Daily Papers

The use of synthetic data has played a critical role in recent state-of-art breakthroughs. However, overly relying on a single oracle teacher model to generate data has been shown to lead to model collapse and invite propagation of biases. These limitations are particularly evident in multilingual settings, where the absence of a universally effective teacher model that excels across all languages presents significant challenges. In this work, we address these extreme difference by introducing "multilingual arbitrage", which capitalizes on performance variations between multiple models for a given language. To do so, we strategically route samples through a diverse pool of models, each with unique strengths in different languages. Across exhaustive experiments on state-of-art models, our work suggests that arbitrage techniques allow for spectacular gains in performance that far outperform relying on a single teacher. In particular, compared to the best single teacher, we observe gains of up to 56.5% improvement in win rates averaged across all languages when switching to multilingual arbitrage. We observe the most significant gains for the least resourced languages in our pool.

We introduce the Aya Expanse model family, a new generation of 8B and 32B parameter multilingual language models, aiming to address the critical challenge of developing highly performant multilingual models that match or surpass the capabilities of monolingual models. By leveraging several years of research at Cohere For AI and Cohere, including advancements in data arbitrage, multilingual preference training, and model merging, Aya Expanse sets a new state-of-the-art in multilingual performance. Our evaluations on the Arena-Hard-Auto dataset, translated into 23 languages, demonstrate that Aya Expanse 8B and 32B outperform leading open-weight models in their respective parameter classes, including Gemma 2, Qwen 2.5, and Llama 3.1, achieving up to a 76.6% win-rate. Notably, Aya Expanse 32B outperforms Llama 3.1 70B, a model with twice as many parameters, achieving a 54.0% win-rate. In this short technical report, we present extended evaluation results for the Aya Expanse model family and release their open-weights, together with a new multilingual evaluation dataset m-ArenaHard.

Recent advances in large language models (LLMs) have accelerated progress in financial NLP and applications, yet existing benchmarks remain limited to monolingual and unimodal settings, often over-relying on simple tasks and failing to reflect the complexity of real-world financial communication. We introduce MultiFinBen, the first multilingual and multimodal benchmark tailored to the global financial domain, evaluating LLMs across modalities (text, vision, audio) and linguistic settings (monolingual, bilingual, multilingual) on domain-specific tasks. We introduce two novel tasks, including PolyFiQA-Easy and PolyFiQA-Expert, the first multilingual financial benchmarks requiring models to perform complex reasoning over mixed-language inputs; and EnglishOCR and SpanishOCR, the first OCR-embedded financial QA tasks challenging models to extract and reason over information from visual-text financial documents. Moreover, we propose a dynamic, difficulty-aware selection mechanism and curate a compact, balanced benchmark rather than simple aggregation existing datasets. Extensive evaluation of 22 state-of-the-art models reveals that even the strongest models, despite their general multimodal and multilingual capabilities, struggle dramatically when faced with complex cross-lingual and multimodal tasks in financial domain. MultiFinBen is publicly released to foster transparent, reproducible, and inclusive progress in financial studies and applications.

General-purpose sentence embedding models often struggle to capture specialized financial semantics, especially in low-resource languages like Korean, due to domain-specific jargon, temporal meaning shifts, and misaligned bilingual vocabularies. To address these gaps, we introduce NMIXX (Neural eMbeddings for Cross-lingual eXploration of Finance), a suite of cross-lingual embedding models fine-tuned with 18.8K high-confidence triplets that pair in-domain paraphrases, hard negatives derived from a semantic-shift typology, and exact Korean-English translations. Concurrently, we release KorFinSTS, a 1,921-pair Korean financial STS benchmark spanning news, disclosures, research reports, and regulations, designed to expose nuances that general benchmarks miss. When evaluated against seven open-license baselines, NMIXX's multilingual bge-m3 variant achieves Spearman's rho gains of +0.10 on English FinSTS and +0.22 on KorFinSTS, outperforming its pre-adaptation checkpoint and surpassing other models by the largest margin, while revealing a modest trade-off in general STS performance. Our analysis further shows that models with richer Korean token coverage adapt more effectively, underscoring the importance of tokenizer design in low-resource, cross-lingual settings. By making both models and the benchmark publicly available, we provide the community with robust tools for domain-adapted, multilingual representation learning in finance.

In financial trading, large language model (LLM)-based agents demonstrate significant potential. However, the high sensitivity to market noise undermines the performance of LLM-based trading systems. To address this limitation, we propose a novel multi-agent system featuring an internal competitive mechanism inspired by modern corporate management structures. The system consists of two specialized teams: (1) Data Team - responsible for processing and condensing massive market data into diversified text factors, ensuring they fit the model's constrained context. (2) Research Team - tasked with making parallelized multipath trading decisions based on deep research methods. The core innovation lies in implementing a real-time evaluation and ranking mechanism within each team, driven by authentic market feedback. Each agent's performance undergoes continuous scoring and ranking, with only outputs from top-performing agents being adopted. The design enables the system to adaptively adjust to dynamic environment, enhances robustness against market noise and ultimately delivers superior trading performance. Experimental results demonstrate that our proposed system significantly outperforms prevailing multi-agent systems and traditional quantitative investment methods across diverse evaluation metrics. ContestTrade is open-sourced on GitHub at https://github.com/FinStep-AI/ContestTrade.

Large language models (LLMs) have achieved remarkable success across various NLP tasks, yet their focus has predominantly been on English due to English-centric pre-training and limited multilingual data. While some multilingual LLMs claim to support for hundreds of languages, models often fail to provide high-quality response for mid- and low-resource languages, leading to imbalanced performance heavily skewed in favor of high-resource languages like English and Chinese. In this paper, we prioritize quality over scaling number of languages, with a focus on multilingual machine translation task, and introduce X-ALMA, a model designed with a commitment to ensuring top-tier performance across 50 diverse languages, regardless of their resource levels. X-ALMA surpasses state-of-the-art open-source multilingual LLMs, such as Aya-101 and Aya-23, in every single translation direction on the FLORES and WMT'23 test datasets according to COMET-22. This is achieved by plug-and-play language-specific module architecture to prevent language conflicts during training and a carefully designed training regimen with novel optimization methods to maximize the translation performance. At the final stage of training regimen, our proposed Adaptive Rejection Preference Optimization (ARPO) surpasses existing preference optimization methods in translation tasks.

Large Language Models (LLMs) have recently been leveraged for asset pricing tasks and stock trading applications, enabling AI agents to generate investment decisions from unstructured financial data. However, most evaluations of LLM timing-based investing strategies are conducted on narrow timeframes and limited stock universes, overstating effectiveness due to survivorship and data-snooping biases. We critically assess their generalizability and robustness by proposing FINSABER, a backtesting framework evaluating timing-based strategies across longer periods and a larger universe of symbols. Systematic backtests over two decades and 100+ symbols reveal that previously reported LLM advantages deteriorate significantly under broader cross-section and over a longer-term evaluation. Our market regime analysis further demonstrates that LLM strategies are overly conservative in bull markets, underperforming passive benchmarks, and overly aggressive in bear markets, incurring heavy losses. These findings highlight the need to develop LLM strategies that are able to prioritise trend detection and regime-aware risk controls over mere scaling of framework complexity.

Large multilingual models have significantly advanced natural language processing (NLP) research. However, their high resource demands and potential biases from diverse data sources have raised concerns about their effectiveness across low-resource languages. In contrast, monolingual models, trained on a single language, may better capture the nuances of the target language, potentially providing more accurate results. This study benchmarks the cross-lingual transfer capabilities from a high-resource language to a low-resource language for both, monolingual and multilingual models, focusing on Kinyarwanda and Kirundi, two Bantu languages. We evaluate the performance of transformer based architectures like Multilingual BERT (mBERT), AfriBERT, and BantuBERTa against neural-based architectures such as BiGRU, CNN, and char-CNN. The models were trained on Kinyarwanda and tested on Kirundi, with fine-tuning applied to assess the extent of performance improvement and catastrophic forgetting. AfriBERT achieved the highest cross-lingual accuracy of 88.3% after fine-tuning, while BiGRU emerged as the best-performing neural model with 83.3% accuracy. We also analyze the degree of forgetting in the original language post-fine-tuning. While monolingual models remain competitive, this study highlights that multilingual models offer strong cross-lingual transfer capabilities in resource limited settings.

Although Large Language Model (LLM)-based agents are increasingly used in financial trading, it remains unclear whether they can reason and adapt in live markets, as most studies test models instead of agents, cover limited periods and assets, and rely on unverified data. To address these gaps, we introduce Agent Market Arena (AMA), the first lifelong, real-time benchmark for evaluating LLM-based trading agents across multiple markets. AMA integrates verified trading data, expert-checked news, and diverse agent architectures within a unified trading framework, enabling fair and continuous comparison under real conditions. It implements four agents, including InvestorAgent as a single-agent baseline, TradeAgent and HedgeFundAgent with different risk styles, and DeepFundAgent with memory-based reasoning, and evaluates them across GPT-4o, GPT-4.1, Claude-3.5-haiku, Claude-sonnet-4, and Gemini-2.0-flash. Live experiments on both cryptocurrency and stock markets demonstrate that agent frameworks display markedly distinct behavioral patterns, spanning from aggressive risk-taking to conservative decision-making, whereas model backbones contribute less to outcome variation. AMA thus establishes a foundation for rigorous, reproducible, and continuously evolving evaluation of financial reasoning and trading intelligence in LLM-based agents.

Recent breakthroughs in large language models (LLMs) have led to the development of new benchmarks for evaluating their performance in the financial domain. However, current financial benchmarks often rely on news articles, earnings reports, or announcements, making it challenging to capture the real-world dynamics of financial meetings. To address this gap, we propose a novel benchmark called M^3FinMeeting, which is a multilingual, multi-sector, and multi-task dataset designed for financial meeting understanding. First, M^3FinMeeting supports English, Chinese, and Japanese, enhancing comprehension of financial discussions in diverse linguistic contexts. Second, it encompasses various industry sectors defined by the Global Industry Classification Standard (GICS), ensuring that the benchmark spans a broad range of financial activities. Finally, M^3FinMeeting includes three tasks: summarization, question-answer (QA) pair extraction, and question answering, facilitating a more realistic and comprehensive evaluation of understanding. Experimental results with seven popular LLMs reveal that even the most advanced long-context models have significant room for improvement, demonstrating the effectiveness of M^3FinMeeting as a benchmark for assessing LLMs' financial meeting comprehension skills.

Recent advances in Large Language Models (LLMs) have demonstrated impressive capabilities in financial reasoning and market understanding. Multi-agent LLM frameworks such as TradingAgent and FINMEM augment these models to long-horizon investment tasks, leveraging fundamental and sentiment-based inputs for strategic decision-making. However, such systems are ill-suited for the high-speed, precision-critical demands of High-Frequency Trading (HFT). HFT requires rapid, risk-aware decisions based on structured, short-horizon signals, including technical indicators, chart patterns, and trend-based features, distinct from the long-term semantic reasoning typical of traditional financial LLM applications. To this end, we introduce QuantAgent, the first multi-agent LLM framework explicitly designed for high-frequency algorithmic trading. The system decomposes trading into four specialized agents, Indicator, Pattern, Trend, and Risk, each equipped with domain-specific tools and structured reasoning capabilities to capture distinct aspects of market dynamics over short temporal windows. In zero-shot evaluations across ten financial instruments, including Bitcoin and Nasdaq futures, QuantAgent demonstrates superior performance in both predictive accuracy and cumulative return over 4-hour trading intervals, outperforming strong neural and rule-based baselines. Our findings suggest that combining structured financial priors with language-native reasoning unlocks new potential for traceable, real-time decision systems in high-frequency financial markets.

While the progression of Large Language Models (LLMs) has notably propelled financial analysis, their application has largely been confined to singular language realms, leaving untapped the potential of bilingual Chinese-English capacity. To bridge this chasm, we introduce ICE-PIXIU, seamlessly amalgamating the ICE-INTENT model and ICE-FLARE benchmark for bilingual financial analysis. ICE-PIXIU uniquely integrates a spectrum of Chinese tasks, alongside translated and original English datasets, enriching the breadth and depth of bilingual financial modeling. It provides unrestricted access to diverse model variants, a substantial compilation of diverse cross-lingual and multi-modal instruction data, and an evaluation benchmark with expert annotations, comprising 10 NLP tasks, 20 bilingual specific tasks, totaling 1,185k datasets. Our thorough evaluation emphasizes the advantages of incorporating these bilingual datasets, especially in translation tasks and utilizing original English data, enhancing both linguistic flexibility and analytical acuity in financial contexts. Notably, ICE-INTENT distinguishes itself by showcasing significant enhancements over conventional LLMs and existing financial LLMs in bilingual milieus, underscoring the profound impact of robust bilingual data on the accuracy and efficacy of financial NLP.

We study unsupervised multilingual alignment, the problem of finding word-to-word translations between multiple languages without using any parallel data. One popular strategy is to reduce multilingual alignment to the much simplified bilingual setting, by picking one of the input languages as the pivot language that we transit through. However, it is well-known that transiting through a poorly chosen pivot language (such as English) may severely degrade the translation quality, since the assumed transitive relations among all pairs of languages may not be enforced in the training process. Instead of going through a rather arbitrarily chosen pivot language, we propose to use the Wasserstein barycenter as a more informative "mean" language: it encapsulates information from all languages and minimizes all pairwise transportation costs. We evaluate our method on standard benchmarks and demonstrate state-of-the-art performances.

Despite the fact that multilingual agreement (MA) has shown its importance for multilingual neural machine translation (MNMT), current methodologies in the field have two shortages: (i) require parallel data between multiple language pairs, which is not always realistic and (ii) optimize the agreement in an ambiguous direction, which hampers the translation performance. We present Bidirectional Multilingual Agreement via Switched Back-translation (BMA-SBT), a novel and universal multilingual agreement framework for fine-tuning pre-trained MNMT models, which (i) exempts the need for aforementioned parallel data by using a novel method called switched BT that creates synthetic text written in another source language using the translation target and (ii) optimizes the agreement bidirectionally with the Kullback-Leibler Divergence loss. Experiments indicate that BMA-SBT clearly improves the strong baselines on the task of MNMT with three benchmarks: TED Talks, News, and Europarl. In-depth analyzes indicate that BMA-SBT brings additive improvements to the conventional BT method.

We present preliminary results of the project OpenGPT-X. At present, the project has developed two multilingual LLMs designed to embrace Europe's linguistic diversity by supporting all 24 official languages of the European Union. Trained on a dataset comprising around 60% non-English data and utilizing a custom multilingual tokenizer, our models address the limitations of existing LLMs that predominantly focus on English or a few high-resource languages. We detail the models' development principles, data processing techniques, tokenizer optimization, and training methodologies. The models demonstrate competitive performance across multilingual benchmarks, as evidenced by its performance on European versions of ARC, HellaSwag, MMLU, and TruthfulQA.

Domain specificity of embedding models is critical for effective performance. However, existing benchmarks, such as FinMTEB, are primarily designed for high-resource languages, leaving low-resource settings, such as Korean, under-explored. Directly translating established English benchmarks often fails to capture the linguistic and cultural nuances present in low-resource domains. In this paper, titled TWICE: What Advantages Can Low-Resource Domain-Specific Embedding Models Bring? A Case Study on Korea Financial Texts, we introduce KorFinMTEB, a novel benchmark for the Korean financial domain, specifically tailored to reflect its unique cultural characteristics in low-resource languages. Our experimental results reveal that while the models perform robustly on a translated version of FinMTEB, their performance on KorFinMTEB uncovers subtle yet critical discrepancies, especially in tasks requiring deeper semantic understanding, that underscore the limitations of direct translation. This discrepancy highlights the necessity of benchmarks that incorporate language-specific idiosyncrasies and cultural nuances. The insights from our study advocate for the development of domain-specific evaluation frameworks that can more accurately assess and drive the progress of embedding models in low-resource settings.

Foundational large language models (LLMs) can be instruction-tuned to develop open-ended question-answering capability, facilitating applications such as the creation of AI assistants. While such efforts are often carried out in a single language, building on prior research, we empirically analyze cost-efficient approaches of monolingual and multilingual tuning, shedding light on the efficacy of LLMs in responding to queries across monolingual and multilingual contexts. Our study employs the Alpaca dataset and machine translations of it to form multilingual training data, which is then used to tune LLMs through low-rank adaptation and full-parameter training. Comparisons reveal that multilingual tuning is not crucial for an LLM's English performance, but is key to its robustness in a multilingual environment. With a fixed budget, a multilingual instruction-tuned model, merely trained on downsampled data, can be as powerful as training monolingual models for each language. Our findings serve as a guide for expanding language support through instruction tuning with constrained computational resources.

The vast majority of today's large language models are English-centric, having been pretrained predominantly on English text. Yet, in order to meet user expectations, models need to be able to respond appropriately in multiple languages once deployed in downstream applications. Given limited exposure to other languages during pretraining, cross-lingual transfer is important for achieving decent performance in non-English settings. In this work, we investigate just how much multilinguality is required during finetuning to elicit strong cross-lingual generalisation across a range of tasks and target languages. We find that, compared to English-only finetuning, multilingual instruction tuning with as few as three languages significantly improves a model's cross-lingual transfer abilities on generative tasks that assume input/output language agreement, while being of less importance for highly structured tasks. Our code and data is available at https://github.com/ZurichNLP/multilingual-instruction-tuning.

Text-to-image generation advancements have been predominantly English-centric, creating barriers for non-English speakers and perpetuating digital inequities. While existing systems rely on translation pipelines, these introduce semantic drift, computational overhead, and cultural misalignment. We introduce NeoBabel, a novel multilingual image generation framework that sets a new Pareto frontier in performance, efficiency and inclusivity, supporting six languages: English, Chinese, Dutch, French, Hindi, and Persian. The model is trained using a combination of large-scale multilingual pretraining and high-resolution instruction tuning. To evaluate its capabilities, we expand two English-only benchmarks to multilingual equivalents: m-GenEval and m-DPG. NeoBabel achieves state-of-the-art multilingual performance while retaining strong English capability, scoring 0.75 on m-GenEval and 0.68 on m-DPG. Notably, it performs on par with leading models on English tasks while outperforming them by +0.11 and +0.09 on multilingual benchmarks, even though these models are built on multilingual base LLMs. This demonstrates the effectiveness of our targeted alignment training for preserving and extending crosslingual generalization. We further introduce two new metrics to rigorously assess multilingual alignment and robustness to code-mixed prompts. Notably, NeoBabel matches or exceeds English-only models while being 2-4x smaller. We release an open toolkit, including all code, model checkpoints, a curated dataset of 124M multilingual text-image pairs, and standardized multilingual evaluation protocols, to advance inclusive AI research. Our work demonstrates that multilingual capability is not a trade-off but a catalyst for improved robustness, efficiency, and cultural fidelity in generative AI.

