tuning LLaMA with instruction data, the first instruction data with 136K data samples to support the fine-tuning, and an evaluation benchmark with 5 tasks and 9 datasets. We first construct the large-scale multi-task instruction data considering a variety of financial tasks, financial document types, and financial data modalities. We then propose a financial LLM called FinMA by fine-tuning LLaMA with the constructed dataset to be able to follow instructions for various financial tasks. To support the evaluation of financial LLMs, we propose a standardized benchmark that covers a set of critical financial tasks, including five financial NLP tasks and one financial prediction task. With this benchmark, we conduct a detailed analysis of FinMA and several existing LLMs, uncovering their strengths and weaknesses in handling critical financial tasks. The model, datasets, benchmark, and experimental results are open-sourced to facilitate future research in financial AI.

LLMs have transformed NLP and shown promise in various fields, yet their potential in finance is underexplored due to a lack of thorough evaluations and the complexity of financial tasks. This along with the rapid development of LLMs, highlights the urgent need for a systematic financial evaluation benchmark for LLMs. In this paper, we introduce FinBen, the first comprehensive open-sourced evaluation benchmark, specifically designed to thoroughly assess the capabilities of LLMs in the financial domain. FinBen encompasses 35 datasets across 23 financial tasks, organized into three spectrums of difficulty inspired by the Cattell-Horn-Carroll theory, to evaluate LLMs' cognitive abilities in inductive reasoning, associative memory, quantitative reasoning, crystallized intelligence, and more. Our evaluation of 15 representative LLMs, including GPT-4, ChatGPT, and the latest Gemini, reveals insights into their strengths and limitations within the financial domain. The findings indicate that GPT-4 leads in quantification, extraction, numerical reasoning, and stock trading, while Gemini shines in generation and forecasting; however, both struggle with complex extraction and forecasting, showing a clear need for targeted enhancements. Instruction tuning boosts simple task performance but falls short in improving complex reasoning and forecasting abilities. FinBen seeks to continuously evaluate LLMs in finance, fostering AI development with regular updates of tasks and models.

Financial risk prediction plays a crucial role in the financial sector. Machine learning methods have been widely applied for automatically detecting potential risks and thus saving the cost of labor. However, the development in this field is lagging behind in recent years by the following two facts: 1) the algorithms used are somewhat outdated, especially in the context of the fast advance of generative AI and large language models (LLMs); 2) the lack of a unified and open-sourced financial benchmark has impeded the related research for years. To tackle these issues, we propose FinPT and FinBench: the former is a novel approach for financial risk prediction that conduct Profile Tuning on large pretrained foundation models, and the latter is a set of high-quality datasets on financial risks such as default, fraud, and churn. In FinPT, we fill the financial tabular data into the pre-defined instruction template, obtain natural-language customer profiles by prompting LLMs, and fine-tune large foundation models with the profile text to make predictions. We demonstrate the effectiveness of the proposed FinPT by experimenting with a range of representative strong baselines on FinBench. The analytical studies further deepen the understanding of LLMs for financial risk prediction.

Financial analysis presents complex challenges that could leverage large language model (LLM) capabilities. However, the scarcity of challenging financial datasets, particularly for Japanese financial data, impedes academic innovation in financial analytics. As LLMs advance, this lack of accessible research resources increasingly hinders their development and evaluation in this specialized domain. To address this gap, we introduce EDINET-Bench, an open-source Japanese financial benchmark designed to evaluate the performance of LLMs on challenging financial tasks including accounting fraud detection, earnings forecasting, and industry prediction. EDINET-Bench is constructed by downloading annual reports from the past 10 years from Japan's Electronic Disclosure for Investors' NETwork (EDINET) and automatically assigning labels corresponding to each evaluation task. Our experiments reveal that even state-of-the-art LLMs struggle, performing only slightly better than logistic regression in binary classification for fraud detection and earnings forecasting. These results highlight significant challenges in applying LLMs to real-world financial applications and underscore the need for domain-specific adaptation. Our dataset, benchmark construction code, and evaluation code is publicly available to facilitate future research in finance with LLMs.

Evaluating Language Models (LMs) in specialized, high-stakes domains such as finance remains a significant challenge due to the scarcity of open, high-quality, and domain-specific datasets. Existing general-purpose benchmarks provide broad coverage but lack the depth and domain fidelity needed to assess LMs' capabilities for real-world financial reasoning, which requires both conceptual understanding and quantitative rigor. To address this gap, we introduce FinForge, a scalable, semi-synthetic pipeline for constructing finance-specific evaluation benchmarks through a hybrid of expert-guided data curation and controlled LM-based synthesis. FinForge combines manual and programmatic corpus construction from authoritative financial sources with structured question generation and validation using Gemini 2.5 Flash. To demonstrate the pipeline's efficacy, we produce FinForge-5k, a snapshot benchmark comprising over 5,000 human-validated question-answer pairs across 11 finance subdomains, derived from a curated corpus of 100,000 verified documents totaling 143M tokens. Evaluation of state-of-the-art open-source and closed-source models on FinForge-5k reveals significant differences in financial reasoning, with leading models achieving accuracy levels near 80%. These findings underscore the framework's utility for diagnosing current model limitations and guiding future improvements in financial domain competence. All code and data are available at https://github.com/gtfintechlab/FinForge.

FinanceBench is a first-of-its-kind test suite for evaluating the performance of LLMs on open book financial question answering (QA). It comprises 10,231 questions about publicly traded companies, with corresponding answers and evidence strings. The questions in FinanceBench are ecologically valid and cover a diverse set of scenarios. They are intended to be clear-cut and straightforward to answer to serve as a minimum performance standard. We test 16 state of the art model configurations (including GPT-4-Turbo, Llama2 and Claude2, with vector stores and long context prompts) on a sample of 150 cases from FinanceBench, and manually review their answers (n=2,400). The cases are available open-source. We show that existing LLMs have clear limitations for financial QA. Notably, GPT-4-Turbo used with a retrieval system incorrectly answered or refused to answer 81% of questions. While augmentation techniques such as using longer context window to feed in relevant evidence improve performance, they are unrealistic for enterprise settings due to increased latency and cannot support larger financial documents. We find that all models examined exhibit weaknesses, such as hallucinations, that limit their suitability for use by enterprises.

Large language models excel in general tasks, yet assessing their reliability in logic-heavy, precision-critical domains like finance, law, and healthcare remains challenging. To address this, we introduce BizFinBench, the first benchmark specifically designed to evaluate LLMs in real-world financial applications. BizFinBench consists of 6,781 well-annotated queries in Chinese, spanning five dimensions: numerical calculation, reasoning, information extraction, prediction recognition, and knowledge-based question answering, grouped into nine fine-grained categories. The benchmark includes both objective and subjective metrics. We also introduce IteraJudge, a novel LLM evaluation method that reduces bias when LLMs serve as evaluators in objective metrics. We benchmark 25 models, including both proprietary and open-source systems. Extensive experiments show that no model dominates across all tasks. Our evaluation reveals distinct capability patterns: (1) In Numerical Calculation, Claude-3.5-Sonnet (63.18) and DeepSeek-R1 (64.04) lead, while smaller models like Qwen2.5-VL-3B (15.92) lag significantly; (2) In Reasoning, proprietary models dominate (ChatGPT-o3: 83.58, Gemini-2.0-Flash: 81.15), with open-source models trailing by up to 19.49 points; (3) In Information Extraction, the performance spread is the largest, with DeepSeek-R1 scoring 71.46, while Qwen3-1.7B scores 11.23; (4) In Prediction Recognition, performance variance is minimal, with top models scoring between 39.16 and 50.00. We find that while current LLMs handle routine finance queries competently, they struggle with complex scenarios requiring cross-concept reasoning. BizFinBench offers a rigorous, business-aligned benchmark for future research. The code and dataset are available at https://github.com/HiThink-Research/BizFinBench.

Financial-research answers are decision-relevant only when another analyst can audit how they were produced: which source was chosen, which period and accounting definition were used, which assumptions were made, and how the calculation was performed. Existing finance benchmarks largely evaluate isolated subskills or final answers, leaving the auditable derivation itself under-measured. We introduce BigFinanceBench, a 928-item expert-authored benchmark of open-ended financial-research tasks in which each item pairs a ground-truth reference answer with a point-weighted rubric that decomposes the derivation into independently checkable steps. BigFinanceBench is workflow-grounded in that it evaluates the full derivation rather than only the final output. Across 36,241 rubric points, the benchmark supports partial-credit evaluation and localization of failures across the analyst workflow. Evaluating ten current frontier and open-weight agents, we find substantial headroom: the best system reaches only 58.8% rubric score, final-answer accuracy is a useful but lossy proxy for derivation quality, and model capability varies non-uniformly across financial workflows.

In the swiftly expanding domain of Natural Language Processing (NLP), the potential of GPT-based models for the financial sector is increasingly evident. However, the integration of these models with financial datasets presents challenges, notably in determining their adeptness and relevance. This paper introduces a distinctive approach anchored in the Instruction Tuning paradigm for open-source large language models, specifically adapted for financial contexts. Through this methodology, we capitalize on the interoperability of open-source models, ensuring a seamless and transparent integration. We begin by explaining the Instruction Tuning paradigm, highlighting its effectiveness for immediate integration. The paper presents a benchmarking scheme designed for end-to-end training and testing, employing a cost-effective progression. Firstly, we assess basic competencies and fundamental tasks, such as Named Entity Recognition (NER) and sentiment analysis to enhance specialization. Next, we delve into a comprehensive model, executing multi-task operations by amalgamating all instructional tunings to examine versatility. Finally, we explore the zero-shot capabilities by earmarking unseen tasks and incorporating novel datasets to understand adaptability in uncharted terrains. Such a paradigm fortifies the principles of openness and reproducibility, laying a robust foundation for future investigations in open-source financial large language models (FinLLMs).

Large vision-language models (LVLMs) have made significant progress in chart understanding. However, financial charts, characterized by complex temporal structures and domain-specific terminology, remain notably underexplored. We introduce FinChart-Bench, the first benchmark specifically focused on real-world financial charts. FinChart-Bench comprises 1,200 financial chart images collected from 2015 to 2024, each annotated with True/False (TF), Multiple Choice (MC), and Question Answering (QA) questions, totaling 7,016 questions. We conduct a comprehensive evaluation of 25 state-of-the-art LVLMs on FinChart-Bench. Our evaluation reveals critical insights: (1) the performance gap between open-source and closed-source models is narrowing, (2) performance degradation occurs in upgraded models within families, (3) many models struggle with instruction following, (4) both advanced models show significant limitations in spatial reasoning abilities, and (5) current LVLMs are not reliable enough to serve as automated evaluators. These findings highlight important limitations in current LVLM capabilities for financial chart understanding. The FinChart-Bench dataset is available at https://huggingface.co/datasets/Tizzzzy/FinChart-Bench.

Retrieval-augmented generation (RAG) based large language models (LLMs) are widely used in finance for their excellent performance on knowledge-intensive tasks. However, standardized documents (e.g., SEC filing) share similar formats such as repetitive boilerplate texts, and similar table structures. This similarity forces traditional RAG methods to misidentify near-duplicate text, leading to duplicate retrieval that undermines accuracy and completeness. To address these issues, we propose the Hierarchical Retrieval with Evidence Curation (HiREC) framework. Our approach first performs hierarchical retrieval to reduce confusion among similar texts. It first retrieve related documents and then selects the most relevant passages from the documents. The evidence curation process removes irrelevant passages. When necessary, it automatically generates complementary queries to collect missing information. To evaluate our approach, we construct and release a Large-scale Open-domain Financial (LOFin) question answering benchmark that includes 145,897 SEC documents and 1,595 question-answer pairs. Our code and data are available at https://github.com/deep-over/LOFin-bench-HiREC.

Search has emerged as core infrastructure for LLM-based agents and is widely viewed as critical on the path toward more general intelligence. Finance is a particularly demanding proving ground: analysts routinely conduct complex, multi-step searches over time-sensitive, domain-specific data, making it ideal for assessing both search proficiency and knowledge-grounded reasoning. Yet no existing open financial datasets evaluate data searching capability of end-to-end agents, largely because constructing realistic, complicated tasks requires deep financial expertise and time-sensitive data is hard to evaluate. We present FinSearchComp, the first fully open-source agent benchmark for realistic, open-domain financial search and reasoning. FinSearchComp comprises three tasks -- Time-Sensitive Data Fetching, Simple Historical Lookup, and Complex Historical Investigation -- closely reproduce real-world financial analyst workflows. To ensure difficulty and reliability, we engage 70 professional financial experts for annotation and implement a rigorous multi-stage quality-assurance pipeline. The benchmark includes 635 questions spanning global and Greater China markets, and we evaluate 21 models (products) on it. Grok 4 (web) tops the global subset, approaching expert-level accuracy. DouBao (web) leads on the Greater China subset. Experimental analyses show that equipping agents with web search and financial plugins substantially improves results on FinSearchComp, and the country origin of models and tools impact performance significantly.By aligning with realistic analyst tasks and providing end-to-end evaluation, FinSearchComp offers a professional, high-difficulty testbed for complex financial search and reasoning.

Large Language Models (LLMs) have shown strong capabilities across many domains, yet their evaluation in financial quantitative tasks remains fragmented and mostly limited to knowledge-centric question answering. We introduce QuantEval, a benchmark that evaluates LLMs across three essential dimensions of quantitative finance: knowledge-based QA, quantitative mathematical reasoning, and quantitative strategy coding. Unlike prior financial benchmarks, QuantEval integrates a CTA-style backtesting framework that executes model-generated strategies and evaluates them using financial performance metrics, enabling a more realistic assessment of quantitative coding ability. We evaluate some state-of-the-art open-source and proprietary LLMs and observe substantial gaps to human experts, particularly in reasoning and strategy coding. Finally, we conduct large-scale supervised fine-tuning and reinforcement learning experiments on domain-aligned data, demonstrating consistent improvements. We hope QuantEval will facilitate research on LLMs' quantitative finance capabilities and accelerate their practical adoption in real-world trading workflows. We additionally release the full deterministic backtesting configuration (asset universe, cost model, and metric definitions) to ensure strict reproducibility.

