AI Agent Monitoring
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20 papers in the last four weeks, up 186% on the four weeks before. 0.2% of all new papers.
Latest papers 170
Computer-use agents provide a promising path toward general software automation because they can interact directly with arbitrary graphical user interfaces instead of relying on brittle, application-specific integrations. Despite recent advances in benchmark performance, strong computer-use agents remain expensive and slow in practice, since most systems invoke large multimodal models at nearly every interaction step. We argue that this uniform allocation of compute is fundamentally inefficient for long-horizon GUI tasks. Such trajectories are highly heterogeneous: many steps are routine and can be handled reliably by smaller, cheaper policies, while errors tend to concentrate at a relatively small number of high-risk moments. Across computer-use benchmarks, these failures repeatedly take two forms: progress stalls, where the agent loops, repeats ineffective actions, or fails to make meaningful progress, and silent semantic drift, where the agent continues taking locally plausible actions after already deviating from the user's true goal. To address this inefficiency, we propose an event-driven, step-level cascade for computer-use agents that runs a small policy by default and escalates to a stronger model only when lightweight learned monitors detect elevated risk. Our framework combines two complementary signals: a Stuck Monitor that detects degraded progress from recent reasoning-action history and triggers recovery, and a Milestone Monitor that identifies semantically meaningful checkpoints where sparse verification is most informative for catching drift. This design turns always-on frontier-model inference into adaptive, on-demand compute allocation over the course of an evolving interaction. The framework is modular and deployment-oriented: it can be layered on top of existing computer-use agents without changing the underlying agent architecture or retraining the large model.
Enforcing Benign Trajectories: A Behavioral Firewall for Structured-Workflow AI Agents
Structured-workflow agents driven by large language models execute tool calls against sensitive external environments. We propose \codename, a telemetry-driven behavioral anomaly detection firewall. Drawing on sequence-based intrusion detection, \codename\ compiles verified benign tool-call telemetry into a parameterized deterministic finite automaton (pDFA). The model defines permitted tool sequences, sequential contexts, and parameter bounds. At runtime, a lightweight gateway enforces these boundaries via an state-transition structural lookup, shifting computationally expensive analysis entirely offline. Evaluated on the Agent Security Bench (ASB), \codename\ achieves a 5.6% macro-averaged attack success rate (ASR) across five scenarios. Within three structured workflows, ASR drops to 2.2%, outperforming Aegis, a state-of-the-art stateless scanner, at 12.8%. \codename\ achieves 0% ASR on multi-step and context-sequential attacks in structured settings. Furthermore, against 1,000 algorithmically spliced exfiltration payloads, only 1.4% matched valid structural paths, all of which failed end-to-end string parameter guards (0 successes out of 14 surviving paths, 95% CI [0%, 23.2%]). \codename\ introduces just 2.2~ms of per-call latency (a 3.7 speedup over \textsc{Aegis}) while maintaining a 2.0% benign task failure rate (BTFR) on benign workloads. Modeling the behavioral trajectory effectively collapses the available attack surface, but unmaintained continuous parameter bounds remain vulnerable to synonym-substitution attacks (18% evasion rate). Thus, exact-match whitelisting of sensitive parameters ultimately bears the final defensive load against execution.
Operating-Layer Controls for Onchain Language-Model Agents Under Real Capital
We study reliability in autonomous language-model agents that translate user mandates into validated tool actions under real capital. The setting is DX Terminal Pro, a 21-day deployment in which 3,505 user-funded agents traded real ETH in a bounded onchain market. Users configured vaults through structured controls and natural-language strategies, but only agents could choose normal buy/sell trades. The system produced 7.5M agent invocations, roughly 300K onchain actions, about $20M in volume, more than 5,000 ETH deployed, roughly 70B inference tokens, and 99.9% settlement success for policy-valid submitted transactions. Long-running agents accumulated thousands of sequential decisions, including 6,000+ prompt-state-action cycles for continuously active agents, yielding a large-scale trace from user mandate to rendered prompt, reasoning, validation, portfolio state, and settlement. Reliability did not come from the base model alone; it emerged from the operating layer around the model: prompt compilation, typed controls, policy validation, execution guards, memory design, and trace-level observability. Pre-launch testing exposed failures that text-only benchmarks rarely measure, including fabricated trading rules, fee paralysis, numeric anchoring, cadence trading, and misread tokenomics. Targeted harness changes reduced fabricated sell rules from 57% to 3%, reduced fee-led observations from 32.5% to below 10%, and increased capital deployment from 42.9% to 78.0% in an affected test population. We show that capital-managing agents should be evaluated across the full path from user mandate to prompt, validated action, and settlement.
