FinAudio: A Benchmark for Audio Large Language Models in Financial Applications

Audio Large Language Models (AudioLLMs) have received widespread attention and have significantly improved performance on audio tasks such as conversation, audio understanding, and automatic speech recognition (ASR). Despite these advancements, there is an absence of a benchmark for assessing AudioLLMs in financial scenarios, where audio data, such as earnings conference calls and CEO speeches, are crucial resources for financial analysis and investment decisions. In this paper, we introduce \textsc{FinAudio}, the first benchmark designed to evaluate the capacity of AudioLLMs in the financial domain. We first define three tasks based on the unique characteristics of the financial domain: 1) ASR for short financial audio, 2) ASR for long financial audio, and 3) summarization of long financial audio. Then, we curate two short and two long audio datasets, respectively, and develop a novel dataset for financial audio summarization, comprising the \textsc{FinAudio} benchmark. Then, we evaluate seven prevalent AudioLLMs on \textsc{FinAudio}. Our evaluation reveals the limitations of existing AudioLLMs in the financial domain and offers insights for improving AudioLLMs. All datasets and codes will be released.

Plutus: Benchmarking Large Language Models in Low-Resource Greek Finance

Despite Greece's pivotal role in the global economy, large language models (LLMs) remain underexplored for Greek financial context due to the linguistic complexity of Greek and the scarcity of domain-specific datasets. Previous efforts in multilingual financial natural language processing (NLP) have exposed considerable performance disparities, yet no dedicated Greek financial benchmarks or Greek-specific financial LLMs have been developed until now. To bridge this gap, we introduce Plutus-ben, the first Greek Financial Evaluation Benchmark, and Plutus-8B, the pioneering Greek Financial LLM, fine-tuned with Greek domain-specific data. Plutus-ben addresses five core financial NLP tasks in Greek: numeric and textual named entity recognition, question answering, abstractive summarization, and topic classification, thereby facilitating systematic and reproducible LLM assessments. To underpin these tasks, we present three novel, high-quality Greek financial datasets, thoroughly annotated by expert native Greek speakers, augmented by two existing resources. Our comprehensive evaluation of 22 LLMs on Plutus-ben reveals that Greek financial NLP remains challenging due to linguistic complexity, domain-specific terminology, and financial reasoning gaps. These findings underscore the limitations of cross-lingual transfer, the necessity for financial expertise in Greek-trained models, and the challenges of adapting financial LLMs to Greek text. We release Plutus-ben, Plutus-8B, and all associated datasets publicly to promote reproducible research and advance Greek financial NLP, fostering broader multilingual inclusivity in finance.

FLAG-Trader: Fusion LLM-Agent with Gradient-based Reinforcement Learning for Financial Trading

Large language models (LLMs) fine-tuned on multimodal financial data have demonstrated impressive reasoning capabilities in various financial tasks. However, they often struggle with multi-step, goal-oriented scenarios in interactive financial markets, such as trading, where complex agentic approaches are required to improve decision-making. To address this, we propose \textsc{FLAG-Trader}, a unified architecture integrating linguistic processing (via LLMs) with gradient-driven reinforcement learning (RL) policy optimization, in which a partially fine-tuned LLM acts as the policy network, leveraging pre-trained knowledge while adapting to the financial domain through parameter-efficient fine-tuning. Through policy gradient optimization driven by trading rewards, our framework not only enhances LLM performance in trading but also improves results on other financial-domain tasks. We present extensive empirical evidence to validate these enhancements.

Fino1: On the Transferability of Reasoning Enhanced LLMs to Finance

Recent advancements in large language models (LLMs) have shown strong general reasoning abilities, yet their effectiveness in financial reasoning remains underexplored. In this study, we comprehensively evaluate 16 powerful reasoning and general LLMs on three complex financial tasks involving financial text, tabular data, and equations, assessing numerical reasoning, tabular interpretation, financial terminology comprehension, long-context processing, and equation-based problem solving. Our results show that while better datasets and pretraining improve financial reasoning, general enhancements like CoT fine-tuning do not always yield consistent gains. Moreover, all reasoning strategies face challenges in improving performance on long-context and multi-table tasks. To address these limitations, we develop a financial reasoning-enhanced model based on Llama-3.1-8B-Instruct, by CoT fine-tuning and reinforcement learning with domain-specific reasoning paths. Even with simple fine-tuning with one financial dataset, our model achieves a consistent 10% performance improvement across tasks, surpassing all 8B models and even Llama3-70B-Instruct and Llama3.1-70B-Instruct on average. Our results highlight the need for domain-specific adaptations in financial tasks, emphasizing future directions such as multi-table reasoning, long-context processing, and financial terminology comprehension. All our datasets, models, and codes are publicly available. Furthermore, we introduce a leaderboard for benchmarking future datasets and models.