In this paper, we introduce FAMMA, an open-source benchmark for financial multilingual multimodal question answering (QA). Our benchmark aims to evaluate the abilities of multimodal large language models (MLLMs) in answering questions that require advanced financial knowledge and sophisticated reasoning. It includes 1,758 meticulously collected question-answer pairs from university textbooks and exams, spanning 8 major subfields in finance including corporate finance, asset management, and financial engineering. Some of the QA pairs are written in Chinese or French, while a majority of them are in English. These questions are presented in a mixed format combining text and heterogeneous image types, such as charts, tables, and diagrams. We evaluate a range of state-of-the-art MLLMs on our benchmark, and our analysis shows that FAMMA poses a significant challenge for these models. Even advanced systems like GPT-4o and Claude-35-Sonnet achieve only 42\% accuracy. Additionally, the open-source Qwen2-VL lags notably behind its proprietary counterparts. Lastly, we explore GPT o1-style reasoning chains to enhance the models' reasoning capabilities, which significantly improve error correction. Our FAMMA benchmark will facilitate future research to develop expert systems in financial QA. The leaderboard is available at https://famma-bench.github.io/famma/ .

Recent advancements have underscored the potential of large language model (LLM)-based agents in financial decision-making. Despite this progress, the field currently encounters two main challenges: (1) the lack of a comprehensive LLM agent framework adaptable to a variety of financial tasks, and (2) the absence of standardized benchmarks and consistent datasets for assessing agent performance. To tackle these issues, we introduce InvestorBench, the first benchmark specifically designed for evaluating LLM-based agents in diverse financial decision-making contexts. InvestorBench enhances the versatility of LLM-enabled agents by providing a comprehensive suite of tasks applicable to different financial products, including single equities like stocks, cryptocurrencies and exchange-traded funds (ETFs). Additionally, we assess the reasoning and decision-making capabilities of our agent framework using thirteen different LLMs as backbone models, across various market environments and tasks. Furthermore, we have curated a diverse collection of open-source, multi-modal datasets and developed a comprehensive suite of environments for financial decision-making. This establishes a highly accessible platform for evaluating financial agents' performance across various scenarios.

We introduce FinCriticalED (Financial Critical Error Detection), a visual benchmark for evaluating OCR and vision language models on financial documents at the fact level. Financial documents contain visually dense and table heavy layouts where numerical and temporal information is tightly coupled with structure. In high stakes settings, small OCR mistakes such as sign inversion or shifted dates can lead to materially different interpretations, while traditional OCR metrics like ROUGE and edit distance capture only surface level text similarity. \ficriticaled provides 500 image-HTML pairs with expert annotated financial facts covering over seven hundred numerical and temporal facts. It introduces three key contributions. First, it establishes the first fact level evaluation benchmark for financial document understanding, shifting evaluation from lexical overlap to domain critical factual correctness. Second, all annotations are created and verified by financial experts with strict quality control over signs, magnitudes, and temporal expressions. Third, we develop an LLM-as-Judge evaluation pipeline that performs structured fact extraction and contextual verification for visually complex financial documents. We benchmark OCR systems, open source vision language models, and proprietary models on FinCriticalED. Results show that although the strongest proprietary models achieve the highest factual accuracy, substantial errors remain in visually intricate numerical and temporal contexts. Through quantitative evaluation and expert case studies, FinCriticalED provides a rigorous foundation for advancing visual factual precision in financial and other precision critical domains.

As a typical and practical application of Large Language Models (LLMs), Retrieval-Augmented Generation (RAG) techniques have gained extensive attention, particularly in vertical domains where LLMs may lack domain-specific knowledge. In this paper, we introduce an omnidirectional and automatic RAG benchmark, OmniEval, in the financial domain. Our benchmark is characterized by its multi-dimensional evaluation framework, including (1) a matrix-based RAG scenario evaluation system that categorizes queries into five task classes and 16 financial topics, leading to a structured assessment of diverse query scenarios; (2) a multi-dimensional evaluation data generation approach, which combines GPT-4-based automatic generation and human annotation, achieving an 87.47\% acceptance ratio in human evaluations on generated instances; (3) a multi-stage evaluation system that evaluates both retrieval and generation performance, result in a comprehensive evaluation on the RAG pipeline; and (4) robust evaluation metrics derived from rule-based and LLM-based ones, enhancing the reliability of assessments through manual annotations and supervised fine-tuning of an LLM evaluator. Our experiments demonstrate the comprehensiveness of OmniEval, which includes extensive test datasets and highlights the performance variations of RAG systems across diverse topics and tasks, revealing significant opportunities for RAG models to improve their capabilities in vertical domains. We open source the code of our benchmark in https://github.com/RUC-NLPIR/OmniEval{https://github.com/RUC-NLPIR/OmniEval}.

We introduce FIRE, a comprehensive benchmark designed to evaluate both the theoretical financial knowledge of LLMs and their ability to handle practical business scenarios. For theoretical assessment, we curate a diverse set of examination questions drawn from widely recognized financial qualification exams, enabling evaluation of LLMs deep understanding and application of financial knowledge. In addition, to assess the practical value of LLMs in real-world financial tasks, we propose a systematic evaluation matrix that categorizes complex financial domains and ensures coverage of essential subdomains and business activities. Based on this evaluation matrix, we collect 3,000 financial scenario questions, consisting of closed-form decision questions with reference answers and open-ended questions evaluated by predefined rubrics. We conduct comprehensive evaluations of state-of-the-art LLMs on the FIRE benchmark, including XuanYuan 4.0, our latest financial-domain model, as a strong in-domain baseline. These results enable a systematic analysis of the capability boundaries of current LLMs in financial applications. We publicly release the benchmark questions and evaluation code to facilitate future research.

As multimodal AI becomes widely used for credit risk assessment and document review, a domain-specific benchmark is urgently needed that (1) reflects documents and workflows specific to financial credit applications, (2) includes credit-specific understanding and real-world robustness, and (3) preserves privacy compliance without sacrificing practical utility. Here, we introduce FCMBench-V1.0 -- a large-scale financial credit multimodal benchmark for real-world applications, covering 18 core certificate types, with 4,043 privacy-compliant images and 8,446 QA samples. The FCMBench evaluation framework consists of three dimensions: Perception, Reasoning, and Robustness, including 3 foundational perception tasks, 4 credit-specific reasoning tasks that require decision-oriented understanding of visual evidence, and 10 real-world acquisition artifact types for robustness stress testing. To reconcile compliance with realism, we construct all samples via a closed synthesis-capture pipeline: we manually synthesize document templates with virtual content and capture scenario-aware images in-house. This design also mitigates pre-training data leakage by avoiding web-sourced or publicly released images. FCMBench can effectively discriminate performance disparities and robustness across modern vision-language models. Extensive experiments were conducted on 23 state-of-the-art vision-language models (VLMs) from 14 top AI companies and research institutes. Among them, Gemini 3 Pro achieves the best F1(\%) score as a commercial model (64.61), Qwen3-VL-235B achieves the best score as an open-source baseline (57.27), and our financial credit-specific model, Qfin-VL-Instruct, achieves the top overall score (64.92). Robustness evaluations show that even top-performing models suffer noticeable performance drops under acquisition artifacts.

Agentic Reasoning has become a transformative force in financial analysis due to its ability to integrate large-scale information and generate reliable and accurate content. However, when handling complex real-world problems, different agents still show significant performance variation. In this work, we design Finance-LaTeX SKILL, a skill for synthesizing financial documents with complex layouts based on expert knowledge. Using an agent workflow built on this skill, we generate 2,000 professional financial documents along with 6,000 high-quality question-answer pairs. To evaluate the overall capability of agents, we introduce FinanceComplexQA, a comprehensive open-ended generation benchmark for financial documents that closely resembles real-world scenarios. It contains 2,026 deep research tasks targeting 1009 financial documents. FinanceComplexQA has 8 key features: bilingual support; coverage of six mainstream scenarios and seven tasks; expert-level document reasoning questions; deep research of complex layouts; relatively stable and permanent reference answers; and precise evaluation through an Agent-as-a-Judge with multiple evaluation metrics. Using FinanceComplexQA, we conduct a comprehensive evaluation of leading RAG systems and agentic reasoning tools for financial document QA. Through identifying and analyzing failure cases, we provide an in-depth study of their capabilities in numerical computation, multi-hop reasoning, content summarization, and industry analysis.

Large language models (LLMs) show promise for natural language tasks but struggle when applied directly to complex domains like finance. LLMs have difficulty reasoning about and integrating all relevant information. We propose a data-centric approach to enable LLMs to better handle financial tasks. Our key insight is that rather than overloading the LLM with everything at once, it is more effective to preprocess and pre-understand the data. We create a financial LLM (FLLM) using multitask prompt-based finetuning to achieve data pre-processing and pre-understanding. However, labeled data is scarce for each task. To overcome manual annotation costs, we employ abductive augmentation reasoning (AAR) to automatically generate training data by modifying the pseudo labels from FLLM's own outputs. Experiments show our data-centric FLLM with AAR substantially outperforms baseline financial LLMs designed for raw text, achieving state-of-the-art on financial analysis and interpretation tasks. We also open source a new benchmark for financial analysis and interpretation. Our methodology provides a promising path to unlock LLMs' potential for complex real-world domains.

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 environments remains highly challenging, requiring real-time information integration and adaptive responses. While existing efforts have explored live evaluation mechanisms in structured tasks, a critical gap remains in systematic benchmarking for real-world applications, particularly in finance where stringent requirements exist for live strategic responsiveness. To address this gap, we introduce AI-Trader, the first fully-automated, live, and data-uncontaminated evaluation benchmark for LLM agents in financial decision-making. AI-Trader spans three major financial markets: U.S. stocks, A-shares, and cryptocurrencies, with multiple trading granularities to simulate live financial environments. Our benchmark implements a revolutionary fully autonomous minimal information paradigm where agents receive only essential context and must independently search, verify, and synthesize live market information without human intervention. We evaluate six mainstream LLMs across three markets and multiple trading frequencies. Our analysis reveals striking findings: general intelligence does not automatically translate to effective trading capability, with most agents exhibiting poor returns and weak risk management. We demonstrate that risk control capability determines cross-market robustness, and that AI trading strategies achieve excess returns more readily in highly liquid markets than policy-driven environments. These findings expose critical limitations in current autonomous agents and provide clear directions for future improvements. The code and evaluation data are open-sourced to foster community research: https://github.com/HKUDS/AI-Trader.

As large language models become increasingly prevalent in the financial sector, there is a pressing need for a standardized method to comprehensively assess their performance. However, existing finance benchmarks often suffer from limited language and task coverage, as well as challenges such as low-quality datasets and inadequate adaptability for LLM evaluation. To address these limitations, we propose "Golden Touchstone", the first comprehensive bilingual benchmark for financial LLMs, which incorporates representative datasets from both Chinese and English across eight core financial NLP tasks. Developed from extensive open source data collection and industry-specific demands, this benchmark includes a variety of financial tasks aimed at thoroughly assessing models' language understanding and generation capabilities. Through comparative analysis of major models on the benchmark, such as GPT-4o Llama3, FinGPT and FinMA, we reveal their strengths and limitations in processing complex financial information. Additionally, we open-sourced Touchstone-GPT, a financial LLM trained through continual pre-training and financial instruction tuning, which demonstrates strong performance on the bilingual benchmark but still has limitations in specific tasks.This research not only provides the financial large language models with a practical evaluation tool but also guides the development and optimization of future research. The source code for Golden Touchstone and model weight of Touchstone-GPT have been made publicly available at https://github.com/IDEA-FinAI/Golden-Touchstone, contributing to the ongoing evolution of FinLLMs and fostering further research in this critical area.

Multimodal Large Language Models (MLLMs) have made substantial progress in recent years. However, their rigorous evaluation within specialized domains like finance is hindered by the absence of datasets characterized by professional-level knowledge intensity, detailed annotations, and advanced reasoning complexity. To address this critical gap, we introduce FinMR, a high-quality, knowledge-intensive multimodal dataset explicitly designed to evaluate expert-level financial reasoning capabilities at a professional analyst's standard. FinMR comprises over 3,200 meticulously curated and expertly annotated question-answer pairs across 15 diverse financial topics, ensuring broad domain diversity and integrating sophisticated mathematical reasoning, advanced financial knowledge, and nuanced visual interpretation tasks across multiple image types. Through comprehensive benchmarking with leading closed-source and open-source MLLMs, we highlight significant performance disparities between these models and professional financial analysts, uncovering key areas for model advancement, such as precise image analysis, accurate application of complex financial formulas, and deeper contextual financial understanding. By providing richly varied visual content and thorough explanatory annotations, FinMR establishes itself as an essential benchmark tool for assessing and advancing multimodal financial reasoning toward professional analyst-level competence.

We present initial results of a forthcoming benchmark for evaluating LLM agents on white-collar tasks of economic value. We evaluate agents on real-world "messy" open-web research tasks of the type that are routine in finance and consulting. In doing so, we lay the groundwork for an LLM agent evaluation suite where good performance directly corresponds to a large economic and societal impact. We built and tested several agent architectures with o1-preview, GPT-4o, Claude-3.5 Sonnet, Llama 3.1 (405b), and GPT-4o-mini. On average, LLM agents powered by Claude-3.5 Sonnet and o1-preview substantially outperformed agents using GPT-4o, with agents based on Llama 3.1 (405b) and GPT-4o-mini lagging noticeably behind. Across LLMs, a ReAct architecture with the ability to delegate subtasks to subagents performed best. In addition to quantitative evaluations, we qualitatively assessed the performance of the LLM agents by inspecting their traces and reflecting on their observations. Our evaluation represents the first in-depth assessment of agents' abilities to conduct challenging, economically valuable analyst-style research on the real open web.

We present BlueFin, a benchmark that tasks large language model (LLM) agents with synthesis, manipulation, and comprehension tasks over spreadsheet workbooks in the professional finance domain. Though estimates of the global population of paying users of spreadsheet software range in the hundreds of millions -- an order of magnitude more than the estimated global population of professional developers -- comparatively fewer resources have been devoted to exploring and expanding LLM capabilities in the spreadsheet domain, with fewer still dedicated to mirroring real occupational tasks encountered by those in professional finance roles. In response, we curate a set of 131 challenging, complex tasks with real-world relevance in the domain, containing 3,225 granular rubric criteria; notably, our rubric criteria and LM judge evaluations are validated by a team of expert human annotators, resulting in high-quality, granular evaluations of complex tasks that are difficult to verify programmatically but can be reliably evaluated by an LM judge agent. Our judge achieves parity with expert consensus (α=0.826) with a macro-F1 score of 0.839. Frontier LLMs demonstrate poor performance on the challenging benchmark, with the strongest LLMs achieving less than 50\% average scores across tasks -- models exhibit particular weaknesses in dynamic correctness. Our contributions include a dataset of examples across three categories of spreadsheet tasks, an open source harness and agentic evaluation framework, and a characterization of existing frontier models' performance on our benchmark.