OxyGent: Making Multi-Agent Systems Modular, Observable, and Evolvable via Oxy Abstraction
Deploying production-ready multi-agent systems (MAS) in complex industrial environments remains challenging due to limitations in scalability, observability, and autonomous evolution. We present OxyGent, an open-source framework driven by two core novelties: a unified Oxy abstraction and the OxyBank evolution engine. The unified abstraction encapsulates agents, tools, LLMs, and reasoning flows as pluggable atomic components, enabling Lego-like scalable system composition and non-intrusive monitoring. To enhance observability, OxyGent introduces permission-driven dynamic planning that replaces rigid workflows with execution graphs generated at runtime, providing adaptive visualizations. Furthermore, to support continuous evolution, OxyBank serves as an AI asset management platform that drives automated data backflow, annotation, and joint evolution. Empirical evaluations and real-world case studies show that OxyGent provides a robust and scalable foundation for MAS. OxyGent is fully open-sourced under the Apache License 2.0 at https://github.com/jd-opensource/OxyGent.
Governing What You Cannot Observe: Adaptive Runtime Governance for Autonomous AI Agents
Autonomous AI agents can remain fully authorized and still become unsafe as behavior drifts, adversaries adapt, and decision patterns shift without any code change. We propose the \textbf{Informational Viability Principle}: governing an agent reduces to estimating a bound on unobserved risk and allowing an action only when its capacity exceeds by a safety margin. The \textbf{Agent Viability Framework}, grounded in Aubin's viability theory, establishes three properties -- monitoring (P1), anticipation (P2), and monotonic restriction (P3) -- as individually necessary and collectively sufficient for documented failure modes. \textbf{RiskGate} instantiates the framework with dedicated statistical estimators (KL divergence, segment-vs-rest -tests, sequential pattern matching), a fail-secure monotonic pipeline, and a closed-loop Autopilot formalised as an instance of Aubin's regulation map with kill-switch-as-last-resort; a scalar Viability Index with first-order prediction transforms governance from reactive to predictive. Contributions are the theoretical framework, the reference implementation, and analytical coverage against published agent-failure taxonomies; quantitative empirical evaluation is scoped as follow-up work.
GAMMAF: A Common Framework for Graph-Based Anomaly Monitoring Benchmarking in LLM Multi-Agent Systems
The rapid integration of Large Language Models (LLMs) into Multi-Agent Systems (MAS) has significantly enhanced their collaborative problem-solving capabilities, but it has also expanded their attack surfaces, exposing them to vulnerabilities such as prompt infection and compromised inter-agent communication. While emerging graph-based anomaly detection methods show promise in protecting these networks, the field currently lacks a standardized, reproducible environment to train these models and evaluate their efficacy. To address this gap, we introduce Gammaf (Graph-based Anomaly Monitoring for LLM Multi-Agent systems Framework), an open-source benchmarking platform. Gammaf is not a novel defense mechanism itself, but rather a comprehensive evaluation architecture designed to generate synthetic multi-agent interaction datasets and benchmark the performance of existing and future defense models. The proposed framework operates through two interdependent pipelines: a Training Data Generation stage, which simulates debates across varied network topologies to capture interactions as robust attributed graphs, and a Defense System Benchmarking stage, which actively evaluates defense models by dynamically isolating flagged adversarial nodes during live inference rounds. Through rigorous evaluation using established defense baselines (XG-Guard and BlindGuard) across multiple knowledge tasks (such as MMLU-Pro and GSM8K), we demonstrate Gammaf's high utility, topological scalability, and execution efficiency. Furthermore, our experimental results reveal that equipping an LLM-MAS with effective attack remediation not only recovers system integrity but also substantially reduces overall operational costs by facilitating early consensus and cutting off the extensive token generation typical of adversarial agents.
Omission Constraints Decay While Commission Constraints Persist in Long-Context LLM Agents
LLM agents deployed in production operate under operator-defined behavioral policies (system-prompt instructions such as prohibitions on credential disclosure, data exfiltration, and unauthorized output) that safety evaluations assume hold throughout a conversation. Prohibition-type constraints decay under context pressure while requirement-type constraints persist; we term this asymmetry Security-Recall Divergence (SRD). In a 4,416-trial three-arm causal study across 12 models and 8 providers at six conversation depths, omission compliance falls from 73% at turn 5 to 33% at turn 16 while commission compliance holds at 100% (Mistral Large 3, ). In the two models with token-matched padding controls, schema semantic content accounts for 62-100% of the dilution effect. Re-injecting constraints before the per-model Safe Turn Depth (STD) restores compliance without retraining. Production security policies consist of prohibitions such as never revealing credentials, never executing untrusted code, and never forwarding user data. Commission-type audit signals remain healthy while omission constraints have already failed, leaving the failure invisible to standard monitoring.