We introduce a novel hybrid approach that augments Agent-Based Models (ABMs) with behaviors generated by Large Language Models (LLMs) to simulate human trading interactions. We call our model TraderTalk. Leveraging LLMs trained on extensive human-authored text, we capture detailed and nuanced representations of bilateral conversations in financial trading. Applying this Generative Agent-Based Model (GABM) to government bond markets, we replicate trading decisions between two stylised virtual humans. Our method addresses both structural challenges, such as coordinating turn-taking between realistic LLM-based agents, and design challenges, including the interpretation of LLM outputs by the agent model. By exploring prompt design opportunistically rather than systematically, we enhance the realism of agent interactions without exhaustive overfitting or model reliance. Our approach successfully replicates trade-to-order volume ratios observed in related asset markets, demonstrating the potential of LLM-augmented ABMs in financial simulations

Low-resource languages, such as Baltic languages, benefit from Large Multilingual Models (LMs) that possess remarkable cross-lingual transfer performance capabilities. This work is an interpretation and analysis study into cross-lingual representations of Multilingual LMs. Previous works hypothesized that these LMs internally project representations of different languages into a shared cross-lingual space. However, the literature produced contradictory results. In this paper, we revisit the prior work claiming that "BERT is not an Interlingua" and show that different languages do converge to a shared space in such language models with another choice of pooling strategy or similarity index. Then, we perform cross-lingual representational analysis for the two most popular multilingual LMs employing 378 pairwise language comparisons. We discover that while most languages share joint cross-lingual space, some do not. However, we observe that Baltic languages do belong to that shared space. The code is available at https://github.com/TartuNLP/xsim.

The inherent non-stationarity of financial markets and the complexity of multi-modal information pose significant challenges to existing quantitative trading models. Traditional methods relying on fixed structures and unimodal data struggle to adapt to market regime shifts, while large language model (LLM)-driven solutions - despite their multi-modal comprehension - suffer from static strategies and homogeneous expert designs, lacking dynamic adjustment and fine-grained decision mechanisms. To address these limitations, we propose MM-DREX: a Multimodal-driven, Dynamically-Routed EXpert framework based on large language models. MM-DREX explicitly decouples market state perception from strategy execution to enable adaptive sequential decision-making in non-stationary environments. Specifically, it (1) introduces a vision-language model (VLM)-powered dynamic router that jointly analyzes candlestick chart patterns and long-term temporal features to allocate real-time expert weights; (2) designs four heterogeneous trading experts (trend, reversal, breakout, positioning) generating specialized fine-grained sub-strategies; and (3) proposes an SFT-RL hybrid training paradigm to synergistically optimize the router's market classification capability and experts' risk-adjusted decision-making. Extensive experiments on multi-modal datasets spanning stocks, futures, and cryptocurrencies demonstrate that MM-DREX significantly outperforms 15 baselines (including state-of-the-art financial LLMs and deep reinforcement learning models) across key metrics: total return, Sharpe ratio, and maximum drawdown, validating its robustness and generalization. Additionally, an interpretability module traces routing logic and expert behavior in real time, providing an audit trail for strategy transparency.

As instruction-tuned large language models (LLMs) gain global adoption, their ability to follow instructions in multiple languages becomes increasingly crucial. One promising approach is cross-lingual transfer, where a model acquires specific functionality on some language by finetuning on another language. In this work, we investigate how multilinguality during instruction tuning of a multilingual LLM affects instruction-following across languages. We first show that many languages transfer some instruction-following capabilities to other languages from even monolingual tuning. Furthermore, we find that only 40 multilingual examples in an English tuning set substantially improve multilingual instruction-following, both in seen and unseen languages during tuning. In general, we observe that models tuned on multilingual mixtures exhibit comparable or superior performance in several languages compared to monolingually tuned models, despite training on 10x fewer examples in those languages. Finally, we find that increasing the number of languages in the instruction tuning set from 1 to only 2, 3, or 4 increases cross-lingual generalization. Our results suggest that building massively multilingual instruction-tuned models can be done with only a very small set of multilingual instruction-responses.

Multilingual large language models (LLMs) are advancing rapidly, with new models frequently claiming support for an increasing number of languages. However, existing evaluation datasets are limited and lack cross-lingual alignment, leaving assessments of multilingual capabilities fragmented in both language and skill coverage. To address this, we introduce MuBench, a benchmark covering 61 languages and evaluating a broad range of capabilities. We evaluate several state-of-the-art multilingual LLMs and find notable gaps between claimed and actual language coverage, particularly a persistent performance disparity between English and low-resource languages. Leveraging MuBench's alignment, we propose Multilingual Consistency (MLC) as a complementary metric to accuracy for analyzing performance bottlenecks and guiding model improvement. Finally, we pretrain a suite of 1.2B-parameter models on English and Chinese with 500B tokens, varying language ratios and parallel data proportions to investigate cross-lingual transfer dynamics.

Recent advancements have underscored the potential of large language model (LLM)-based agents in financial decision-making. Despite this progress, the field currently encounters two main challenges: (1) the lack of a comprehensive LLM agent framework adaptable to a variety of financial tasks, and (2) the absence of standardized benchmarks and consistent datasets for assessing agent performance. To tackle these issues, we introduce InvestorBench, the first benchmark specifically designed for evaluating LLM-based agents in diverse financial decision-making contexts. InvestorBench enhances the versatility of LLM-enabled agents by providing a comprehensive suite of tasks applicable to different financial products, including single equities like stocks, cryptocurrencies and exchange-traded funds (ETFs). Additionally, we assess the reasoning and decision-making capabilities of our agent framework using thirteen different LLMs as backbone models, across various market environments and tasks. Furthermore, we have curated a diverse collection of open-source, multi-modal datasets and developed a comprehensive suite of environments for financial decision-making. This establishes a highly accessible platform for evaluating financial agents' performance across various scenarios.

The "massively-multilingual" training of multilingual models is known to limit their utility in any one language, and they perform particularly poorly on low-resource languages. However, there is evidence that low-resource languages can benefit from targeted multilinguality, where the model is trained on closely related languages. To test this approach more rigorously, we systematically study best practices for adapting a pre-trained model to a language family. Focusing on the Uralic family as a test case, we adapt XLM-R under various configurations to model 15 languages; we then evaluate the performance of each experimental setting on two downstream tasks and 11 evaluation languages. Our adapted models significantly outperform mono- and multilingual baselines. Furthermore, a regression analysis of hyperparameter effects reveals that adapted vocabulary size is relatively unimportant for low-resource languages, and that low-resource languages can be aggressively up-sampled during training at little detriment to performance in high-resource languages. These results introduce new best practices for performing language adaptation in a targeted setting.

In this paper, we show that Multilingual BERT (M-BERT), released by Devlin et al. (2018) as a single language model pre-trained from monolingual corpora in 104 languages, is surprisingly good at zero-shot cross-lingual model transfer, in which task-specific annotations in one language are used to fine-tune the model for evaluation in another language. To understand why, we present a large number of probing experiments, showing that transfer is possible even to languages in different scripts, that transfer works best between typologically similar languages, that monolingual corpora can train models for code-switching, and that the model can find translation pairs. From these results, we can conclude that M-BERT does create multilingual representations, but that these representations exhibit systematic deficiencies affecting certain language pairs.

Perpetual futures are the most popular cryptocurrency derivatives. Perpetuals offer leveraged exposure to their underlying without rollover or direct ownership. Unlike fixed-maturity futures, perpetuals are not guaranteed to converge to the spot price. To minimize the gap between perpetual and spot prices, long investors periodically pay shorts a funding rate proportional to this difference. We derive no-arbitrage prices for perpetual futures in frictionless markets and bounds in markets with trading costs. Empirically, deviations from these prices in crypto are larger than in traditional currency markets, comove across currencies, and diminish over time. An implied arbitrage strategy yields high Sharpe ratios.

Recent language models have shown impressive multilingual performance, even when not explicitly trained for it. Despite this, there are concerns about the quality of their outputs across different languages. In this paper, we show how disparity in the treatment of different languages arises at the tokenization stage, well before a model is even invoked. The same text translated into different languages can have drastically different tokenization lengths, with differences up to 15 times in some cases. These disparities persist even for tokenizers that are intentionally trained for multilingual support. Character-level and byte-level models also exhibit over 4 times the difference in the encoding length for some language pairs. This induces unfair treatment for some language communities in regard to the cost of accessing commercial language services, the processing time and latency, as well as the amount of content that can be provided as context to the models. Therefore, we make the case that we should train future language models using multilingually fair subword tokenizers.

How should text dataset sizes be compared across languages? Even for content-matched (parallel) corpora, UTF-8 encoded text can require a dramatically different number of bytes for different languages. In our work, we define the byte premium between two languages as the ratio of bytes used to encode content-matched text in those languages. We compute byte premiums for 1155 languages, and we use linear regressions to estimate byte premiums for other languages. We release a tool to obtain byte premiums for any two languages, enabling comparisons of dataset sizes across languages for more equitable multilingual model development and data practices.

Recently, Large Language Models (LLMs) have shown impressive language capabilities. However, most of the existing LLMs are all English-centric, which have very unstable and unbalanced performance across different languages. Multilingual alignment is an effective method to enhance the LLMs' multilingual capabilities. In this work, we explore the multilingual alignment paradigm which utilizes translation data and comprehensively investigate the spontaneous multilingual improvement of LLMs. We find that LLMs only instruction-tuned on question translation data without annotated answers are able to get significant multilingual performance enhancement even across a wide range of languages unseen during instruction-tuning. Additionally, we utilize different settings and mechanistic interpretability methods to comprehensively analyze the LLM's performance in the multilingual scenario.

Natural Language Processing (NLP) has transformed the financial industry, enabling advancements in areas such as textual analysis, risk management, and forecasting. Large language models (LLMs) like BloombergGPT and FinMA have set new benchmarks across various financial NLP tasks, including sentiment analysis, stock movement prediction, and credit risk assessment. Furthermore, FinMA-ES, a bilingual financial LLM, has also demonstrated strong performance using the FLARE and FLARE-ES benchmarks. However, the high computational demands of these models limit the accessibility of many organizations. To address this, we propose Layer-wise Adaptive Ensemble Tuning (LAET), a novel strategy that selectively fine-tunes the most effective layers of pre-trained LLMs by analyzing hidden state representations while freezing less critical layers. LAET significantly reduces computational overhead while enhancing task-specific performance. Our approach shows strong results in financial NLP tasks, outperforming existing benchmarks and state-of-the-art LLMs such as GPT-4, even with smaller LLMs (sim3B parameters). This work bridges cutting-edge financial NLP research and real-world deployment with efficient and scalable models for financial applications.

Cross-lingual transfer enables vision-language models (VLMs) to perform vision tasks in various languages with training data only in one language. Current approaches rely on large pre-trained multilingual language models. However, they face the curse of multilinguality, sacrificing downstream task performance for multilingual capabilities, struggling with lexical ambiguities, and falling behind recent advances. In this work, we study the scaling laws of systematic generalization with monolingual VLMs for multilingual tasks, focusing on the impact of model size and seen training samples. We propose Florenz, a monolingual encoder-decoder VLM with 0.4B to 11.2B parameters combining the pre-trained VLM Florence-2 and the large language model Gemma-2. Florenz is trained with varying compute budgets on a synthetic dataset that features intentionally incomplete language coverage for image captioning, thus, testing generalization from the fully covered translation task. We show that not only does indirectly learning unseen task-language pairs adhere to a scaling law, but also that with our data generation pipeline and the proposed Florenz model family, image captioning abilities can emerge in a specific language even when only data for the translation task is available. Fine-tuning on a mix of downstream datasets yields competitive performance and demonstrates promising scaling trends in multimodal machine translation (Multi30K, CoMMuTE), lexical disambiguation (CoMMuTE), and image captioning (Multi30K, XM3600, COCO Karpathy).

This paper presents FinGEITje, the first Dutch financial Large Language Model (LLM) specifically designed and optimized for various financial tasks. Together with the model, we release a specialized Dutch financial instruction tuning dataset with over 140,000 samples, constructed employing an automated translation and data processing method. The open-source data construction method is provided, facilitating the creation of financial instruction datasets in different languages. To evaluate model performance, the study introduces the first Dutch financial evaluation benchmark, along with an automated evaluation method that utilizes an LLM as an independent evaluator, reducing manual intervention in performance evaluation. The experimental results highlight the superior performance of FinGEITje across five critical Dutch and English financial tasks.

Recently, it has been found that monolingual English language models can be used as knowledge bases. Instead of structural knowledge base queries, masked sentences such as "Paris is the capital of [MASK]" are used as probes. We translate the established benchmarks TREx and GoogleRE into 53 languages. Working with mBERT, we investigate three questions. (i) Can mBERT be used as a multilingual knowledge base? Most prior work only considers English. Extending research to multiple languages is important for diversity and accessibility. (ii) Is mBERT's performance as knowledge base language-independent or does it vary from language to language? (iii) A multilingual model is trained on more text, e.g., mBERT is trained on 104 Wikipedias. Can mBERT leverage this for better performance? We find that using mBERT as a knowledge base yields varying performance across languages and pooling predictions across languages improves performance. Conversely, mBERT exhibits a language bias; e.g., when queried in Italian, it tends to predict Italy as the country of origin.

The majority of previous researches addressing multi-lingual IE are limited to zero-shot cross-lingual single-transfer (one-to-one) setting, with high-resource languages predominantly as source training data. As a result, these works provide little understanding and benefit for the realistic goal of developing a multi-lingual IE system that can generalize to as many languages as possible. Our study aims to fill this gap by providing a detailed analysis on Cross-Lingual Multi-Transferability (many-to-many transfer learning), for the recent IE corpora that cover a diverse set of languages. Specifically, we first determine the correlation between single-transfer performance and a wide range of linguistic-based distances. From the obtained insights, a combined language distance metric can be developed that is not only highly correlated but also robust across different tasks and model scales. Next, we investigate the more general zero-shot multi-lingual transfer settings where multiple languages are involved in the training and evaluation processes. Language clustering based on the newly defined distance can provide directions for achieving the optimal cost-performance trade-off in data (languages) selection problem. Finally, a relational-transfer setting is proposed to further incorporate multi-lingual unlabeled data based on adversarial training using the relation induced from the above linguistic distance.

Instruction-following capability has become a major ability to be evaluated for Large Language Models (LLMs). However, existing datasets, such as IFEval, are either predominantly monolingual and centered on English or simply machine translated to other languages, limiting their applicability in multilingual contexts. In this paper, we present an carefully-curated extension of IFEval to a localized multilingual version named Marco-Bench-MIF, covering 30 languages with varying levels of localization. Our benchmark addresses linguistic constraints (e.g., modifying capitalization requirements for Chinese) and cultural references (e.g., substituting region-specific company names in prompts) via a hybrid pipeline combining translation with verification. Through comprehensive evaluation of 20+ LLMs on our Marco-Bench-MIF, we found that: (1) 25-35% accuracy gap between high/low-resource languages, (2) model scales largely impact performance by 45-60% yet persists script-specific challenges, and (3) machine-translated data underestimates accuracy by7-22% versus localized data. Our analysis identifies challenges in multilingual instruction following, including keyword consistency preservation and compositional constraint adherence across languages. Our Marco-Bench-MIF is available at https://github.com/AIDC-AI/Marco-Bench-MIF.

Large language models (LLMs) achieve strong performance across benchmarks--from knowledge quizzes and math reasoning to web-agent tasks--but these tests occur in static settings, lacking real dynamics and uncertainty. Consequently, they evaluate isolated reasoning or problem-solving rather than decision-making under uncertainty. To address this, we introduce LiveTradeBench, a live trading environment for evaluating LLM agents in realistic and evolving markets. LiveTradeBench follows three design principles: (i) Live data streaming of market prices and news, eliminating dependence on offline backtesting and preventing information leakage while capturing real-time uncertainty; (ii) a portfolio-management abstraction that extends control from single-asset actions to multi-asset allocation, integrating risk management and cross-asset reasoning; and (iii) multi-market evaluation across structurally distinct environments--U.S. stocks and Polymarket prediction markets--differing in volatility, liquidity, and information flow. At each step, an agent observes prices, news, and its portfolio, then outputs percentage allocations that balance risk and return. Using LiveTradeBench, we run 50-day live evaluations of 21 LLMs across families. Results show that (1) high LMArena scores do not imply superior trading outcomes; (2) models display distinct portfolio styles reflecting risk appetite and reasoning dynamics; and (3) some LLMs effectively leverage live signals to adapt decisions. These findings expose a gap between static evaluation and real-world competence, motivating benchmarks that test sequential decision making and consistency under live uncertainty.

We present a new financial domain large language model, InvestLM, tuned on LLaMA-65B (Touvron et al., 2023), using a carefully curated instruction dataset related to financial investment. Inspired by less-is-more-for-alignment (Zhou et al., 2023), we manually curate a small yet diverse instruction dataset, covering a wide range of financial related topics, from Chartered Financial Analyst (CFA) exam questions to SEC filings to Stackexchange quantitative finance discussions. InvestLM shows strong capabilities in understanding financial text and provides helpful responses to investment related questions. Financial experts, including hedge fund managers and research analysts, rate InvestLM's response as comparable to those of state-of-the-art commercial models (GPT-3.5, GPT-4 and Claude-2). Zero-shot evaluation on a set of financial NLP benchmarks demonstrates strong generalizability. From a research perspective, this work suggests that a high-quality domain specific LLM can be tuned using a small set of carefully curated instructions on a well-trained foundation model, which is consistent with the Superficial Alignment Hypothesis (Zhou et al., 2023). From a practical perspective, this work develops a state-of-the-art financial domain LLM with superior capability in understanding financial texts and providing helpful investment advice, potentially enhancing the work efficiency of financial professionals. We release the model parameters to the research community.

Multilingual proficiency presents a significant challenge for large language models (LLMs). English-centric models are usually suboptimal in other languages, particularly those that are linguistically distant from English. This performance discrepancy mainly stems from the imbalanced distribution of training data across languages during pre-training and instruction tuning stages. To address this problem, we propose a novel approach called CrossIn, which utilizes a mixed composition of cross-lingual instruction tuning data. Our method leverages the compressed representation shared by various languages to efficiently enhance the model's task-solving capabilities and multilingual proficiency within a single process. In addition, we introduce a multi-task and multi-faceted benchmark to evaluate the effectiveness of CrossIn. Experimental results demonstrate that our method substantially improves performance across tasks and languages, and we provide extensive insights into the impact of cross-lingual data volume and the integration of translation data on enhancing multilingual consistency and accuracy.