Solving financial problems demands complex reasoning, multimodal data processing, and a broad technical understanding, presenting unique challenges for current large language models (LLMs). We introduce XFinBench, a novel benchmark with 4,235 examples designed to evaluate LLM's ability in solving complex, knowledge-intensive financial problems across diverse graduate-level finance topics with multi-modal context. We identify five core capabilities of LLMs using XFinBench, i.e, terminology understanding, temporal reasoning, future forecasting, scenario planning, and numerical modelling. Upon XFinBench, we conduct extensive experiments on 18 leading models. The result shows that o1 is the best-performing text-only model with an overall accuracy of 67.3%, but still lags significantly behind human experts with 12.5%, especially in temporal reasoning and scenario planning capabilities. We further construct a knowledge bank with 3,032 finance terms for knowledge augmentation analysis, and find that relevant knowledge to the question only brings consistent accuracy improvements to small open-source model. Additionally, our error analysis reveals that rounding errors during calculation and blindness to position and intersection of curves in the image are two primary issues leading to model's poor performance in calculating and visual-context questions, respectively. Code and dataset are accessible via GitHub: https://github.com/Zhihan72/XFinBench.

Financial AI holds great promise for transforming modern finance, with the potential to support a wide range of tasks such as market forecasting, portfolio management, quantitative trading, and automated analysis. However, existing platforms remain limited in task coverage, lack robust multimodal data integration, and offer insufficient support for the training and deployment of large language models (LLMs). In response to these limitations, we present FinWorld, an all-in-one open-source platform that provides end-to-end support for the entire financial AI workflow, from data acquisition to experimentation and deployment. FinWorld distinguishes itself through native integration of heterogeneous financial data, unified support for diverse AI paradigms, and advanced agent automation, enabling seamless development and deployment. Leveraging data from 2 representative markets, 4 stock pools, and over 800 million financial data points, we conduct comprehensive experiments on 4 key financial AI tasks. These experiments systematically evaluate deep learning and reinforcement learning algorithms, with particular emphasis on RL-based finetuning for LLMs and LLM Agents. The empirical results demonstrate that FinWorld significantly enhances reproducibility, supports transparent benchmarking, and streamlines deployment, thereby providing a strong foundation for future research and real-world applications. Code is available at Github~https://github.com/DVampire/FinWorld.

Large language models (LLMs) have been widely applied across various domains of finance. Since their training data are largely derived from human-authored corpora, LLMs may inherit a range of human biases. Behavioral biases can lead to instability and uncertainty in decision-making, particularly when processing financial information. However, existing research on LLM bias has mainly focused on direct questioning or simplified, general-purpose settings, with limited consideration of the complex real-world financial environments and high-risk, context-sensitive, multilingual financial misinformation detection tasks (\mfmd). In this work, we propose \mfmdscen, a comprehensive benchmark for evaluating behavioral biases of LLMs in \mfmd across diverse economic scenarios. In collaboration with financial experts, we construct three types of complex financial scenarios: (i) role- and personality-based, (ii) role- and region-based, and (iii) role-based scenarios incorporating ethnicity and religious beliefs. We further develop a multilingual financial misinformation dataset covering English, Chinese, Greek, and Bengali. By integrating these scenarios with misinformation claims, \mfmdscen enables a systematic evaluation of 22 mainstream LLMs. Our findings reveal that pronounced behavioral biases persist across both commercial and open-source models. This project will be available at https://github.com/lzw108/FMD.

Japanese finance combines agglutinative, head-final linguistic structure, mixed writing systems, and high-context communication norms that rely on indirect expression and implicit commitment, posing a substantial challenge for LLMs. We introduce Ebisu, a benchmark for native Japanese financial language understanding, comprising two linguistically and culturally grounded, expert-annotated tasks: JF-ICR, which evaluates implicit commitment and refusal recognition in investor-facing Q&A, and JF-TE, which assesses hierarchical extraction and ranking of nested financial terminology from professional disclosures. We evaluate a diverse set of open-source and proprietary LLMs spanning general-purpose, Japanese-adapted, and financial models. Results show that even state-of-the-art systems struggle on both tasks. While increased model scale yields limited improvements, language- and domain-specific adaptation does not reliably improve performance, leaving substantial gaps unresolved. Ebisu provides a focused benchmark for advancing linguistically and culturally grounded financial NLP. All datasets and evaluation scripts are publicly released.

In recent years, multimodal benchmarks for general domains have guided the rapid development of multimodal models on general tasks. However, the financial field has its peculiarities. It features unique graphical images (e.g., candlestick charts, technical indicator charts) and possesses a wealth of specialized financial knowledge (e.g., futures, turnover rate). Therefore, benchmarks from general fields often fail to measure the performance of multimodal models in the financial domain, and thus cannot effectively guide the rapid development of large financial models. To promote the development of large financial multimodal models, we propose MME-Finance, an bilingual open-ended and practical usage-oriented Visual Question Answering (VQA) benchmark. The characteristics of our benchmark are finance and expertise, which include constructing charts that reflect the actual usage needs of users (e.g., computer screenshots and mobile photography), creating questions according to the preferences in financial domain inquiries, and annotating questions by experts with 10+ years of experience in the financial industry. Additionally, we have developed a custom-designed financial evaluation system in which visual information is first introduced in the multi-modal evaluation process. Extensive experimental evaluations of 19 mainstream MLLMs are conducted to test their perception, reasoning, and cognition capabilities. The results indicate that models performing well on general benchmarks cannot do well on MME-Finance; for instance, the top-performing open-source and closed-source models obtain 65.69 (Qwen2VL-72B) and 63.18 (GPT-4o), respectively. Their performance is particularly poor in categories most relevant to finance, such as candlestick charts and technical indicator charts. In addition, we propose a Chinese version, which helps compare performance of MLLMs under a Chinese context.

Large language models (LLMs) play an increasingly important role in financial markets analysis by capturing signals from complex and heterogeneous textual data sources, such as tweets, news articles, reports, and microblogs. However, their performance is dependent on large computational resources and proprietary datasets, which are costly, restricted, and therefore inaccessible to many researchers and practitioners. To reflect realistic situations we investigate the ability of lightweight open-source LLMs -- smaller and publicly available models designed to operate with limited computational resources -- to generalize sentiment understanding from financial datasets of varying sizes, sources, formats, and languages. We compare the benchmark finance natural language processing (NLP) model, FinBERT, and three open-source lightweight LLMs, DeepSeek-LLM 7B, Llama3 8B Instruct, and Qwen3 8B on five publicly available datasets: FinancialPhraseBank, Financial Question Answering, Gold News Sentiment, Twitter Sentiment and Chinese Finance Sentiment. We find that LLMs, specially Qwen3 8B and Llama3 8B, perform best in most scenarios, even from using only 5% of the available training data. These results hold in zero-shot and few-shot learning scenarios. Our findings indicate that lightweight, open-source large language models (LLMs) constitute a cost-effective option, as they can achieve competitive performance on heterogeneous textual data even when trained on only a limited subset of the extensive annotated corpora that are typically deemed necessary.

In this work, we present the first open leaderboard for evaluating Korean large language models focused on finance. Operated for about eight weeks, the leaderboard evaluated 1,119 submissions on a closed benchmark covering five MCQA categories: finance and accounting, stock price prediction, domestic company analysis, financial markets, and financial agent tasks and one open-ended qa task. Building on insights from these evaluations, we release an open instruction dataset of 80k instances and summarize widely used training strategies observed among top-performing models. Finally, we introduce Won, a fully open and transparent LLM built using these best practices. We hope our contributions help advance the development of better and safer financial LLMs for Korean and other languages.

Frontier model progress is often measured by academic benchmarks, which offer a limited view of performance in real-world professional contexts. Existing evaluations often fail to assess open-ended, economically consequential tasks in high-stakes domains like Legal and Finance, where practical returns are paramount. To address this, we introduce Professional Reasoning Bench (PRBench), a realistic, open-ended, and difficult benchmark of real-world problems in Finance and Law. We open-source its 1,100 expert-authored tasks and 19,356 expert-curated criteria, making it, to our knowledge, the largest public, rubric-based benchmark for both legal and finance domains. We recruit 182 qualified professionals, holding JDs, CFAs, or 6+ years of experience, who contributed tasks inspired by their actual workflows. This process yields significant diversity, with tasks spanning 114 countries and 47 US jurisdictions. Our expert-curated rubrics are validated through a rigorous quality pipeline, including independent expert validation. Subsequent evaluation of 20 leading models reveals substantial room for improvement, with top scores of only 0.39 (Finance) and 0.37 (Legal) on our Hard subsets. We further catalog associated economic impacts of the prompts and analyze performance using human-annotated rubric categories. Our analysis shows that models with similar overall scores can diverge significantly on specific capabilities. Common failure modes include inaccurate judgments, a lack of process transparency and incomplete reasoning, highlighting critical gaps in their reliability for professional adoption.

As AI agents are becoming widely adopted in the financial services industry, careful measurement is essential to understand where they can be reliably deployed and where oversight and professional review remain necessary. Such measurement, however, is constrained by limited access to proprietary or privacy-sensitive data. Existing benchmarks therefore often rely on publicly available data, human- and/or LLM-authored tasks, or simplified settings. We introduce FinancialAuditBench, a benchmark for evaluating agents on financial statement audit tasks, along with a framework for systematically generating synthetic engagements. Our task generation framework leverages differentially private aggregate statistics from historical audits along with audit expertise contributed through over 1,100 hours of benchmark development and review. FinancialAuditBench consists of 90 tasks spanning workpaper completion and review across six synthetic audit engagements, each containing an average of 179 files. Evaluation on eleven frontier models shows that while agents complete substantial portions of staff-level audit tasks well, they sometimes perform inappropriate procedures or produce incorrect documentation. Beyond financial auditing, our framework offers an approach for systematically generating synthetic tasks for model evaluation and training in privacy-sensitive domains.

Large language models (LLMs) have recently demonstrated strong capabilities as autonomous agents, showing promise in reasoning, tool use, and sequential decision-making. While prior benchmarks have evaluated LLM agents in domains such as software engineering and scientific discovery, the finance domain remains underexplored, despite its direct relevance to economic value and high-stakes decision-making. Existing financial benchmarks primarily test static knowledge through question answering, but they fall short of capturing the dynamic and iterative nature of trading. To address this gap, we introduce StockBench, a contamination-free benchmark designed to evaluate LLM agents in realistic, multi-month stock trading environments. Agents receive daily market signals -- including prices, fundamentals, and news -- and must make sequential buy, sell, or hold decisions. Performance is assessed using financial metrics such as cumulative return, maximum drawdown, and the Sortino ratio. Our evaluation of state-of-the-art proprietary (e.g., GPT-5, Claude-4) and open-weight (e.g., Qwen3, Kimi-K2, GLM-4.5) models shows that while most LLM agents struggle to outperform the simple buy-and-hold baseline, several models demonstrate the potential to deliver higher returns and manage risk more effectively. These findings highlight both the challenges and opportunities in developing LLM-powered financial agents, showing that excelling at static financial knowledge tasks does not necessarily translate into successful trading strategies. We release StockBench as an open-source resource to support reproducibility and advance future research in this domain.

Large language models have undergone rapid evolution, emerging as a pivotal technology for intelligence in financial operations. However, existing benchmarks are often constrained by pitfalls such as reliance on simulated or general-purpose samples and a focus on singular, offline static scenarios. Consequently, they fail to align with the requirements for authenticity and real-time responsiveness in financial services, leading to a significant discrepancy between benchmark performance and actual operational efficacy. To address this, we introduce BizFinBench.v2, the first large-scale evaluation benchmark grounded in authentic business data from both Chinese and U.S. equity markets, integrating online assessment. We performed clustering analysis on authentic user queries from financial platforms, resulting in eight fundamental tasks and two online tasks across four core business scenarios, totaling 29,578 expert-level Q&A pairs. Experimental results demonstrate that ChatGPT-5 achieves a prominent 61.5% accuracy in main tasks, though a substantial gap relative to financial experts persists; in online tasks, DeepSeek-R1 outperforms all other commercial LLMs. Error analysis further identifies the specific capability deficiencies of existing models within practical financial business contexts. BizFinBench.v2 transcends the limitations of current benchmarks, achieving a business-level deconstruction of LLM financial capabilities and providing a precise basis for evaluating efficacy in the widespread deployment of LLMs within the financial domain. The data and code are available at https://github.com/HiThink-Research/BizFinBench.v2.

This paper introduces the UCFE: User-Centric Financial Expertise benchmark, an innovative framework designed to evaluate the ability of large language models (LLMs) to handle complex real-world financial tasks. UCFE benchmark adopts a hybrid approach that combines human expert evaluations with dynamic, task-specific interactions to simulate the complexities of evolving financial scenarios. Firstly, we conducted a user study involving 804 participants, collecting their feedback on financial tasks. Secondly, based on this feedback, we created our dataset that encompasses a wide range of user intents and interactions. This dataset serves as the foundation for benchmarking 12 LLM services using the LLM-as-Judge methodology. Our results show a significant alignment between benchmark scores and human preferences, with a Pearson correlation coefficient of 0.78, confirming the effectiveness of the UCFE dataset and our evaluation approach. UCFE benchmark not only reveals the potential of LLMs in the financial sector but also provides a robust framework for assessing their performance and user satisfaction.The benchmark dataset and evaluation code are available.

As concerns surrounding AI-driven labor displacement intensify in knowledge-intensive sectors, existing benchmarks fail to measure performance on tasks that define practical professional expertise. Finance, in particular, has been identified as a domain with high AI exposure risk, yet lacks robust benchmarks to track real-world developments. This gap is compounded by the absence of clear accountability mechanisms in current Large Language Model (LLM) deployments. To address this, we introduce FrontierFinance, a long-horizon benchmark of 25 complex financial modeling tasks across five core finance models, requiring an average of over 18 hours of skilled human labor per task to complete. Developed with financial professionals, the benchmark reflects industry-standard financial modeling workflows and is paired with detailed rubrics for structured evaluation. We engage human experts to define the tasks, create rubrics, grade LLMs, and perform the tasks themselves as human baselines. We demonstrate that our human experts both receive higher scores on average, and are more likely to provide client-ready outputs than current state-of-the-art systems.

