DIVINE: Simple Cross-Market Stock Pretraining via Diverse Indicator Reconstruction

Building a world model requires a state representation useful for planning and decision-making---potentially over tasks unknown at training time. In the context of financial markets, planning and decision-making may require a model to reason about market-wide conditions, asset-specific expected returns, liquidity, volatility, and cross-asset relationships. Yet financial representation learning has largely been evaluated on individual predictive tasks, oftentimes on a single time period using comparatively narrow datasets. We address this through three primary contributions. First, we introduce Market-1T, a dataset containing nearly one trillion observations across U.S. equities from 2008 to 2025 at 1 Hz resolution. Second, we develop and implement a rigorous evaluation protocol. Third, we conduct a systematic large-scale study of financial representation learning, comparing 18 encoder-training strategies across nearly two decades of market regimes. We evaluate learned representations both by their predictive utility on common finance tasks and through probes of latent structure. We find that encoders with similar predictive performance can organize market state very differently. Collectively, we establish a foundation for training and evaluating financial market representations in support of world models such as DINO-WM, V-JEPA 2, and LeWM.

Predicting cross-sectional stock returns is challenging due to low signal-to-noise ratios and evolving market regimes. Classical factor models offer interpretability but limited flexibility, while deep learning models achieve strong performance yet often underutilize financial priors. We address this gap with PRISM-VQ (PRior-Informed Stock Model with Vector Quantization), a dynamic factor framework that integrates expert prior factors, vector-quantized discrete latent factors learned from cross-sectional structure, and a structure-conditioned Mixture-of-Experts to generate time-varying factor loadings. Vector quantization acts as an information bottleneck that suppresses noise while capturing robust market structure, with discrete codes serving both as latent factors and as routing signals for temporal expert specialization. Experiments on CSI 300 and S&P 500 show consistent improvements in cross-sectional return prediction and portfolio performance over strong baselines while preserving interpretability. Our code is available at https://github.com/finxlab/PRISM-VQ.

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.