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ML-QuantIssue No. 135

Quant research, ranked weekly.

Every Friday we screen every new arXiv, SSRN and RePEc paper, rank the best 30 per venue, pull each paper's key figure, and track what happens to it afterwards. Free for people. Open to agents.

Issues
135
Papers featured
6,666
Cited 100+ times
225
Quants on the radar
10.6k
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This week's top picks

From issue No. 135. All 90 papers →

  1. arXiv · No. 101

    Foundation Models Learn Market Regimes

    Autoregressive transformers trained on limit-order-book message streams learn amortized Bayesian inference over market regimes, matching optimal prediction and enabling accurate parameter calibration.

    Fanfare 4ML & AI Methods
    Diversity ablation: S1 models, fixed 400M-token budget, K distinct regimes in training (two seeds; bands span seeds)
  2. SSRN · No. 102

    LLM-Based Trading Systems Survey

    Fanfare 4LLMs & Text

    A survey of 47 LLM trading systems across six markets finds that reported margins shrink or vanish when rerun, with best evidence placing language models upstream of execution.

  3. RePEc · No. 103

    Large Language Models in Economics Research

    Fanfare 4LLMs & Text

    A review of LLM applications finds that contextual interpretation improves some tasks but measurement error persists, and trading signals do not always generate profits.

  4. arXiv · No. 204

    EvoQuantLab: Genetic Programming for Factor Discovery

    Fanfare 4ML & AI Methods
    Cumulative excess return comparison of EvoQuantLab versus competing factor discovery methods over time
  5. SSRN · No. 205

    Factor Zoo Reallocation Across Market Segments

    Fanfare 4Asset Pricing & Factors

    Rejected factors earn 1.30 Sharpe in their home market versus 0.85 overall, yielding 3.8% six-factor alpha per year through venue reallocation constrained by signal-to-noise limits.

What's rising

Topics drawing unusually many papers this week.

  1. Text as data

    2.2×

    2.4% of this week's 755 new papers, 2.2x its share over the previous 3 weeks (1.1%).

    In this issue

  2. Crypto assets

    1.4×

    5.8% of this week's 755 new papers, 1.4x its share over the previous 3 weeks (4.1%).

    In this issue

  3. Random forests

    1.9×

    1.7% of this week's 755 new papers, 1.9x its share over the previous 3 weeks (0.9%).

    In this issue

GitHub radar

What the quant community starred on GitHub this week, from a panel of 10,589 developers who follow financial machine learning (297 of the 860 we checked starred something). Counts only: we never publish who starred what.

Quant repos rising

  1. getnao/nao3 quants

    Open source analytics agent for agentic analytics and chat-with-data.

    ★ 1,937TypeScript

  2. marc-shade/world-intel-mcp3 quants

    MCP server with 139 tools for real-time global intelligence data.

    ★ 959Python

  3. nautechsystems/nautilus_trader3 quants

    Production-grade Rust-native trading engine with event-driven architecture.

    ★ 30.2k+399 this weekRust

  4. ErTasselli/OpenTerminal2 quants

    Terminal-style trading dashboard built on free public market data.

    ★ 1,764+342 this weekTypeScriptNew repo

  5. KriXord/Agent-Memory-with-Episodic-Retrieval-for-Financial-Decision-Making2 quants

    Agent memory with episodic retrieval for financial decision-making.

    ★ 3+2 this weekPythonNew repo

  6. will-hill/GPU-Quant-Finance2 quants

    GPU-accelerated quantitative finance library.

    ★ 24+15 this weekJupyter Notebook

  7. anthropics/financial-services2 quants

    Financial services tools and libraries.

    ★ 40.0k+863 this weekPython

  8. polakowo/vectorbt2 quants

    Backtesting engine for thousands of trading ideas.

    ★ 9,394+78 this weekPython

What quants are playing with

  1. morluto/rea83 quants

    Reverse engineer anything with agents, from app behavior down to native binaries.

    ★ 283k+229k this weekTypeScript

  2. wheresryan22/anatomy14 quants

    Agent skill for creating detailed, interactive isometric illustrations of systems.

    ★ 13.5k+13.5k this weekJavaScriptNew repo

  3. storytold/wordcraft9 quants

    Open-source, clean-room reimplementation of Microsoft Word in pure Rust.

