mlsanityData to 7 Oct 2026

Toward Reliable Evaluation of LLM-Based Financial Multi-Agent Systems: Taxonomy, Coordination Primacy, and Cost Awareness

arXiv 2603.27539 ↗First posted 29 Mar 2026cs.MA cs.AI cs.CEcited by 5

On the map: LLM agents and tool use → Financial trading and forecasting agents

Abstract (arXiv)

Multi-agent systems based on large language models (LLMs) for financial trading have grown rapidly since 2023, yet the field lacks a shared framework for understanding what drives performance or for evaluating claims credibly. This survey makes three contributions. First, we introduce a four-dimensional taxonomy, covering architecture pattern, coordination mechanism, memory architecture, and tool integration; applied to 12 multi-agent systems and two single-agent baselines. Second, we formulate the Coordination Primacy Hypothesis (CPH): inter-agent coordination protocol design is a primary driver of trading decision quality, often exerting greater influence than model scaling. CPH is presented as a falsifiable research hypothesis supported by tiered structural evidence rather than as an empirically validated conclusion; its definitive validation requires evaluation infrastructure that does not yet exist in the field. Third, we document five pervasive evaluation failures (look-ahead bias, survivorship bias, backtesting overfitting, transaction cost neglect, and regime-shift blindness) and show that these can reverse the sign of reported returns. Building on the CPH and the evaluation critique, we introduce the Coordination Breakeven Spread (CBS), a metric for determining whether multi-agent coordination adds genuine value net of transaction costs, and propose minimum evaluation standards as prerequisites for validating the CPH.

Key facts. Cited by 5 papers in the map (data through 7 Oct 2026). Placed in Financial trading and forecasting agents, one of 16 directions in LLM agents and tool use. Builds on 21 of its 29 references that are in the map. First posted on arXiv 29 Mar 2026.

Builds on

21 of 29 references.

Closest ancestors · 10

Same direction, newest first

  1. 2025When Agents Trade: Live Multi-Market Trading Benchmark for LLM Agents13 Oct
  2. 2025QuantAgents: Towards Multi-agent Financial System via Simulated Trading6 Oct
  3. 2025StockBench: Can LLM Agents Trade Stocks Profitably In Real-world Markets?2 Oct
  4. 2025HedgeAgents: A Balanced-aware Multi-agent Financial Trading System17 Feb
  5. 2024TradingAgents: Multi-Agents LLM Financial Trading Framework28 Dec
  6. 2024FinVision: A Multi-Agent Framework for Stock Market Prediction29 Oct
  7. 2024Large Language Model Agent in Financial Trading: A Survey26 Jul
  8. 2024FinCon: A Synthesized LLM Multi-Agent System with Conceptual Verbal Reinforcement for Enhanced Financial Decision Making9 Jul
  9. 2024FinRobot: An Open-Source AI Agent Platform for Financial Applications using Large Language Models23 May
  10. 2023FinMem: A Performance-Enhanced LLM Trading Agent with Layered Memory and Character Design23 Nov

Other references · 11

  1. 2023Improving Factuality and Reasoning in Language Models through Multiagent Debatecited by 1,739
  2. 2024Large Language Model based Multi-Agents: A Survey of Progress and Challengescited by 752
  3. 2023Multi-Agent Collaboration: Harnessing the Power of Intelligent LLM Agentscited by 329
  4. 2025Small Language Models are the Future of Agentic AIcited by 254
  5. 2024A Multimodal Foundation Agent for Financial Trading: Tool-Augmented, Diversified, and Generalistcited by 137
  6. 2025How Memory Management Impacts LLM Agents: An Empirical Study of Experience-Following Behaviorcited by 95
  7. 2025Debate or Vote: Which Yields Better Decisions in Multi-Agent Large Language Models?cited by 74
  8. 2024LLM-based Multi-Agent Reinforcement Learning: Current and Future Directionscited by 67
  9. 2025Can LLM-based Financial Investing Strategies Outperform the Market in Long Run?cited by 19
  10. 2025Integrating Traditional Technical Analysis with AI: A Multi-Agent LLM-Based Approach to Stock Market Forecastingcited by 6
  11. 2026Design and Empirical Study of a Large Language Model-Based Multi-Agent Investment System for Chinese Public REITscited by 2

Built on by

Cited by year (2026 to 7 Oct)

Citing papers per year: 2026: 5.

5 papers.

Similar, not cited

Close in wording, no citation either way

  1. 2026Beyond Agent Architecture: Execution Assumptions and Reproducibility in LLM-Based Trading Systems
  2. 2026Toward Expert Investment Teams:A Multi-Agent LLM System with Fine-Grained Trading Tasks
  3. 2025StockSim: A Dual-Mode Order-Level Simulator for Evaluating Multi-Agent LLMs in Financial Markets
  4. 2026Why Better Models Can Create Riskier Systems: Evidence from LLM Agents in Financial Markets
  5. 2025ContestTrade: A Multi-Agent Trading System Based on Internal Contest Mechanism
  6. 2026Can Agentic Trading Systems Pay for Their Own Intelligence?
  7. 2025TradingGroup: A Multi-Agent Trading System with Self-Reflection and Data-Synthesis
  8. 2026Multi-Agent Debate for Explainable Trading: Reasoning, Consensus, and Performance in Simulated Markets