General-purpose multilingual vector representations, used in retrieval, regression and classification, are traditionally obtained from bidirectional encoder models. Despite their wide applicability, encoders have been recently overshadowed by advances in generative decoder-only models. However, many innovations driving this progress are not inherently tied to decoders. In this paper, we revisit the development of multilingual encoders through the lens of these advances, and introduce EuroBERT, a family of multilingual encoders covering European and widely spoken global languages. Our models outperform existing alternatives across a diverse range of tasks, spanning multilingual capabilities, mathematics, and coding, and natively supporting sequences of up to 8,192 tokens. We also examine the design decisions behind EuroBERT, offering insights into our dataset composition and training pipeline. We publicly release the EuroBERT models, including intermediate training checkpoints, together with our training framework.

Continued pretraining and instruction tuning on large-scale multilingual data have proven to be effective in scaling large language models (LLMs) to low-resource languages. However, the unaligned nature of such data limits its ability to effectively capture cross-lingual semantics. In contrast, multi-way parallel data, where identical content is aligned across multiple languages, provides stronger cross-lingual consistency and offers greater potential for improving multilingual performance. In this paper, we introduce a large-scale, high-quality multi-way parallel corpus, TED2025, based on TED Talks. The corpus spans 113 languages, with up to 50 languages aligned in parallel, ensuring extensive multilingual coverage. Using this dataset, we investigate best practices for leveraging multi-way parallel data to enhance LLMs, including strategies for continued pretraining, instruction tuning, and the analysis of key influencing factors. Experiments on six multilingual benchmarks show that models trained on multiway parallel data consistently outperform those trained on unaligned multilingual data.

Pre-trained language models (LMs) are currently integral to many natural language processing systems. Although multilingual LMs were also introduced to serve many languages, these have limitations such as being costly at inference time and the size and diversity of non-English data involved in their pre-training. We remedy these issues for a collection of diverse Arabic varieties by introducing two powerful deep bidirectional transformer-based models, ARBERT and MARBERT. To evaluate our models, we also introduce ARLUE, a new benchmark for multi-dialectal Arabic language understanding evaluation. ARLUE is built using 42 datasets targeting six different task clusters, allowing us to offer a series of standardized experiments under rich conditions. When fine-tuned on ARLUE, our models collectively achieve new state-of-the-art results across the majority of tasks (37 out of 48 classification tasks, on the 42 datasets). Our best model acquires the highest ARLUE score (77.40) across all six task clusters, outperforming all other models including XLM-R Large (~ 3.4 x larger size). Our models are publicly available at https://github.com/UBC-NLP/marbert and ARLUE will be released through the same repository.

Open-source, multilingual medical large language models (LLMs) have the potential to serve linguistically diverse populations across different regions. Adapting generic LLMs for healthcare often requires continual pretraining, but this approach is computationally expensive and sometimes impractical. Instruction fine-tuning on a specific task may not always guarantee optimal performance due to the lack of broader domain knowledge that the model needs to understand and reason effectively in diverse scenarios. To address these challenges, we introduce two multilingual instruction fine-tuning datasets, MMed-IFT and MMed-IFT-MC, containing over 200k high-quality medical samples in six languages. We propose a two-stage training paradigm: the first stage injects general medical knowledge using MMed-IFT, while the second stage fine-tunes task-specific multiple-choice questions with MMed-IFT-MC. Our method achieves competitive results on both English and multilingual benchmarks, striking a balance between computational efficiency and performance. We plan to make our dataset and model weights public at https://github.com/SpassMed/Med-Llama3 in the future.

We explore Cross-lingual Backdoor ATtacks (X-BAT) in multilingual Large Language Models (mLLMs), revealing how backdoors inserted in one language can automatically transfer to others through shared embedding spaces. Using toxicity classification as a case study, we demonstrate that attackers can compromise multilingual systems by poisoning data in a single language, with rare tokens serving as specific effective triggers. Our findings expose a critical vulnerability in the fundamental architecture that enables cross-lingual transfer in these models. Our code and data are publicly available at https://github.com/himanshubeniwal/X-BAT.

Multilinguality is crucial for extending recent advancements in language modelling to diverse linguistic communities. To maintain high performance while representing multiple languages, multilingual models ideally align representations, allowing what is learned in one language to generalise to others. Prior research has emphasised the importance of parallel data and shared vocabulary elements as key factors for such alignment. In this study, we investigate an unintuitive novel driver of cross-lingual generalisation: language imbalance. In controlled experiments on perfectly equivalent cloned languages, we observe that the existence of a predominant language during training boosts the performance of less frequent languages and leads to stronger alignment of model representations across languages. Furthermore, we find that this trend is amplified with scale: with large enough models or long enough training, we observe that bilingual training data with a 90/10 language split yields better performance on both languages than a balanced 50/50 split. Building on these insights, we design training schemes that can improve performance in all cloned languages, even without altering the training data. As we extend our analysis to real languages, we find that infrequent languages still benefit from frequent ones, yet whether language imbalance causes cross-lingual generalisation there is not conclusive.

Trading is a highly competitive task that requires a combination of strategy, knowledge, and psychological fortitude. With the recent success of large language models(LLMs), it is appealing to apply the emerging intelligence of LLM agents in this competitive arena and understanding if they can outperform professional traders. In this survey, we provide a comprehensive review of the current research on using LLMs as agents in financial trading. We summarize the common architecture used in the agent, the data inputs, and the performance of LLM trading agents in backtesting as well as the challenges presented in these research. This survey aims to provide insights into the current state of LLM-based financial trading agents and outline future research directions in this field.

Pre-trained multilingual language models (PMLMs) are commonly used when dealing with data from multiple languages and cross-lingual transfer. However, PMLMs are trained on varying amounts of data for each language. In practice this means their performance is often much better on English than many other languages. We explore to what extent this also applies to moral norms. Do the models capture moral norms from English and impose them on other languages? Do the models exhibit random and thus potentially harmful beliefs in certain languages? Both these issues could negatively impact cross-lingual transfer and potentially lead to harmful outcomes. In this paper, we (1) apply the MoralDirection framework to multilingual models, comparing results in German, Czech, Arabic, Mandarin Chinese, and English, (2) analyse model behaviour on filtered parallel subtitles corpora, and (3) apply the models to a Moral Foundations Questionnaire, comparing with human responses from different countries. Our experiments demonstrate that, indeed, PMLMs encode differing moral biases, but these do not necessarily correspond to cultural differences or commonalities in human opinions.

Code-switching (CS) is the alternating use of two or more languages within a conversation or utterance, often influenced by social context and speaker identity. This linguistic phenomenon poses challenges for Automatic Speech Recognition (ASR) systems, which are typically designed for a single language and struggle to handle multilingual inputs. The growing global demand for multilingual applications, including Code-Switching ASR (CSASR), Text-to-Speech (CSTTS), and Cross-Lingual Information Retrieval (CLIR), highlights the inadequacy of existing monolingual datasets. Although some code-switching datasets exist, most are limited to bilingual mixing within homogeneous ethnic groups, leaving a critical need for a large-scale, diverse benchmark akin to ImageNet in computer vision. To bridge this gap, we introduce LinguaMaster, a multi-agent collaboration framework specifically designed for efficient and scalable multilingual data synthesis. Leveraging this framework, we curate SwitchLingua, the first large-scale multilingual and multi-ethnic code-switching dataset, including: (1) 420K CS textual samples across 12 languages, and (2) over 80 hours of audio recordings from 174 speakers representing 18 countries/regions and 63 racial/ethnic backgrounds, based on the textual data. This dataset captures rich linguistic and cultural diversity, offering a foundational resource for advancing multilingual and multicultural research. Furthermore, to address the issue that existing ASR evaluation metrics lack sensitivity to code-switching scenarios, we propose the Semantic-Aware Error Rate (SAER), a novel evaluation metric that incorporates semantic information, providing a more accurate and context-aware assessment of system performance.

As large language models become increasingly prevalent in the financial sector, there is a pressing need for a standardized method to comprehensively assess their performance. However, existing finance benchmarks often suffer from limited language and task coverage, as well as challenges such as low-quality datasets and inadequate adaptability for LLM evaluation. To address these limitations, we propose "Golden Touchstone", the first comprehensive bilingual benchmark for financial LLMs, which incorporates representative datasets from both Chinese and English across eight core financial NLP tasks. Developed from extensive open source data collection and industry-specific demands, this benchmark includes a variety of financial tasks aimed at thoroughly assessing models' language understanding and generation capabilities. Through comparative analysis of major models on the benchmark, such as GPT-4o Llama3, FinGPT and FinMA, we reveal their strengths and limitations in processing complex financial information. Additionally, we open-sourced Touchstone-GPT, a financial LLM trained through continual pre-training and financial instruction tuning, which demonstrates strong performance on the bilingual benchmark but still has limitations in specific tasks.This research not only provides the financial large language models with a practical evaluation tool but also guides the development and optimization of future research. The source code for Golden Touchstone and model weight of Touchstone-GPT have been made publicly available at https://github.com/IDEA-FinAI/Golden-Touchstone, contributing to the ongoing evolution of FinLLMs and fostering further research in this critical area.

Large Language Models (LLMs) have demonstrated impressive capabilities in various tasks, including instruction following, which is crucial for aligning model outputs with user expectations. However, evaluating LLMs' ability to follow instructions remains challenging due to the complexity and subjectivity of human language. Current benchmarks primarily focus on single-turn, monolingual instructions, which do not adequately reflect the complexities of real-world applications that require handling multi-turn and multilingual interactions. To address this gap, we introduce Multi-IF, a new benchmark designed to assess LLMs' proficiency in following multi-turn and multilingual instructions. Multi-IF, which utilizes a hybrid framework combining LLM and human annotators, expands upon the IFEval by incorporating multi-turn sequences and translating the English prompts into another 7 languages, resulting in a dataset of 4,501 multilingual conversations, where each has three turns. Our evaluation of 14 state-of-the-art LLMs on Multi-IF reveals that it presents a significantly more challenging task than existing benchmarks. All the models tested showed a higher rate of failure in executing instructions correctly with each additional turn. For example, o1-preview drops from 0.877 at the first turn to 0.707 at the third turn in terms of average accuracy over all languages. Moreover, languages with non-Latin scripts (Hindi, Russian, and Chinese) generally exhibit higher error rates, suggesting potential limitations in the models' multilingual capabilities. We release Multi-IF prompts and the evaluation code base to encourage further research in this critical area.

Statutory article retrieval plays a crucial role in making legal information more accessible to both laypeople and legal professionals. Multilingual countries like Belgium present unique challenges for retrieval models due to the need for handling legal issues in multiple languages. Building on the Belgian Statutory Article Retrieval Dataset (BSARD) in French, we introduce the bilingual version of this dataset, bBSARD. The dataset contains parallel Belgian statutory articles in both French and Dutch, along with legal questions from BSARD and their Dutch translation. Using bBSARD, we conduct extensive benchmarking of retrieval models available for Dutch and French. Our benchmarking setup includes lexical models, zero-shot dense models, and fine-tuned small foundation models. Our experiments show that BM25 remains a competitive baseline compared to many zero-shot dense models in both languages. We also observe that while proprietary models outperform open alternatives in the zero-shot setting, they can be matched or surpassed by fine-tuning small language-specific models. Our dataset and evaluation code are publicly available.

Bitcoin, with its ever-growing popularity, has demonstrated extreme price volatility since its origin. This volatility, together with its decentralised nature, make Bitcoin highly subjective to speculative trading as compared to more traditional assets. In this paper, we propose a multimodal model for predicting extreme price fluctuations. This model takes as input a variety of correlated assets, technical indicators, as well as Twitter content. In an in-depth study, we explore whether social media discussions from the general public on Bitcoin have predictive power for extreme price movements. A dataset of 5,000 tweets per day containing the keyword `Bitcoin' was collected from 2015 to 2021. This dataset, called PreBit, is made available online. In our hybrid model, we use sentence-level FinBERT embeddings, pretrained on financial lexicons, so as to capture the full contents of the tweets and feed it to the model in an understandable way. By combining these embeddings with a Convolutional Neural Network, we built a predictive model for significant market movements. The final multimodal ensemble model includes this NLP model together with a model based on candlestick data, technical indicators and correlated asset prices. In an ablation study, we explore the contribution of the individual modalities. Finally, we propose and backtest a trading strategy based on the predictions of our models with varying prediction threshold and show that it can used to build a profitable trading strategy with a reduced risk over a `hold' or moving average strategy.

Large multilingual language models such as mBERT or XLM-R enable zero-shot cross-lingual transfer in various IR and NLP tasks. Cao et al. (2020) proposed a data- and compute-efficient method for cross-lingual adjustment of mBERT that uses a small parallel corpus to make embeddings of related words across languages similar to each other. They showed it to be effective in NLI for five European languages. In contrast we experiment with a typologically diverse set of languages (Spanish, Russian, Vietnamese, and Hindi) and extend their original implementations to new tasks (XSR, NER, and QA) and an additional training regime (continual learning). Our study reproduced gains in NLI for four languages, showed improved NER, XSR, and cross-lingual QA results in three languages (though some cross-lingual QA gains were not statistically significant), while mono-lingual QA performance never improved and sometimes degraded. Analysis of distances between contextualized embeddings of related and unrelated words (across languages) showed that fine-tuning leads to "forgetting" some of the cross-lingual alignment information. Based on this observation, we further improved NLI performance using continual learning.

While large language models demonstrate remarkable capabilities at task-specific applications through fine-tuning, extending these benefits across diverse languages is essential for broad accessibility. However, effective cross-lingual transfer is hindered by LLM performance gaps across languages and the scarcity of fine-tuning data in many languages. Through analysis of LLM internal representations from over 1,000+ language pairs, we discover that middle layers exhibit the strongest potential for cross-lingual alignment. Building on this finding, we propose a middle-layer alignment objective integrated into task-specific training. Our experiments on slot filling, machine translation, and structured text generation show consistent improvements in cross-lingual transfer, especially to lower-resource languages. The method is robust to the choice of alignment languages and generalizes to languages unseen during alignment. Furthermore, we show that separately trained alignment modules can be merged with existing task-specific modules, improving cross-lingual capabilities without full re-training. Our code is publicly available (https://github.com/dannigt/mid-align).

Polyglot is a pioneering project aimed at enhancing the non-English language performance of multilingual language models. Despite the availability of various multilingual models such as mBERT (Devlin et al., 2019), XGLM (Lin et al., 2022), and BLOOM (Scao et al., 2022), researchers and developers often resort to building monolingual models in their respective languages due to the dissatisfaction with the current multilingual models non-English language capabilities. Addressing this gap, we seek to develop advanced multilingual language models that offer improved performance in non-English languages. In this paper, we introduce the Polyglot Korean models, which represent a specific focus rather than being multilingual in nature. In collaboration with TUNiB, our team collected 1.2TB of Korean data meticulously curated for our research journey. We made a deliberate decision to prioritize the development of Korean models before venturing into multilingual models. This choice was motivated by multiple factors: firstly, the Korean models facilitated performance comparisons with existing multilingual models; and finally, they catered to the specific needs of Korean companies and researchers. This paper presents our work in developing the Polyglot Korean models, which propose some steps towards addressing the non-English language performance gap in multilingual language models.

Instruction tuning has become a key technique for enhancing the performance of large language models, enabling them to better follow human prompts. However, low-resource languages such as Luxembourgish face severe limitations due to the lack of high-quality instruction datasets. Traditional reliance on machine translation often introduces semantic misalignment and cultural inaccuracies. In this work, we address these challenges by creating a cross-lingual instruction tuning dataset for Luxembourgish, without resorting to machine-generated translations into it. Instead, by leveraging aligned data from English, French, and German, we build a high-quality dataset that preserves linguistic and cultural nuances. We provide evidence that cross-lingual instruction tuning not only improves representational alignment across languages but also the model's generative capabilities in Luxembourgish. This highlights how cross-lingual data curation can avoid the common pitfalls of machine-translated data and directly benefit low-resource language development.

Large Language Models (LLMs) have demonstrated impressive capabilities across various domains, but their effectiveness in financial decision-making remains inadequately evaluated. Current benchmarks primarily assess LLMs' understanding on financial documents rather than the ability to manage assets or dig out trading opportunities in dynamic market conditions. Despite the release of new benchmarks for evaluating diversified tasks on the financial domain, we identified four major problems in these benchmarks, which are data leakage, navel-gazing, over-intervention, and maintenance-hard. To pave the research gap, we introduce DeepFund, a comprehensive arena platform for evaluating LLM-based trading strategies in a live environment. Our approach implements a multi-agent framework where they serve as multiple key roles that realize the real-world investment decision processes. Moreover, we provide a web interface that visualizes LLMs' performance with fund investment metrics across different market conditions, enabling detailed comparative analysis. Through DeepFund, we aim to provide a more realistic and fair assessment on LLM's capabilities in fund investment, offering diversified insights and revealing their potential applications in real-world financial markets. Our code is publicly available at https://github.com/HKUSTDial/DeepFund.

Massively multilingual Transformers (MMTs), such as mBERT and XLM-R, are widely used for cross-lingual transfer learning. While these are pretrained to represent hundreds of languages, end users of NLP systems are often interested only in individual languages. For such purposes, the MMTs' language coverage makes them unnecessarily expensive to deploy in terms of model size, inference time, energy, and hardware cost. We thus propose to extract compressed, language-specific models from MMTs which retain the capacity of the original MMTs for cross-lingual transfer. This is achieved by distilling the MMT bilingually, i.e., using data from only the source and target language of interest. Specifically, we use a two-phase distillation approach, termed BiStil: (i) the first phase distils a general bilingual model from the MMT, while (ii) the second, task-specific phase sparsely fine-tunes the bilingual "student" model using a task-tuned variant of the original MMT as its "teacher". We evaluate this distillation technique in zero-shot cross-lingual transfer across a number of standard cross-lingual benchmarks. The key results indicate that the distilled models exhibit minimal degradation in target language performance relative to the base MMT despite being significantly smaller and faster. Furthermore, we find that they outperform multilingually distilled models such as DistilmBERT and MiniLMv2 while having a very modest training budget in comparison, even on a per-language basis. We also show that bilingual models distilled from MMTs greatly outperform bilingual models trained from scratch. Our code and models are available at https://github.com/AlanAnsell/bistil.

