Financial Language Model Evaluation

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23 papers3 papers in the last four weeks, level with the four weeks before. 0.0% of all new papers.

Oct 19, 2026

Evidence Sufficiency and Model Comparisons in MexRegQA: An Item-Level Audit of Mexican-Spanish Regulatory QA

Similarity-gated coverage does not establish that retrieved evidence contains the facts needed to answer a question. We audit Mexican-Spanish financial-regulatory QA and find that 35 of 135 covered items lack some or all load-bearing facts. On the post-hoc full-evidence slice (n=98), eleven prompt-matched models score 95-98/98 and none differs significantly from the anchor; this does not establish equivalence. Removing evidence-defective items changes the nominal significance status of 14 of 55 pairwise comparisons. On 56 zero-evidence items, accuracy spans 33.9%-89.3%. Removing evidence from the audited items under an abstention-permitting prompt reduces accuracy by 63-81 percentage points in all ten tested legs, with no recovered items. Building on sufficient-context research, we contribute MexRegQA v1.0: 192 items with provenance and evidence-status labels, frozen retrieval evidence for 191 evaluated items, predictions, judge outputs and offline checks. The audit was outcome-aware, the later model/panel sweep reused the same questions, and all reported scores and labels rely on machine evaluation without independent human validation. We propose releasing evidence-status labels alongside grounded QA benchmarks so that model comparisons can be examined separately from evidence availability.

Fred Hu, Yeqi Wang, Xing Zhou

Huawei Technologies de México, Mexico · Northeastern University, USA

Benchmark Auditing Legal QA Benchmark Validity Financial Language Model Evaluation Evidence Retrieval

Oct 16, 2026

From SEC Filings to Financial Signals: Evaluating LLMs on Stock Market Reactions and Analyst Forecasts

Form 10-Q MD&A sections combine long-form management narrative with accounting and forward-looking information. Benchmarks for financial filings commonly evaluate question answering or numerical reasoning, leaving unclear whether outputs from large language models (LLMs) align with market and analyst outcomes. We evaluate prompted, zero-shot outputs from 13 general-purpose and finance-specialized LLMs on 45,964 Form 10-Q filing events from 2001 to 2024, linking MD&A text to cross-sectional fundamental ranks, pre-filing analyst forecasts, and realized abnormal returns. The evaluation covers return ranking under five controlled information views and next-quarter EPS forecasting under direct and consensus-anchored interfaces. Relative to disclosure alone, adding cross-sectional fundamental ranks raises mean effective-date rank correlation (RankIC) by 0.0089 for effective-event-date returns and 0.0098 for following-day returns, whereas analyst-summary context provides no comparable average gain. Across the four disclosure-containing views, finance-specialized models show an effective-event-date group advantage but no statistically reliable following-day advantage, while general-purpose Qwen models produce the strongest individual return-ranking results. Under the full-information view, direct LLM forecasts average the 43.4th percentile of the analyst distribution and do not consistently beat individual analysts. Consensus anchoring raises the mean inside-range share from 41.1% to 59.5% but increases reported-EPS error.

Shengkun Wang, Taoran Ji, Linhan Wang +3

Financial Language Model Evaluation Financial Forecasting

Oct 14, 2026

Recognition Is Not Grounding: Benchmarking Multilingual Financial Evidence Extraction

Comparing financial disclosures across languages requires identifying shared accounting concepts and recovering all numerical facts that express them. Existing benchmarks evaluate aspects of these capabilities, but provide limited insight into whether both succeed on the same multilingual evidence. In particular, it remains unclear whether language models can recognize these concepts across languages and exhaustively recover their corresponding numerical evidence from the same contexts. We introduce MULTIFINGROUND, a benchmark designed to investigate this recognition-grounding gap in multilingual financial reports. Constructed from FY2025 disclosures of 90 issuers in English, French, and Greek, MULTIFINGROUND aligns independently authored reports through a shared accounting taxonomy and provides traceable fact-level annotations. The benchmark evaluates financial fact identification, concept recognition, exhaustive fact selection, and concept discrimination without candidate labels. Across 15 evaluated models, eight API and open-weight reference models achieve 97.3-99.4% concept recognition accuracy, yet miss at least one target fact in 26.6-41.9% of correctly recognized groups. Further analyses reveal substantial variation in concept discrimination and limited gains from the evaluated finance-specialized models. Our findings demonstrate that strong concept recognition can coexist with incomplete evidence recovery, highlighting the importance of evaluating semantic recognition and evidence completeness together.