Auditing and Controlling AI Agent Actions in Spreadsheets
Advances in AI agent capabilities have outpaced users' ability to meaningfully oversee their execution. AI agents can perform sophisticated, multi-step knowledge work autonomously from start to finish, yet this process remains effectively inaccessible during execution, often buried within large volumes of intermediate reasoning and outputs: by the time users receive the output, all underlying decisions have already been made without their involvement. This lack of transparency leaves users unable to examine the agent's assumptions, identify errors before they propagate, or redirect execution when it deviates from their intent. The stakes are particularly high in spreadsheet environments, where process and artifact are inseparable. Each decision the agent makes is recorded directly in cells that belong to and reflect on the user. We introduce Pista, a spreadsheet AI agent that decomposes execution into auditable, controllable actions, providing users with visibility into the agent's decision-making process and the capacity to intervene at each step. A formative study (N = 8) and a within-subjects summative evaluation (N = 16) comparing Pista to a baseline agent demonstrated that active participation in execution influenced not only task outcomes but also users' comprehension of the task, their perception of the agent, and their sense of role within the workflow. Users identified their own intent reflected in the agent's actions, detected errors that post-hoc review would have failed to surface, and reported a sense of co-ownership over the resulting output. These findings indicate that meaningful human oversight of AI agents in knowledge work requires not improved post-hoc review mechanisms, but active participation in decisions as they are made.
Causal-Temporal Event Graphs: A Formal Model for Recursive Agent Execution Traces
We introduce causal-temporal event graphs (CTEGs) as a formal model for fully resolved recursive agent execution records under single-parenthood causal semantics. We formalise direct event emissions and recursive subagent invocations as extension procedures on generic typed temporal graphs and show that the recursive closure of the induced maximal dynamics starting from single causal roots consists entirely of finite sequences of CTEGs. A CTEG is a rooted arborescence whose nodes carry timestamps and event types, subject to the constraint that timestamps be strictly increasing along causal paths. We realise as the increasing union of a recursive hierarchy of agent execution levels parametrised by recursion depth, which is recognised as the ascending Kleene chain of a monotone operator admitting as its least fixed point. Although the introduction of the full hierarchy is natural, stabilisation occurs already at if one insists that the internal construction of a subagent execution trace be a delegated and opaque computational unit. The CTEG formalism supports compositional construction of globally well-formed execution traces from local agent behaviour without centralised coordination, preserves well-formedness under partial execution failure, and admits a natural relational database encoding. The arborescent structure of CTEGs is further compatible with cryptographic Merkle tree commitments for tamper-evident session verification.
From Admission to Invariants: Measuring Deviation in Delegated Agent Systems
Autonomous agent systems are governed by enforcement mechanisms that flag hard constraint violations at runtime. The Agent Control Protocol identifies a structural limit of such systems: a correctly-functioning enforcement engine can enter a regime in which behavioral drift is invisible to it, because the enforcement signal operates below the layer where deviation is measurable. We show that enforcement-based governance is structurally unable to determine whether an agent behavior remains within the admissible behavior space A0 established at admission time. Our central result, the Non-Identifiability Theorem, proves that A0 is not in the sigma-algebra generated by the enforcement signal g under the Local Observability Assumption, which every practical enforcement system satisfies. The impossibility arises from a fundamental mismatch: g evaluates actions locally against a point-wise rule set, while A0 encodes global, trajectory-level behavioral properties set at admission time. An agent can therefore drift -- systematically shifting its behavioral distribution away from admission-time expectations -- while every individual action remains within the permitted action space. We define the Invariant Measurement Layer (IML), which bypasses this limitation by retaining direct access to the generative model of A0, restoring observability precisely in the region where enforcement is structurally blind. We prove an information-theoretic impossibility for enforcement-based monitoring and show IML detects admission-time drift with provably finite detection delay. Validated across four settings: three drift scenarios (300 and 1000 steps), a live n8n webhook pipeline, and a LangGraph StateGraph agent -- enforcement triggers zero violations while IML detects each drift type within 9-258 steps of drift onset.