We propose a machine learning-based extension of the classical binomial option pricing model that incorporates key market microstructure effects. Traditional models assume frictionless markets, overlooking empirical features such as bid-ask spreads, discrete price movements, and serial return correlations. Our framework augments the binomial tree with path-dependent transition probabilities estimated via Random Forest classifiers trained on high-frequency market data. This approach preserves no-arbitrage conditions while embedding real-world trading dynamics into the pricing model. Using 46,655 minute-level observations of SPY from January to June 2025, we achieve an AUC of 88.25% in forecasting one-step price movements. Order flow imbalance is identified as the most influential predictor, contributing 43.2% to feature importance. After resolving time-scaling inconsistencies in tree construction, our model yields option prices that deviate by 13.79% from Black-Scholes benchmarks, highlighting the impact of microstructure on fair value estimation. While computational limitations restrict the model to short-term derivatives, our results offer a robust, data-driven alternative to classical pricing methods grounded in empirical market behavior.

Words have been represented in a high-dimensional vector space that encodes their semantic similarities, enabling downstream applications such as retrieving synonyms, antonyms, and relevant contexts. However, despite recent advances in multilingual language models (LMs), the effectiveness of these models' representations in semantic retrieval contexts has not been comprehensively explored. To fill this gap, this paper introduces the MINERS, a benchmark designed to evaluate the ability of multilingual LMs in semantic retrieval tasks, including bitext mining and classification via retrieval-augmented contexts. We create a comprehensive framework to assess the robustness of LMs in retrieving samples across over 200 diverse languages, including extremely low-resource languages in challenging cross-lingual and code-switching settings. Our results demonstrate that by solely retrieving semantically similar embeddings yields performance competitive with state-of-the-art approaches, without requiring any fine-tuning.

The translation of natural language questions to SQL queries has attracted growing attention, in particular in connection with transformers and similar language models. A large number of techniques are geared towards the English language; in this work, we thus investigated translation to SQL when input questions are given in the Portuguese language. To do so, we properly adapted state-of-the-art tools and resources. We changed the RAT-SQL+GAP system by relying on a multilingual BART model (we report tests with other language models), and we produced a translated version of the Spider dataset. Our experiments expose interesting phenomena that arise when non-English languages are targeted; in particular, it is better to train with original and translated training datasets together, even if a single target language is desired. This multilingual BART model fine-tuned with a double-size training dataset (English and Portuguese) achieved 83% of the baseline, making inferences for the Portuguese test dataset. This investigation can help other researchers to produce results in Machine Learning in a language different from English. Our multilingual ready version of RAT-SQL+GAP and the data are available, open-sourced as mRAT-SQL+GAP at: https://github.com/C4AI/gap-text2sql

Multilingual Large Language Models (LLMs) have recently shown great capabilities in a wide range of tasks, exhibiting state-of-the-art performance through zero-shot or few-shot prompting methods. While there have been extensive studies on their abilities in monolingual tasks, the investigation of their potential in the context of code-switching (CSW), the practice of alternating languages within an utterance, remains relatively uncharted. In this paper, we provide a comprehensive empirical analysis of various multilingual LLMs, benchmarking their performance across four tasks: sentiment analysis, machine translation, summarization and word-level language identification. Our results indicate that despite multilingual LLMs exhibiting promising outcomes in certain tasks using zero or few-shot prompting, they still underperform in comparison to fine-tuned models of much smaller scales. We argue that current "multilingualism" in LLMs does not inherently imply proficiency with code-switching texts, calling for future research to bridge this discrepancy.

The MS MARCO ranking dataset has been widely used for training deep learning models for IR tasks, achieving considerable effectiveness on diverse zero-shot scenarios. However, this type of resource is scarce in languages other than English. In this work, we present mMARCO, a multilingual version of the MS MARCO passage ranking dataset comprising 13 languages that was created using machine translation. We evaluated mMARCO by finetuning monolingual and multilingual reranking models, as well as a multilingual dense retrieval model on this dataset. We also evaluated models finetuned using the mMARCO dataset in a zero-shot scenario on Mr. TyDi dataset, demonstrating that multilingual models finetuned on our translated dataset achieve superior effectiveness to models finetuned on the original English version alone. Our experiments also show that a distilled multilingual reranker is competitive with non-distilled models while having 5.4 times fewer parameters. Lastly, we show a positive correlation between translation quality and retrieval effectiveness, providing evidence that improvements in translation methods might lead to improvements in multilingual information retrieval. The translated datasets and finetuned models are available at https://github.com/unicamp-dl/mMARCO.

Multilingual language models (MLMs) store factual knowledge across languages but often struggle to provide consistent responses to semantically equivalent prompts in different languages. While previous studies point out this cross-lingual inconsistency issue, the underlying causes remain unexplored. In this work, we use mechanistic interpretability methods to investigate cross-lingual inconsistencies in MLMs. We find that MLMs encode knowledge in a language-independent concept space through most layers, and only transition to language-specific spaces in the final layers. Failures during the language transition often result in incorrect predictions in the target language, even when the answers are correct in other languages. To mitigate this inconsistency issue, we propose a linear shortcut method that bypasses computations in the final layers, enhancing both prediction accuracy and cross-lingual consistency. Our findings shed light on the internal mechanisms of MLMs and provide a lightweight, effective strategy for producing more consistent factual outputs.

The adaption of multilingual pre-trained Large Language Models (LLMs) into eloquent and helpful assistants is essential to facilitate their use across different language regions. In that spirit, we are the first to conduct an extensive study of the performance of multilingual models on parallel, multi-turn instruction-tuning benchmarks across a selection of the most-spoken Indo-European languages. We systematically examine the effects of language and instruction dataset size on a mid-sized, multilingual LLM by instruction-tuning it on parallel instruction-tuning datasets. Our results demonstrate that instruction-tuning on parallel instead of monolingual corpora benefits cross-lingual instruction following capabilities by up to 4.6%. Furthermore, we show that the Superficial Alignment Hypothesis does not hold in general, as the investigated multilingual 7B parameter model presents a counter-example requiring large-scale instruction-tuning datasets. Finally, we conduct a human annotation study to understand the alignment between human-based and GPT-4-based evaluation within multilingual chat scenarios.

Multilingual translation supports multiple translation directions by projecting all languages in a shared space, but the translation quality is undermined by the difference between languages in the text-only modality, especially when the number of languages is large. To bridge this gap, we introduce visual context as the universal language-independent representation to facilitate multilingual translation. In this paper, we propose a framework to leverage the multimodal prompt to guide the Multimodal Multilingual neural Machine Translation (m3P), which aligns the representations of different languages with the same meaning and generates the conditional vision-language memory for translation. We construct a multilingual multimodal instruction dataset (InstrMulti102) to support 102 languages. Our method aims to minimize the representation distance of different languages by regarding the image as a central language. Experimental results show that m3P outperforms previous text-only baselines and multilingual multimodal methods by a large margin. Furthermore, the probing experiments validate the effectiveness of our method in enhancing translation under the low-resource and massively multilingual scenario.

Large language models have significantly advanced Multilingual Machine Translation (MMT), yet the broad language coverage, consistent translation quality, and English-centric bias remain open challenges. To address these challenges, we introduce LMT, a suite of Large-scale Multilingual Translation models centered on both Chinese and English, covering 60 languages and 234 translation directions. During development, we identify a previously overlooked phenomenon of directional degeneration, where symmetric multi-way fine-tuning data overemphasize reverse directions (X to En/Zh), leading to excessive many-to-one mappings and degraded translation quality. We propose Strategic Downsampling, a simple yet effective method to mitigate this degeneration. In addition, we design Parallel Multilingual Prompting (PMP), which leverages typologically related auxiliary languages to enhance cross-lingual transfer. Through rigorous data curation and refined adaptation strategies, LMT achieves SOTA performance among models of comparable language coverage, with our 4B model (LMT-60-4B) surpassing the much larger Aya-101-13B and NLLB-54B models by a substantial margin. We release LMT in four sizes (0.6B/1.7B/4B/8B) to catalyze future research and provide strong baselines for inclusive, scalable, and high-quality MMT \href{https://github.com/NiuTrans/LMT{https://github.com/NiuTrans/LMT}}.

Agentic AI systems, which build on Large Language Models (LLMs) and interact with tools and memory, have rapidly advanced in capability and scope. Yet, since LLMs have been shown to struggle in multilingual settings, typically resulting in lower performance and reduced safety, agentic systems risk inheriting these limitations. This raises concerns about the global accessibility of such systems, as users interacting in languages other than English may encounter unreliable or security-critical agent behavior. Despite growing interest in evaluating agentic AI, existing benchmarks focus exclusively on English, leaving multilingual settings unexplored. To address this gap, we propose MAPS, a multilingual benchmark suite designed to evaluate agentic AI systems across diverse languages and tasks. MAPS builds on four widely used agentic benchmarks - GAIA (real-world tasks), SWE-bench (code generation), MATH (mathematical reasoning), and the Agent Security Benchmark (security). We translate each dataset into ten diverse languages, resulting in 805 unique tasks and 8,855 total language-specific instances. Our benchmark suite enables a systematic analysis of how multilingual contexts affect agent performance and robustness. Empirically, we observe consistent degradation in both performance and security when transitioning from English to other languages, with severity varying by task and correlating with the amount of translated input. Building on these findings, we provide actionable recommendations to guide agentic AI systems development and assessment under multilingual settings. This work establishes a standardized evaluation framework, encouraging future research towards equitable, reliable, and globally accessible agentic AI. MAPS benchmark suite is publicly available at https://huggingface.co/datasets/Fujitsu-FRE/MAPS

Large language models (LLMs) have recently demonstrated strong capabilities as autonomous agents, showing promise in reasoning, tool use, and sequential decision-making. While prior benchmarks have evaluated LLM agents in domains such as software engineering and scientific discovery, the finance domain remains underexplored, despite its direct relevance to economic value and high-stakes decision-making. Existing financial benchmarks primarily test static knowledge through question answering, but they fall short of capturing the dynamic and iterative nature of trading. To address this gap, we introduce StockBench, a contamination-free benchmark designed to evaluate LLM agents in realistic, multi-month stock trading environments. Agents receive daily market signals -- including prices, fundamentals, and news -- and must make sequential buy, sell, or hold decisions. Performance is assessed using financial metrics such as cumulative return, maximum drawdown, and the Sortino ratio. Our evaluation of state-of-the-art proprietary (e.g., GPT-5, Claude-4) and open-weight (e.g., Qwen3, Kimi-K2, GLM-4.5) models shows that while most LLM agents struggle to outperform the simple buy-and-hold baseline, several models demonstrate the potential to deliver higher returns and manage risk more effectively. These findings highlight both the challenges and opportunities in developing LLM-powered financial agents, showing that excelling at static financial knowledge tasks does not necessarily translate into successful trading strategies. We release StockBench as an open-source resource to support reproducibility and advance future research in this domain.

The emergence of Large Language Models (LLMs) has advanced the multilingual machine translation (MMT), yet the Curse of Multilinguality (CoM) remains a major challenge. Existing work in LLM-based MMT typically mitigates this issue via scaling up training and computation budget, which raises a critical question: Is scaling up the training and computation budget truly necessary for high-quality MMT, or can a deeper understanding of CoM provide a more efficient solution? To explore this problem, we analyze the linguistic conflicts and synergy, the underlying mechanism of CoM during post-training phase. We identify an asymmetric phenomenon in linguistic conflicts and synergy: the dominance of conflicts and synergy varies in different translation directions, leading to sub-optimal adaptation in existing post-training methods. We further find that a significant bottleneck in MMT appears to lie in post-training rather than multilingual pre-training, suggesting the need for more effective adaptation strategies. Building on these new insights, we propose a direction-aware training approach, combined with group-wise model merging, to address asymmetry in linguistic conflicts and synergy explicitly. Leveraging this strategy, our method fine-tunes X-ALMA-13B-Pretrain-trained only with multilingual pre-training-achieving comparable performance to XALMA-13B (only SFT) while using only 20B pretraining tokens and 17B parameters-5.5x fewer pretraining-tokens and 1.7x fewer model size-with just 0.85 COMET drop on Flores-200 testsets of 50 languages.

Large Language Models (LLMs) are increasingly being used to simulate human-like decision making in agent-based financial market models (ABMs). As models become more powerful and accessible, researchers can now incorporate individual LLM decisions into ABM environments. However, integration may introduce inherent biases that need careful evaluation. In this paper we test three state-of-the-art GPT models for bias using two model sampling approaches: one-shot and few-shot API queries. We observe significant variations in distributions of outputs between specific models, and model sub versions, with GPT-4o-Mini-2024-07-18 showing notably better performance (32-43% yes responses) compared to GPT-4-0125-preview's extreme bias (98-99% yes responses). We show that sampling methods and model sub-versions significantly impact results: repeated independent API calls produce different distributions compared to batch sampling within a single call. While no current GPT model can simultaneously achieve a uniform distribution and Markovian properties in one-shot testing, few-shot sampling can approach uniform distributions under certain conditions. We explore the Temperature parameter, providing a definition and comparative results. We further compare our results to true random binary series and test specifically for the common human bias of Negative Recency - finding LLMs have a mixed ability to 'beat' humans in this one regard. These findings emphasise the critical importance of careful LLM integration into ABMs for financial markets and more broadly.

Much recent progress in applications of machine learning models to NLP has been driven by benchmarks that evaluate models across a wide variety of tasks. However, these broad-coverage benchmarks have been mostly limited to English, and despite an increasing interest in multilingual models, a benchmark that enables the comprehensive evaluation of such methods on a diverse range of languages and tasks is still missing. To this end, we introduce the Cross-lingual TRansfer Evaluation of Multilingual Encoders XTREME benchmark, a multi-task benchmark for evaluating the cross-lingual generalization capabilities of multilingual representations across 40 languages and 9 tasks. We demonstrate that while models tested on English reach human performance on many tasks, there is still a sizable gap in the performance of cross-lingually transferred models, particularly on syntactic and sentence retrieval tasks. There is also a wide spread of results across languages. We release the benchmark to encourage research on cross-lingual learning methods that transfer linguistic knowledge across a diverse and representative set of languages and tasks.

Multilingual transfer ability, which reflects how well the models fine-tuned on one source language can be applied to other languages, has been well studied in multilingual pre-trained models (e.g., BLOOM). However, such ability has not been investigated for English-centric models (e.g., LLaMA). To fill this gap, we study the following research questions. First, does multilingual transfer ability exist in English-centric models and how does it compare with multilingual pretrained models? Second, does it only appears when English is the source language for the English-centric model? Third, how does it vary in different tasks? We take multilingual reasoning ability as our focus and conduct extensive experiments across four types of reasoning tasks. We find that the multilingual pretrained model does not always outperform an English-centric model. Furthermore, English appears to be a less suitable source language, and the choice of source language becomes less important when the English-centric model scales up. In addition, different types of tasks exhibit different multilingual transfer abilities. These findings demonstrate that English-centric models not only possess multilingual transfer ability but may even surpass the transferability of multilingual pretrained models if well-trained. By showing the strength and weaknesses, the experiments also provide valuable insights into enhancing multilingual reasoning abilities for the English-centric models.

Preference optimization techniques have become a standard final stage for training state-of-art large language models (LLMs). However, despite widespread adoption, the vast majority of work to-date has focused on first-class citizen languages like English and Chinese. This captures a small fraction of the languages in the world, but also makes it unclear which aspects of current state-of-the-art research transfer to a multilingual setting. In this work, we perform an exhaustive study to achieve a new state-of-the-art in aligning multilingual LLMs. We introduce a novel, scalable method for generating high-quality multilingual feedback data to balance data coverage. We establish the benefits of cross-lingual transfer and increased dataset size in preference training. Our preference-trained model achieves a 54.4% win-rate against Aya 23 8B, the current state-of-the-art multilingual LLM in its parameter class, and a 69.5% win-rate or higher against widely used models like Gemma-1.1-7B-it, Llama-3-8B-Instruct, Mistral-7B-Instruct-v0.3. As a result of our study, we expand the frontier of alignment techniques to 23 languages covering half of the world's population.

Scaling pre-training compute has proven effective for achieving mulitlinguality, but does the same hold for test-time scaling? In this work, we introduce MCLM, a multilingual math benchmark featuring competition-level problems in 55 languages. We test three test-time scaling methods-Outcome Reward Modeling (ORM), Process Reward Modeling (ORM), and Budget Forcing (BF)-on both Qwen2.5-1.5B Math and MR1-1.5B, a multilingual LLM we trained for extended reasoning. Our experiments show that using Qwen2.5-1.5B Math with ORM achieves a score of 35.8 on MCLM, while BF on MR1-1.5B attains 35.2. Although "thinking LLMs" have recently garnered significant attention, we find that their performance is comparable to traditional scaling methods like best-of-N once constrained to similar levels of inference FLOPs. Moreover, while BF yields a 20-point improvement on English AIME, it provides only a 1.94-point average gain across other languages-a pattern consistent across the other test-time scaling methods we studied-higlighting that test-time scaling may not generalize as effectively to multilingual tasks. To foster further research, we release MCLM, MR1-1.5B, and evaluation results.

Large Language Models (LLMs) have achieved state-of-the-art performance across numerous tasks. However, these advancements have predominantly benefited "first-class" languages such as English and Chinese, leaving many other languages underrepresented. This imbalance, while limiting broader applications, generates a natural preference ranking between languages, offering an opportunity to bootstrap the multilingual capabilities of LLM in a self-improving manner. Thus, we propose Language Imbalance Driven Rewarding, where the inherent imbalance between dominant and non-dominant languages within LLMs is leveraged as a reward signal. Iterative DPO training demonstrates that this approach not only enhances LLM performance in non-dominant languages but also improves the dominant language's capacity, thereby yielding an iterative reward signal. Fine-tuning Meta-Llama-3-8B-Instruct over two iterations of this approach results in continuous improvements in multilingual performance across instruction-following and arithmetic reasoning tasks, evidenced by an average improvement of 7.46% win rate on the X-AlpacaEval leaderboard and 13.9% accuracy on the MGSM benchmark. This work serves as an initial exploration, paving the way for multilingual self-improvement of LLMs.

The integration of Artificial Intelligence (AI) in the financial domain has opened new avenues for quantitative trading, particularly through the use of Large Language Models (LLMs). However, the challenge of effectively synthesizing insights from diverse data sources and integrating both structured and unstructured data persists. This paper presents TradeExpert, a novel framework that employs a mix of experts (MoE) approach, using four specialized LLMs, each analyzing distinct sources of financial data, including news articles, market data, alpha factors, and fundamental data. The insights of these expert LLMs are further synthesized by a General Expert LLM to make a final prediction or decision. With specific prompts, TradeExpert can be switched between the prediction mode and the ranking mode for stock movement prediction and quantitative stock trading, respectively. In addition to existing benchmarks, we also release a large-scale financial dataset to comprehensively evaluate TradeExpert's effectiveness. Our experimental results demonstrate TradeExpert's superior performance across all trading scenarios.