Lingfei Qian, Yan Wang, Xueqing Peng +5

The Fin AI, USA · University of Manchester, UK · Georgia Institute of Technology, USA +2

Financial Language Model Evaluation Document Information Extraction LLM Grounding Multilingual Language Model Evaluation

Sep 21, 2026

FinInteract: Benchmarking Clarification and Intent Integration in Ambiguous Financial Question Answering

Large language model agents increasingly answer financial questions by searching regulatory filings. Such questions are often deceptively under-specified: Meta Platforms' "operating income" is

46.75B consolidated but

62.87B for the Family of Apps segment, and each reading is exactly verifiable against the filing. A capable agent should recognize the ambiguity and ask, rather than commit to a plausible but unintended reading. Existing financial benchmarks cannot measure this, because one gold answer per question cannot separate agents that resolve the ambiguity from those that guess the common reading, a blind spot we call the single-gold illusion. We release FinInteract, a bilingual (English/Chinese) benchmark of 173 instances that pairs each question with a default and an intended interpretation across a five-category ambiguity taxonomy, and grades whether an agent elicits the right clarification and then integrates it. Re-grading identical outputs against the default rather than the intended reading inflates GPT-4o's accuracy by 3.1 times, confirming the illusion. Beyond it, we find that models answer above 90% once the interpretation is supplied but at most 28.9% when they must elicit it themselves, that targeting is uneven across a taxonomy well powered for entity scope and metric definition and exploratory elsewhere, and that conditioning on the ambiguity category improves resolution at both inference and training time.

Xinyu Wang, Tung Sum Thomas Kwok, Zhenghan Tai +1

McGill University · University of California, Los Angeles · University of Toronto

Financial QA Financial Language Model Evaluation Financial Reasoning Benchmarks LLM Agent Evaluation Clarification Question Generation

Sep 20, 2026

Financial Language Models as Applied Artificial Intelligence Systems for News-Based Trading under Market Frictions

Financial language models can transform unstructured firm-specific news into structured decision signals, but financial AI research lacks an integrated deployment framework for evaluating whether those signals remain useful in financial decision systems. Computer science research has developed strong methods for time-series forecasting, text classification, multimodal stock prediction, graph-based market modeling, and machine-learning operations, yet these streams do not provide a domain-specific protocol that jointly tests financial language-model outputs under event-time observability, probability calibration, execution timing, transaction costs, liquidity constraints, capacity limits, operational diagnostics, and statistical inference. We introduce MFAST, a Market-Friction-Aware Sentiment-to-Trading framework that converts timestamped financial text into auditable, reproducible, and market-feasible trading decisions. The application is news-based trading, where firm-specific text must be linked to securities before portfolio decisions can be evaluated. The framework links Refinitiv News Analytics to Center for Research in Security Prices (CRSP) equity data, restricts the primary out-of-sample evaluation to post-release news outside disclosed foundation-model data-freshness periods, and adds a public replication arm using open financial text and public price data. Results show that decoder-only language models outperform encoder baselines and dictionary sentiment in classification, calibration, return prediction, and net portfolio performance, while operational diagnostics reveal trade-offs among accuracy, latency, memory, throughput, and inference cost. The paper shows that credible evaluation of financial language models requires an end-to-end engineering approach combining language understanding, temporal discipline, market-friction-aware deployment, and reproducible validation.

Kemal Kirtac

Department of Computer Science, University College London, 66–72 Gower Street, London WC1E 6EA, United Kingdom · Department of Computer Science, University of Warwick, 6 Lord Bhattacharyya Way, Coventry CV4 7EZ, United Kingdom

Financial Language Model Evaluation LLM Evaluation Financial Sentiment Analysis Algorithmic Trading

Sep 2, 2026

PALM: Point-in-Time Adaptation for Financial Language Models

Language models used in financial backtests suffer from look-ahead bias, as a model trained on text published after the study period has already observed the outcomes it is asked to predict. To handle this issue, point-in-time (PIT) language models are pretrained on chronologically filtered corpora and released as one checkpoint per calendar year, each with a documented cutoff. However, each additional year costs another pretraining run, and whether that run is necessary has never been tested. In this paper, we show that a newer checkpoint is not detectably better on the decision it informs, as its information coefficient on a fixed evaluation window shows no decay with age that we can detect. Motivated by this observation, we propose PALM (Point-in-time Adaptation for financial Language Models), a simple yet effective alternative to annual pretraining that fits a low-rank adapter on financial text the checkpoint is allowed to read, without modifying any pretrained weight. We further find that the gain comes from the financial domain rather than from recency, which leaves the point-in-time constraint without a detectable cost. We validate PALM on a decade of financial news and on three families of PIT models, whose cutoffs span two decades. The pooled gain keeps its sign across experimental settings and comes at a small fraction of the cost of pretraining. Code is available at: https://github.com/seunghan96/palm.