Financial decision-making is contextual: forecasting prices, valuing companies, and assessing event exposure weigh price history, accounting fundamentals, macroeconomic regime, and contemporaneous text. A benchmark over these four signals is hard to build because finance violates four assumptions of time-series evaluation: text must be gated by its publication date to prevent look-ahead, quarterly fundamentals are reported with a one- to ninety-day lag, filing text is partly redundant with the numerical statement fields it accompanies, and macroeconomic regimes leak across calendar splits. No public benchmark addresses all four signals jointly. MacroLens covers 4,416 U.S. small- and micro-cap equities over 2021-2026. Seven tasks share one point-in-time panel of prices, 46.8M XBRL accounting facts, 53 macroeconomic series, 295,860 SEC filings, and 215,882 news articles, plus a scenario layer of 1,130 macroeconomic events across 49 types automatically detected and rendered as natural language. Tasks span contextual forecasting, public and private valuation, statement generation from fundamentals and descriptions, scenario-conditioned returns, and real-estate valuation. We evaluate 19 methods across six families spanning naive heuristics through time-series foundation models, fine-tuned LLM-based time-series models, and zero-shot large language models (LLMs), plus a five-step feature-context ablation on two frontier LLMs and a gradient-boosted baseline. MacroLens is released at https://huggingface.co/datasets/DeepAuto-AI/MacroLens.

We introduce IndiaFinBench, to our knowledge the first publicly available evaluation benchmark for assessing large language model (LLM) performance on Indian financial regulatory text. Existing financial NLP benchmarks draw exclusively from Western financial corpora (SEC filings, US earnings reports, and English-language financial news), leaving a significant gap in coverage of non-Western regulatory frameworks. IndiaFinBench addresses this gap with 406 expert-annotated question-answer pairs drawn from 192 documents sourced from the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI), spanning four task types: regulatory interpretation (174 items), numerical reasoning (92 items), contradiction detection (62 items), and temporal reasoning (78 items). Annotation quality is validated through a model-based secondary pass (kappa=0.918 on contradiction detection) and a 60-item human inter-annotator agreement evaluation (kappa=0.611; 76.7% overall agreement). We evaluate twelve models under zero-shot conditions, with accuracy ranging from 70.4% (Gemma 4 E4B) to 89.7% (Gemini 2.5 Flash). All models substantially outperform a non-specialist human baseline of 60.0%. Numerical reasoning is the most discriminative task, with a 35.9 percentage-point spread across models. Bootstrap significance testing (10,000 resamples) reveals three statistically distinct performance tiers. The dataset, evaluation code, and all model outputs are available at https://github.com/rajveerpall/IndiaFinBench

Recent breakthroughs in large language models (LLMs) have led to the development of new benchmarks for evaluating their performance in the financial domain. However, current financial benchmarks often rely on news articles, earnings reports, or announcements, making it challenging to capture the real-world dynamics of financial meetings. To address this gap, we propose a novel benchmark called M^3FinMeeting, which is a multilingual, multi-sector, and multi-task dataset designed for financial meeting understanding. First, M^3FinMeeting supports English, Chinese, and Japanese, enhancing comprehension of financial discussions in diverse linguistic contexts. Second, it encompasses various industry sectors defined by the Global Industry Classification Standard (GICS), ensuring that the benchmark spans a broad range of financial activities. Finally, M^3FinMeeting includes three tasks: summarization, question-answer (QA) pair extraction, and question answering, facilitating a more realistic and comprehensive evaluation of understanding. Experimental results with seven popular LLMs reveal that even the most advanced long-context models have significant room for improvement, demonstrating the effectiveness of M^3FinMeeting as a benchmark for assessing LLMs' financial meeting comprehension skills.

The integration of Large Language Models (LLMs) into the financial domain is driving a paradigm shift from passive information retrieval to dynamic, agentic interaction. While general-purpose tool learning has witnessed a surge in benchmarks, the financial sector, characterized by high stakes, strict compliance, and rapid data volatility, remains critically underserved. Existing financial evaluations predominantly focus on static textual analysis or document-based QA, ignoring the complex reality of tool execution. Conversely, general tool benchmarks lack the domain-specific rigor required for finance, often relying on toy environments or a negligible number of financial APIs. To bridge this gap, we introduce FinToolBench, the first real-world, runnable benchmark dedicated to evaluating financial tool learning agents. Unlike prior works limited to a handful of mock tools, FinToolBench establishes a realistic ecosystem coupling 760 executable financial tools with 295 rigorous, tool-required queries. We propose a novel evaluation framework that goes beyond binary execution success, assessing agents on finance-critical dimensions: timeliness, intent type, and regulatory domain alignment. Furthermore, we present FATR, a finance-aware tool retrieval and reasoning baseline that enhances stability and compliance. By providing the first testbed for auditable, agentic financial execution, FinToolBench sets a new standard for trustworthy AI in finance. The tool manifest, execution environment, and evaluation code will be open-sourced to facilitate future research.

LLMs have shown strong performance across diverse financial tasks, yet portfolio management (PM), a critical financial decision-making task, remains poorly benchmarked. Existing benchmarks exhibit two main gaps: they ignore cross-asset correlation structures, thereby failing to distinguish genuinely diversified portfolios from concentrated ones, and fail to evaluate the complete PM decision pipeline in real-world scenarios. We introduce PortBench, a benchmark spanning six heterogeneous asset classes over ten years. PortBench consists of two complementary layers: a static QA dataset of 6,269 correlation-based questions across seven task templates, and a dynamic five-stage allocation pipeline that mirrors the full PM decision cycle. To evaluate these layers, we introduce two dedicated metrics: a dual-layer correlation score that measures whether proposed portfolios exploit inter-class hedging and avoid intra-class concentration, and CEPS, a metric that quantifies how reasoning errors compound across pipeline stages. We further assess strategy robustness and investor alignment under three historical stress regimes and risk profiles. Evaluating ten frontier LLMs, we find that despite strong performance on static financial QA, 90\% of model-profile combinations fail to outperform a basic equal-weight allocation, and models that satisfy every procedural constraint still suffer catastrophic drawdowns under stress. Our source code is available at https://github.com/AgenticFinLab/portbench{this https URL}.

Artificial Intelligence (AI) technology has emerged as a transformative force in financial analysis and the finance industry, though significant questions remain about the full capabilities of Large Language Model (LLM) agents in this domain. We present the Finance Agent Benchmark, featuring challenging and diverse real-world finance research problems that require LLMs to perform complex analysis using recent SEC filings. We construct the benchmark using a taxonomy of nine financial task categories, developed in consultation with experts from banks, hedge funds, and private equity firms. The dataset includes 537 expert-authored questions covering tasks from information retrieval to complex financial modeling, each validated through a rigorous review process to ensure accuracy and relevance. Moreover, we implement an agentic harness that equips LLMs with tools sufficient to produce accurate responses, including Google Search and EDGAR database access. Overall, the Finance Agent Benchmark provides a comprehensive testbed for measuring the progress of LLM-driven finance agents. Our evaluation reveals significant limitations in current AI capabilities - even the best-performing model (OpenAI o3) achieved only 46.8% accuracy at an average cost of $3.79 per query. This underscores the need for further advancements before reliable deployment in high-stakes finance settings.

Large Language Models (LLMs) have demonstrated impressive capabilities across various domains, but their effectiveness in financial decision-making remains inadequately evaluated. Current benchmarks primarily assess LLMs' understanding on financial documents rather than the ability to manage assets or dig out trading opportunities in dynamic market conditions. Despite the release of new benchmarks for evaluating diversified tasks on the financial domain, we identified four major problems in these benchmarks, which are data leakage, navel-gazing, over-intervention, and maintenance-hard. To pave the research gap, we introduce DeepFund, a comprehensive arena platform for evaluating LLM-based trading strategies in a live environment. Our approach implements a multi-agent framework where they serve as multiple key roles that realize the real-world investment decision processes. Moreover, we provide a web interface that visualizes LLMs' performance with fund investment metrics across different market conditions, enabling detailed comparative analysis. Through DeepFund, we aim to provide a more realistic and fair assessment on LLM's capabilities in fund investment, offering diversified insights and revealing their potential applications in real-world financial markets. Our code is publicly available at https://github.com/HKUSTDial/DeepFund.

Spreadsheets are widely used for business analysis, financial modeling, reporting, and decision-making. However, most existing spreadsheet benchmarks evaluate isolated operations such as single-formula generation or local cell edits, and therefore fail to capture end-to-end workflows in realistic business settings. We introduce SpreadsheetBench 2, a workflow-level benchmark for spreadsheet agents that covers three task categories: generation, debugging, and visualization. The benchmark is constructed from authentic business data, including financial reports and corporate filings, and is annotated and validated by domain experts. The benchmark contains 321 tasks; each instance averages 11.8 worksheets and requires 593.5 cell modifications, reflecting large multi-sheet workbooks with cross-sheet dependencies. We evaluate eight frontier large language models under a unified multi-turn agent scaffold, and additionally include several LLM-based spreadsheet products as complementary baselines. Results show that current systems remain far from reliable on real-world workflows: the best model achieves 34.89\% overall task accuracy, and debugging accuracy is as low as 12.00\%. Trajectory analysis and a failure taxonomy further indicate that insufficient spreadsheet inspection and incorrect target-cell selection are the dominant bottlenecks. Together, these findings position SpreadsheetBench 2 as a challenging testbed for advancing reliable spreadsheet automation. Project page: https://spreadsheetbench.github.io/

Accurate and transparent financial information disclosure is essential in accounting and finance, fostering trust and enabling informed investment decisions that drive economic development. Among many information disclosure platforms, the Chinese stock exchanges' investor interactive platform provides a novel and interactive way for listed firms to disclose information of interest to investors through an online question-and-answer (Q&A) format. However, it is common for listed firms to respond to questions with limited or no substantive information, and automatically evaluating the quality of financial information disclosure on large amounts of Q&A pairs is challenging. In this study, our interdisciplinary team of AI and finance professionals proposed FinTruthQA, a benchmark designed to evaluate advanced natural language processing (NLP) techniques for the automatic quality assessment of information disclosure in financial Q&A data. It comprises 6,000 real-world financial Q&A entries and each Q&A was manually annotated based on four key evaluation criteria. We benchmarked various NLP techniques on FinTruthQA, including large language models(LLMs). Experiments showed that existing NLP models have strong predictive ability for question identification and question relevance tasks, but are suboptimal for answer readability and answer relevance tasks. By establishing this benchmark, we provide a robust foundation for the automatic evaluation of information disclosure, demonstrating how AI can be leveraged for social good by promoting transparency, fairness, and investor protection in financial disclosure practices. FinTruthQA can be used by auditors, regulators, and financial analysts for real-time monitoring and data-driven decision-making, as well as by researchers for advanced studies in accounting and finance, ultimately fostering greater trust and efficiency in the financial markets.

We present OPENHARMONY BENCH, an app-level coding benchmark for evaluating LLM-based coding agents on OpenHarmony ArkTS applications. Unlike function-level benchmarks, it evaluates complete app-level changes: each task requires an agent to modify a buildable ArkTS project so that a requested behavior works end to end, involving UI state, data persistence, build configuration, and platform APIs. The benchmark installs and drives the delivered application on a device to check whether the behavior is observable. It covers three input sources: natural-language feature requests (new-feature), structured scenario specifications (spec-driven), and bug descriptions (bug-fix). The benchmark contains 153 top-level tasks and 242 Feature points (F-points), where an F-point is one executable behavior check. The snapshot includes 32 new-feature tasks, 50 spec-driven tasks with 139 F-points, and 71 bug-fix tasks. The main leaderboard is scored over top-level tasks rather than independently weighted F-points. We describe the benchmark construction, statistics, and build-and-test evaluation pipeline, and evaluate DevEco Code with eight LLMs across three independent full-suite runs per configuration. Three findings emerge. First, newer generations complete more tasks than their predecessors within evaluated model-family pairs. Second, buildability is close to saturated while behavioral correctness is not: mean Final Build Success Rate is 94.77% to 100.00%, whereas mean Task Completion is 48.36% to 58.39%. Third, spec-driven tasks have the lowest Task Completion under all-checks task scoring, with no configuration exceeding 35%. The code, data, tasks, reference solutions, tests, evaluation scripts, and leaderboard are released through the official OPENHARMONY BENCH website at https://bench.matrix.openharmony.cn/.

Recent LLMs have demonstrated promising ability in solving finance related problems. However, applying LLMs in real-world finance application remains challenging due to its high risk and high stakes property. This paper introduces FinTrust, a comprehensive benchmark specifically designed for evaluating the trustworthiness of LLMs in finance applications. Our benchmark focuses on a wide range of alignment issues based on practical context and features fine-grained tasks for each dimension of trustworthiness evaluation. We assess eleven LLMs on FinTrust and find that proprietary models like o4-mini outperforms in most tasks such as safety while open-source models like DeepSeek-V3 have advantage in specific areas like industry-level fairness. For challenging task like fiduciary alignment and disclosure, all LLMs fall short, showing a significant gap in legal awareness. We believe that FinTrust can be a valuable benchmark for LLMs' trustworthiness evaluation in finance domain.

Time series forecasting is critical across finance, healthcare, and cloud computing, yet progress is constrained by a fundamental bottleneck: the scarcity of large-scale, high-quality benchmarks. To address this gap, we introduce QuitoBench, a regime-balanced benchmark for time series forecasting with coverage across eight trendtimesseasonalitytimesforecastability (TSF) regimes, designed to capture forecasting-relevant properties rather than application-defined domain labels. The benchmark is built upon Quito, a billion-scale time series corpus of application traffic from Alipay spanning nine business domains. Benchmarking 10 models from deep learning, foundation models, and statistical baselines across 232,200 evaluation instances, we report four key findings: (i) a context-length crossover where deep learning models lead at short context (L=96) but foundation models dominate at long context (L ge 576); (ii) forecastability is the dominant difficulty driver, producing a 3.64 times MAE gap across regimes; (iii) deep learning models match or surpass foundation models at 59 times fewer parameters; and (iv) scaling the amount of training data provides substantially greater benefit than scaling model size for both model families. These findings are validated by strong cross-benchmark and cross-metric consistency. Our open-source release enables reproducible, regime-aware evaluation for time series forecasting research.

This paper introduces FinMCP-Bench, a novel benchmark for evaluating large language models (LLMs) in solving real-world financial problems through tool invocation of financial model context protocols. FinMCP-Bench contains 613 samples spanning 10 main scenarios and 33 sub-scenarios, featuring both real and synthetic user queries to ensure diversity and authenticity. It incorporates 65 real financial MCPs and three types of samples, single tool, multi-tool, and multi-turn, allowing evaluation of models across different levels of task complexity. Using this benchmark, we systematically assess a range of mainstream LLMs and propose metrics that explicitly measure tool invocation accuracy and reasoning capabilities. FinMCP-Bench provides a standardized, practical, and challenging testbed for advancing research on financial LLM agents.

