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This setup is vulnerable to two evaluation failures. First, long backtests often overlap with the knowledge cutoffs of frontier LLMs, allowing memorized tickers, dates, prices, and market narratives to substitute for investment reasoning. Second, raw returns are a noisy proxy for stock-selection ability, since positive performance may come from market beta, style exposure, or favorable regimes rather than genuine alpha.\n  We introduce KTD-Fin (Knowing-To-Doing Financial Benchmark), an end-to-end stock-market trading benchmark that addresses both issues. KTD-Fin uses a data-side masking protocol to anonymize key identifiers and calendar information consistently across prompts and tools, separating historical market memory from in","title":"From Knowing to Doing: A Memory-Controlled Benchmark for LLM Trading Agents on Stock Markets","url":"https://arxiv.org/abs/2605.28359","vendor":"arxiv_cs_ai"},"summary":"arXiv:2605.28359v1 Announce Type: new \nAbstract: Evaluating whether large language model (LLM) agents can profit in capital markets is increasingly framed as end-to-end trading: place an agent in a historical market, let it trade, and measure portfolio returns. This setup is vulnerable to two evaluation failures. First, long backtests often overlap with the knowledge cutoffs of frontier LLMs, allowing memorized tickers, dates, prices, and market narratives to substitute for investment reasoning. Second, raw returns are a noisy proxy for stock-selection ability, since positive performance may come from market beta, style exposure, or favorable regimes rather than genuine alpha.\n  We introduce KTD-Fin (Knowing-To-Doing Financial Benchmark), an end-to-end stock-market trading benchmark that addresses both issues. KTD-Fin uses a data-side masking protocol to anonymize key identifiers and calendar information consistently across prompts and tools, separating historical market memory from in","title":"From Knowing to Doing: A Memory-Controlled Benchmark for LLM Trading Agents on Stock Markets","vendor":"arxiv_cs_ai"},"confidence":{"method":"deterministic"},"decision":"POSITIVE","issued_at":"2026-05-28T04:43:38Z","notes":"Spider vendor_press (news) news.vendor_press.v1","object":{"captured_by":"crovia.spider.vendor_press","primary_source_url":"https://arxiv.org/abs/2605.28359"},"predecessors":[],"schema":"crovia.axiom.v1","signature":"ed25519:5ce4b5aa9433b1da9ed9daafaadb95038b94b60960f84627d1f568938bc409dee62b93ff5c02f4d6bd9ac47ec903c174994f2f4978fc26960084d3bcfe7cbf0c","signer":"crovia.substrate","subject":{"observed_at":"2026-05-28T04:43:38Z","source_collector":"spider:vendor_press","target_id":"https://arxiv.org/abs/2605.28359"},"tsa":{"authority":"crovia.substrate.bootstrap","rfc3161_token":"{\"kind\":\"crovia.bootstrap.tsa\",\"source_jsonl\":\"/opt/crovia/spider/data/news/vendor_press_v1.jsonl\",\"source_seal_merkle_root\":\"spider_vendor_press_v1\",\"upgrade_path\":\"Sessione H \\u2014 OpenTimestamps weekly anchor\"}"},"zk_mode":"clear","zk_proof":null},"ledger":{"leaf_hash":"b02c2f95d95cde82d5183ed2ff9b2f1f92addda6a7189df391135ee92e328664","leaf_index":155676,"ledger_path":"/opt/crovia/substrate/axiom_ledger.jsonl"},"merkle_proof":{"hash_alg":"sha256","leaf_prefix":"0x00","node_prefix":"0x01","odd_leaf_rule":"duplicate_last","path":[{"sibling":"9f435c8e23199e4da3aec495050ed6c620a6c2e0b1be8cf8b0a97a7676c43cc9","side":"right"},{"sibling":"da04adf0790f41f23500543f4d7a7c03fdaa211166afb658ffc2a4fbac2f6226","side":"right"},{"sibling":"6446371c89d8b7e493fe0f423a6e570ad8534876e9c0ca0e1ea61ee47faa0529","side":"left"},{"sibling":"251352a9928f3e8a8525b2c07f28f084a4b886e6b287b7d5c0083bd87928782f","side":"left"},{"sibling":"0e2bff9e439f222850ae6f281536e96855c11ebf9046bbc5b78eb0a25e6da09b","side":"left"},{"sibling":"ed8d8b6288b10a26a2d1fd017d1913ca7ea0840db020fcdf5375721f1856f0f8","side":"right"},{"sibling":"36a1078bdcaa003b6d473a09d4271a7c46743ba8b6266a216c903bba5595bb84","side":"right"},{"sibling":"afa86de7d2b39f53748bea8c4274ea857aed4694d034da9da1628457bb87cbe4","side":"right"},{"sibling":"0adb35dd3ad9bfc4a781c02606acf0a3ce1e28e1a88066209cc1a35814e790ad","side":"right"},{"sibling":"f292d3278e493ec60902181b8c0bd5c89c0a1168ef928222fe6161287982f7f0","side":"right"},{"sibling":"2209295faf1a5bf51c97c6fd5a839a8181a4ea44f490420381530f35df7d9b2f","side":"right"},{"sibling":"5784576a15214ea9fc3569e6e1cff1ef443c0b1fc0d036028489088af089de27","side":"right"},{"sibling":"311772ec218efcb2da5a337f9e9f042fe1cc0028643adb0a354787e4ea7911b7","side":"right"},{"sibling":"66331bac84ca0f8983eb09fac7eaf95af234f1b82680b793eabff4ee25caac40","side":"left"},{"sibling":"35ca36cee447f0ef7064a25d55f59357c66901e31427729c4c1d8b14aa8adb6c","side":"left"},{"sibling":"7b6f0bea4291a5e63574dfca9aa0f9756f450c9478c3d07474d39a7ababb51f9","side":"right"},{"sibling":"1d39fe14b21e2ebbfb87e882423b24ee9469eae1e4c77af5b799ac4db9537467","side":"right"},{"sibling":"d841ad93efda0869e5eb97678f348f03f5caab4353e05ff4bf18f47fb945b822","side":"left"}]},"schema":"crovia.axiom_proof.v1","seal":{"first_collector_run_id":"","first_receipt_hash":"","jsonl_path":"/opt/crovia/substrate/axiom_ledger.jsonl","key_id":"430895f101d38164","last_collector_run_id":"","last_receipt_hash":"","leaf_count":156177,"merkle_root":"c5705a0243d16afd8b1ebfd731b7aa304079c442c2a7906493c5bbed374c69ec","public_key_hex":"cf742e26f75669dc673cb5c0786a1ae23ae8ca19c347317192ce40c28a7ff25c","run_id":"hourly_json_retrofit_20260528T053701Z","schema":"crovia.seal.v1","seal_family_version":"crovia-seal-family/1","seal_kind":"substrate_batch","sealed_at":"2026-05-28T05:37:36Z","sig_algorithm":"ed25519","signature":"f087e13febc8bb6a2e0812610de64cebc65be92915518d9c4b230799c3b161839b04c4eb1b02741f938f35545a76ab76555b04c782bdc2f9a44852d171d65909","signer_version":"1.1.0"},"trust_root":{"key_id":"430895f101d38164","public_key_hex":"cf742e26f75669dc673cb5c0786a1ae23ae8ca19c347317192ce40c28a7ff25c","signature_algorithm":"ed25519","url":"/registry/canon/TRUST_ROOT.md"},"verifier":{"spec":"/registry/canon/AXIOM_RECEIPT_v1.md","url":"/v/axm_362f8feecdbaceb71eb2b83503bce36998ad6251015314d889a581fe8772c89d"}}