Seunghan Lee, Jun Seo, Jaehoon Lee +9

LG AI Research, Seoul, Republic of Korea

Financial Language Model Evaluation Language Modeling LLM Fine-Tuning Quantitative Finance Low-Rank Adaptation

Aug 26, 2026

FinRiskAtlas: Decision-Aligned Evaluation of Large Language Models for Financial Risk Review

Deploying large language models for professional financial review requires more than measuring general financial competence: models must perform the specific review operation required by a workflow and determine whether available evidence is sufficient for a defensible decision. Existing financial benchmarks cover knowledge, reasoning, compliance, and professional tasks, but their evaluation units are often organized around datasets or task formulations rather than the decisions that deployed systems support. We introduce FinRiskAtlas, a Chinese-language benchmark that evaluates financial LLMs along two complementary dimensions: operation execution under fixed evidence states and evidence-state control under evolving review conditions. The static benchmark contains 9,742 instances across 53 task families, including 42 Domain Knowledge families and eleven downstream review operations defined by explicit evaluation contracts. FinRisk-Ask extends this framework through offline replay of 680 pre-action states from 104 de-identified professional trajectories, withholding future evidence during inference and using it only to construct expert-verified evidence targets. Across 33 model configurations, operation-level evaluation yields non-redundant rankings (mean pairwise Spearman correlation 0.42 across downstream operations), and knowledge-based shortlisting can incur up to 18.01 points of regret on individual operations. FinRisk-Ask further shows that entering the Ask branch more frequently does not necessarily improve request targeting or end-to-end evidence acquisition. These results show that broad financial capability scores do not fully capture where models are reliable in professional workflows, motivating evaluation units aligned with the decisions and evidence states that deployed systems must support.

Suyang Zhong, Jingzhe Zhu, Qi Xu +5

Ant International · Xiamen University · Shanghai University +1

Financial Language Model Evaluation LLM Evaluation

Aug 9, 2026

Can Open-Weight Models Compete on Financial Text Comprehension?

Open-weight language models from Chinese AI labs caught up on benchmarks relative to proprietary frontier models in recent months. Yet their reliability on real-world financial tasks remains largely untested. We updated the Financial Touchstone benchmark, which now has 2,967 question context-answer triplets across 495 international annual reports. We also apply a new set of models on the benchmark, expanding coverage from eleven to twenty models across ten providers, including recent open-weight models such as GLM 4.7, GLM 5, Kimi K2.6, and DeepSeek V3.2, as well as Alibaba's proprietary flagship Qwen3-Max. Anthropic's Claude Opus 4.6 achieves the highest accuracy (88.4%), while Google's Gemini 2.5 Pro maintains the lowest hallucination rate (0.08%). Notably, the open-weight Kimi K2.6 ranks third in accuracy, and the non-reasoning models GLM 5 and Mistral 3 rank fourth and fifth, challenging the assumption that reasoning architectures or proprietary weights are a prerequisite for strong financial comprehension. Information retrieval remains the primary bottleneck, accounting for 48.9% of all failures. We also document a new finding: geopolitical content filters in Chinese models refuse legitimate financial questions (0.08% of attempts), sometimes without clear reason, and the refusal behavior depends on the access route as much as on the model. The complete dataset and evaluation framework are publicly available.

Jan Spörer

University of St. Gallen, Switzerland

LLM Evaluation Financial QA Open-Weight Language Models LLM Reliability Financial Language Model Evaluation

Jul 30, 2026

CACHE-UK: A Stability-Aware Memory Editor for Sequentially Updated Quantized LLMs in Finance

Large Language Models (LLMs) deployed in dynamic financial environments face a critical challenge: maintaining factual accuracy as market conditions, regulations, and corporate facts change continuously. While 4-bit quantization enables efficient deployment, it severely limits the viability of sequential memory editing: existing methods undergo catastrophic performance degradation under this "quantization stability crisis." We introduce CACHE-UK (Contextual Adaptive Continual Hybrid Editor for UK Finance), a stability-aware memory editing framework specifically designed for domain-specific, quantized LLMs. CACHE-UK integrates three components: a rank-1 LoRA perturbation mechanism that confines edits to the low-rank adapter subspace, a financial domain prioritization module for content-adaptive edit strength, and a closed-loop Stability Controller that tracks "degradation debt" to prevent catastrophic forgetting across sequential updates. Evaluated on a 4-bit quantized OpenLLaMA-3B model with a curated UK financial corpus of 88,021 documents, CACHE-UK reduces knowledge degradation by 11-17% relative to adapted baselines under identical 4-bit constraints -- its most robust effect -- while attaining the highest test success (generalization) rate observed in our setting (28%, a 6 percentage point improvement over the strongest adapted baseline). These results indicate that stability-aware editing can improve factual maintenance in resource-constrained financial LLM deployments, though absolute generalization rates remain low.