AI agents increasingly assist with financial research, yet no benchmark evaluates their ability to retrieve specific numeric values from structured databases. We introduce FinRetrieval, a benchmark of 500 financial retrieval questions with ground truth answers, agent responses from 14 configurations across three frontier providers (Anthropic, OpenAI, Google), and complete tool call execution traces. Our evaluation reveals that tool availability dominates performance: Claude Opus achieves 90.8% accuracy with structured data APIs but only 19.8% with web search alone--a 71 percentage point gap that exceeds other providers by 3-4x. We find that reasoning mode benefits vary inversely with base capability (+9.0pp for OpenAI vs +2.8pp for Claude), explained by differences in base-mode tool utilization rather than reasoning ability. Geographic performance gaps (5.6pp US advantage) stem from fiscal year naming conventions, not model limitations. We release the dataset, evaluation code, and tool traces to enable research on financial AI systems.

We introduce Crypto Accounting Bench (CAB), a benchmark for assessing whether frontier and open-weight language models can reconstruct the complete journal entry that an organization actually posted for a crypto-asset transaction. CAB contains 118 evaluation tasks drawn from 7 pseudonymized organizations. Each task combines transaction mechanics, asset quantities and base-currency values, wallet and legal-entity context, counterparty evidence, related transaction legs, recurrence, tax-lot evidence, and the organization's complete chart of accounts. The target is a balanced structured entry with every required account, side, amount, currency, and full-precision asset quantity. We evaluate 12 models spanning proprietary frontier systems and open-weight releases over 3 independent attempts per task, producing 4,248 trajectories. We report 3 metrics: Mean Score, Best@3, and Pass@3. Pass@3 is the fraction of tasks with at least 1 of 3 attempts that satisfies every rubric criterion and required gate. The leading model reaches 77.43% Mean Score, while the best Pass@3 is 56.78%. Deterministic diagnostics, read from each task's best of 3 attempts and macro-averaged across the 12 models, show higher base-amount agreement (97.8%) than deciding-account accuracy (56.3%). Together with the failure analysis, these results identify account selection and complete-entry composition as the main remaining challenges on CAB.

Financial return forecasting is a difficult test case for time-series foundation models (TSFMs) due to low signal-to-noise ratios, structural breaks, heavy tails, and weak persistence. This paper benchmarks pretrained TSFMs against train-from-scratch neural baselines in a deliberately conservative financial setting. We evaluate TimeGPT/TimeGPT-LH, TimesFM-2.5, Moirai-2.0, Chronos, and Chronos-2 against NBEATS, NHITS, PatchTST, iTransformer, and KAN on five liquid U.S. equities (AAPL, AMZN, GOOG, JPM, META) using linear and log returns. Models are compared under an equalized context budget, a rolling-origin protocol, and against random-walk benchmarks. We provide a theoretical framing of pretraining as an inductive prior, linking PAC-Bayes transfer intuition, information-theoretic predictability limits, and attention geometry. This clarifies why strong model rankings need not imply economically meaningful predictability in noisy markets. Pragmatically, pretrained TSFMs dominate the ranking distribution, accounting for 8 of 10 task-level wins. Moirai-2.0 and TimesFM-2.5 achieve the strongest average ranks, leading tasks for AAPL, JPM, GOOG, and AMZN, while Chronos wins the remaining AMZN task. However, the iTransformer baseline wins both META tasks, showing local supervised learning can still outperform generic pretraining for specific assets. Crucially, gains over the random-walk benchmark are small and sparse. A one-sided Diebold-Mariano test rejects equal or inferior predictive accuracy only for Chronos on AMZN and Moirai-2.0 on GOOG. We conclude that TSFMs serve as useful practical priors that reduce model-development costs in low-data financial forecasting, but are not universal engines for statistically reliable alpha generation in realistic empirical deployment.

Financial tasks are pivotal to global economic stability; however, their execution faces challenges including labor intensive processes, low error tolerance, data fragmentation, and tool limitations. Although large language models (LLMs) have succeeded in various natural language processing tasks and have shown potential in automating workflows through reasoning and contextual understanding, current benchmarks for evaluating LLMs in finance lack sufficient domain-specific data, have simplistic task design, and incomplete evaluation frameworks. To address these gaps, this article presents FinMaster, a comprehensive financial benchmark designed to systematically assess the capabilities of LLM in financial literacy, accounting, auditing, and consulting. Specifically, FinMaster comprises three main modules: i) FinSim, which builds simulators that generate synthetic, privacy-compliant financial data for companies to replicate market dynamics; ii) FinSuite, which provides tasks in core financial domains, spanning 183 tasks of various types and difficulty levels; and iii) FinEval, which develops a unified interface for evaluation. Extensive experiments over state-of-the-art LLMs reveal critical capability gaps in financial reasoning, with accuracy dropping from over 90% on basic tasks to merely 40% on complex scenarios requiring multi-step reasoning. This degradation exhibits the propagation of computational errors, where single-metric calculations initially demonstrating 58% accuracy decreased to 37% in multimetric scenarios. To the best of our knowledge, FinMaster is the first benchmark that covers full-pipeline financial workflows with challenging tasks. We hope that FinMaster can bridge the gap between research and industry practitioners, driving the adoption of LLMs in real-world financial practices to enhance efficiency and accuracy.

Deep Research (DR) Agents powered by advanced Large Language Models (LLMs) have fundamentally shifted the paradigm for completing complex research tasks. Yet, a comprehensive and live evaluation of their forecasting performance on real-world, research-oriented tasks in high-stakes domains (e.g., finance) remains underexplored. We introduce FinDeepForecast, the first live, end-to-end multi-agent system for automatically evaluating DR agents by continuously generating research-oriented financial forecasting tasks. This system is equipped with a dual-track taxonomy, enabling the dynamic generation of recurrent and non-recurrent forecasting tasks at both corporate and macro levels. With this system, we generate FinDeepForecastBench, a weekly evaluation benchmark over a ten-week horizon, encompassing 8 global economies and 1,314 listed companies, and evaluate 13 representative methods. Extensive experiments show that, while DR agents consistently outperform strong baselines, their performance still falls short of genuine forward-looking financial reasoning. We expect the proposed FinDeepForecast system to consistently facilitate future advancements of DR agents in research-oriented financial forecasting tasks. The benchmark and leaderboard are publicly available on the OpenFinArena Platform.

AI models are increasingly prevalent in high-stakes environments, necessitating thorough assessment of their capabilities and risks. Benchmarks are popular for measuring these attributes and for comparing model performance, tracking progress, and identifying weaknesses in foundation and non-foundation models. They can inform model selection for downstream tasks and influence policy initiatives. However, not all benchmarks are the same: their quality depends on their design and usability. In this paper, we develop an assessment framework considering 46 best practices across an AI benchmark's lifecycle and evaluate 24 AI benchmarks against it. We find that there exist large quality differences and that commonly used benchmarks suffer from significant issues. We further find that most benchmarks do not report statistical significance of their results nor allow for their results to be easily replicated. To support benchmark developers in aligning with best practices, we provide a checklist for minimum quality assurance based on our assessment. We also develop a living repository of benchmark assessments to support benchmark comparability, accessible at betterbench.stanford.edu.

Benchmark quality is critical for meaningful evaluation and sustained progress in time series forecasting, particularly given the recent rise of pretrained models. Existing benchmarks often have narrow domain coverage or overlook important real-world settings, such as tasks with covariates. Additionally, their aggregation procedures often lack statistical rigor, making it unclear whether observed performance differences reflect true improvements or random variation. Many benchmarks also fail to provide infrastructure for consistent evaluation or are too rigid to integrate into existing pipelines. To address these gaps, we propose fev-bench, a benchmark comprising 100 forecasting tasks across seven domains, including 46 tasks with covariates. Supporting the benchmark, we introduce fev, a lightweight Python library for benchmarking forecasting models that emphasizes reproducibility and seamless integration with existing workflows. Usingfev, fev-bench employs principled aggregation methods with bootstrapped confidence intervals to report model performance along two complementary dimensions: win rates and skill scores. We report results on fev-bench for various pretrained, statistical and baseline models, and identify promising directions for future research.

Existing AI benchmarks lack the fidelity to assess economically meaningful progress on professional workflows. To evaluate frontier AI agents in a high-value, labor-intensive profession, we introduce BankerToolBench (BTB): an open-source benchmark of end-to-end analytical workflows routinely performed by junior investment bankers. To develop an ecologically valid benchmark grounded in representative work environments, we collaborated with 502 investment bankers from leading firms. BTB requires agents to execute senior banker requests by navigating data rooms, using industry tools (market data platform, SEC filings database), and generating multi-file deliverables--including Excel financial models, PowerPoint pitch decks, and PDF/Word reports. Completing a BTB task takes bankers up to 21 hours, underscoring the economic stakes of successfully delegating this work to AI. BTB enables automated evaluation of any LLM or agent, scoring deliverables against 100+ rubric criteria defined by veteran investment bankers to capture stakeholder utility. Testing 9 frontier models, we find that even the best-performing model (GPT-5.4) fails nearly half of the rubric criteria and bankers rate 0% of its outputs as client-ready. Our failure analysis reveals key obstacles (such as breakdowns in cross-artifact consistency) and improvement directions for agentic AI in high-stakes professional workflows.

This study presents a novel benchmark for evaluating Large Language Models (LLMs) using challenges derived from the Financial Modeling World Cup (FMWC) Excel competitions. We introduce a methodology for converting 113 existing FMWC challenges into programmatically evaluable JSON formats and use this dataset to compare the performance of several leading LLMs. Our findings demonstrate significant variations in performance across different challenge categories, with models showing specific strengths in pattern recognition tasks but struggling with complex numerical reasoning. The benchmark provides a standardized framework for assessing LLM capabilities in realistic business-oriented tasks rather than abstract academic problems. This research contributes to the growing field of AI benchmarking by establishing proficiency among the 1.5 billion people who daily use Microsoft Excel as a meaningful evaluation metric that bridges the gap between academic AI benchmarks and practical business applications.

Multi-step symbolic reasoning is critical for advancing downstream performance on financial tasks. Yet, benchmarks for systematically evaluating this capability are lacking. Existing datasets like FinQA and ConvFinQA supervise only final numerical answers, without assessing intermediate reasoning steps. To address this, we introduce FinChain, the first symbolic benchmark designed for verifiable Chain-of- Thought (CoT) financial reasoning. Spanning 54 topics across 12 financial domains, Fin- Chain offers five parameterized templates per topic, each varying in reasoning complexity and domain expertise required. Each dataset instance includes an executable Python trace, enabling automatic generation of extensive training data and easy adaptation to other domains. We also introduce ChainEval, a new metric for automatic evaluation of both final answers and intermediate reasoning. Benchmarking 30 LLMs on our dataset, we find that even state-of-the-art models have considerable room for improvement in multi-step financial reasoning. All templates and evaluation metrics for FinChain are available at https: //github.com/mbzuai-nlp/finchain.

Multidisciplinary tumor boards integrate multimodal clinical observations and longitudinal patient histories through specialist discussions, yet benchmarks rarely capture these real-world trajectories. We introduce OpenTumorBoard, a benchmark with 611 patient cases and 19,157 discussion turns across ten specialist roles, transcribed from 12,534 minutes of publicly available tumor board recordings on YouTube. The benchmark evaluates two settings: SPECIALIST TURN, in which an LLM responds to a clinically significant question posed during a real discussion, and BOARD SIMULATION, in which it generates an entire back-and-forth discussion and reaches a consensus on therapy recommendations, surgical plans, next actions and clinical trial matching. Evaluation of 14 general-purpose frontier and medical LLMs reveals substantial limitations: the best models score 3.43 out of 5 in clinical equivalence to specialist answers and 2.78 out of 5 in alignment with recorded board conclusions. Supervised finetuning and reinforcement learning improve performance on a held-out test set, suggesting that real-world discussion trajectories can support model adaptation. Three M.D. experts review a subset of the benchmark, finding high information coverage and factuality of patient cases and strong fidelity of extracted consensus conclusions. We will release OpenTumorBoard and its automated curation pipeline to support the development and evaluation of LLMs for multidisciplinary, personalized cancer decision-making.

We introduce FinanceReasoning, a novel benchmark designed to evaluate the reasoning capabilities of large reasoning models (LRMs) in financial numerical reasoning problems. Compared to existing benchmarks, our work provides three key advancements. (1) Credibility: We update 15.6% of the questions from four public datasets, annotating 908 new questions with detailed Python solutions and rigorously refining evaluation standards. This enables an accurate assessment of the reasoning improvements of LRMs. (2) Comprehensiveness: FinanceReasoning covers 67.8% of financial concepts and formulas, significantly surpassing existing datasets. Additionally, we construct 3,133 Python-formatted functions, which enhances LRMs' financial reasoning capabilities through refined knowledge (e.g., 83.2% rightarrow 91.6% for GPT-4o). (3) Challenge: Models are required to apply multiple financial formulas for precise numerical reasoning on 238 Hard problems. The best-performing model (i.e., OpenAI o1 with PoT) achieves 89.1% accuracy, yet LRMs still face challenges in numerical precision. We demonstrate that combining Reasoner and Programmer models can effectively enhance LRMs' performance (e.g., 83.2% rightarrow 87.8% for DeepSeek-R1). Our work paves the way for future research on evaluating and improving LRMs in domain-specific complex reasoning tasks.

Recent studies demonstrate that tool-calling capability enables large language models (LLMs) to interact with external environments for long-horizon financial tasks. While existing benchmarks have begun evaluating financial tool calling, they focus on limited scenarios and rely on call-level metrics that fail to capture trajectory-level reasoning quality. To address this gap, we introduce FinTrace, a benchmark comprising 800 expert-annotated trajectories spanning 34 real-world financial task categories across multiple difficulty levels. FinTrace employs a rubric-based evaluation protocol with nine metrics organized along four axes -- action correctness, execution efficiency, process quality, and output quality -- enabling fine-grained assessment of LLM tool-calling behavior. Our evaluation of 13 LLMs reveals that while frontier models achieve strong tool selection, all models struggle with information utilization and final answer quality, exposing a critical gap between invoking the right tools and reasoning effectively over their outputs. To move beyond diagnosis, we construct FinTrace-Training, the first trajectory-level preference dataset for financial tool-calling, containing 8,196 curated trajectories with tool-augmented contexts and preference pairs. We fine-tune Qwen-3.5-9B using supervised fine-tuning followed by direct preference optimization (DPO) and show that training on FinTrace-Training consistently improves intermediate reasoning metrics, with DPO more effectively suppressing failure modes. However, end-to-end answer quality remains a bottleneck, indicating that trajectory-level improvements do not yet fully propagate to final output quality.

