Toward Reliable Evaluation of LLM-Based Financial Multi-Agent Systems: Taxonomy, Coordination Primacy, and Cost Awareness
Organizations: Georgia Institute of Technology, Atlanta GA 30332, USA · Adobe Inc., San Jose CA 95110, USA
Abstract
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.
Figures & tables
| System (Agents) | Sharpe Ratio | Cumulative Return | Annual Return | Max Drawdown | Eval Period | Evaluation Details | Evaluation Quality | ||||
| Contam. | Point-in-Time | Rolling Win. | Net Costs | Regime Cov. | |||||||
| FinAgent [ 27 ] (1+tools) | 1.43–2.01 | — | 31.9–92.3% | 5.57–13.2% | 6 mo | Six datasets; stocks and crypto. Best ARR 92.27% on TSLA. | ✓ | ✓ | |||
| 2/5 | |||||||||||
| FinCon [ 25 ] (7+1) | 3.26 | 114% | — | 16.2% | 18 mo | Jan 2022–Jun 2023; 6 US stocks | ✓ | ✓ | |||
| 2/5 | |||||||||||
| HedgeAgents [ 15 ] (4+1) | 2.41 | 405% | 71.60% | 14% | 3 yr | 2021–2023; BTC, DJ30, Forex; multi-asset | ✓ | ✓ | |||
Multi-Agent LLMs
Multi-agent large language models coordinate multiple AI agents to solve tasks, share information, and make collective decisions.
See all 315 papers