Anubhav Lakra, Yue Feng

University of Birmingham, Birmingham, United Kingdom

Financial Language Model Evaluation Knowledge Editing Continual Learning for LLMs Language Modeling Finance Catastrophic Forgetting

Jul 24, 2026

Language-Routed RAG and Direct Option Scoring for Multilingual Financial QA: DS@GT at FinMMEval

We present DS@GT's submission to FinMMEval 2026 Task 1, a multilingual financial exam question answering benchmark spanning English, Spanish, Greek, Chinese, and Hindi. Financial certification exams such as the CFA, EFPA, and CPA demand structured domain reasoning that standard NLP benchmarks do not capture, and this challenge compounds across languages where retrieval and representation infrastructure is underdeveloped. We build a retrieval-augmented pipeline on LangGraph that detects query language and retrieves semantically relevant exemplars from a 30,209-entry multilingual knowledge base using BGE-M3 embeddings and FAISS indexing. The system then scores answers via Retrieval-Augmented Direct Scoring (RADS), reading next-token log-probabilities over candidate option letters rather than generating free-form output. For low-resource languages, we fuse per-language and cross-lingual retrieval indices using weighted Reciprocal Rank Fusion. Model selection is language-routed: Qwen3-14B for Arabic, Chinese, and Hindi; Qwen2.5-14B for English; and Llama-3.1-8B for Greek, a routing derived from empirical ablations that reveal substantial language-asymmetric performance gaps. Notably, chain-of-thought prompting significantly degrades Greek accuracy (90.7% to 20.9%), and enabling Qwen3's default thinking mode collapses Arabic RADS performance to near-chance levels. Our results indicate that effective multilingual financial reasoning requires language-aware retrieval, model routing, and deliberate scoring strategy selection.

Justice Ayela, Kabir Sahni

Georgia Institute of Technology, North Ave NW, Atlanta, GA 30332

Finance Multilingual Language Model Evaluation Retrieval-Augmented Generation Multilingual QA LLM Routing Multiple-Choice Question Answering+3

Jul 22, 2026

Overview of FinMMEval 2026 Task 2: Multilingual Financial Short-Answer Question Answering

FinMMEval 2026 Task 2 evaluates short-answer financial question answering over multilingual evidence. Each final-test item pairs an English question with financial statements and news in English, Chinese, Japanese, Spanish, and Greek. Participating systems submit one concise answer per item in JSONL format. The final-test set contains 256 items, split evenly between easy and expert tiers; each tier contains four question templates instantiated over 32 company-report groups. Gold answers were withheld during submission, and systems were ranked by macro-averaged item-level ROUGE-1 F1 against organizer-held reference answers. The final leaderboard includes 12 ranked submissions. The strongest systems are closely clustered, with the top four separated by less than one percentage point in ROUGE-1 F1. The submitted system papers document retrieval-augmented generation, cross-lingual evidence handling, structured prompting, answer compression, and validation strategies.

Zhuohan Xie, Xueqing Peng, Georgi Georgiev +18

Mohamed bin Zayed University of Artificial Intelligence, Abu Dhabi, United Arab Emirates · The Fin AI, United States · FMI, Sofia University “St. Kliment Ohridski”, Sofia, Bulgaria +7

Multilingual Language Model Evaluation Financial QA Multilingual QA Finance Financial Language Model Evaluation

Jul 22, 2026

Overview of FinMMEval 2026 Task 1: Multilingual Financial Multiple-Choice Question Answering

FinMMEval 2026 Task 1 evaluates multilingual financial multiple-choice question answering in English, Chinese, Arabic, and Hindi. The task tests whether systems can select the correct answer to finance questions involving domain terminology, numerical interpretation, and conceptual financial reasoning across languages and scripts. The final-test set contains 800 questions, with 200 questions per language; gold answers were withheld during submission, and each language was ranked independently by accuracy. The final leaderboards contain 13 English, 11 Chinese, 11 Arabic, and 10 Hindi ranked submissions. Top accuracies range from 92.0% in Hindi to 97.5% in English and Arabic, with the same leading teams appearing near the top across all four languages. The documented systems used retrieval augmentation, direct answer-option scoring, language-specific prompting, selective self-consistency, confidence checks, and LLM-based review stages.