Financial time series (FinTS) record the behavior of human-brain-augmented decision-making, capturing valuable historical information that can be leveraged for profitable investment strategies. Not surprisingly, this area has attracted considerable attention from researchers, who have proposed a wide range of methods based on various backbones. However, the evaluation of the area often exhibits three systemic limitations: 1. Failure to account for the full spectrum of stock movement patterns observed in dynamic financial markets. (Diversity Gap), 2. The absence of unified assessment protocols undermines the validity of cross-study performance comparisons. (Standardization Deficit), and 3. Neglect of critical market structure factors, resulting in inflated performance metrics that lack practical applicability. (Real-World Mismatch). Addressing these limitations, we propose FinTSB, a comprehensive and practical benchmark for financial time series forecasting (FinTSF). To increase the variety, we categorize movement patterns into four specific parts, tokenize and pre-process the data, and assess the data quality based on some sequence characteristics. To eliminate biases due to different evaluation settings, we standardize the metrics across three dimensions and build a user-friendly, lightweight pipeline incorporating methods from various backbones. To accurately simulate real-world trading scenarios and facilitate practical implementation, we extensively model various regulatory constraints, including transaction fees, among others. Finally, we conduct extensive experiments on FinTSB, highlighting key insights to guide model selection under varying market conditions. Overall, FinTSB provides researchers with a novel and comprehensive platform for improving and evaluating FinTSF methods. The code is available at https://github.com/TongjiFinLab/FinTSB.

Traditional fixed test sets fall short in evaluating open-ended capabilities of foundation models. To address this, we propose ONEBench(OpeN-Ended Benchmarking), a new testing paradigm that consolidates individual evaluation datasets into a unified, ever-expanding sample pool. ONEBench allows users to generate custom, open-ended evaluation benchmarks from this pool, corresponding to specific capabilities of interest. By aggregating samples across test sets, ONEBench enables the assessment of diverse capabilities beyond those covered by the original test sets, while mitigating overfitting and dataset bias. Most importantly, it frames model evaluation as a collective process of selecting and aggregating sample-level tests. The shift from task-specific benchmarks to ONEBench introduces two challenges: (1)heterogeneity and (2)incompleteness. Heterogeneity refers to the aggregation over diverse metrics, while incompleteness describes comparing models evaluated on different data subsets. To address these challenges, we explore algorithms to aggregate sparse measurements into reliable model scores. Our aggregation algorithm ensures identifiability(asymptotically recovering ground-truth scores) and rapid convergence, enabling accurate model ranking with less data. On homogenous datasets, we show our aggregation algorithm provides rankings that highly correlate with those produced by average scores. We also demonstrate robustness to ~95% of measurements missing, reducing evaluation cost by up to 20x with little-to-no change in model rankings. We introduce ONEBench-LLM for language models and ONEBench-LMM for vision-language models, unifying evaluations across these domains. Overall, we present a technique for open-ended evaluation, which can aggregate over incomplete, heterogeneous sample-level measurements to continually grow a benchmark alongside the rapidly developing foundation models.

We ask whether pretrained time series foundation models (TSFMs) improve on established econometric benchmarks for forecasting realized volatility. Using the VOLARE dataset, we conduct the first systematic comparison of nine zero-shot TSFMs against eight econometric specifications, including the Heterogeneous Autoregressive (HAR) family, across 50 assets in equities, foreign exchange, and futures, and three forecast horizons, with formal pairwise and multi-model forecast-comparison tests. Foundation models do not deliver a uniform gain. Pooled losses favor them, but the advantage is concentrated in a few outlier assets; averaging each asset's loss ratio to a well-specified Log-HAR benchmark, so that no single asset dominates, only one small model, Tiny Time Mixers (TTM), beats the benchmark at every horizon, and by a narrow margin. The other foundation models do not improve on Log-HAR, and the econometric benchmarks remain competitive throughout. A Mincer--Zarnowitz recalibration, which removes level and scale bias from every forecast, shows that much of the short-horizon advantage reflects better-scaled forecasts rather than better prediction of volatility dynamics, and only at the monthly horizon does a genuine informational gain remain. Because this edge is thin and even TTM is not best on every asset, a simple equal-weight average of TTM and Log-HAR matches the best single model and enters the Model Confidence Set for 98 to 100\% of assets, more often than either component alone, so a forecaster need not identify the best model for each asset in advance. Our most durable finding is that performance varies so much across foundation-model architectures that choosing the right architecture matters more than the broader choice between foundation and econometric models.

Recent advances in large language models (LLMs) have accelerated progress in financial NLP and applications, yet existing benchmarks remain limited to monolingual and unimodal settings, often over-relying on simple tasks and failing to reflect the complexity of real-world financial communication. We introduce MultiFinBen, the first multilingual and multimodal benchmark tailored to the global financial domain, evaluating LLMs across modalities (text, vision, audio) and linguistic settings (monolingual, bilingual, multilingual) on domain-specific tasks. We introduce two novel tasks, including PolyFiQA-Easy and PolyFiQA-Expert, the first multilingual financial benchmarks requiring models to perform complex reasoning over mixed-language inputs; and EnglishOCR and SpanishOCR, the first OCR-embedded financial QA tasks challenging models to extract and reason over information from visual-text financial documents. Moreover, we propose a dynamic, difficulty-aware selection mechanism and curate a compact, balanced benchmark rather than simple aggregation existing datasets. Extensive evaluation of 22 state-of-the-art models reveals that even the strongest models, despite their general multimodal and multilingual capabilities, struggle dramatically when faced with complex cross-lingual and multimodal tasks in financial domain. MultiFinBen is publicly released to foster transparent, reproducible, and inclusive progress in financial studies and applications.

In many Reinforcement Learning (RL) papers, learning curves are useful indicators to measure the effectiveness of RL algorithms. However, the complete raw data of the learning curves are rarely available. As a result, it is usually necessary to reproduce the experiments from scratch, which can be time-consuming and error-prone. We present Open RL Benchmark, a set of fully tracked RL experiments, including not only the usual data such as episodic return, but also all algorithm-specific and system metrics. Open RL Benchmark is community-driven: anyone can download, use, and contribute to the data. At the time of writing, more than 25,000 runs have been tracked, for a cumulative duration of more than 8 years. Open RL Benchmark covers a wide range of RL libraries and reference implementations. Special care is taken to ensure that each experiment is precisely reproducible by providing not only the full parameters, but also the versions of the dependencies used to generate it. In addition, Open RL Benchmark comes with a command-line interface (CLI) for easy fetching and generating figures to present the results. In this document, we include two case studies to demonstrate the usefulness of Open RL Benchmark in practice. To the best of our knowledge, Open RL Benchmark is the first RL benchmark of its kind, and the authors hope that it will improve and facilitate the work of researchers in the field.

Autonomous data analysis agents are increasingly expected to conduct exploratory analysis over underexplored data environments. This burden is especially salient in complex financial analytics, where relevant evidence is rarely pre-specified. However, existing benchmarks typically evaluate such agents in prior-guided settings, providing selected data sources, explicit data schemas, or cleaned data, thereby understating the exploratory burden. We introduce DataClawBench, a benchmark for exploratory real-world financial data analysis under limited prior guidance. DataClawBench contains approximately 2.06 million real-world records across enterprise, industry, and policy domains, with native data noise preserved. It further includes 492 cross-domain tasks derived from think-tank consulting scenarios, each annotated with intermediate milestones that diagnose exploration and reasoning failures beyond outcome accuracy. A systematic evaluation of eight advanced LLMs under the OpenClaw agent reveals that exploratory data analysis breaks agent reliability: more exploration does not reliably translate into task-relevant progress or correct final answers.

English financial NLP has advanced rapidly through benchmarks targeting earnings analysis, market sentiment, tabular reasoning, and financial question answering, yet Arabic financial NLP remains virtually nonexistent, despite 422 million speakers, 4.9 trillion in Gulf sovereign wealth, and a 4-5 trillion Islamic finance industry requiring specialized Shari'ah compliance over instruments like sukuk, murabaha, and takaful. We introduce Sahm, the first Arabic financial benchmark spanning seven tasks: AAOIFI standards QA, fatwa-based QA/MCQ, accounting and business exams, financial sentiment analysis, extractive summarization, and event-cause reasoning, comprising 14,380 expert-verified instances from authentic regulatory, juristic, and corporate sources. Evaluating 20 LLMs, we find Arabic fluency does not imply financial reasoning: models achieving 91% on recognition tasks drop sharply on generation, and event-cause reasoning exposes the widest performance gap (1.89-9.84/10). We release the benchmark and dataset to support trustworthy Arabic financial assistants.

Accurate information retrieval (IR) is critical in the financial domain, where investors must identify relevant information from large collections of documents. Traditional IR methods -- whether sparse or dense -- often fall short in retrieval accuracy, as it requires not only capturing semantic similarity but also performing fine-grained reasoning over document structure and domain-specific knowledge. Recent advances in large language models (LLMs) have opened up new opportunities for retrieval with multi-step reasoning, where the model ranks passages through iterative reasoning about which information is most relevant to a given query. However, there exists no benchmark to evaluate such capabilities in the financial domain. To address this gap, we introduce FinAgentBench, the first large-scale benchmark for evaluating retrieval with multi-step reasoning in finance -- a setting we term agentic retrieval. The benchmark consists of 26K expert-annotated examples on S&P-500 listed firms and assesses whether LLM agents can (1) identify the most relevant document type among candidates, and (2) pinpoint the key passage within the selected document. Our evaluation framework explicitly separates these two reasoning steps to address context limitations. This design enables to provide a quantitative basis for understanding retrieval-centric LLM behavior in finance. We evaluate a suite of state-of-the-art models and further demonstrated how targeted fine-tuning can significantly improve agentic retrieval performance. Our benchmark provides a foundation for studying retrieval-centric LLM behavior in complex, domain-specific tasks for finance.

Credit and risk assessments are cornerstones of the financial landscape, impacting both individual futures and broader societal constructs. Existing credit scoring models often exhibit limitations stemming from knowledge myopia and task isolation. In response, we formulate three hypotheses and undertake an extensive case study to investigate LLMs' viability in credit assessment. Our empirical investigations unveil LLMs' ability to overcome the limitations inherent in conventional models. We introduce a novel benchmark curated for credit assessment purposes, fine-tune a specialized Credit and Risk Assessment Large Language Model (CALM), and rigorously examine the biases that LLMs may harbor. Our findings underscore LLMs' potential in revolutionizing credit assessment, showcasing their adaptability across diverse financial evaluations, and emphasizing the critical importance of impartial decision-making in the financial sector. Our datasets, models, and benchmarks are open-sourced for other researchers.

Text-to-SQL, the task of translating natural language questions into SQL queries, has long been a central challenge in NLP. While progress has been significant, applying it to the financial domain remains especially difficult due to complex schema, domain-specific terminology, and high stakes of error. Despite this, there is no dedicated large-scale financial dataset to advance research, creating a critical gap. To address this, we introduce a curated financial dataset (FINCH) comprising 292 tables and 75,725 natural language-SQL pairs, enabling both fine-tuning and rigorous evaluation. Building on this resource, we benchmark reasoning models and language models of varying scales, providing a systematic analysis of their strengths and limitations in financial Text-to-SQL tasks. Finally, we propose a finance-oriented evaluation metric (FINCH Score) that captures nuances overlooked by existing measures, offering a more faithful assessment of model performance.

Answering questions within business and finance requires reasoning, precision, and a wide-breadth of technical knowledge. Together, these requirements make this domain difficult for large language models (LLMs). We introduce BizBench, a benchmark for evaluating models' ability to reason about realistic financial problems. BizBench comprises eight quantitative reasoning tasks, focusing on question-answering (QA) over financial data via program synthesis. We include three financially-themed code-generation tasks from newly collected and augmented QA data. Additionally, we isolate the reasoning capabilities required for financial QA: reading comprehension of financial text and tables for extracting intermediate values, and understanding financial concepts and formulas needed to calculate complex solutions. Collectively, these tasks evaluate a model's financial background knowledge, ability to parse financial documents, and capacity to solve problems with code. We conduct an in-depth evaluation of open-source and commercial LLMs, comparing and contrasting the behavior of code-focused and language-focused models. We demonstrate that the current bottleneck in performance is due to LLMs' limited business and financial understanding, highlighting the value of a challenging benchmark for quantitative reasoning within this domain.

We introduce a finance & accounting benchmark (Finch) for evaluating AI agents on real-world, enterprise-grade professional workflows -- interleaving data entry, structuring, formatting, web search, cross-file retrieval, calculation, modeling, validation, translation, visualization, and reporting. Finch is sourced from authentic enterprise workspaces at Enron (15,000 spreadsheets and 500,000 emails from 150 employees) and other financial institutions, preserving in-the-wild messiness across multimodal artifacts (text, tables, formulas, charts, code, and images) and spanning diverse domains such as budgeting, trading, and asset management. We propose a workflow construction process that combines LLM-assisted discovery with expert annotation: (1) LLM-assisted, expert-verified derivation of workflows from real-world email threads and version histories of spreadsheet files, and (2) meticulous expert annotation for workflows, requiring over 700 hours of domain-expert effort. This yields 172 composite workflows with 384 tasks, involving 1,710 spreadsheets with 27 million cells, along with PDFs and other artifacts, capturing the intrinsically messy, long-horizon, knowledge-intensive, and collaborative nature of real-world enterprise work. We conduct both human and automated evaluations of frontier AI systems including GPT 5.1, Claude Sonnet 4.5, Gemini 3 Pro, Grok 4, and Qwen 3 Max, and GPT 5.1 Pro spends 16.8 minutes per workflow yet passes only 38.4% of workflows, while Claude Sonnet 4.5 passes just 25.0%. Comprehensive case studies further surface the challenges that real-world enterprise workflows pose for AI agents.