Enhancing Financial Time-Series Forecasting with Retrieval-Augmented Large Language Models

Stock movement prediction, a critical task in financial time-series forecasting, relies on identifying and retrieving key influencing factors from vast and complex datasets. However, traditional text-trained or numeric similarity-based retrieval methods often struggle to handle the intricacies of financial data. To address this, we propose the first retrieval-augmented generation (RAG) framework specifically designed for financial time-series forecasting. Our framework incorporates three key innovations: a fine-tuned 1B large language model (StockLLM) as its backbone, a novel candidate selection method enhanced by LLM feedback, and a training objective that maximizes the similarity between queries and historically significant sequences. These advancements enable our retriever, FinSeer, to uncover meaningful patterns while effectively minimizing noise in complex financial datasets. To support robust evaluation, we also construct new datasets that integrate financial indicators and historical stock prices. Experimental results demonstrate that our RAG framework outperforms both the baseline StockLLM and random retrieval methods, showcasing its effectiveness. FinSeer, as the retriever, achieves an 8% higher accuracy on the BIGDATA22 benchmark and retrieves more impactful sequences compared to existing retrieval methods. This work highlights the importance of tailored retrieval models in financial forecasting and provides a novel, scalable framework for future research in the field.

Retrieval-augmented Large Language Models for Financial Time Series Forecasting

Stock movement prediction, a fundamental task in financial time-series forecasting, requires identifying and retrieving critical influencing factors from vast amounts of time-series data. However, existing text-trained or numeric similarity-based retrieval methods fall short in handling complex financial analysis. To address this, we propose the first retrieval-augmented generation (RAG) framework for financial time-series forecasting, featuring three key innovations: a fine-tuned 1B parameter large language model (StockLLM) as the backbone, a novel candidate selection method leveraging LLM feedback, and a training objective that maximizes similarity between queries and historically significant sequences. This enables our retriever, FinSeer, to uncover meaningful patterns while minimizing noise in complex financial data. We also construct new datasets integrating financial indicators and historical stock prices to train FinSeer and ensure robust evaluation. Experimental results demonstrate that our RAG framework outperforms bare StockLLM and random retrieval, highlighting its effectiveness, while FinSeer surpasses existing retrieval methods, achieving an 8\% higher accuracy on BIGDATA22 and retrieving more impactful sequences. This work underscores the importance of tailored retrieval models in financial forecasting and provides a novel framework for future research.

INVESTORBENCH: A Benchmark for Financial Decision-Making Tasks with LLM-based Agent

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 \textsc{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.

CDEMapper: Enhancing NIH Common Data Element Normalization using Large Language Models

Common Data Elements (CDEs) standardize data collection and sharing across studies, enhancing data interoperability and improving research reproducibility. However, implementing CDEs presents challenges due to the broad range and variety of data elements. This study aims to develop an effective and efficient mapping tool to bridge the gap between local data elements and National Institutes of Health (NIH) CDEs. We propose CDEMapper, a large language model (LLM) powered mapping tool designed to assist in mapping local data elements to NIH CDEs. CDEMapper has three core modules: (1) CDE indexing and embeddings. NIH CDEs were indexed and embedded to support semantic search; (2) CDE recommendations. The tool combines Elasticsearch (BM25 similarity methods) with state of the art GPT services to recommend candidate CDEs and their permissible values; and (3) Human review. Users review and select the NIH CDEs and values that best match their data elements and value sets. We evaluate the tool recommendation accuracy against manually annotated mapping results. CDEMapper offers a publicly available, LLM-powered, and intuitive user interface that consolidates essential and advanced mapping services into a streamlined pipeline. It provides a step by step, quality assured mapping workflow designed with a user-centered approach. The evaluation results demonstrated that augmenting BM25 with GPT embeddings and a ranker consistently enhances CDEMapper mapping accuracy in three different mapping settings across four evaluation datasets. This work opens up the potential of using LLMs to assist with CDE recommendation and human curation when aligning local data elements with NIH CDEs. Additionally, this effort enhances clinical research data interoperability and helps researchers better understand the gaps between local data elements and NIH CDEs.

Information Extraction from Clinical Notes: Are We Ready to Switch to Large Language Models?

Backgrounds: Information extraction (IE) is critical in clinical natural language processing (NLP). While large language models (LLMs) excel on generative tasks, their performance on extractive tasks remains debated. Methods: We investigated Named Entity Recognition (NER) and Relation Extraction (RE) using 1,588 clinical notes from four sources (UT Physicians, MTSamples, MIMIC-III, and i2b2). We developed an annotated corpus covering 4 clinical entities and 16 modifiers, and compared instruction-tuned LLaMA-2 and LLaMA-3 against BiomedBERT in terms of performance, generalizability, computational resources, and throughput to BiomedBERT. Results: LLaMA models outperformed BiomedBERT across datasets. With sufficient training data, LLaMA showed modest improvements (1% on NER, 1.5-3.7% on RE); improvements were larger with limited training data. On unseen i2b2 data, LLaMA-3-70B outperformed BiomedBERT by 7% (F1) on NER and 4% on RE. However, LLaMA models required more computing resources and ran up to 28 times slower. We implemented "Kiwi," a clinical IE package featuring both models, available at https://kiwi.clinicalnlp.org/. Conclusion: This study is among the first to develop and evaluate a comprehensive clinical IE system using open-source LLMs. Results indicate that LLaMA models outperform BiomedBERT for clinical NER and RE but with higher computational costs and lower throughputs. These findings highlight that choosing between LLMs and traditional deep learning methods for clinical IE applications should remain task-specific, taking into account both performance metrics and practical considerations such as available computing resources and the intended use case scenarios.

UCFE: A User-Centric Financial Expertise Benchmark for Large Language Models

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.