Zhuohan Xie, Yuyang Dai, Rania Elbadry +18

Mohamed bin Zayed University of Artificial Intelligence, Abu Dhabi, United Arab Emirates · INSAIT, Sofia University “St. Kliment Ohridski”, Sofia, Bulgaria · University of Arizona, Tucson, United States +6

Multilingual Language Model Evaluation Multiple-Choice Question Answering Financial QA Multilingual QA Finance Financial Language Model Evaluation

Jun 16, 2026

The Stanford EDGAR Filings Dataset: Reconstructing U.S. Corporate and Financial Disclosures into Layout-Faithful and Token-Efficient Pretraining Data

As high-quality public web corpora become increasingly exhausted, clean long-context documents have become a scarce and expensive source of training data for large language models (LLMs). Existing long-context corpora are often proprietary and costly to acquire, synthetically generated, or concentrated in narrow domains such as programming. We introduce the Stanford EDGAR Filings Dataset (SEFD), an open reconstruction of SEC filings into layout-faithful MultiMarkdown for financial language modeling and evaluation. SEFD makes audited financial statements, risk disclosures, ownership reports, accounting notes, and market-moving event filings usable as long-context pretraining data and as a basis for financial reasoning, forecasting, compliance, and document understanding. The resulting corpus is token-efficient, model-ready, and has less than 0.1% overlap with Common Crawl-derived corpora. We release SEFD-v1, a 152B-token initial public snapshot, and provide corpus-level analyses of a larger 18.5M-filing archive estimated at 550B tokens. We further introduce two SEFD-derived benchmarks: EDGAR-Forecast, which evaluates filing-grounded numerical forecasting after model knowledge cutoffs, and EDGAR-OCR, which evaluates transcription of complex financial tables.

Nick Bettencourt, Xiaowei Ding, Kay Giesecke

Department of Applied Statistics and Data Science University of California, Los Angeles · School of Information Management Nanjing University · Advanced Financial Technologies Lab Stanford University

Document Understanding Financial Language Model Evaluation Long-Context Language Modeling Financial Forecasting Language Modeling LLM Training+1

Jun 4, 2026

YouZhi: Towards High-Concurrency Financial LLMs via Adaptive GQA-to-MLA Transition

Large language models (LLMs) drive significant financial innovations, yet their high-concurrency deployment is severely bottlenecked by KV cache memory overhead, which inflates infrastructure costs and throttles scalability. To address this, we propose YouZhi-LLM, a highly efficient financial LLM empowered by a comprehensive structural transition and training pipeline natively built on the Huawei Ascend ecosystem. At its algorithmic core, YouZhi-LLM features a layer-adaptive GQA-to-MLA transition framework that dynamically assigns per-layer FreqFold sizes, maximizing KV-cache compression while minimizing perplexity degradation. To recover representation capacity and inject domain expertise, the Ascend-based training pipeline seamlessly integrates generalized knowledge distillation with financial-specific supervised fine-tuning. Evaluations demonstrate the superiority of this systematic approach, with the adaptive transition reducing perplexity degradation by up to 35% over uniform baselines. Crucially, when evaluated on Ascend NPUs via vLLM-Ascend, the massive KV-cache reduction translates directly into deployment efficiency. Compared to their respective base models, YouZhi-7B yields a 12.3% improvement in average financial benchmark score alongside a 2.69

\times

increase in maximum concurrency; similarly, YouZhi-14B achieves a 7.0% accuracy gain and a 2.43

\times

concurrency boost, establishing a new paradigm for cost-effective, high-throughput financial inference.