Financial indicators are essential tools for transforming raw financial data into interpretable measures for various downstream tasks, such as valuation, risk assessment, and economic analysis. However, existing financial benchmarks largely focus on answer-level accuracy and often assume that relevant data are already provided, leaving the assessment of the intermediate process of indicator construction underexplored. In this work, we propose FinDeepIndicator, the first benchmark dedicated to evaluating Deep Research (DR) agents in end-to-end financial indicator construction. Specifically, FinDeepIndicator evaluates DR agents across four stages in indicator construction: formula specification, data collection, indicator calculation, and answer generation, and covers fundamental, technical, and macroeconomic indicators organized into 21 fine-grained sub-categories. It contains 3,350 curated question-answer (QA) pairs derived from both U.S. and Chinese markets, 10 years of historical financial data, and 800 listed companies. Extensive experiments on search-equipped Large Language Models (LLMs) and DR agents show that, while LLMs generally perform well in formula specification, their accuracy drops substantially during data retrieval and numerical execution. DR agents consistently outperform search-equipped LLMs, yet remain unreliable in realistic financial analysis settings. These findings provide insights for developing more capable and trustworthy DR agents in finance.

Artificial intelligence is making significant strides in the finance industry, revolutionizing how data is processed and interpreted. Among these technologies, large language models (LLMs) have demonstrated substantial potential to transform financial services by automating complex tasks, enhancing customer service, and providing detailed financial analysis. Firstly, we introduce IDEA-FinBench, an evaluation benchmark specifically tailored for assessing financial knowledge in large language models (LLMs). This benchmark utilizes questions from two globally respected and authoritative financial professional exams, aimimg to comprehensively evaluate the capability of LLMs to directly address exam questions pertinent to the finance sector. Secondly, we propose IDEA-FinKER, a Financial Knowledge Enhancement framework designed to facilitate the rapid adaptation of general LLMs to the financial domain, introducing a retrieval-based few-shot learning method for real-time context-level knowledge injection, and a set of high-quality financial knowledge instructions for fine-tuning any general LLM. Finally, we present IDEA-FinQA, a financial question-answering system powered by LLMs. This system is structured around a scheme of real-time knowledge injection and factual enhancement using external knowledge. IDEA-FinQA is comprised of three main modules: the data collector, the data querying module, and LLM-based agents tasked with specific functions.

We introduce JFinTEB, the first comprehensive benchmark specifically designed for evaluating Japanese financial text embeddings. Existing embedding benchmarks provide limited coverage of language-specific and domain-specific aspects found in Japanese financial texts. Our benchmark encompasses diverse task categories including retrieval and classification tasks that reflect realistic and well-defined financial text processing scenarios. The retrieval tasks leverage instruction-following datasets and financial text generation queries, while classification tasks cover sentiment analysis, document categorization, and domain-specific classification challenges derived from economic survey data. We conduct extensive evaluations across a wide range of embedding models, including Japanese-specific models of various sizes, multilingual models, and commercial embedding services. We publicly release JFinTEB datasets and evaluation framework at https://github.com/retarfi/JFinTEB to facilitate future research and provide a standardized evaluation protocol for the Japanese financial text mining community. This work addresses a critical gap in Japanese financial text processing resources and establishes a foundation for advancing domain-specific embedding research.

While LLMs have shown great success in financial tasks like stock prediction and question answering, their application in fully automating Equity Research Report generation remains uncharted territory. In this paper, we formulate the Equity Research Report (ERR) Generation task for the first time. To address the data scarcity and the evaluation metrics absence, we present an open-source evaluation benchmark for ERR generation - FinRpt. We frame a Dataset Construction Pipeline that integrates 7 financial data types and produces a high-quality ERR dataset automatically, which could be used for model training and evaluation. We also introduce a comprehensive evaluation system including 11 metrics to assess the generated ERRs. Moreover, we propose a multi-agent framework specifically tailored to address this task, named FinRpt-Gen, and train several LLM-based agents on the proposed datasets using Supervised Fine-Tuning and Reinforcement Learning. Experimental results indicate the data quality and metrics effectiveness of the benchmark FinRpt and the strong performance of FinRpt-Gen, showcasing their potential to drive innovation in the ERR generation field. All code and datasets are publicly available.

Can financial vision-language models (VLMs) turn chart evidence into reliable action recommendations? Existing hallucination evaluations are mostly claim-centric; they assess whether generated statements are supported, but not whether evidence remains traceable through rationale, confidence, and final action. We introduce E2A-Bench, a 969-query benchmark for financial chart reasoning, constructed from 323 HS300 constituents under three input modalities with deterministic OHLCV-derived evidence anchors. E2A-Bench evaluates grounding, reasoning-action consistency, evidence-confidence calibration, and directional coverage through UCR, RCI, ECI, and NDR, where NDR measures coverage-aware evidence-to-action reliability rather than realized trading performance. Evaluating 20 VLMs reveals three failures hidden by scalar hallucination scores: the lowest-UCR model ranks near the bottom by NDR due to only 6.4% directional coverage; oracle-aided verification reduces unsupported claims but can collapse coverage; and financial fine-tuning amplifies the BUY:SELL ratio by factors of 4.21 to 4.68 across strict base-fine-tuned pairs. These results show that financial VLM evaluation should trace the full evidence-to-action chain rather than rely on a single hallucination score. Code and data: https://github.com/wanng-ide/E2A-Bench

Large language models (LLMs) are powerful tools capable of handling diverse tasks. Comparing and selecting appropriate LLMs for specific tasks requires systematic evaluation methods, as models exhibit varying capabilities across different domains. However, finding suitable benchmarks is difficult given the many available options. This complexity not only increases the risk of benchmark misuse and misinterpretation but also demands substantial effort from LLM users, seeking the most suitable benchmarks for their specific needs. To address these issues, we introduce BenchmarkCards, an intuitive and validated documentation framework that standardizes critical benchmark attributes such as objectives, methodologies, data sources, and limitations. Through user studies involving benchmark creators and users, we show that BenchmarkCards can simplify benchmark selection and enhance transparency, facilitating informed decision-making in evaluating LLMs. Data & Code: https://github.com/SokolAnn/BenchmarkCards

Large language models (LLMs) have achieved remarkable performance on various NLP tasks, yet their potential in more challenging and domain-specific task, such as finance, has not been fully explored. In this paper, we present CFinBench: a meticulously crafted, the most comprehensive evaluation benchmark to date, for assessing the financial knowledge of LLMs under Chinese context. In practice, to better align with the career trajectory of Chinese financial practitioners, we build a systematic evaluation from 4 first-level categories: (1) Financial Subject: whether LLMs can memorize the necessary basic knowledge of financial subjects, such as economics, statistics and auditing. (2) Financial Qualification: whether LLMs can obtain the needed financial qualified certifications, such as certified public accountant, securities qualification and banking qualification. (3) Financial Practice: whether LLMs can fulfill the practical financial jobs, such as tax consultant, junior accountant and securities analyst. (4) Financial Law: whether LLMs can meet the requirement of financial laws and regulations, such as tax law, insurance law and economic law. CFinBench comprises 99,100 questions spanning 43 second-level categories with 3 question types: single-choice, multiple-choice and judgment. We conduct extensive experiments of 50 representative LLMs with various model size on CFinBench. The results show that GPT4 and some Chinese-oriented models lead the benchmark, with the highest average accuracy being 60.16%, highlighting the challenge presented by CFinBench. The dataset and evaluation code are available at https://cfinbench.github.io/.

The demand for emergency department (ED) services is increasing across the globe, particularly during the current COVID-19 pandemic. Clinical triage and risk assessment have become increasingly challenging due to the shortage of medical resources and the strain on hospital infrastructure caused by the pandemic. As a result of the widespread use of electronic health records (EHRs), we now have access to a vast amount of clinical data, which allows us to develop predictive models and decision support systems to address these challenges. To date, however, there are no widely accepted benchmark ED triage prediction models based on large-scale public EHR data. An open-source benchmarking platform would streamline research workflows by eliminating cumbersome data preprocessing, and facilitate comparisons among different studies and methodologies. In this paper, based on the Medical Information Mart for Intensive Care IV Emergency Department (MIMIC-IV-ED) database, we developed a publicly available benchmark suite for ED triage predictive models and created a benchmark dataset that contains over 400,000 ED visits from 2011 to 2019. We introduced three ED-based outcomes (hospitalization, critical outcomes, and 72-hour ED reattendance) and implemented a variety of popular methodologies, ranging from machine learning methods to clinical scoring systems. We evaluated and compared the performance of these methods against benchmark tasks. Our codes are open-source, allowing anyone with MIMIC-IV-ED data access to perform the same steps in data processing, benchmark model building, and experiments. This study provides future researchers with insights, suggestions, and protocols for managing raw data and developing risk triaging tools for emergency care.

Existing agent benchmarks ask whether the agent finished the task. We ask whether it finished it within policy. We introduce Fiducia-bench, a benchmark for the governability of financial agents---whether they escalate when obligated, abstain when required, and leave an auditable trail---and use it to study a question no prior benchmark addresses: does decomposing an agent into components degrade its governance? It does, and the mechanism is specific. Policy-relevant facts discovered by one component are attenuated at the handoff boundary before reaching the component that must act on them. In a 626-episode experiment across 100 KYC/AML task variants, two models, and three architectures, a 32B open-weights model attenuated 0% of discovered facts under a single-loop baseline, 56% under a fixed pipeline, and 85% under an orchestrator-subagent architecture (all at constraint distance 2). A stronger model (gpt-4.1-mini) attenuated 3-6% under the same conditions, suggesting the governance cost of decomposition is partly a function of model capability. Critically, the same mechanism produces both under-escalation and over-escalation, depending on whether the dropped fact was a risk signal or an exculpating one. The benchmark, all tasks, and the verification harness are open-source

Various benchmarks have been proposed to assess the performance of large language models (LLMs) in different coding scenarios. We refer to them as code-related benchmarks. However, there are no systematic guidelines by which such a benchmark should be developed to ensure its quality, reliability, and reproducibility. We propose How2Bench, which is comprised of a 55- 55-criteria checklist as a set of guidelines to govern the development of code-related benchmarks comprehensively. Using HOW2BENCH, we profiled 274 benchmarks released within the past decade and found concerning issues. Nearly 70% of the benchmarks did not take measures for data quality assurance; over 10% did not even open source or only partially open source. Many highly cited benchmarks have loopholes, including duplicated samples, incorrect reference codes/tests/prompts, and unremoved sensitive/confidential information. Finally, we conducted a human study involving 49 participants, which revealed significant gaps in awareness of the importance of data quality, reproducibility, and transparency.

Despite the recent advances in Large Language Models, benchmarks for evaluating legal writing remain scarce due to the inherent complexity of assessing open-ended responses in this domain. One of the key challenges in evaluating language models on domain-specific tasks is finding test datasets that are public, frequently updated, and contain comprehensive evaluation guidelines. The Brazilian Bar Examination meets these requirements. We introduce oab-bench, a benchmark comprising 105 questions across seven areas of law from recent editions of the exam. The benchmark includes comprehensive evaluation guidelines and reference materials used by human examiners to ensure consistent grading. We evaluate the performance of four LLMs on oab-bench, finding that Claude-3.5 Sonnet achieves the best results with an average score of 7.93 out of 10, passing all 21 exams. We also investigated whether LLMs can serve as reliable automated judges for evaluating legal writing. Our experiments show that frontier models like OpenAI's o1 achieve a strong correlation with human scores when evaluating approved exams, suggesting their potential as reliable automated evaluators despite the inherently subjective nature of legal writing assessment. The source code and the benchmark -- containing questions, evaluation guidelines, model-generated responses, and their respective automated evaluations -- are publicly available.

We introduce DRBench, a benchmark for evaluating AI agents on complex, open-ended deep research tasks in enterprise settings. Unlike prior benchmarks that focus on simple questions or web-only queries, DRBench evaluates agents on multi-step queries (for example, ``What changes should we make to our product roadmap to ensure compliance with this standard?") that require identifying supporting facts from both the public web and private company knowledge base. Each task is grounded in realistic user personas and enterprise context, spanning a heterogeneous search space that includes productivity software, cloud file systems, emails, chat conversations, and the open web. Tasks are generated through a carefully designed synthesis pipeline with human-in-the-loop verification, and agents are evaluated on their ability to recall relevant insights, maintain factual accuracy, and produce coherent, well-structured reports. We release 15 deep research tasks across 10 domains, such as Sales, Cybersecurity, and Compliance. We demonstrate the effectiveness of DRBench by evaluating diverse DR agents across open- and closed-source models (such as GPT, Llama, and Qwen) and DR strategies, highlighting their strengths, weaknesses, and the critical path for advancing enterprise deep research. Code is available at https://github.com/ServiceNow/drbench.

We introduce KFinEval-Pilot, a benchmark suite specifically designed to evaluate large language models (LLMs) in the Korean financial domain. Addressing the limitations of existing English-centric benchmarks, KFinEval-Pilot comprises over 1,000 curated questions across three critical areas: financial knowledge, legal reasoning, and financial toxicity. The benchmark is constructed through a semi-automated pipeline that combines GPT-4-generated prompts with expert validation to ensure domain relevance and factual accuracy. We evaluate a range of representative LLMs and observe notable performance differences across models, with trade-offs between task accuracy and output safety across different model families. These results highlight persistent challenges in applying LLMs to high-stakes financial applications, particularly in reasoning and safety. Grounded in real-world financial use cases and aligned with the Korean regulatory and linguistic context, KFinEval-Pilot serves as an early diagnostic tool for developing safer and more reliable financial AI systems.

Most recommendation benchmarks evaluate how well a model imitates user behavior. In financial advisory, however, observed actions can be noisy or short-sighted under market volatility and may conflict with a user's long-term goals. Treating what users chose as the sole ground truth, therefore, conflates behavioral imitation with decision quality. We introduce Conv-FinRe, a conversational and longitudinal benchmark for stock recommendation that evaluates LLMs beyond behavior matching. Given an onboarding interview, step-wise market context, and advisory dialogues, models must generate rankings over a fixed investment horizon. Crucially, Conv-FinRe provides multi-view references that distinguish descriptive behavior from normative utility grounded in investor-specific risk preferences, enabling diagnosis of whether an LLM follows rational analysis, mimics user noise, or is driven by market momentum. We build the benchmark from real market data and human decision trajectories, instantiate controlled advisory conversations, and evaluate a suite of state-of-the-art LLMs. Results reveal a persistent tension between rational decision quality and behavioral alignment: models that perform well on utility-based ranking often fail to match user choices, whereas behaviorally aligned models can overfit short-term noise. The dataset is publicly released on Hugging Face, and the codebase is available on GitHub.