The pretraining of state-of-the-art large language models now requires trillions of words of text, which is orders of magnitude more than available for the vast majority of languages. While including text in more than one language is an obvious way to acquire more pretraining data, multilinguality is often seen as a curse, and most model training efforts continue to focus near-exclusively on individual large languages. We believe that multilinguality can be a blessing and that it should be possible to substantially improve over the capabilities of monolingual models for small languages through multilingual training. In this study, we introduce Poro 34B, a 34 billion parameter model trained for 1 trillion tokens of Finnish, English, and programming languages, and demonstrate that a multilingual training approach can produce a model that not only substantially advances over the capabilities of existing models for Finnish, but also excels in translation and is competitive in its class in generating English and programming languages. We release the model parameters, scripts, and data under open licenses at https://huggingface.co/LumiOpen/Poro-34B.

Existing research predominantly focuses on developing powerful language learning models (LLMs) for mathematical reasoning within monolingual languages, with few explorations in preserving efficacy in a multilingual context. To bridge this gap, this paper pioneers exploring and training powerful Multilingual Math Reasoning (xMR) LLMs. Firstly, by utilizing translation, we construct the first multilingual math reasoning instruction dataset, MGSM8KInstruct, encompassing ten distinct languages, thus addressing the issue of training data scarcity in xMR tasks. Based on the collected dataset, we propose different training strategies to build powerful xMR LLMs, named MathOctopus, notably outperform conventional open-source LLMs and exhibit superiority over ChatGPT in few-shot scenarios. Notably, MathOctopus-13B reaches 47.6% accuracy which exceeds ChatGPT 46.3% on MGSM testset. Beyond remarkable results, we unearth several pivotal observations and insights from extensive experiments: (1) When extending the rejection sampling strategy to the multilingual context, it proves effective for model performances, albeit limited. (2) Employing parallel corpora for math Supervised Fine-Tuning (SFT) across multiple languages not only significantly enhances model performance multilingually but also elevates their monolingual performance. This indicates that crafting multilingual corpora can be regarded as a vital strategy for enhancing model performance in a specific language, especially in mathematical reasoning tasks. For instance, MathOctopus-7B improves its counterparts that trained on English from 42.2% to 50.8% on GSM8K testset.

This paper presents a multi-label topic model for financial texts like ad-hoc announcements, 8-K filings, finance related news or annual reports. I train the model on a new financial multi-label database consisting of 3,044 German ad-hoc announcements that are labeled manually using 20 predefined, economically motivated topics. The best model achieves a macro F1 score of more than 85%. Translating the data results in an English version of the model with similar performance. As application of the model, I investigate differences in stock market reactions across topics. I find evidence for strong positive or negative market reactions for some topics, like announcements of new Large Scale Projects or Bankruptcy Filings, while I do not observe significant price effects for some other topics. Furthermore, in contrast to previous studies, the multi-label structure of the model allows to analyze the effects of co-occurring topics on stock market reactions. For many cases, the reaction to a specific topic depends heavily on the co-occurrence with other topics. For example, if allocated capital from a Seasoned Equity Offering (SEO) is used for restructuring a company in the course of a Bankruptcy Proceeding, the market reacts positively on average. However, if that capital is used for covering unexpected, additional costs from the development of new drugs, the SEO implies negative reactions on average.

Algorithmic trading requires short-term decisions aligned with long-term financial goals. While reinforcement learning (RL) has been explored for such tactical decisions, its adoption remains limited by myopic behavior and opaque policy rationale. In contrast, large language models (LLMs) have recently demonstrated strategic reasoning and multi-modal financial signal interpretation when guided by well-designed prompts. We propose a hybrid system where LLMs generate high-level trading strategies to guide RL agents in their actions. We evaluate (i) the rationale of LLM-generated strategies via expert review, and (ii) the Sharpe Ratio (SR) and Maximum Drawdown (MDD) of LLM-guided agents versus unguided baselines. Results show improved return and risk metrics over standard RL.

LLMs such as ChatGPT and PaLM can be utilized to train on a new language and revitalize low-resource languages. However, it is evidently very costly to pretrain pr fine-tune LLMs to adopt new languages. Another challenge is the limitation of benchmark datasets and the metrics used to measure the performance of models in multilingual settings. This paper proposes cost-effective solutions to both of the aforementioned challenges. We introduce the Multilingual Instruction-Tuning Dataset (MITS), which is comprised of the translation of Alpaca-52K, Dolly-15K, and Vicuna Benchmark in 132 languages. Also, we propose a new method called TaCo: Translation-Assisted Cross-Linguality, which make uses of translation in a chain-of-thought process to instruction-tune LLMs on a new languages through a curriculum learning process. As a proof of concept, we experimented with the instruction-tuned Guanaco-33B model and performed further instruction tuning using the TaCo method in three low-resource languages and one high-resource language. Our results show that the TaCo method impresses the GPT-4 with 82% for a low-resource language in the Vicuna Benchmark dataset, and boosts performance by double in contrast to the performance of instruction tuning only. Our results show that TaCo is a promising method for creating multilingual LLMs, even for low-resource languages. We have released our datasets and the model adapters, and encourage the research community to make use of these resources towards advancing work on multilingual LLMs.

Large language models (LLMs), with their powerful generative capabilities and vast knowledge, empower various tasks in everyday life. However, these abilities are primarily concentrated in high-resource languages, leaving low-resource languages with weaker generative capabilities and relatively limited knowledge. Enhancing the multilingual capabilities of LLMs is therefore crucial for serving over 100 linguistic communities worldwide. An intuitive approach to enhance the multilingual capabilities would be to construct instruction data for various languages, but constructing instruction data for over 100 languages is prohibitively costly. In this paper, we introduce BayLing 2, which efficiently transfers generative capabilities and knowledge from high-resource languages to low-resource languages through language alignment. To achieve this, we constructed a dataset of 3.2 million instructions, comprising high-resource language instructions (Chinese and English) and cross-lingual instructions for 100+ languages and performed instruction tuning based on the dataset to facilitate the capability transfer between languages. Using Llama as the foundation model, we developed BayLing-2-7B, BayLing-2-13B, and BayLing-2-8B, and conducted a comprehensive evaluation of BayLing. For multilingual translation across 100+ languages, BayLing shows superior performance compared to open-source models of similar scale. For multilingual knowledge and understanding benchmarks, BayLing achieves significant improvements across over 20 low-resource languages, demonstrating its capability of effective knowledge transfer from high-resource to low-resource languages. Furthermore, results on English benchmarks indicate that BayLing maintains high performance in highresource languages while enhancing the performance in low-resource languages. Demo, homepage, code and models of BayLing are available.

In order for large language models to be useful across the globe, they are fine-tuned to follow instructions on multilingual data. Despite the ubiquity of such post-training, a clear understanding of the dynamics that enable cross-lingual transfer remains elusive. This study examines cross-lingual transfer (CLT) dynamics in realistic post-training settings. We study two model families of up to 35B parameters in size trained on carefully controlled mixtures of multilingual data on three generative tasks with varying levels of complexity (summarization, instruction following, and mathematical reasoning) in both single-task and multi-task instruction tuning settings. Overall, we find that the dynamics of cross-lingual transfer and multilingual performance cannot be explained by isolated variables, varying depending on the combination of post-training settings. Finally, we identify the conditions that lead to effective cross-lingual transfer in practice.

Modern virtual assistants use internal semantic parsing engines to convert user utterances to actionable commands. However, prior work has demonstrated that semantic parsing is a difficult multilingual transfer task with low transfer efficiency compared to other tasks. In global markets such as India and Latin America, this is a critical issue as switching between languages is prevalent for bilingual users. In this work we dramatically improve the zero-shot performance of a multilingual and codeswitched semantic parsing system using two stages of multilingual alignment. First, we show that constrastive alignment pretraining improves both English performance and transfer efficiency. We then introduce a constrained optimization approach for hyperparameter-free adversarial alignment during finetuning. Our Doubly Aligned Multilingual Parser (DAMP) improves mBERT transfer performance by 3x, 6x, and 81x on the Spanglish, Hinglish and Multilingual Task Oriented Parsing benchmarks respectively and outperforms XLM-R and mT5-Large using 3.2x fewer parameters.

Large language models (LLMs) have revolutionized natural language processing (NLP), yet open-source multilingual LLMs remain scarce, with existing models often limited in language coverage. Such models typically prioritize well-resourced languages, while widely spoken but under-resourced languages are often overlooked. To address this disparity, we introduce Babel, an open multilingual LLM that covers the top 25 languages by number of speakers, supports over 90% of the global population, and includes many languages neglected by other open multilingual LLMs. Unlike traditional continue pretraining approaches, Babel expands its parameter count through a layer extension technique that elevates Babel's performance ceiling. We introduce two variants: Babel-9B, designed for efficient inference and fine-tuning, and Babel-83B, which sets a new standard for open multilingual LLMs. Extensive evaluations on multilingual tasks demonstrate its superior performance compared to open LLMs of comparable size. In addition, using open-source supervised fine-tuning datasets, Babel achieves remarkable performance, with Babel-9B-Chat leading among 10B-sized LLMs and Babel-83B-Chat setting a new standard for multilingual tasks, reaching the same level of commercial models.

This paper reports on pretraining ModernBERT encoder models in six different sizes, ranging from 51M to 475M parameters, with a focus on limited multilingualism, emphasizing languages relevant to Finland. Our models are competitive with, or superior to, existing multilingual models. They outperform monolingual models on tasks that require a context longer than 512 tokens. We present empirical results on using different data in the final stage of training. The code and models are publicly released.

Large language models (LLMs) have advanced financial applications, yet they often lack sufficient financial knowledge and struggle with tasks involving multi-modal inputs like tables and time series data. To address these limitations, we introduce Open-FinLLMs, a series of Financial LLMs. We begin with FinLLaMA, pre-trained on a 52 billion token financial corpus, incorporating text, tables, and time-series data to embed comprehensive financial knowledge. FinLLaMA is then instruction fine-tuned with 573K financial instructions, resulting in FinLLaMA-instruct, which enhances task performance. Finally, we present FinLLaVA, a multimodal LLM trained with 1.43M image-text instructions to handle complex financial data types. Extensive evaluations demonstrate FinLLaMA's superior performance over LLaMA3-8B, LLaMA3.1-8B, and BloombergGPT in both zero-shot and few-shot settings across 19 and 4 datasets, respectively. FinLLaMA-instruct outperforms GPT-4 and other Financial LLMs on 15 datasets. FinLLaVA excels in understanding tables and charts across 4 multimodal tasks. Additionally, FinLLaMA achieves impressive Sharpe Ratios in trading simulations, highlighting its robust financial application capabilities. We will continually maintain and improve our models and benchmarks to support ongoing innovation in academia and industry.

This paper presents a novel risk-sensitive trading agent combining reinforcement learning and large language models (LLMs). We extend the Conditional Value-at-Risk Proximal Policy Optimization (CPPO) algorithm, by adding risk assessment and trading recommendation signals generated by a LLM from financial news. Our approach is backtested on the Nasdaq-100 index benchmark, using financial news data from the FNSPID dataset and the DeepSeek V3, Qwen 2.5 and Llama 3.3 language models. The code, data, and trading agents are available at: https://github.com/benstaf/FinRL_DeepSeek

The rise of Large Language Models (LLMs) has revolutionized natural language processing across numerous languages and tasks. However, evaluating LLM performance in a consistent and meaningful way across multiple European languages remains challenging, especially due to the scarcity of multilingual benchmarks. We introduce a cross-lingual evaluation approach tailored for European languages. We employ translated versions of five widely-used benchmarks to assess the capabilities of 40 LLMs across 21 European languages. Our contributions include examining the effectiveness of translated benchmarks, assessing the impact of different translation services, and offering a multilingual evaluation framework for LLMs that includes newly created datasets: EU20-MMLU, EU20-HellaSwag, EU20-ARC, EU20-TruthfulQA, and EU20-GSM8K. The benchmarks and results are made publicly available to encourage further research in multilingual LLM evaluation.

Despite Greece's pivotal role in the global economy, large language models (LLMs) remain underexplored for Greek financial context due to the linguistic complexity of Greek and the scarcity of domain-specific datasets. Previous efforts in multilingual financial natural language processing (NLP) have exposed considerable performance disparities, yet no dedicated Greek financial benchmarks or Greek-specific financial LLMs have been developed until now. To bridge this gap, we introduce Plutus-ben, the first Greek Financial Evaluation Benchmark, and Plutus-8B, the pioneering Greek Financial LLM, fine-tuned with Greek domain-specific data. Plutus-ben addresses five core financial NLP tasks in Greek: numeric and textual named entity recognition, question answering, abstractive summarization, and topic classification, thereby facilitating systematic and reproducible LLM assessments. To underpin these tasks, we present three novel, high-quality Greek financial datasets, thoroughly annotated by expert native Greek speakers, augmented by two existing resources. Our comprehensive evaluation of 22 LLMs on Plutus-ben reveals that Greek financial NLP remains challenging due to linguistic complexity, domain-specific terminology, and financial reasoning gaps. These findings underscore the limitations of cross-lingual transfer, the necessity for financial expertise in Greek-trained models, and the challenges of adapting financial LLMs to Greek text. We release Plutus-ben, Plutus-8B, and all associated datasets publicly to promote reproducible research and advance Greek financial NLP, fostering broader multilingual inclusivity in finance.

Multilingual language model (LM) have become a powerful tool in NLP especially for non-English languages. Nevertheless, model parameters of multilingual LMs remain large due to the larger embedding matrix of the vocabulary covering tokens in different languages. On the contrary, monolingual LMs can be trained in a target language with the language-specific vocabulary only, but this requires a large budget and availability of reliable corpora to achieve a high-quality LM from scratch. In this paper, we propose vocabulary-trimming (VT), a method to reduce a multilingual LM vocabulary to a target language by deleting irrelevant tokens from its vocabulary. In theory, VT can compress any existing multilingual LM to build monolingual LMs in any language covered by the multilingual LM. In our experiments, we show that VT can retain the original performance of the multilingual LM, while being smaller in size (in general around 50% of the original vocabulary size is enough) than the original multilingual LM. The evaluation is performed over four NLP tasks (two generative and two classification tasks) among four widely used multilingual LMs in seven languages. Finally, we show that this methodology can keep the best of both monolingual and multilingual worlds by keeping a small size as monolingual models without the need for specifically retraining them, and even limiting potentially harmful social biases.

The realm of High-Frequency Trading (HFT) is characterized by rapid decision-making processes that capitalize on fleeting market inefficiencies. As the financial markets become increasingly competitive, there is a pressing need for innovative strategies that can adapt and evolve with changing market dynamics. Enter Reinforcement Learning (RL), a branch of machine learning where agents learn by interacting with their environment, making it an intriguing candidate for HFT applications. This paper dives deep into the integration of RL in statistical arbitrage strategies tailored for HFT scenarios. By leveraging the adaptive learning capabilities of RL, we explore its potential to unearth patterns and devise trading strategies that traditional methods might overlook. We delve into the intricate exploration-exploitation trade-offs inherent in RL and how they manifest in the volatile world of HFT. Furthermore, we confront the challenges of applying RL in non-stationary environments, typical of financial markets, and investigate methodologies to mitigate associated risks. Through extensive simulations and backtests, our research reveals that RL not only enhances the adaptability of trading strategies but also shows promise in improving profitability metrics and risk-adjusted returns. This paper, therefore, positions RL as a pivotal tool for the next generation of HFT-based statistical arbitrage, offering insights for both researchers and practitioners in the field.

Large language models (LLMs) fine-tuned on multimodal financial data have demonstrated impressive reasoning capabilities in various financial tasks. However, they often struggle with multi-step, goal-oriented scenarios in interactive financial markets, such as trading, where complex agentic approaches are required to improve decision-making. To address this, we propose FLAG-Trader, a unified architecture integrating linguistic processing (via LLMs) with gradient-driven reinforcement learning (RL) policy optimization, in which a partially fine-tuned LLM acts as the policy network, leveraging pre-trained knowledge while adapting to the financial domain through parameter-efficient fine-tuning. Through policy gradient optimization driven by trading rewards, our framework not only enhances LLM performance in trading but also improves results on other financial-domain tasks. We present extensive empirical evidence to validate these enhancements.

The integration of Large Language Models (LLMs) into financial analysis has garnered significant attention in the NLP community. This paper presents our solution to IJCAI-2024 FinLLM challenge, investigating the capabilities of LLMs within three critical areas of financial tasks: financial classification, financial text summarization, and single stock trading. We adopted Llama3-8B and Mistral-7B as base models, fine-tuning them through Parameter Efficient Fine-Tuning (PEFT) and Low-Rank Adaptation (LoRA) approaches. To enhance model performance, we combine datasets from task 1 and task 2 for data fusion. Our approach aims to tackle these diverse tasks in a comprehensive and integrated manner, showcasing LLMs' capacity to address diverse and complex financial tasks with improved accuracy and decision-making capabilities.

We present Multi-EuP, a new multilingual benchmark dataset, comprising 22K multi-lingual documents collected from the European Parliament, spanning 24 languages. This dataset is designed to investigate fairness in a multilingual information retrieval (IR) context to analyze both language and demographic bias in a ranking context. It boasts an authentic multilingual corpus, featuring topics translated into all 24 languages, as well as cross-lingual relevance judgments. Furthermore, it offers rich demographic information associated with its documents, facilitating the study of demographic bias. We report the effectiveness of Multi-EuP for benchmarking both monolingual and multilingual IR. We also conduct a preliminary experiment on language bias caused by the choice of tokenization strategy.

Large Language Models (LLMs) exhibit significant disparities in performance across languages, primarily benefiting high-resource languages while marginalizing underrepresented ones. Continual Pretraining (CPT) has emerged as a promising approach to address this imbalance, although the relative effectiveness of monolingual, bilingual, and code-augmented data strategies remains unclear. This study systematically evaluates 36 CPT configurations involving three multilingual base models, across 30+ languages categorized as altruistic, selfish, and stagnant, spanning various resource levels. Our findings reveal three major insights: (1) Bilingual CPT improves multilingual classification but often causes language mixing issues during generation. (2) Including programming code data during CPT consistently enhances multilingual classification accuracy, particularly benefiting low-resource languages, but introduces a trade-off by slightly degrading generation quality. (3) Contrary to prior work, we observe substantial deviations from language classifications according to their impact on cross-lingual transfer: Languages classified as altruistic often negatively affect related languages, selfish languages show conditional and configuration-dependent behavior, and stagnant languages demonstrate surprising adaptability under certain CPT conditions. These nuanced interactions emphasize the complexity of multilingual representation learning, underscoring the importance of systematic studies on generalizable language classification to inform future multilingual CPT strategies.