Agentic Explainability at Scale: Between Corporate Fears and XAI Needs
As companies enter the race for agentic AI adoption, fears surface around agentic autonomy and its subsequent risks. These fears compound as companies scale their agentic AI adoption with low-code applications, without a comparable scaling in their governance processes and expertise resulting in a phenomenon known as "Agent Sprawl". While shadow AI tools can help with agentic discovery and identification, few observability tools offer insights into the agents' configuration and settings or the decision-making process during agent-to-agent communication and orchestration. This paper explores AI governance professionals' concerns in enterprise settings, while offering design-time and runtime explainability techniques as suggested by AI governance experts for addressing those fears. Finally, we provide a preliminary prototype of an Agentic AI Card that can help companies feel at ease deploying agents at scale.
LinuxArena: A Control Setting for AI Agents in Live Production Software Environments
We introduce LinuxArena, a control setting in which agents operate directly on live, multi-service production environments. LinuxArena contains 20 environments, 1,671 main tasks representing legitimate software engineering work, and 184 side tasks representing safety failures such as data exfiltration and backdooring, making it the largest and most diverse control setting for software engineering to date. We validate LinuxArena is useful for control research by running sabotage evaluations, which measure whether attackers can complete side tasks while working on main tasks, and monitor evaluations, which measure a monitor model's ability to detect sabotage attempts. Against a GPT-5-nano trusted monitor at a 1% step-wise false positive rate, Claude Opus 4.6 achieves roughly a 23% undetected sabotage success rate. We additionally release LaStraj, a dataset of human-crafted attack trajectories that evade monitors at substantially higher rates than any model-generated attacks we elicited, showing that current attack policies do not saturate LinuxArena. These results suggest that LinuxArena has meaningful headroom for both attackers and defenders, making it a strong testbed for developing and evaluating future control protocols.
The Alignment Flywheel: A Governance-Centric Hybrid MAS for Architecture-Agnostic Safety
Multi-agent systems provide mature abstractions for role decomposition, coordination, and normative governance, but increasingly capable learned components make post-deployment safety harder to inspect, audit, and update. When safety behavior is absorbed into a decision component, narrow failures may require retraining or rollback of the full component. This instantiates our vision of the Alignment Flywheel as a governance-centric hybrid MAS architecture that decouples decision generation from safety governance. We denote the agent or policy that generates candidate trajectories as the Proposer; it passes its output to a governed Safety Oracle stack, which returns safety scores, prediction uncertainty, audit coverage uncertainty, and evidence hooks through a stable interface. An Enforcement layer applies explicit risk policy at runtime. Around this loop, a governance MAS performs monitoring, red-teaming, verification, triage, refinement, and versioned release management. The central engineering principle is patch locality: many newly observed safety failures can be mitigated through small governance batches for the Oracle stack and its audit state rather than by retraining or retracting the Proposer. The architecture is implementation-agnostic with respect to both Proposer and Oracle. It defines the roles, artifacts, protocols, and release semantics needed for runtime gating, audit intake, signed updates, staged rollout, and rollback. We demonstrate executability in two scenarios: a learned spatial Oracle patched through regression-checked governance updates, and a clinical GenAI proxy setting illustrating structured norms, escalation, and audit coverage. Our implementation code and documentation are available open source at https://github.com/decide-ugent/Alignment-Flywheel.
StepShield: When, Not Whether to Intervene on Rogue Agents
Agent safety benchmarks measure whether a monitor detects harm, not when. Yet timing is the difference between intervention and autopsy. We introduce StepShield, the first benchmark that treats detection timeliness as a first-class metric. On 9,429 incident-grounded code-agent trajectories, we define the Early Intervention Rate (EIR): the fraction of detected rogue trajectories where the alert fires within a k-step window after the divergence point, isolating timing quality from coverage. This metric exposes what we call the Forensics Trap: a pattern-based guardrail with 847 rules achieves 86% recall yet is statistically indistinguishable from random timing on EIR (0.23 vs. 0.24; p = 0.66, one-sided binomial; difference within CI), because over three-quarters of its alerts trigger on benign prefix code before any violation occurs. The 4x EIR gap between rule-based and semantic detectors is completely invisible to accuracy, recall, or F1. Our finding is structural: regex guardrails detect syntax, not intent, and therefore cannot distinguish the moment an agent turns rogue, rendering the entire deployed class of pattern-based monitors unsuited for real-time oversight. No existing method simultaneously achieves high recall, low false-positive rate, and timely intervention, establishing step-level rogue detection as genuinely unsolved.