Long-horizon agentic tasks go beyond chaining short tasks over more interaction turns. Their evolving dynamic environments and long-range dependencies require Large Language Models (LLMs) to continually explore, learn from experience, and adapt their policies over thousands of steps. We introduce E-Commerce Bench, the first open-source benchmark that integrates multi-round counterpart negotiation and dynamic events into a year-long business operation. Over a 365-day year, an LLM agent concurrently runs multiple online stores, researching the market, negotiating with suppliers to source inventory, optimizing sales strategies, fulfilling orders, handling returns, and managing cash flow to maximize its end-of-year total assets. To construct a realistic merchant-side operating environment, the product and supplier data are derived from a real e-commerce platform, while a year-long calendar of promotions, natural disasters, and supply-chain shocks continually reshapes demand. For reproducibility, both sides of the market are deterministic: customer purchases and returns follow a fixed demand model, while a negotiation kernel determines supplier pricing, concessions, and decisions, with an LLM used only to verbalize them. We evaluate 18 frontier models across seven dimensions, including year-end assets, and find that no single model dominates. GPT-5.6 Sol earns the most, growing the 100,000 opening stake into 1,431,425, yet it ranks 16th of 18 on fraud avoidance and trails Fable5 in operational efficiency. Among open-weight models, Qwen3.8-Max-Preview leads with 416,252, 38% above GLM 5.2 (high), and achieves the strongest learning over the horizon, progressively bargaining down prices across repeated orders. Our code is available at https://github.com/QwenLM/E-CommerceBench.

This technical report presents EXAONE Forecast for Finance (EXAONE Finance), a financial time series (TS) foundation model (TSFM) tailored to financial forecasting. Recent TSFMs achieve strong zero-shot performance through large-scale pretraining. However, they are primarily developed for general-domain TS and largely rely on self-attention backbones whose computational cost grows quadratically with sequence length and variate count. Moreover, they assume fully observed inputs and are pretrained on corpora that fail to capture the unique dynamics of financial markets. These limitations hinder their applicability to finance, where long, many-channel, intermittently observed panels are common. To address these challenges, EXAONE Finance adopts an attention-free architecture, replacing self-attention with two simple yet effective linear-time operators: 1) a causal 1D convolution for temporal mixing and 2) a group-aware pooling multi-layer perceptron (MLP) for variate mixing. Furthermore, a masked context augmentation exposes the model to contiguous missing spans during training, improving robustness to the missingness pervasive in financial markets. EXAONE Finance is pretrained on a large-scale financial corpus covering not only equities but also foreign exchange, commodities, crypto-assets, fixed income, and macroeconomic indicators. On FinVerse, a financial forecasting benchmark covering diverse asset classes, EXAONE Finance attains state-of-the-art performance, ranking first across all three evaluation tiers---point-forecast accuracy, cross-sectional asset ranking, and portfolio profitability.

Managing the prediction of metrics in high-frequency financial markets is a challenging task. An efficient way is by monitoring the dynamics of a limit order book to identify the information edge. This paper describes the first publicly available benchmark dataset of high-frequency limit order markets for mid-price prediction. We extracted normalized data representations of time series data for five stocks from the NASDAQ Nordic stock market for a time period of ten consecutive days, leading to a dataset of ~4,000,000 time series samples in total. A day-based anchored cross-validation experimental protocol is also provided that can be used as a benchmark for comparing the performance of state-of-the-art methodologies. Performance of baseline approaches are also provided to facilitate experimental comparisons. We expect that such a large-scale dataset can serve as a testbed for devising novel solutions of expert systems for high-frequency limit order book data analysis.

Do Large Language Models (LLMs) possess genuine structural reasoning, or merely rely on surface-level pattern matching? The financial domain, demanding numerical precision and multi-step logic over long contexts, is an ideal testbed. Existing benchmarks fail to capture real-world industrial complexity, predominantly relying on multiple-choice questions or single-hop QA over cropped tables while ignoring intricate cross-statement dynamics and temporal de-cumulation. To bridge this gap, we introduce FinIndices, a large-scale benchmark evaluating data-processing fidelity over uncropped financial statements (up to 32K tokens). Utilizing an automated synthesis pipeline with adversarial traps, FinIndices encompasses Single-Index computation and Table-Index tabulation to test complex domain, temporal, and caliber reasoning. Our evaluation reveals two severe LLM vulnerabilities. First, a "Knowledge Bottleneck": despite memorizing formulas during pre-training, models demonstrate fragile pattern matching. Removing explicit formula hints causes performance to collapse (e.g., Gemini-3.1-Pro drops from 70.70% to 38.22% on table tasks), exposing fatal flaws in temporal de-cumulation and stock-flow caliber mismatch. Second, a "Structural Bottleneck": the intense cognitive load of generating multi-metric, multi-period tables actively drains reasoning capacity. Under structural pressure, LLMs that flawlessly execute isolated derivations regress to shallow heuristics, such as fetching incorrect adjacent columns or substituting deep accounting adjustments with lazy literal arithmetic. Finally, Supervised Fine-Tuning (SFT) yields substantial zero-hint gains (+8.54% Single, +3.82% Table), validating that structured logic can be partially restored via data-centric alignment.

We introduce AInsteinBench, a large-scale benchmark for evaluating whether large language model (LLM) agents can operate as scientific computing development agents within real research software ecosystems. Unlike existing scientific reasoning benchmarks which focus on conceptual knowledge, or software engineering benchmarks that emphasize generic feature implementation and issue resolving, AInsteinBench evaluates models in end-to-end scientific development settings grounded in production-grade scientific repositories. The benchmark consists of tasks derived from maintainer-authored pull requests across six widely used scientific codebases, spanning quantum chemistry, quantum computing, molecular dynamics, numerical relativity, fluid dynamics, and cheminformatics. All benchmark tasks are carefully curated through multi-stage filtering and expert review to ensure scientific challenge, adequate test coverage, and well-calibrated difficulty. By leveraging evaluation in executable environments, scientifically meaningful failure modes, and test-driven verification, AInsteinBench measures a model's ability to move beyond surface-level code generation toward the core competencies required for computational scientific research.

Large language models have demonstrated strong performance on general-purpose programming tasks, yet their ability to generate executable algorithmic trading strategies remains underexplored. Unlike standard code benchmarks, trading-strategy generation requires simultaneous mastery of domain-specific financial logic, knowledge of a specialized API, and the ability to produce code that is not only syntactically correct but also leads to actual trades on historical data. In this work, we present QuantCode-Bench, a benchmark for the systematic evaluation of modern LLMs in generating strategies for the Backtrader framework from textual descriptions in English. The benchmark contains 400 tasks of varying difficulty collected from Reddit, TradingView, StackExchange, GitHub, and synthetic sources. Evaluation is conducted through a multi-stage pipeline that checks syntactic correctness, successful backtest execution, the presence of trades, and semantic alignment with the task description using an LLM judge. We compare state-of-the-art models in two settings: single-turn, where the strategy must be generated correctly on the first attempt, and agentic multi-turn, where the model receives iterative feedback and may repair its errors. We analyze the failure modes across different stages of the pipeline and show that the main limitations of current models are not related to syntax, but rather to the correct operationalization of trading logic, proper API usage, and adherence to task semantics. These findings suggest that trading strategy generation constitutes a distinct class of domain-specific code generation tasks in which success requires not only technical correctness, but also alignment between natural-language descriptions, financial logic, and the observable behavior of the strategy on data.

How should one judge whether a given large language model (LLM) can reliably perform economic reasoning? Most existing LLM benchmarks focus on specific applications and fail to present the model with a rich variety of economic tasks. A notable exception is Raman et al. [2024], who offer an approach for comprehensively benchmarking strategic decision-making; however, this approach fails to address the non-strategic settings prevalent in microeconomics, such as supply-and-demand analysis. We address this gap by taxonomizing microeconomic reasoning into 58 distinct elements, focusing on the logic of supply and demand, each grounded in up to 10 distinct domains, 5 perspectives, and 3 types. The generation of benchmark data across this combinatorial space is powered by a novel LLM-assisted data generation protocol that we dub auto-STEER, which generates a set of questions by adapting handwritten templates to target new domains and perspectives. Because it offers an automated way of generating fresh questions, auto-STEER mitigates the risk that LLMs will be trained to over-fit evaluation benchmarks; we thus hope that it will serve as a useful tool both for evaluating and fine-tuning models for years to come. We demonstrate the usefulness of our benchmark via a case study on 27 LLMs, ranging from small open-source models to the current state of the art. We examined each model's ability to solve microeconomic problems across our whole taxonomy and present the results across a range of prompting strategies and scoring metrics.

The past two decades have witnessed the rapid development of personalized recommendation techniques. Despite significant progress made in both research and practice of recommender systems, to date, there is a lack of a widely-recognized benchmarking standard in this field. Many existing studies perform model evaluations and comparisons in an ad-hoc manner, for example, by employing their own private data splits or using different experimental settings. Such conventions not only increase the difficulty in reproducing existing studies, but also lead to inconsistent experimental results among them. This largely limits the credibility and practical value of research results in this field. To tackle these issues, we present an initiative project (namely BARS) aiming for open benchmarking for recommender systems. In comparison to some earlier attempts towards this goal, we take a further step by setting up a standardized benchmarking pipeline for reproducible research, which integrates all the details about datasets, source code, hyper-parameter settings, running logs, and evaluation results. The benchmark is designed with comprehensiveness and sustainability in mind. It covers both matching and ranking tasks, and also enables researchers to easily follow and contribute to the research in this field. This project will not only reduce the redundant efforts of researchers to re-implement or re-run existing baselines, but also drive more solid and reproducible research on recommender systems. We would like to call upon everyone to use the BARS benchmark for future evaluation, and contribute to the project through the portal at: https://openbenchmark.github.io/BARS.

Financial asset recommendation (FAR) is a sub-domain of recommender systems which identifies useful financial securities for investors, with the expectation that they will invest capital on the recommended assets. FAR solutions analyse and learn from multiple data sources, including time series pricing data, customer profile information and expectations, as well as past investments. However, most models have been developed over proprietary datasets, making a comparison over a common benchmark impossible. In this paper, we aim to solve this problem by introducing FAR-Trans, the first public dataset for FAR, containing pricing information and retail investor transactions acquired from a large European financial institution. We also provide a bench-marking comparison between eleven FAR algorithms over the data for use as future baselines. The dataset can be downloaded from https://doi.org/10.5525/gla.researchdata.1658 .

This paper introduces LegalRikai: Open Benchmark, a new benchmark comprising four complex tasks that emulate Japanese corporate legal practices. The benchmark was created by legal professionals under the supervision of an attorney. This benchmark has 100 samples that require long-form, structured outputs, and we evaluated them against multiple practical criteria. We conducted both human and automated evaluations using leading LLMs, including GPT-5, Gemini 2.5 Pro, and Claude Opus 4.1. Our human evaluation revealed that abstract instructions prompted unnecessary modifications, highlighting model weaknesses in document-level editing that were missed by conventional short-text tasks. Furthermore, our analysis reveals that automated evaluation aligns well with human judgment on criteria with clear linguistic grounding, and assessing structural consistency remains a challenge. The result demonstrates the utility of automated evaluation as a screening tool when expert availability is limited. We propose a dataset evaluation framework to promote more practice-oriented research in the legal domain.

Time series are generated in diverse domains such as economic, traffic, health, and energy, where forecasting of future values has numerous important applications. Not surprisingly, many forecasting methods are being proposed. To ensure progress, it is essential to be able to study and compare such methods empirically in a comprehensive and reliable manner. To achieve this, we propose TFB, an automated benchmark for Time Series Forecasting (TSF) methods. TFB advances the state-of-the-art by addressing shortcomings related to datasets, comparison methods, and evaluation pipelines: 1) insufficient coverage of data domains, 2) stereotype bias against traditional methods, and 3) inconsistent and inflexible pipelines. To achieve better domain coverage, we include datasets from 10 different domains: traffic, electricity, energy, the environment, nature, economic, stock markets, banking, health, and the web. We also provide a time series characterization to ensure that the selected datasets are comprehensive. To remove biases against some methods, we include a diverse range of methods, including statistical learning, machine learning, and deep learning methods, and we also support a variety of evaluation strategies and metrics to ensure a more comprehensive evaluations of different methods. To support the integration of different methods into the benchmark and enable fair comparisons, TFB features a flexible and scalable pipeline that eliminates biases. Next, we employ TFB to perform a thorough evaluation of 21 Univariate Time Series Forecasting (UTSF) methods on 8,068 univariate time series and 14 Multivariate Time Series Forecasting (MTSF) methods on 25 datasets. The benchmark code and data are available at https://github.com/decisionintelligence/TFB. We have also launched an online time series leaderboard: https://decisionintelligence.github.io/OpenTS/OpenTS-Bench/.

As large language models evolve from question-answering systems into general-purpose agents, evaluation must move beyond static answer correctness to assess multimodal perception, multi-step execution, tool use, and artifact delivery. However, existing benchmarks are often tied to specific task types, execution environments, or scoring protocols, limiting their comparability, interpretability, and reliability for deployment decisions. We introduce DAREBench (Deployment-Aware and Reliable Evaluation of Models as Agents), a benchmark designed to capture workload variation and support reliable agent evaluation. Built on a shared OpenClaw execution environment, DAREBench organizes 233 tasks selected and adapted from 22 source benchmarks into a 2times3 workload matrix defined by input modality and execution form, and evaluates them under a unified contract-based protocol with evidence-based score auditing. We evaluate 23 commercial API models and 12 locally deployed open-weight models over 7,587 model--task runs, reporting accuracy and token consumption alongside reference costs for API models. Results show that no single model dominates all workload groups, text and multimodal tasks exhibit distinct accuracy--cost trade-offs, and local open-weight models are competitive in several groups but still trail frontier commercial models overall. These findings suggest that agent deployment and model selection should consider workload profiles, deployment mode, and accuracy--cost trade-offs rather than rely on a single aggregate score.

With the widespread digitization of finance and the increasing popularity of cryptocurrencies, the sophistication of fraud schemes devised by cybercriminals is growing. Money laundering -- the movement of illicit funds to conceal their origins -- can cross bank and national boundaries, producing complex transaction patterns. The UN estimates 2-5\% of global GDP or \0.8 - 2.0 trillion dollars are laundered globally each year. Unfortunately, real data to train machine learning models to detect laundering is generally not available, and previous synthetic data generators have had significant shortcomings. A realistic, standardized, publicly-available benchmark is needed for comparing models and for the advancement of the area. To this end, this paper contributes a synthetic financial transaction dataset generator and a set of synthetically generated AML (Anti-Money Laundering) datasets. We have calibrated this agent-based generator to match real transactions as closely as possible and made the datasets public. We describe the generator in detail and demonstrate how the datasets generated can help compare different machine learning models in terms of their AML abilities. In a key way, using synthetic data in these comparisons can be even better than using real data: the ground truth labels are complete, whilst many laundering transactions in real data are never detected.