PSBC LLM Team, Huawei LLM Team, Ruihan Long +56

Financial Language Model Evaluation LLM Compression LLM Inference Acceleration Language Modeling KV-Cache Compression

May 14, 2026

FINESSE-Bench: A Hierarchical Benchmark Suite for Financial Domain Knowledge and Technical Analysis in Large Language Models

Large language models (LLMs) are increasingly being applied to financial analysis, reporting, investment decision support, risk management, compliance, and professional training. However, robust evaluation of their domain competence in finance remains incomplete. Widely used open benchmarks such as FinQA, ConvFinQA, and TAT-QA have played an important role in advancing financial question answering and numerical reasoning, but they focus primarily on question answering over financial reports and do not provide an explicit hierarchy of professional difficulty. Broader resources, including FinanceBench, PIXIU, FinBen, and FLaME, expand the coverage of financial tasks, yet the problem of evaluating the transition from foundational knowledge to expert-level financial reasoning remains open. In this work, we present FINESSE-Bench, a suite of eight specialized benchmarks comprising 3,993 questions for hierarchical evaluation of financial competencies in LLMs. FINESSE-Bench combines exam-oriented datasets inspired by professional certifications (CFA-like Levels 1-3, CMT-like Level 2, and CFTe-like Level 1), applied trading task collections, and a Russian-language olympiad benchmark. This design enables evaluation of domain breadth, performance degradation as difficulty increases, the ability to solve computational tasks, and model behavior in specialized financial domains. We also describe a unified evaluation protocol covering multiple-choice questions, numerical answers, and short open-ended responses, together with an automated scoring scheme for freeform answers based on the LLM-as-judge paradigm. FINESSE-Bench is intended both as a complement to existing open financial benchmarks and as a tool for more substantive evaluation of professionally relevant financial competencies in large language models.

Dmitry Stanishevskii, Nini Kamkia, Alexey Khoroshilov +4

Lime FinTech

Financial Language Model Evaluation LLM Evaluation Quantitative Finance Benchmark Design Finance Financial Reasoning Benchmarks

Apr 30, 2026

Measurement Risk in Supervised Financial NLP: Rubric and Metric Sensitivity on JF-ICR

As LLMs become credible readers of earnings calls, investor-relations Q&A, guidance, and disclosure language, supervised financial NLP benchmarks increasingly function as decision evidence for model selection and deployment. A hidden assumption is that gold labels make such evidence objective. This assumption breaks down when the benchmark ruler itself is sensitive to rubric wording, metric choice, or aggregation policy. We study this measurement risk on Japanese Financial Implicit-Commitment Recognition (JF-ICR; a pinned 253-item test split x 4 frontier LLMs x 5 rubrics x 3 temperatures x 5 ordinal metrics). Three findings follow. First, rubric wording materially changes model-assigned labels: R2--R3 agreement ranges from 70.0% to 83.4%, with the dominant movement near the +1 / 0 implicit-commitment boundary. This pattern is consistent with a pragmatic-boundary interpretation, but is not a validated linguistic-causality claim because the present rubric variants confound semantics, examples, and verbosity. Second, not every metric remains informative under the JF-ICR class distribution. Within-one accuracy is too easy because near misses receive credit and the majority class dominates; worst-class accuracy is too noisy because the rarest class has only two examples. Exact accuracy, macro-F1, and weighted \k{appa} are therefore the identifiable metrics under our operational rule. Third, ranking claims become more defensible only after this metric-identifiability audit: Bradley--Terry, Borda, and Ranked Pairs agree on the identifiable metric subset, while the full five-metric sweep produces disagreement on the closest pair. The contribution is not a new leaderboard, but a reporting discipline for supervised financial benchmarks whose gold labels exist and whose evaluation ruler still requires governance.

Sidi Chang, Peiying Zhu, Yuxiao Chen +1

Blossom AI Labs, Tokyo, Japan · Blossom AI Labs, San Francisco, USA

LLM Evaluation Rubric-Based Evaluation Automated Evaluation Finance Financial Language Model Evaluation

Apr 21, 2026

IndiaFinBench: An Evaluation Benchmark for Large Language Model Performance on Indian Financial Regulatory Text

We introduce IndiaFinBench, to our knowledge the first publicly available evaluation benchmark for assessing large language model (LLM) performance on Indian financial regulatory text. Existing financial NLP benchmarks draw exclusively from Western financial corpora (SEC filings, US earnings reports, English-language financial news), leaving a significant gap in coverage of non-Western regulatory frameworks. IndiaFinBench addresses this gap with 406 expert-annotated question-answer pairs drawn from 192 documents sourced from the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI), spanning four task types: regulatory interpretation (174 items), numerical reasoning (92 items), contradiction detection (62 items), and temporal reasoning (78 items). Annotation quality is validated through a model-based secondary pass (kappa=0.918 on contradiction detection; 90.7% overall agreement on a 150-item subset) and a 180-item human inter-annotator agreement study across three annotation rounds (kappa=0.645 on contradiction detection; 77.2% overall agreement; 44.3% benchmark coverage). We evaluate twelve models under zero-shot conditions, with accuracy ranging from 70.4% (Gemma 4 E4B) to 89.7% (Gemini 2.5 Flash). All models substantially outperform a non-specialist human baseline of 69.0%. Numerical reasoning is the most discriminative task, with a 35.9 percentage-point spread across models. Bootstrap significance testing (10,000 resamples) reveals three statistically distinct performance tiers. The dataset, evaluation code, and all model outputs are available at https://github.com/rajveerpall/IndiaFinBench