    ★ 13.5k+11.3k this weekRustNew repo

  4. boykopovar/AnyPS59 quants

    Tool for automatic PS5 executables porting to Linux and Windows.

    ★ 39.3k+16.0k this weekC++New repo

  5. storytold/artcraft9 quants

    Intentional crafting engine for artists, designers, and filmmakers.

    ★ 29.9k+17.7k this weekRust

  6. ARahim3/DigUp8 quants

    Search your computer by file contents: photos, PDFs, documents, recordings, videos.

    ★ 4,220+4,219 this weekSwiftNew repo

The radar, explained →

We called it

Every featured paper is tracked on Semantic Scholar. Of the finance papers we featured when new, 26% are now in journals.

  1. 514

    FinGPT: Open-Source Financial Large Language Models

    Featured 14 Jun 2023, 5 days after release

  2. 269

    FinMem: A Performance-Enhanced LLM Trading Agent With Layered Memory and Character Design

    Featured 29 Nov 2023, 6 days after release · IEEE Transactions on Big Data

  3. 241

    HybridRAG: Integrating Knowledge Graphs and Vector Retrieval Augmented Generation for Efficient Information Extraction

    Featured 15 Aug 2024, 6 days after release · Proceedings of the 5th ACM International Conference on AI in Finance

  4. 236

    TradingAgents: Multi-Agents LLM Financial Trading Framework

    Featured 1 Jan 2025, 4 days after release

  5. 191

    TKAN: Temporal Kolmogorov-Arnold Networks

    Featured 15 May 2024, 3 days after release

  6. 144

    Designing Heterogeneous LLM Agents for Financial Sentiment Analysis

    Featured 17 Jan 2024, 6 days after release · ACM Transactions on Management Information Systems

The full track record →

Browse by topic

Papers featured per quarter since May 2023.

  1. Crypto & DeFi

    Crypto & DeFi: papers featured per quarter

    Crypto assets, DeFi, stablecoins and blockchain markets.

    • Factors Influencing Cryptocurrency Prices: Evidence from Bitcoin, Ethereum, Dash, Litcoin, and Monero
    • Decentralised Finance and Automated Market Making: Execution and Speculation

    308 papers

  2. LLMs & Text

    LLMs & Text: papers featured per quarter

    Large language models, agents, sentiment and text as data in finance.

    • DeepSeekMath: Pushing the Limits of Mathematical Reasoning in Open Language Models
    • Mistral 7B

    590 papers

  3. Derivatives & Volatility

    Derivatives & Volatility: papers featured per quarter

    Option pricing, volatility models and forecasting, hedging and implied surfaces.

    • Risk Revisited
    • Rough Volatility: Fact or Artefact?

    890 papers

  4. Trading, Microstructure & Execution

    Trading, Microstructure & Execution: papers featured per quarter

    Order books, market making, execution, high-frequency data and trading signals.

    • FAST: Efficient Action Tokenization for Vision-Language-Action Models
    • Deep Reinforcement Learning for Active High Frequency Trading

    574 papers

  5. Portfolio & Allocation

    Portfolio & Allocation: papers featured per quarter

    Portfolio construction, allocation, rebalancing and risk budgeting, from Markowitz to deep RL.

    • Missing values handling for machine learning portfolios
    • Technical Note - An Unexpected Stochastic Dominance: Pareto Distributions, Dependence, and Diversification

    634 papers

  6. Risk, Credit & Banking

    Risk, Credit & Banking: papers featured per quarter

    Credit risk, default prediction, banking, systemic risk and risk measures.

    • Attention-based Dynamic Multilayer Graph Neural Networks for Loan Default Prediction
    • Moderating effects of gender and family responsibilities on the relations between work–family policies and job performance

    389 papers

  7. Asset Pricing & Factors

    Asset Pricing & Factors: papers featured per quarter

    Factor models, anomalies, the cross-section of returns and what survives publication.

    • Bubble economics
    • NUMOSIM: A Synthetic Mobility Dataset with Anomaly Detection Benchmarks

    280 papers

  8. Macro-Finance & Rates

    Macro-Finance & Rates: papers featured per quarter

    Rates, the yield curve, monetary policy, inflation and macro-finance.