Large Language Models (LLMs) have achieved remarkable progress in recent years; however, their excellent performance is still largely limited to major world languages, primarily English. Many LLMs continue to face challenges with multilingual tasks, especially when it comes to low-resource languages. To address this issue, we introduced Marco-LLM: Massive multilingual training for cross-lingual enhancement LLM. We have collected a substantial amount of multilingual data for several low-resource languages and conducted extensive continual pre-training using the Qwen2 models. This effort has resulted in a multilingual LLM named Marco-LLM. Through comprehensive evaluations on various multilingual benchmarks, including MMMLU, AGIEval, Belebele, Flores-200, XCOPA and many others, Marco-LLM has demonstrated substantial improvements over state-of-the-art LLMs. Furthermore, Marco-LLM achieved substantial enhancements in any-to-any machine translation tasks, showing the effectiveness of our multilingual LLM. Marco-LLM is a pioneering multilingual LLM designed to not only perform exceptionally well in multilingual tasks, including low-resource languages, but also maintain strong performance in English and other major languages, closing the performance gap between high- and low-resource language capabilities. By bridging languages, this effort demonstrates our dedication to ensuring LLMs work accurately across various languages.

The zero-shot cross-lingual ability of models pretrained on multilingual and even monolingual corpora has spurred many hypotheses to explain this intriguing empirical result. However, due to the costs of pretraining, most research uses public models whose pretraining methodology, such as the choice of tokenization, corpus size, and computational budget, might differ drastically. When researchers pretrain their own models, they often do so under a constrained budget, and the resulting models might underperform significantly compared to SOTA models. These experimental differences led to various inconsistent conclusions about the nature of the cross-lingual ability of these models. To help further research on the topic, we released 10 monolingual byte-level models rigorously pretrained under the same configuration with a large compute budget (equivalent to 420 days on a V100) and corpora that are 4 times larger than the original BERT's. Because they are tokenizer-free, the problem of unseen token embeddings is eliminated, thus allowing researchers to try a wider range of cross-lingual experiments in languages with different scripts. Additionally, we release two models pretrained on non-natural language texts that can be used in sanity-check experiments. Experiments on QA and NLI tasks show that our monolingual models achieve competitive performance to the multilingual one, and hence can be served to strengthen our understanding of cross-lingual transferability in language models.

In recent years, multimodal benchmarks for general domains have guided the rapid development of multimodal models on general tasks. However, the financial field has its peculiarities. It features unique graphical images (e.g., candlestick charts, technical indicator charts) and possesses a wealth of specialized financial knowledge (e.g., futures, turnover rate). Therefore, benchmarks from general fields often fail to measure the performance of multimodal models in the financial domain, and thus cannot effectively guide the rapid development of large financial models. To promote the development of large financial multimodal models, we propose MME-Finance, an bilingual open-ended and practical usage-oriented Visual Question Answering (VQA) benchmark. The characteristics of our benchmark are finance and expertise, which include constructing charts that reflect the actual usage needs of users (e.g., computer screenshots and mobile photography), creating questions according to the preferences in financial domain inquiries, and annotating questions by experts with 10+ years of experience in the financial industry. Additionally, we have developed a custom-designed financial evaluation system in which visual information is first introduced in the multi-modal evaluation process. Extensive experimental evaluations of 19 mainstream MLLMs are conducted to test their perception, reasoning, and cognition capabilities. The results indicate that models performing well on general benchmarks cannot do well on MME-Finance; for instance, the top-performing open-source and closed-source models obtain 65.69 (Qwen2VL-72B) and 63.18 (GPT-4o), respectively. Their performance is particularly poor in categories most relevant to finance, such as candlestick charts and technical indicator charts. In addition, we propose a Chinese version, which helps compare performance of MLLMs under a Chinese context.

Large Language Models (LLMs), trained predominantly on extensive English data, often exhibit limitations when applied to other languages. Current research is primarily focused on enhancing the multilingual capabilities of these models by employing various tuning strategies. Despite their effectiveness in certain languages, the understanding of the multilingual abilities of LLMs remains incomplete. This study endeavors to evaluate the multilingual capacity of LLMs by conducting an exhaustive analysis across 101 languages, and classifies languages with similar characteristics into four distinct quadrants. By delving into each quadrant, we shed light on the rationale behind their categorization and offer actionable guidelines for tuning these languages. Extensive experiments reveal that existing LLMs possess multilingual capabilities that surpass our expectations, and we can significantly improve the multilingual performance of LLMs by focusing on these distinct attributes present in each quadrant.

Fine-tuning large language models for multilingual downstream tasks requires a diverse set of languages to capture the nuances and structures of different linguistic contexts effectively. While the specific number varies depending on the desired scope and target languages, we argue that the number of languages, language exposure, and similarity that incorporate the selection of languages for fine-tuning are some important aspects to examine. By fine-tuning large multilingual models on 1 to 52 languages, this paper answers one question: How many languages are needed in instruction fine-tuning for multilingual tasks? We investigate how multilingual instruction fine-tuned models behave on multilingual benchmarks with an increasing number of languages and discuss our findings from the perspective of language exposure and similarity.

Financial trading is a crucial component of the markets, informed by a multimodal information landscape encompassing news, prices, and Kline charts, and encompasses diverse tasks such as quantitative trading and high-frequency trading with various assets. While advanced AI techniques like deep learning and reinforcement learning are extensively utilized in finance, their application in financial trading tasks often faces challenges due to inadequate handling of multimodal data and limited generalizability across various tasks. To address these challenges, we present FinAgent, a multimodal foundational agent with tool augmentation for financial trading. FinAgent's market intelligence module processes a diverse range of data-numerical, textual, and visual-to accurately analyze the financial market. Its unique dual-level reflection module not only enables rapid adaptation to market dynamics but also incorporates a diversified memory retrieval system, enhancing the agent's ability to learn from historical data and improve decision-making processes. The agent's emphasis on reasoning for actions fosters trust in its financial decisions. Moreover, FinAgent integrates established trading strategies and expert insights, ensuring that its trading approaches are both data-driven and rooted in sound financial principles. With comprehensive experiments on 6 financial datasets, including stocks and Crypto, FinAgent significantly outperforms 9 state-of-the-art baselines in terms of 6 financial metrics with over 36% average improvement on profit. Specifically, a 92.27% return (a 84.39% relative improvement) is achieved on one dataset. Notably, FinAgent is the first advanced multimodal foundation agent designed for financial trading tasks.

Massively multilingual sentence representations are trained on large corpora of uncurated data, with a very imbalanced proportion of languages included in the training. This may cause the models to grasp cultural values including moral judgments from the high-resource languages and impose them on the low-resource languages. The lack of data in certain languages can also lead to developing random and thus potentially harmful beliefs. Both these issues can negatively influence zero-shot cross-lingual model transfer and potentially lead to harmful outcomes. Therefore, we aim to (1) detect and quantify these issues by comparing different models in different languages, (2) develop methods for improving undesirable properties of the models. Our initial experiments using the multilingual model XLM-R show that indeed multilingual LMs capture moral norms, even with potentially higher human-agreement than monolingual ones. However, it is not yet clear to what extent these moral norms differ between languages.

High-quality multilingual training data is essential for effectively pretraining large language models (LLMs). Yet, the availability of suitable open-source multilingual datasets remains limited. Existing state-of-the-art datasets mostly rely on heuristic filtering methods, restricting both their cross-lingual transferability and scalability. Here, we introduce JQL, a systematic approach that efficiently curates diverse and high-quality multilingual data at scale while significantly reducing computational demands. JQL distills LLMs' annotation capabilities into lightweight annotators based on pretrained multilingual embeddings. These models exhibit robust multilingual and cross-lingual performance, even for languages and scripts unseen during training. Evaluated empirically across 35 languages, the resulting annotation pipeline substantially outperforms current heuristic filtering methods like Fineweb2. JQL notably enhances downstream model training quality and increases data retention rates. Our research provides practical insights and valuable resources for multilingual data curation, raising the standards of multilingual dataset development.

As global demand for multilingual large language models (LLMs) grows, most LLMs still remain overly focused on English, leading to the limited access to advanced AI for non-English speakers. Current methods to enhance multilingual capabilities largely rely on data-driven post-training techniques, such as multilingual instruction tuning or continual pre-training. However, these approaches exhibit significant limitations, including high resource cost, exacerbation of off-target issue and catastrophic forgetting of central language abilities. To this end, we propose Lens, a novel approach that enhances multilingual capabilities by leveraging LLMs' internal language representation spaces. Lens operates on two subspaces: the language-agnostic subspace, where it aligns target languages with the central language to inherit strong semantic representations, and the language-specific subspace, where it separates target and central languages to preserve linguistic specificity. Experiments on three English-centric LLMs show that Lens significantly improves multilingual performance while maintaining the model's English proficiency, achieving better results with less computational cost compared to existing post-training approaches.

With Retrieval Augmented Generation (RAG), Large Language Models (LLMs) are playing a pivotal role in information search and are being adopted globally. Although the multilingual capability of LLMs offers new opportunities to bridge the language barrier, do these capabilities translate into real-life scenarios where linguistic divide and knowledge conflicts between multilingual sources are known occurrences? In this paper, we studied LLM's linguistic preference in a RAG-based information search setting. We found that LLMs displayed systemic bias towards information in the same language as the query language in both information retrieval and answer generation. Furthermore, in scenarios where there is little information in the language of the query, LLMs prefer documents in high-resource languages, reinforcing the dominant views. Such bias exists for both factual and opinion-based queries. Our results highlight the linguistic divide within multilingual LLMs in information search systems. The seemingly beneficial multilingual capability of LLMs may backfire on information parity by reinforcing language-specific information cocoons or filter bubbles further marginalizing low-resource views.

Previous work indicates that large language models exhibit a significant "English bias", i.e. they often perform better when tasks are presented in English. Interestingly, we have observed that using certain other languages in reasoning tasks can yield better performance than English. However, this phenomenon remains under-explored. In this paper, we explore the upper bound of harnessing multilingualism in reasoning tasks, suggesting that multilingual reasoning promises significantly (by nearly 10 Acc@k points) and robustly (tolerance for variations in translation quality and language choice) higher upper bounds than English-only reasoning. Besides analyzing the reason behind the upper bound and challenges in reaching it, we also find that common answer selection methods cannot achieve this upper bound, due to their limitations and biases. These insights could pave the way for future research aimed at fully harnessing the potential of multilingual reasoning in LLMs.

In this paper, we propose FinVis-GPT, a novel multimodal large language model (LLM) specifically designed for financial chart analysis. By leveraging the power of LLMs and incorporating instruction tuning and multimodal capabilities, FinVis-GPT is capable of interpreting financial charts and providing valuable analysis. To train FinVis-GPT, a financial task oriented dataset was generated for pre-training alignment and instruction tuning, comprising various types of financial charts and their corresponding descriptions. We evaluate the model performance via several case studies due to the time limit, and the promising results demonstrated that FinVis-GPT is superior in various financial chart related tasks, including generating descriptions, answering questions and predicting future market trends, surpassing existing state-of-the-art multimodal LLMs. The proposed FinVis-GPT serves as a pioneering effort in utilizing multimodal LLMs in the finance domain and our generated dataset will be release for public use in the near future to speedup related research.

English-centric large language models (LLMs) often show strong multilingual capabilities. However, the multilingual performance of these models remains unclear and is not thoroughly evaluated for many languages. Most benchmarks for multilinguality focus on classic NLP tasks, or cover a minimal number of languages. We introduce MEXA, a method for assessing the multilingual capabilities of pre-trained English-centric LLMs using parallel sentences, which are available for more languages than existing downstream tasks. MEXA leverages the fact that English-centric LLMs use English as a kind of pivot language in their intermediate layers. It computes the alignment between English and non-English languages using parallel sentences to evaluate the transfer of language understanding from English to other languages. This alignment can be used to estimate model performance in other languages. We conduct studies using various parallel datasets (FLORES-200 and Bible), models (Llama family, Gemma family, Mistral, and OLMo), and established downstream tasks (Belebele, m-MMLU, and m-ARC). We explore different methods to compute embeddings in decoder-only models. Our results show that MEXA, in its default settings, achieves a statistically significant average Pearson correlation of 0.90 with three established downstream tasks across nine models and two parallel datasets. This suggests that MEXA is a reliable method for estimating the multilingual capabilities of English-centric LLMs, providing a clearer understanding of their multilingual potential and the inner workings of LLMs. Leaderboard: https://huggingface.co/spaces/cis-lmu/Mexa, Code: https://github.com/cisnlp/Mexa.

We present MultiLoKo, a new benchmark for evaluating multilinguality in LLMs covering 31 languages. MultiLoKo consists of three partitions: a main partition consisting of 500 questions per language, separately sourced to be locally relevant to the specific language, and two translated partitions, containing human-authored translations from 30 non-English languages to English and vice versa. For comparison, we also release corresponding machine-authored translations. The data is equally distributed over two splits: a dev split and a blind, out-of-distribution test split. MultiLoKo can be used to study a variety of questions regarding the multilinguality of LLMs as well as meta-questions about multilingual benchmark creation. We compute MultiLoKo scores for 11 base and chat models marketed to be multilingual and study their average performance, their performance parity across languages, how much their ability to answer questions depends on the question language, and which languages are most difficult. None of the models we studied performs well on MultiLoKo, as indicated by low average scores as well as large differences between the best and worst scoring languages. Furthermore, we find a substantial effect of the question language, indicating sub-optimal knowledge transfer between languages. Lastly, we find that using local vs English-translated data can result in differences more than 20 points for the best performing models, drastically change the estimated difficulty of some languages. For using machines instead of human translations, we find a weaker effect on ordering of language difficulty, a larger difference in model rankings, and a substantial drop in estimated performance for all models.

The stock market is a network which provides a platform for almost all major economic transactions. While investing in the stock market is a good idea, investing in individual stocks may not be, especially for the casual investor. Smart stock-picking requires in-depth research and plenty of dedication. Predicting this stock value offers enormous arbitrage profit opportunities. This attractiveness of finding a solution has prompted researchers to find a way past problems like volatility, seasonality, and dependence on time. This paper surveys recent literature in the domain of natural language processing and machine learning techniques used to predict stock market movements. The main contributions of this paper include the sophisticated categorizations of many recent articles and the illustration of the recent trends of research in stock market prediction and its related areas.

India is a multilingual society with 1369 rationalized languages and dialects being spoken across the country (INDIA, 2011). Of these, the 22 scheduled languages have a staggering total of 1.17 billion speakers and 121 languages have more than 10,000 speakers (INDIA, 2011). India also has the second largest (and an ever growing) digital footprint (Statista, 2020). Despite this, today's state-of-the-art multilingual systems perform suboptimally on Indian (IN) languages. This can be explained by the fact that multilingual language models (LMs) are often trained on 100+ languages together, leading to a small representation of IN languages in their vocabulary and training data. Multilingual LMs are substantially less effective in resource-lean scenarios (Wu and Dredze, 2020; Lauscher et al., 2020), as limited data doesn't help capture the various nuances of a language. One also commonly observes IN language text transliterated to Latin or code-mixed with English, especially in informal settings (for example, on social media platforms) (Rijhwani et al., 2017). This phenomenon is not adequately handled by current state-of-the-art multilingual LMs. To address the aforementioned gaps, we propose MuRIL, a multilingual LM specifically built for IN languages. MuRIL is trained on significantly large amounts of IN text corpora only. We explicitly augment monolingual text corpora with both translated and transliterated document pairs, that serve as supervised cross-lingual signals in training. MuRIL significantly outperforms multilingual BERT (mBERT) on all tasks in the challenging cross-lingual XTREME benchmark (Hu et al., 2020). We also present results on transliterated (native to Latin script) test sets of the chosen datasets and demonstrate the efficacy of MuRIL in handling transliterated data.

Large language models (LLMs) have demonstrated impressive multilingual understanding and reasoning capabilities, driven by extensive pre-training multilingual corpora and fine-tuning instruction data. However, a performance gap persists between high-resource and low-resource language tasks due to language imbalance in the pre-training corpus, even using more low-resource data during fine-tuning. To alleviate this issue, we propose LinguaLIFT, a two-stage instruction tuning framework for advancing low-resource language tasks. An additional language alignment layer is first integrated into the LLM to adapt a pre-trained multilingual encoder, thereby enhancing multilingual alignment through code-switched fine-tuning. The second stage fine-tunes LLM with English-only instruction data while freezing the language alignment layer, allowing LLM to transfer task-specific capabilities from English to low-resource language tasks. Additionally, we introduce the Multilingual Math World Problem (MMWP) benchmark, which spans 21 low-resource, 17 medium-resource, and 10 high-resource languages, enabling comprehensive evaluation of multilingual reasoning. Experimental results show that LinguaLIFT outperforms several competitive baselines across MMWP and other widely used benchmarks.

Multilingual Language Models offer a way to incorporate multiple languages in one model and utilize cross-language transfer learning to improve performance for different Natural Language Processing (NLP) tasks. Despite progress in multilingual models, not all languages are supported as well, particularly in low-resource settings. In this work, we investigate the linguistic representation of different languages in multilingual models. We start by asking the question which languages are supported in popular multilingual models and which languages are left behind. Then, for included languages, we look at models' learned representations based on language family and dialect and try to understand how models' learned representations for~(1) seen and~(2) unseen languages vary across different language groups. In addition, we test and analyze performance on downstream tasks such as text generation and Named Entity Recognition. We observe from our experiments that community-centered models -- models that focus on languages of a given family or geographical location and are built by communities who speak them -- perform better at distinguishing between languages in the same family for low-resource languages. Our paper contributes to the literature in understanding multilingual models and their shortcomings and offers insights on potential ways to improve them.