Rajveer Singh Pall

Gyan Ganga Institute of Technology and Sciences, Jabalpur, India

LLM Evaluation Financial QA Finance Financial Language Model Evaluation Financial Reasoning Benchmarks

Apr 21, 2026

SAHM: A Benchmark for Arabic Financial and Shari'ah-Compliant Reasoning

English financial NLP has advanced rapidly through benchmarks targeting earnings analysis, market sentiment, tabular reasoning, and financial question answering, yet Arabic financial NLP remains virtually nonexistent, despite 422 million speakers,

4.9 trillion in Gulf sovereign wealth, and a

4-5 trillion Islamic finance industry requiring specialized Shari'ah compliance over instruments like sukuk, murabaha, and takaful. We introduce Sahm, the first Arabic financial benchmark spanning seven tasks: AAOIFI standards QA, fatwa-based QA/MCQ, accounting and business exams, financial sentiment analysis, extractive summarization, and event-cause reasoning, comprising 14,380 expert-verified instances from authentic regulatory, juristic, and corporate sources. Evaluating 20 LLMs, we find Arabic fluency does not imply financial reasoning: models achieving 91% on recognition tasks drop sharply on generation, and event-cause reasoning exposes the widest performance gap (1.89-9.84/10). We release the benchmark and dataset to support trustworthy Arabic financial assistants.

Rania Elbadry, Sarfraz Ahmad, Ahmed Heakl +12

1MBZUAI · 2INSAIT, Sofia University ”St. Kliment Ohridski” · 3The University of Manchester +1

Finance Financial Services Arabic NLP Financial QA Financial Sentiment Analysis Financial Reasoning Benchmarks+2

Mar 9, 2026

Towards a more efficient bias detection in financial language models

Bias in financial language models constitutes a major obstacle to their adoption in real-world applications. Detecting such bias is challenging, as it requires identifying inputs whose predictions change when varying properties unrelated to the decision, such as demographic attributes. Existing approaches typically rely on exhaustive mutation and pairwise prediction analysis over large corpora, which is effective but computationally expensive-particularly for large language models and can become impractical in continuous retraining and releasing processes. Aiming at reducing this cost, we conduct a large-scale study of bias in five financial language models, examining similarities in their bias tendencies across protected attributes and exploring cross-model-guided bias detection to identify bias-revealing inputs earlier. Our study uses approximately 17k real financial news sentences, mutated to construct over 125k original-mutant pairs. Results show that all models exhibit bias under both atomic (0.58%-6.05%) and intersectional (0.75%-5.97%) settings. Moreover, we observe consistent patterns in bias-revealing inputs across models, enabling substantial reuse and cost reduction in bias detection. For example, up to 73% of FinMA's biased behaviours can be uncovered using only 20% of the input pairs when guided by properties derived from DistilRoBERTa outputs.

Firas Hadj Kacem, Ahmed Khanfir, Mike Papadakis

SnT, University of Luxembourg, Luxembourg · RIADI, ENSI, University of Manouba, Tunisia

Financial Language Model Evaluation Intersectional Bias in Language Models Language Model Bias Evaluation Social Bias in Language Models Demographic Bias in Language Models Language Modeling

Mar 7, 2026

Unlocking Data Value in Finance: A Study on Distillation and Difficulty-Aware Training

Large Language Models (LLMs) have demonstrated strong general capabilities, yet their deployment in finance remains challenging due to dense domain-specific terminology, stringent numerical reasoning requirements, and low tolerance for factual errors. We conduct a controlled empirical study showing that in specialized vertical domains, performance is largely determined by the quality and difficulty/verifiability profile of post-training data. We introduce ODA-Fin-SFT-318k, constructed via multi-stage distillation and verification to produce high-quality Chain-of-Thought supervision, and ODA-Fin-RL-12k, curated for hard-but-verifiable tasks that balance reward precision and task diversity. Using standard SFT and RL pipelines, we show that high-quality CoT distillation establishes a robust foundation during SFT, while difficulty- and verifiability-aware sampling improves RL generalization. Evaluated on nine benchmarks spanning general financial tasks, sentiment analysis, and numerical reasoning, our ODA-Fin-RL-8B consistently surpasses open-source state-of-the-art (SOTA) financial LLMs of comparable size. We release our ODA-Fin-SFT-318k and ODA-Fin-RL-12k datasets, along with trained models to advance data-centric financial AI research.