Measuring Harmfulness of Computer-Using Agents
Computer-using agents (CUAs), which can autonomously control computers to perform multi-step actions, might pose significant safety risks if misused. However, existing benchmarks mainly evaluate LMs in chatbots or simple tool use. To more comprehensively evaluate CUAs' misuse risks, we introduce a new benchmark: CUAHarm. CUAHarm consists of 104 expert-written realistic misuse risks, such as disabling firewalls, leaking data, or installing backdoors. We provide a sandbox with rule-based verifiable rewards to measure CUAs' success rates in executing these tasks (e.g., whether the firewall is indeed disabled), beyond refusal rates. We evaluate frontier LMs including GPT-5, Claude 4 Sonnet, Gemini 2.5 Pro, Llama-3.3-70B, and Mistral Large 2. Even without jailbreaking prompts, these frontier LMs comply with executing these malicious tasks at a high success rate (e.g., 90% for Gemini 2.5 Pro). Furthermore, while newer models are safer in previous safety benchmarks, their misuse risks as CUAs become even higher, e.g., Gemini 2.5 Pro is riskier than Gemini 1.5 Pro. Additionally, while these LMs are robust to common malicious prompts (e.g., creating a bomb) when acting as chatbots, they could still act unsafely as CUAs. We further evaluate a leading agentic framework (UI-TARS-1.5) and find that while it improves performance, it also amplifies misuse risks. To mitigate the misuse risks of CUAs, we explore using LMs to monitor CUAs' actions. We find monitoring unsafe computer-using actions is significantly harder than monitoring conventional unsafe chatbot responses. While monitoring chain-of-thoughts leads to modest gains, the average monitoring accuracy is only 77%. A hierarchical summarization strategy improves performance by up to 13%, a promising direction though monitoring remains unreliable. CUAHarm is released at https://github.com/db-ol/CUAHarm to facilitate further research.
Towards Mitigation of Hallucination for LLM-empowered Agents: Progressive Generalization Bound Exploration and Watchdog Monitor
Empowered by large language models (LLMs), intelligent agents have become a popular paradigm for interacting with open environments to facilitate AI deployment. However, hallucinations generated by LLMs-where outputs are inconsistent with facts-pose a significant challenge, undermining the credibility of intelligent agents. Only if hallucinations can be mitigated, the intelligent agents can be used in real-world without any catastrophic risk. Therefore, effective detection and mitigation of hallucinations are crucial to ensure the dependability of agents. Unfortunately, the related approaches either depend on white-box access to LLMs or fail to accurately identify hallucinations. To address the challenge posed by hallucinations of intelligent agents, we present HalMit, a novel black-box watchdog framework that models the generalization bound of LLM-empowered agents and thus detect hallucinations without requiring internal knowledge of the LLM's architecture. Specifically, a probabilistic fractal sampling technique is proposed to generate a sufficient number of queries to trigger the incredible responses in parallel, efficiently identifying the generalization bound of the target agent. Experimental evaluations demonstrate that HalMit significantly outperforms existing approaches in hallucination monitoring. Its black-box nature and superior performance make HalMit a promising solution for enhancing the dependability of LLM-powered systems.
Verification of Adaptive Agentic Controllers through Finite Rule Revision
Industrial agentic AI systems increasingly exhibit a gap between prototype capability and production deployment. In particular, adaptive agents may generate plausible outputs while remaining difficult to verify under non-determinism, confidentiality constraints, limited context, and weak observability. This paper formulates a bounded verification protocol for adaptive agentic controllers represented by finite symbolic rules, explicit diagnostic predicates, explanation logs, and held-out re-evaluation. The central research question is: when an adaptive agentic controller is represented through finite rules, explicit diagnostic predicates, explanation logs, and held-out re-evaluation, which classes of controller failure can be detected, locally repaired, or rejected without relying on unrestricted human-in-the-loop judgment? The proposed framework treats the controller as a finite revisable object. Diagnostic failures are mapped to predefined rule-level edits, including rule addition, rule deletion, and priority revision. Repaired controllers are then evaluated on held-out simulation seeds or cloned initial states. Experiments in a stylized financially constrained inventory-control benchmark show three outcomes: resource-induced failures that remain non-repairable by one rule edit, partial repairs that are rejected because they violate thresholds or guardrails, and a local one-step repair of an order-volatility failure induced by removing a smoothing rule. The contribution is methodological and provides a simulation-compatible procedure for testing whether specific controller-level failures can be made observable, explainable, locally revisable, and empirically re-tested under controlled conditions.