Scaling laws research has focused overwhelmingly on English -- yet the most prominent AI models explicitly serve billions of international users. In this work, we undertake the largest multilingual scaling laws study to date, totaling 774 multilingual training experiments, spanning 10M-8B model parameters, 400+ training languages and 48 evaluation languages. We introduce the Adaptive Transfer Scaling Law (ATLAS) for both monolingual and multilingual pretraining, which outperforms existing scaling laws' out-of-sample generalization often by more than 0.3 R^2. Our analyses of the experiments shed light on multilingual learning dynamics, transfer properties between languages, and the curse of multilinguality. First, we derive a cross-lingual transfer matrix, empirically measuring mutual benefit scores between 38 x 38=1444 language pairs. Second, we derive a language-agnostic scaling law that reveals how to optimally scale model size and data when adding languages without sacrificing performance. Third, we identify the computational crossover points for when to pretrain from scratch versus finetune from multilingual checkpoints. We hope these findings provide the scientific foundation for democratizing scaling laws across languages, and enable practitioners to efficiently scale models -- beyond English-first AI.

Multi-lingual language models (LM), such as mBERT, XLM-R, mT5, mBART, have been remarkably successful in enabling natural language tasks in low-resource languages through cross-lingual transfer from high-resource ones. In this work, we try to better understand how such models, specifically mT5, transfer *any* linguistic and semantic knowledge across languages, even though no explicit cross-lingual signals are provided during pre-training. Rather, only unannotated texts from each language are presented to the model separately and independently of one another, and the model appears to implicitly learn cross-lingual connections. This raises several questions that motivate our study, such as: Are the cross-lingual connections between every language pair equally strong? What properties of source and target language impact the strength of cross-lingual transfer? Can we quantify the impact of those properties on the cross-lingual transfer? In our investigation, we analyze a pre-trained mT5 to discover the attributes of cross-lingual connections learned by the model. Through a statistical interpretation framework over 90 language pairs across three tasks, we show that transfer performance can be modeled by a few linguistic and data-derived features. These observations enable us to interpret cross-lingual understanding of the mT5 model. Through these observations, one can favorably choose the best source language for a task, and can anticipate its training data demands. A key finding of this work is that similarity of syntax, morphology and phonology are good predictors of cross-lingual transfer, significantly more than just the lexical similarity of languages. For a given language, we are able to predict zero-shot performance, that increases on a logarithmic scale with the number of few-shot target language data points.

Pre-trained language models have shown impressive performance on a variety of tasks and domains. Previous research on financial language models usually employs a generic training scheme to train standard model architectures, without completely leveraging the richness of the financial data. We propose a novel domain specific Financial LANGuage model (FLANG) which uses financial keywords and phrases for better masking, together with span boundary objective and in-filing objective. Additionally, the evaluation benchmarks in the field have been limited. To this end, we contribute the Financial Language Understanding Evaluation (FLUE), an open-source comprehensive suite of benchmarks for the financial domain. These include new benchmarks across 5 NLP tasks in financial domain as well as common benchmarks used in the previous research. Experiments on these benchmarks suggest that our model outperforms those in prior literature on a variety of NLP tasks. Our models, code and benchmark data are publicly available on Github and Huggingface.

Instruction finetuning (IFT) is critical for aligning Large Language Models (LLMs) to follow instructions. Numerous effective IFT datasets have been proposed in the recent past, but most focus on high resource languages such as English. In this work, we propose a fully synthetic, novel taxonomy (Evol) guided Multilingual, Multi-turn instruction finetuning dataset, called M2Lingual, to better align LLMs on a diverse set of languages and tasks. M2Lingual contains a total of 182K IFT pairs that are built upon diverse seeds, covering 70 languages, 17 NLP tasks and general instruction-response pairs. LLMs finetuned with M2Lingual substantially outperform the majority of existing multilingual IFT datasets. Importantly, LLMs trained with M2Lingual consistently achieve competitive results across a wide variety of evaluation benchmarks compared to existing multilingual IFT datasets. Specifically, LLMs finetuned with M2Lingual achieve strong performance on our translated multilingual, multi-turn evaluation benchmark as well as a wide variety of multilingual tasks. Thus we contribute, and the 2 step Evol taxonomy used for its creation. M2Lingual repository - https://huggingface.co/datasets/ServiceNow-AI/M2Lingual

Large Language Models (LLMs) have stunningly advanced the field of machine translation, though their effectiveness within the financial domain remains largely underexplored. To probe this issue, we constructed a fine-grained Chinese-English parallel corpus of financial news called FFN. We acquired financial news articles spanning between January 1st, 2014, to December 31, 2023, from mainstream media websites such as CNN, FOX, and China Daily. The dataset consists of 1,013 main text and 809 titles, all of which have been manually corrected. We measured the translation quality of two LLMs -- ChatGPT and ERNIE-bot, utilizing BLEU, TER and chrF scores as the evaluation metrics. For comparison, we also trained an OpenNMT model based on our dataset. We detail problems of LLMs and provide in-depth analysis, intending to stimulate further research and solutions in this largely uncharted territory. Our research underlines the need to optimize LLMs within the specific field of financial translation to ensure accuracy and quality.

The feasibility of making profitable trades on a single asset on stock exchanges based on patterns identification has long attracted researchers. Reinforcement Learning (RL) and Natural Language Processing have gained notoriety in these single-asset trading tasks, but only a few works have explored their combination. Moreover, some issues are still not addressed, such as extracting market sentiment momentum through the explicit capture of sentiment features that reflect the market condition over time and assessing the consistency and stability of RL results in different situations. Filling this gap, we propose the Sentiment-Aware RL (SentARL) intelligent trading system that improves profit stability by leveraging market mood through an adaptive amount of past sentiment features drawn from textual news. We evaluated SentARL across twenty assets, two transaction costs, and five different periods and initializations to show its consistent effectiveness against baselines. Subsequently, this thorough assessment allowed us to identify the boundary between news coverage and market sentiment regarding the correlation of price-time series above which SentARL's effectiveness is outstanding.

In the quest to overcome language barriers, encoder-decoder models like NLLB have expanded machine translation to rare languages, with some models (e.g., NLLB 1.3B) even trainable on a single GPU. While general-purpose LLMs perform well in translation, open LLMs prove highly competitive when fine-tuned for specific tasks involving unknown corpora. We introduce LYRA (Language verY Rare for All), a novel approach that combines open LLM fine-tuning, retrieval-augmented generation (RAG), and transfer learning from related high-resource languages. This study is exclusively focused on single-GPU training to facilitate ease of adoption. Our study focuses on two-way translation between French and Mon\'egasque, a rare language unsupported by existing translation tools due to limited corpus availability. Our results demonstrate LYRA's effectiveness, frequently surpassing and consistently matching state-of-the-art encoder-decoder models in rare language translation.

Previous multilingual benchmarks focus primarily on simple understanding tasks, but for large language models(LLMs), we emphasize proficiency in instruction following, reasoning, long context understanding, code generation, and so on. However, measuring these advanced capabilities across languages is underexplored. To address the disparity, we introduce BenchMAX, a multi-way multilingual evaluation benchmark that allows for fair comparisons of these important abilities across languages. To maintain high quality, three distinct native-speaking annotators independently annotate each sample within all tasks after the data was machine-translated from English into 16 other languages. Additionally, we present a novel translation challenge stemming from dataset construction. Extensive experiments on BenchMAX reveal varying effectiveness of core capabilities across languages, highlighting performance gaps that cannot be bridged by simply scaling up model size. BenchMAX serves as a comprehensive multilingual evaluation platform, providing a promising test bed to promote the development of multilingual language models. The dataset and code are publicly accessible.

An effective method for cross-lingual transfer is to fine-tune a bilingual or multilingual model on a supervised dataset in one language and evaluating it on another language in a zero-shot manner. Translating examples at training time or inference time are also viable alternatives. However, there are costs associated with these methods that are rarely addressed in the literature. In this work, we analyze cross-lingual methods in terms of their effectiveness (e.g., accuracy), development and deployment costs, as well as their latencies at inference time. Our experiments on three tasks indicate that the best cross-lingual method is highly task-dependent. Finally, by combining zero-shot and translation methods, we achieve the state-of-the-art in two of the three datasets used in this work. Based on these results, we question the need for manually labeled training data in a target language. Code and translated datasets are available at https://github.com/unicamp-dl/cross-lingual-analysis

Leveraging an established exercise in negotiation education, we build a novel dataset for studying how the use of language shapes bilateral bargaining. Our dataset extends existing work in two ways: 1) we recruit participants via behavioral labs instead of crowdsourcing platforms and allow participants to negotiate through audio, enabling more naturalistic interactions; 2) we add a control setting where participants negotiate only through alternating, written numeric offers. Despite the two contrasting forms of communication, we find that the average agreed prices of the two treatments are identical. But when subjects can talk, fewer offers are exchanged, negotiations finish faster, the likelihood of reaching agreement rises, and the variance of prices at which subjects agree drops substantially. We further propose a taxonomy of speech acts in negotiation and enrich the dataset with annotated speech acts. Our work also reveals linguistic signals that are predictive of negotiation outcomes.

While BERT is an effective method for learning monolingual sentence embeddings for semantic similarity and embedding based transfer learning (Reimers and Gurevych, 2019), BERT based cross-lingual sentence embeddings have yet to be explored. We systematically investigate methods for learning multilingual sentence embeddings by combining the best methods for learning monolingual and cross-lingual representations including: masked language modeling (MLM), translation language modeling (TLM) (Conneau and Lample, 2019), dual encoder translation ranking (Guo et al., 2018), and additive margin softmax (Yang et al., 2019a). We show that introducing a pre-trained multilingual language model dramatically reduces the amount of parallel training data required to achieve good performance by 80%. Composing the best of these methods produces a model that achieves 83.7% bi-text retrieval accuracy over 112 languages on Tatoeba, well above the 65.5% achieved by Artetxe and Schwenk (2019b), while still performing competitively on monolingual transfer learning benchmarks (Conneau and Kiela, 2018). Parallel data mined from CommonCrawl using our best model is shown to train competitive NMT models for en-zh and en-de. We publicly release our best multilingual sentence embedding model for 109+ languages at https://tfhub.dev/google/LaBSE.

Tokenization is the first -- and often least scrutinized -- step of most NLP pipelines. Standard algorithms for learning tokenizers rely on frequency-based objectives, which favor languages dominant in the training data and consequently leave lower-resource languages with tokenizations that are disproportionately longer, morphologically implausible, or even riddled with <UNK> placeholders. This phenomenon ultimately amplifies computational and financial inequalities between users from different language backgrounds. To remedy this, we introduce Parity-aware Byte Pair Encoding (BPE), a variant of the widely-used BPE algorithm. At every merge step, Parity-aware BPE maximizes the compression gain of the currently worst-compressed language, trading a small amount of global compression for cross-lingual parity. We find empirically that Parity-aware BPE leads to more equitable token counts across languages, with negligible impact on global compression rate and no substantial effect on language-model performance in downstream tasks.

Rapid advancements in Visual Language Models (VLMs) have transformed multimodal understanding but are often constrained by generating English responses regardless of the input language. This phenomenon has been termed as Image-induced Fidelity Loss (IFL) and stems from limited multimodal multilingual training data. To address this, we propose a continuous multilingual integration strategy that injects text-only multilingual data during visual instruction tuning, preserving the language model's original multilingual capabilities. Extensive evaluations demonstrate that our approach significantly improves linguistic fidelity across languages without degradation in visual performance. We also explore model merging, which improves language fidelity but comes at the cost of visual performance. In contrast, our core method achieves robust multilingual alignment without trade-offs, offering a scalable and effective path to mitigating IFL for global VLM adoption.

The language ability of Large Language Models (LLMs) is often unbalanced towards English because of the imbalance in the distribution of the pre-training data. This disparity is demanded in further fine-tuning and affecting the cross-lingual abilities of LLMs. In this paper, we propose to empower Instructiontuned LLMs (It-LLMs) in languages other than English by building semantic alignment between them. Hence, we propose CrossAlpaca, an It-LLM with cross-lingual instruction-following and Translation-following demonstrations to improve semantic alignment between languages. We validate our approach on the multilingual Question Answering (QA) benchmarks XQUAD and MLQA and adapted versions of MMLU and BBH. Our models, tested over six different languages, outperform the It-LLMs tuned on monolingual data. The final results show that instruction tuning on non-English data is not enough and that semantic alignment can be further improved by Translation-following demonstrations.

As large language models (LLMs) continue to advance in linguistic capabilities, robust multilingual evaluation has become essential for promoting equitable technological progress. This position paper examines over 2,000 multilingual (non-English) benchmarks from 148 countries, published between 2021 and 2024, to evaluate past, present, and future practices in multilingual benchmarking. Our findings reveal that, despite significant investments amounting to tens of millions of dollars, English remains significantly overrepresented in these benchmarks. Additionally, most benchmarks rely on original language content rather than translations, with the majority sourced from high-resource countries such as China, India, Germany, the UK, and the USA. Furthermore, a comparison of benchmark performance with human judgments highlights notable disparities. STEM-related tasks exhibit strong correlations with human evaluations (0.70 to 0.85), while traditional NLP tasks like question answering (e.g., XQuAD) show much weaker correlations (0.11 to 0.30). Moreover, translating English benchmarks into other languages proves insufficient, as localized benchmarks demonstrate significantly higher alignment with local human judgments (0.68) than their translated counterparts (0.47). This underscores the importance of creating culturally and linguistically tailored benchmarks rather than relying solely on translations. Through this comprehensive analysis, we highlight six key limitations in current multilingual evaluation practices, propose the guiding principles accordingly for effective multilingual benchmarking, and outline five critical research directions to drive progress in the field. Finally, we call for a global collaborative effort to develop human-aligned benchmarks that prioritize real-world applications.

Since their inception, embeddings have become a primary ingredient in many flavours of Natural Language Processing (NLP) tasks supplanting earlier types of representation. Even though multilingual embeddings have been used for the increasing number of multilingual tasks, due to the scarcity of parallel training data, low-resource languages such as Sinhala, tend to focus more on monolingual embeddings. Then when it comes to the aforementioned multi-lingual tasks, it is challenging to utilize these monolingual embeddings given that even if the embedding spaces have a similar geometric arrangement due to an identical training process, the embeddings of the languages considered are not aligned. This is solved by the embedding alignment task. Even in this, high-resource language pairs are in the limelight while low-resource languages such as Sinhala which is in dire need of help seem to have fallen by the wayside. In this paper, we try to align Sinhala and English word embedding spaces based on available alignment techniques and introduce a benchmark for Sinhala language embedding alignment. In addition to that, to facilitate the supervised alignment, as an intermediate task, we also introduce Sinhala-English alignment datasets. These datasets serve as our anchor datasets for supervised word embedding alignment. Even though we do not obtain results comparable to the high-resource languages such as French, German, or Chinese, we believe our work lays the groundwork for more specialized alignment between English and Sinhala embeddings.

Document retrieval in many languages has been largely relying on multi-lingual models, and leveraging the vast wealth of English training data. In Japanese, the best performing deep-learning based retrieval approaches rely on multilingual dense embeddings. In this work, we introduce (1) a hard-negative augmented version of the Japanese MMARCO dataset and (2) JaColBERT, a document retrieval model built on the ColBERT model architecture, specifically for Japanese. JaColBERT vastly outperform all previous monolingual retrieval approaches and competes with the best multilingual methods, despite unfavourable evaluation settings (out-of-domain vs. in-domain for the multilingual models). JaColBERT reaches an average Recall@10 of 0.813, noticeably ahead of the previous monolingual best-performing model (0.716) and only slightly behind multilingual-e5-base (0.820), though more noticeably behind multilingual-e5-large (0.856). These results are achieved using only a limited, entirely Japanese, training set, more than two orders of magnitudes smaller than multilingual embedding models. We believe these results show great promise to support retrieval-enhanced application pipelines in a wide variety of domains.

Financial AI holds great promise for transforming modern finance, with the potential to support a wide range of tasks such as market forecasting, portfolio management, quantitative trading, and automated analysis. However, existing platforms remain limited in task coverage, lack robust multimodal data integration, and offer insufficient support for the training and deployment of large language models (LLMs). In response to these limitations, we present FinWorld, an all-in-one open-source platform that provides end-to-end support for the entire financial AI workflow, from data acquisition to experimentation and deployment. FinWorld distinguishes itself through native integration of heterogeneous financial data, unified support for diverse AI paradigms, and advanced agent automation, enabling seamless development and deployment. Leveraging data from 2 representative markets, 4 stock pools, and over 800 million financial data points, we conduct comprehensive experiments on 4 key financial AI tasks. These experiments systematically evaluate deep learning and reinforcement learning algorithms, with particular emphasis on RL-based finetuning for LLMs and LLM Agents. The empirical results demonstrate that FinWorld significantly enhances reproducibility, supports transparent benchmarking, and streamlines deployment, thereby providing a strong foundation for future research and real-world applications. Code is available at Github~https://github.com/DVampire/FinWorld.

Massively multilingual machine translation models allow for the translation of a large number of languages with a single model, but have limited performance on low- and very-low-resource translation directions. Pivoting via high-resource languages remains a strong strategy for low-resource directions, and in this paper we revisit ways of pivoting through multiple languages. Previous work has used a simple averaging of probability distributions from multiple paths, but we find that this performs worse than using a single pivot, and exacerbates the hallucination problem because the same hallucinations can be probable across different paths. As an alternative, we propose MaxEns, a combination strategy that is biased towards the most confident predictions, hypothesising that confident predictions are less prone to be hallucinations. We evaluate different strategies on the FLORES benchmark for 20 low-resource language directions, demonstrating that MaxEns improves translation quality for low-resource languages while reducing hallucination in translations, compared to both direct translation and an averaging approach. On average, multi-pivot strategies still lag behind using English as a single pivot language, raising the question of how to identify the best pivoting strategy for a given translation direction.

Generative Information Retrieval is an emerging retrieval paradigm that exhibits remarkable performance in monolingual scenarios.However, applying these methods to multilingual retrieval still encounters two primary challenges, cross-lingual identifier misalignment and identifier inflation. To address these limitations, we propose Multilingual Generative Retrieval via Cross-lingual Semantic Compression (MGR-CSC), a novel framework that unifies semantically equivalent multilingual keywords into shared atoms to align semantics and compresses the identifier space, and we propose a dynamic multi-step constrained decoding strategy during retrieval. MGR-CSC improves cross-lingual alignment by assigning consistent identifiers and enhances decoding efficiency by reducing redundancy. Experiments demonstrate that MGR-CSC achieves outstanding retrieval accuracy, improving by 6.83% on mMarco100k and 4.77% on mNQ320k, while reducing document identifiers length by 74.51% and 78.2%, respectively.