Chuxue Cao, Honglin Lin, Zhanping Zhong +5

Shanghai Artificial Intelligence Laboratory, OpenDataLab, OpenDataArena · Hong Kong University of Science and Technology

Financial Language Model Evaluation LLM Training Language Modeling Language Model Distillation Synthetic Data Generation for Language Models RL for Language Models

Mar 2, 2026

Constructing Synthetic Instruction Datasets for Improving Reasoning in Domain-Specific LLMs: A Case Study in the Japanese Financial Domain

In adapting LLMs to specific domains, achieving both domain expertise and reasoning ability remains an urgent challenge. This study proposes a general method for constructing high-quality synthetic instruction data for any domain, starting from domain-specific vocabulary. As a demonstration, we applied this method to the financial domain and constructed a large-scale instruction dataset totaling approximately 9.5 billion tokens with Chain-of-Thought reasoning traces. Evaluation results confirmed performance improvements over baseline models on financial benchmarks, demonstrating the effectiveness of our approach. We also report findings on the impact of reasoning trace length on performance and its limitations. Lastly, we open-source our models and datasets on https://huggingface.co/nri-ai .

Yuma Okochi, Fabio Milentiansen Sim, Tomoyasu Okada

Nomura Research Institute, Ltd. · NRI Indonesia

Financial Language Model Evaluation Financial Reasoning in Language Models Synthetic Data Generation for Language Models Domain Adaptation for LLMs Language Modeling

Feb 25, 2026

FIRE: A Comprehensive Benchmark for Financial Intelligence and Reasoning Evaluation

We introduce FIRE, a comprehensive benchmark designed to evaluate both the theoretical financial knowledge of LLMs and their ability to handle practical business scenarios. For theoretical assessment, we curate a diverse set of examination questions drawn from widely recognized financial qualification exams, enabling evaluation of LLMs deep understanding and application of financial knowledge. In addition, to assess the practical value of LLMs in real-world financial tasks, we propose a systematic evaluation matrix that categorizes complex financial domains and ensures coverage of essential subdomains and business activities. Based on this evaluation matrix, we collect 3,000 financial scenario questions, consisting of closed-form decision questions with reference answers and open-ended questions evaluated by predefined rubrics. We conduct comprehensive evaluations of state-of-the-art LLMs on the FIRE benchmark, including XuanYuan 4.0, our latest financial-domain model, as a strong in-domain baseline. These results enable a systematic analysis of the capability boundaries of current LLMs in financial applications. We publicly release the benchmark questions and evaluation code to facilitate future research.

Xiyuan Zhang, Huihang Wu, Jiayu Guo +8

Du Xiaoman Technology · The PBC School of Finance, Tsinghua University · The School of Finance, Renmin University of China

Financial Language Model Evaluation LLM Evaluation Financial QA

Jan 13, 2026

QuantEval: A Benchmark for Financial Quantitative Tasks in Large Language Models

Large Language Models (LLMs) have shown strong capabilities in finance-oriented question answering, yet their evaluation on professional quantitative workflows remains fragmented and often stops at factual or document-grounded QA. We introduce QuantEval, a benchmark for evaluating whether LLMs can complete the compute--implement--validate loop required in quantitative finance. QuantEval contains 1,575 expert-validated instances across three complementary dimensions: (i) knowledge-based QA, (ii) quantitative mathematical reasoning, and (iii) quantitative strategy coding. The coding task is evaluated with a deterministic CTA-style backtesting framework that executes model-generated strategies and compares risk--return metrics against expert references, moving beyond syntax or template matching. We evaluate 13 open-source and proprietary LLMs, report prompt and reliability analyses, and observe substantial gaps relative to human experts, especially in multi-step reasoning and framework-constrained coding. We further conduct supervised fine-tuning and reinforcement learning experiments on domain-aligned data, showing that training can improve quantitative reasoning while also exposing trade-offs in factual recall. QuantEval releases the dataset, evaluation scripts, and full backtesting configuration to support reproducible research on LLMs for quantitative finance.

Zhaolu Kang, Junhao Gong, Wenqing Hu +13

Peking University · Tsinghua University · Fudan University +6

Financial Language Model Evaluation LLM Evaluation Numerical Reasoning in Language Models Quantitative Finance LLM Code Generation