A False Average: Pooled CoT-Monitor Accuracy Conceals a Reasoning-Dependent Fragility
Chain-of-thought (CoT) monitors are reported by their aggregate accuracy on a pool of reward hacks. We show that this number is a false average. On Terminal Wrench, about 77% of hacks are given away by the actions alone, and the monitor's pooled accuracy is dominated by them; on the remaining 23%, where the reasoning is the only signal, the same monitor is fragile. We expose the fragility with a controlled attack: we rewrite only the agent's reasoning to read as good-faith engineering, leaving every command and output byte-identical, so the exploit is unchanged. One gradient-free rewrite drops a held-out monitor's catch rate on that subset from about 95% to between 4 and 11%, while the pooled rate falls only about 25 points, the subset's share of the pool times its collapse. The rewrite stays truthful about what happened and lies only about intent, so a monitor that reads only the trace recovers little, even when warned about the attack, and only information from outside the trace helps much. The attack transfers across monitor and agent families, and the dataset's own hack labels show the same gradient with no monitor in the definition. Live agents on 27 tasks produce hollow hacks unaided, but a monitor calibrated on each model's own honest solves catches nearly all of them (AUC at least 0.996 under the narration instruction, 0.97 without it); a small residual has the blindspot's shape, low scores on both actions and narration, though none falls below the calibrated threshold. A linear probe on a surrogate monitor's activations out-reads its verdict on the obfuscated hacks (AUC up to 0.98), but a behavioral control shows this edge does not, by itself, mean the monitor knows more than it says. Monitor accuracy should be reported on the reasoning-dependent subset, where the defense is supportive.
ETHOS: Towards a Modular Ethics Framework for Clinical Multi-Agent Systems
The rapid adoption of large language models has enabled the development of clinical multi-agent systems (MAS) capable of integrating multimodal patient data and supporting increasingly complex clinical decision-making. However, the deployment of these systems in real-world healthcare settings raises critical ethical concerns related to safety, fairness, accountability, transparency, and patient trust. While numerous organizations, including the World Health Organization, the National Academy of Medicine, and the FUTURE-AI consortium, have proposed ethical frameworks and governance principles for healthcare AI, these efforts remain largely conceptual. To address this challenge, we present ETHOS (Ethics and Trust through Hierarchical Oversight System), a modular ethics framework designed as a governance meta-agent that can be integrated with any existing multi-agent system without requiring changes to its underlying architecture. ETHOS translates stakeholder-informed ethical requirements into executable runtime oversight through a layered governance approach consisting of deterministic checks, contextual reviews, and a final ethics critic. These components continuously evaluate intermediate reasoning steps and final outputs, enabling the system to identify ethical risks, request revisions, or suppress responses that fail predefined safety and trustworthiness criteria. We demonstrate ETHOS within a hepatology clinical decision-support MAS. Results show that ETHOS improves decision reliability by detecting incomplete, inconsistent, or out-of-scope evidence and appropriately increasing abstention when safe recommendations cannot be supported. By embedding ethical governance directly into system operation, ETHOS provides a practical and auditable mechanism for transforming high-level AI ethics principles into deployable safeguards.
Your Agent Says Yes: Interpreting Adversarial Market Behavior Beyond Individual Transactions
Transaction-local controls answer whether one financial request may proceed, but market behavior can be distributed across messages, agents, assets, and time. We study this interpretation gap in a virtual exchange populated by ten role-conditioned language-model agents. The agents communicate, trade reference assets and futures, launch tokens, and manage concentrated-liquidity pools under prescriptive adversarial roles. We analyze eight 72-cycle trajectories across two time-blinded hourly replay paths, with a runner-side wallet policy enabled or disabled. The retained artifacts connect generated outgoing messages, policy events, balances, positions, and cycle-end market state. A focal reconstruction shows a launch--promotion--exit scenario realized across private coordination, public claims, follower positioning, repeatedly withheld exits, and a later non-blocking request aligned with a token balance change. Across policy-enabled runs, the gate withholds direct requests selectively; most policy-categorized candidates are flagged rather than blocked, while the surrounding interaction can continue. Repeated runs also show that category-level and within-trajectory relations can recur even when normalized score-change rankings do not. These findings motivate agent-behavior evaluation that links communication, authorization, and evolving state instead of treating individual transaction verdicts as complete safety judgments.