    • The disruption index is biased by citation inflation
    • Inflation—Who Cares? Monetary Policy in Times of Low Attention

    292 papers

  9. Econometrics & Forecasting

    Econometrics & Forecasting: papers featured per quarter

    Forecasting, time series, econometrics and nowcasting.

    • TKAN: Temporal Kolmogorov-Arnold Networks
    • Deep learning models for price forecasting of financial time series: A review of recent advancements: 2020–2022

    321 papers

  10. ML & AI Methods

    ML & AI Methods: papers featured per quarter

    Machine-learning methods applied to finance: deep learning, boosting, RL and new architectures.

    • Mamba: Linear-Time Sequence Modeling with Selective State Spaces
    • Transformers are SSMs: Generalized Models and Efficient Algorithms Through Structured State Space Duality

    1,152 papers

  11. Corporate Finance

    Corporate Finance: papers featured per quarter

    Firms, governance, IPOs, M&A and corporate decisions.

    • ESG Reputation Risk Matters: An Event Study Based on Social Media Data
    • Articulate AnyMesh: Open-Vocabulary 3D Articulated Objects Modeling

    170 papers

Recent issues

135 issues since May 2023.

Week 3

No. 135 · October 2026, Week 3

This week pivots toward machine learning in discovery and execution. Foundation models learn market regimes from order flow; genetic programming and RL agents discover alpha factors across assets and frequencies. But a survey of 47 LLM trading systems finds reported margins vanish on retest, and a massive pre-register…

  1. Foundation Models Learn Market Regimes
  2. LLM-Based Trading Systems Survey
  3. Large Language Models in Economics Research

90 papers · arXiv 30 · SSRN 30 · RePEc 30

Week 2

No. 134 · October 2026, Week 2

This week centers on AI systemic risk, factor discovery limits, and monetary transmission channels. Agentic AI systems create non-diversifiable contagion floors despite fleet size; automated factor mining shows no paradigm dominates; and Fed policy transmits primarily through risk appetite shifts rather than rates. Se…

  1. Agentic AI and Systemic Financial Risk
  2. Quantitative Equity Evolution: Constraints and Alpha Decay
  3. Risk Appetite and Monetary Transmission

90 papers · arXiv 30 · SSRN 30 · RePEc 30

Week 1

No. 133 · October 2026, Week 1

This week centers on AI's expanding role in trading and markets, alongside persistent microstructure patterns and monetary policy transmission. Key papers: "AI Trading Methods: Backtests Versus Real Markets" measures the live-market gap for machine learning and LLM strategies; "Certified Alpha Capacity and Decay" deri…

  1. Certified Alpha Capacity and Decay
  2. Bond Signals Predict Next-Month Equity Returns
  3. AI and Corporate Bond Pricing

90 papers · arXiv 30 · SSRN 30 · RePEc 30

Week 4

No. 132 · September 2026, Week 4

This week balances methodological rigor with practical market insights. Tail risk estimation and time-series validation trade-offs address foundational modeling challenges, while label engineering and LLM look-ahead bias expose common pitfalls in factor and AI development. Key reads: Semi-Discrete Optimal Transport, T…

  1. Tail Risk via Semi-Discrete Optimal Transport
  2. Artificial Intelligence and Financial Markets
  3. Agentic AI Systems Beat Asset Pricing Benchmarks

90 papers · arXiv 30 · SSRN 30 · RePEc 30

Week 3

No. 131 · May 2026, Week 3

10 RePEc · 10 GitHub · 10 Podcasts · 7 Papers with code

  1. Predicting VIX with ML
  2. Optimizing KSE-30 with ML
  3. Risk Parity in Fat-Tailed Markets

44 papers

Week 3

No. 130 · April 2026, Week 3

12 Papers with code · 10 RePEc · 10 GitHub · 10 Podcasts

  1. VIX Prediction with ML
  2. KSE0 Portfolio Optimization
  3. Automated Trading in Emerging Markets

53 papers

The whole archive →

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The week's best arXiv, SSRN and RePEc papers, each in one sentence, with its key figure. Plus what quant developers are starring on GitHub and which of our past picks just got published.

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