We introduce KFinEval-Pilot, a benchmark suite specifically designed to evaluate large language models (LLMs) in the Korean financial domain. Addressing the limitations of existing English-centric benchmarks, KFinEval-Pilot comprises over 1,000 curated questions across three critical areas: financial knowledge, legal reasoning, and financial toxicity. The benchmark is constructed through a semi-automated pipeline that combines GPT-4-generated prompts with expert validation to ensure domain relevance and factual accuracy. We evaluate a range of representative LLMs and observe notable performance differences across models, with trade-offs between task accuracy and output safety across different model families. These results highlight persistent challenges in applying LLMs to high-stakes financial applications, particularly in reasoning and safety. Grounded in real-world financial use cases and aligned with the Korean regulatory and linguistic context, KFinEval-Pilot serves as an early diagnostic tool for developing safer and more reliable financial AI systems.

Multilingual language models have shown decent performance in multilingual and cross-lingual natural language understanding tasks. However, the power of these multilingual models in code-switching tasks has not been fully explored. In this paper, we study the effectiveness of multilingual language models to understand their capability and adaptability to the mixed-language setting by considering the inference speed, performance, and number of parameters to measure their practicality. We conduct experiments in three language pairs on named entity recognition and part-of-speech tagging and compare them with existing methods, such as using bilingual embeddings and multilingual meta-embeddings. Our findings suggest that pre-trained multilingual models do not necessarily guarantee high-quality representations on code-switching, while using meta-embeddings achieves similar results with significantly fewer parameters.

Although multilingual language models exhibit impressive cross-lingual transfer capabilities on unseen languages, the performance on downstream tasks is impacted when there is a script disparity with the languages used in the multilingual model's pre-training data. Using transliteration offers a straightforward yet effective means to align the script of a resource-rich language with a target language, thereby enhancing cross-lingual transfer capabilities. However, for mixed languages, this approach is suboptimal, since only a subset of the language benefits from the cross-lingual transfer while the remainder is impeded. In this work, we focus on Maltese, a Semitic language, with substantial influences from Arabic, Italian, and English, and notably written in Latin script. We present a novel dataset annotated with word-level etymology. We use this dataset to train a classifier that enables us to make informed decisions regarding the appropriate processing of each token in the Maltese language. We contrast indiscriminate transliteration or translation to mixing processing pipelines that only transliterate words of Arabic origin, thereby resulting in text with a mixture of scripts. We fine-tune the processed data on four downstream tasks and show that conditional transliteration based on word etymology yields the best results, surpassing fine-tuning with raw Maltese or Maltese processed with non-selective pipelines.

Multilingual language models have significantly advanced due to rapid progress in natural language processing. Models like BLOOM 1.7B, trained on diverse multilingual datasets, aim to bridge linguistic gaps. However, their effectiveness in capturing linguistic knowledge, particularly for low-resource languages, remains an open question. This study critically examines MLMs capabilities in multilingual understanding, semantic representation, and cross-lingual knowledge transfer. While these models perform well for high-resource languages, they struggle with less-represented ones. Additionally, traditional evaluation methods often overlook their internal syntactic and semantic encoding. This research addresses key limitations through three objectives. First, it assesses semantic similarity by analyzing multilingual word embeddings for consistency using cosine similarity. Second, it examines BLOOM-1.7B and Qwen2 through Named Entity Recognition and sentence similarity tasks to understand their linguistic structures. Third, it explores cross-lingual knowledge transfer by evaluating generalization from high-resource to low-resource languages in sentiment analysis and text classification. By leveraging linguistic probing, performance metrics, and visualizations, this study provides insights into the strengths and limitations of MLMs. The findings aim to enhance multilingual NLP models, ensuring better support for both high- and low-resource languages, thereby promoting inclusivity in language technologies.

The recent proliferation of Large Conversation Language Models has highlighted the economic significance of widespread access to this type of AI technologies in the current information age. Nevertheless, prevailing models have primarily been trained on corpora consisting of documents written in popular languages. The dearth of such cutting-edge tools for low-resource languages further exacerbates their underrepresentation in the current economic landscape, thereby impacting their native speakers. This paper introduces two novel resources designed to enhance Natural Language Processing (NLP) for the Galician language. We present a Galician adaptation of the Alpaca dataset, comprising 52,000 instructions and demonstrations. This dataset proves invaluable for enhancing language models by fine-tuning them to more accurately adhere to provided instructions. Additionally, as a demonstration of the dataset utility, we fine-tuned LLaMA-7B to comprehend and respond in Galician, a language not originally supported by the model, by following the Alpaca format. This work contributes to the research on multilingual models tailored for low-resource settings, a crucial endeavor in ensuring the inclusion of all linguistic communities in the development of Large Language Models. Another noteworthy aspect of this research is the exploration of how knowledge of a closely related language, in this case, Portuguese, can assist in generating coherent text when training resources are scarce. Both the Galician Alpaca dataset and Cabuxa-7B are publicly accessible on our Huggingface Hub, and we have made the source code available to facilitate replication of this experiment and encourage further advancements for underrepresented languages.

While preliminary findings indicate that multilingual LLMs exhibit reduced bias compared to monolingual ones, a comprehensive understanding of the effect of multilingual training on bias mitigation, is lacking. This study addresses this gap by systematically training six LLMs of identical size (2.6B parameters) and architecture: five monolingual models (English, German, French, Italian, and Spanish) and one multilingual model trained on an equal distribution of data across these languages, all using publicly available data. To ensure robust evaluation, standard bias benchmarks were automatically translated into the five target languages and verified for both translation quality and bias preservation by human annotators. Our results consistently demonstrate that multilingual training effectively mitigates bias. Moreover, we observe that multilingual models achieve not only lower bias but also superior prediction accuracy when compared to monolingual models with the same amount of training data, model architecture, and size.

Large language models demonstrate reasonable multilingual abilities, despite predominantly English-centric pretraining. However, the spontaneous multilingual alignment in these models is shown to be weak, leading to unsatisfactory cross-lingual transfer and knowledge sharing. Previous works attempt to address this issue by explicitly injecting multilingual alignment information during or after pretraining. Thus for the early stage in pretraining, the alignment is weak for sharing information or knowledge across languages. In this paper, we propose PreAlign, a framework that establishes multilingual alignment prior to language model pretraining. PreAlign injects multilingual alignment by initializing the model to generate similar representations of aligned words and preserves this alignment using a code-switching strategy during pretraining. Extensive experiments in a synthetic English to English-Clone setting demonstrate that PreAlign significantly outperforms standard multilingual joint training in language modeling, zero-shot cross-lingual transfer, and cross-lingual knowledge application. Further experiments in real-world scenarios further validate PreAlign's effectiveness across various model sizes.

Keyphrase generation has primarily been explored within the context of academic research articles, with a particular focus on scientific domains and the English language. In this work, we present EUROPA, a dataset for multilingual keyphrase generation in the legal domain. It is derived from legal judgments from the Court of Justice of the European Union (EU), and contains instances in all 24 EU official languages. We run multilingual models on our corpus and analyze the results, showing room for improvement on a domain-specific multilingual corpus such as the one we present.

Code-mixed discourse combines multiple languages in a single text. It is commonly used in informal discourse in countries with several official languages, but also in many other countries in combination with English or neighboring languages. As recently large language models have dominated most natural language processing tasks, we investigated their performance in code-mixed settings for relevant tasks. We first created four new bilingual pre-trained masked language models for English-Hindi and English-Slovene languages, specifically aimed to support informal language. Then we performed an evaluation of monolingual, bilingual, few-lingual, and massively multilingual models on several languages, using two tasks that frequently contain code-mixed text, in particular, sentiment analysis and offensive language detection in social media texts. The results show that the most successful classifiers are fine-tuned bilingual models and multilingual models, specialized for social media texts, followed by non-specialized massively multilingual and monolingual models, while huge generative models are not competitive. For our affective problems, the models mostly perform slightly better on code-mixed data compared to non-code-mixed data.

In this work, we provide a large-scale empirical study of the scaling properties of multilingual neural machine translation models. We examine how increases in the model size affect the model performance and investigate the role of the training mixture composition on the scaling behavior. We find that changing the weightings of the individual language pairs in the training mixture only affect the multiplicative factor of the scaling law. In particular, we observe that multilingual models trained using different mixing rates all exhibit the same scaling exponent. Through a novel joint scaling law formulation, we compute the effective number of parameters allocated to each language pair and examine the role of language similarity in the scaling behavior of our models. We find little evidence that language similarity has any impact. In contrast, the direction of the multilinguality plays a significant role, with models translating from multiple languages into English having a larger number of effective parameters per task than their reversed counterparts. Finally, we leverage our observations to predict the performance of multilingual models trained with any language weighting at any scale, significantly reducing efforts required for language balancing in large multilingual models. Our findings apply to both in-domain and out-of-domain test sets and to multiple evaluation metrics, such as ChrF and BLEURT.

State-of-the-art unsupervised multilingual models (e.g., multilingual BERT) have been shown to generalize in a zero-shot cross-lingual setting. This generalization ability has been attributed to the use of a shared subword vocabulary and joint training across multiple languages giving rise to deep multilingual abstractions. We evaluate this hypothesis by designing an alternative approach that transfers a monolingual model to new languages at the lexical level. More concretely, we first train a transformer-based masked language model on one language, and transfer it to a new language by learning a new embedding matrix with the same masked language modeling objective, freezing parameters of all other layers. This approach does not rely on a shared vocabulary or joint training. However, we show that it is competitive with multilingual BERT on standard cross-lingual classification benchmarks and on a new Cross-lingual Question Answering Dataset (XQuAD). Our results contradict common beliefs of the basis of the generalization ability of multilingual models and suggest that deep monolingual models learn some abstractions that generalize across languages. We also release XQuAD as a more comprehensive cross-lingual benchmark, which comprises 240 paragraphs and 1190 question-answer pairs from SQuAD v1.1 translated into ten languages by professional translators.

Large language models (LLMs) are typically multilingual due to pretraining on diverse multilingual corpora. But can these models relate corresponding concepts across languages, effectively being crosslingual? This study evaluates six state-of-the-art LLMs on inherently crosslingual tasks. We observe that while these models show promising surface-level crosslingual abilities on machine translation and embedding space analyses, they struggle with deeper crosslingual knowledge transfer, revealing a crosslingual knowledge barrier in both general (MMLU benchmark) and domain-specific (Harry Potter quiz) contexts. We observe that simple inference-time mitigation methods offer only limited improvement. On the other hand, we propose fine-tuning of LLMs on mixed-language data, which effectively reduces these gaps, even when using out-of-domain datasets like WikiText. Our findings suggest the need for explicit optimization to unlock the full crosslingual potential of LLMs. Our code is publicly available at https://github.com/google-research/crosslingual-knowledge-barriers.

Large language models (LLMs) with Chain-of-thought (CoT) have recently emerged as a powerful technique for eliciting reasoning to improve various downstream tasks. As most research mainly focuses on English, with few explorations in a multilingual context, the question of how reliable this reasoning capability is in different languages is still open. To address it directly, we study multilingual reasoning consistency across multiple languages, using popular open-source LLMs. First, we compile the first large-scale multilingual math reasoning dataset, mCoT-MATH, covering eleven diverse languages. Then, we introduce multilingual CoT instruction tuning to boost reasoning capability across languages, thereby improving model consistency. While existing LLMs show substantial variation across the languages we consider, and especially low performance for lesser resourced languages, our 7B parameter model mCoT achieves impressive consistency across languages, and superior or comparable performance to close- and open-source models even of much larger sizes.

Large language models (LLMs) exhibit remarkable multilingual capabilities despite English-dominated pre-training, attributed to cross-lingual mechanisms during pre-training. Existing methods for enhancing cross-lingual transfer remain constrained by parallel resources, suffering from limited linguistic and domain coverage. We propose Cross-lingual In-context Pre-training (CrossIC-PT), a simple and scalable approach that enhances cross-lingual transfer by leveraging semantically related bilingual texts via simple next-word prediction. We construct CrossIC-PT samples by interleaving semantic-related bilingual Wikipedia documents into a single context window. To access window size constraints, we implement a systematic segmentation policy to split long bilingual document pairs into chunks while adjusting the sliding window mechanism to preserve contextual coherence. We further extend data availability through a semantic retrieval framework to construct CrossIC-PT samples from web-crawled corpus. Experimental results demonstrate that CrossIC-PT improves multilingual performance on three models (Llama-3.1-8B, Qwen2.5-7B, and Qwen2.5-1.5B) across six target languages, yielding performance gains of 3.79%, 3.99%, and 1.95%, respectively, with additional improvements after data augmentation.

Artificial Intelligence (AI), particularly large language models (LLMs), holds the potential to bridge language and information gaps, which can benefit the economies of developing nations. However, our analysis of FLORES-200, FLORES+, Ethnologue, and World Development Indicators data reveals that these benefits largely favor English speakers. Speakers of languages in low-income and lower-middle-income countries face higher costs when using OpenAI's GPT models via APIs because of how the system processes the input -- tokenization. Around 1.5 billion people, speaking languages primarily from lower-middle-income countries, could incur costs that are 4 to 6 times higher than those faced by English speakers. Disparities in LLM performance are significant, and tokenization in models priced per token amplifies inequalities in access, cost, and utility. Moreover, using the quality of translation tasks as a proxy measure, we show that LLMs perform poorly in low-resource languages, presenting a ``double jeopardy" of higher costs and poor performance for these users. We also discuss the direct impact of fragmentation in tokenizing low-resource languages on climate. This underscores the need for fairer algorithm development to benefit all linguistic groups.

Large language models (LLMs) have demonstrated remarkable capabilities across a range of natural language processing (NLP) tasks, capturing the attention of both practitioners and the broader public. A key question that now preoccupies the AI community concerns the capabilities and limitations of these models, with trustworthiness emerging as a central issue, particularly as LLMs are increasingly applied in sensitive fields like healthcare and finance, where errors can have serious consequences. However, most previous studies on the trustworthiness of LLMs have been limited to a single language, typically the predominant one in the dataset, such as English. In response to the growing global deployment of LLMs, we introduce XTRUST, the first comprehensive multilingual trustworthiness benchmark. XTRUST encompasses a diverse range of topics, including illegal activities, hallucination, out-of-distribution (OOD) robustness, physical and mental health, toxicity, fairness, misinformation, privacy, and machine ethics, across 10 different languages. Using XTRUST, we conduct an empirical evaluation of the multilingual trustworthiness of five widely used LLMs, offering an in-depth analysis of their performance across languages and tasks. Our results indicate that many LLMs struggle with certain low-resource languages, such as Arabic and Russian, highlighting the considerable room for improvement in the multilingual trustworthiness of current language models. The code is available at https://github.com/LluckyYH/XTRUST.

Recently there has been a significant surge in multimodal learning in terms of both image-to-text and text-to-image generation. However, the success is typically limited to English, leaving other languages largely behind. Building a competitive counterpart in other languages is highly challenging due to the low-resource nature of non-English multimodal data (i.e., lack of large-scale, high-quality image-text data). In this work, we propose MPM, an effective training paradigm for training large multimodal models in low-resource languages. MPM demonstrates that Multilingual language models can Pivot zero-shot Multimodal learning across languages. Specifically, based on a strong multilingual large language model, multimodal models pretrained on English-only image-text data can well generalize to other languages in a zero-shot manner for both image-to-text and text-to-image generation, even surpassing models trained on image-text data in native languages. Taking Chinese as a practice of MPM, we build large multimodal models VisCPM in image-to-text and text-to-image generation, which achieve state-of-the-art (open-source) performance in Chinese. To facilitate future research, we open-source codes and model weights at https://github.com/OpenBMB/VisCPM.git.

Multilingual BERT (mBERT) has shown reasonable capability for zero-shot cross-lingual transfer when fine-tuned on downstream tasks. Since mBERT is not pre-trained with explicit cross-lingual supervision, transfer performance can further be improved by aligning mBERT with cross-lingual signal. Prior work proposes several approaches to align contextualised embeddings. In this paper we analyse how different forms of cross-lingual supervision and various alignment methods influence the transfer capability of mBERT in zero-shot setting. Specifically, we compare parallel corpora vs. dictionary-based supervision and rotational vs. fine-tuning based alignment methods. We evaluate the performance of different alignment methodologies across eight languages on two tasks: Name Entity Recognition and Semantic Slot Filling. In addition, we propose a novel normalisation method which consistently improves the performance of rotation-based alignment including a notable 3% F1 improvement for distant and typologically dissimilar languages. Importantly we identify the biases of the alignment methods to the type of task and proximity to the transfer language. We also find that supervision from parallel corpus is generally superior to dictionary alignments.

Recent advancements in large language models (LLMs) showcase varied multilingual capabilities across tasks like translation, code generation, and reasoning. Previous assessments often limited their scope to fundamental natural language processing (NLP) or isolated capability-specific tasks. To alleviate this drawback, we aim to present a comprehensive multilingual multitask benchmark. First, we present a pipeline for selecting available and reasonable benchmarks from massive ones, addressing the oversight in previous work regarding the utility of these benchmarks, i.e., their ability to differentiate between models being evaluated. Leveraging this pipeline, we introduce P-MMEval, a large-scale benchmark covering effective fundamental and capability-specialized datasets. Furthermore, P-MMEval delivers consistent language coverage across various datasets and provides parallel samples. Finally, we conduct extensive experiments on representative multilingual model series to compare performances across models, analyze dataset effectiveness, examine prompt impacts on model performances, and explore the relationship between multilingual performances and factors such as tasks, model sizes, and languages. These insights offer valuable guidance for future research. The dataset is available at https://huggingface.co/datasets/Qwen/P-MMEval.

To achieve equitable performance across languages, multilingual large language models (LLMs) must be able to abstract knowledge beyond the language in which it was acquired. However, the current literature lacks reliable ways to measure LLMs' capability of cross-lingual knowledge transfer. To that end, we present ECLeKTic, a multilingual closed-book QA (CBQA) dataset that Evaluates Cross-Lingual Knowledge Transfer in a simple, black-box manner. We detected information with uneven coverage across languages by controlling for presence and absence of Wikipedia articles in 12 languages. We generated knowledge-seeking questions in a source language, for which the answer appears in a relevant Wikipedia article and translated them to all other 11 languages, for which the respective Wikipedias lack equivalent articles. Assuming that Wikipedia reflects the prominent knowledge in the LLM's training data, to solve ECLeKTic's CBQA task the model is required to transfer knowledge between languages. Experimenting with 8 LLMs, we show that SOTA models struggle to effectively share knowledge across, languages even if they can predict the answer well for queries in the same language the knowledge was acquired in.

This article explores deep learning models for the automatic identification of registers - text varieties such as news reports and discussion forums - in web-based datasets across 16 languages. Identifying web registers, or genres, is crucial for understanding the content of web-scale datasets, which have become essential in corpus and computational linguistics. Despite recent advances, the full potential of register classifiers in the noisy, unrestricted web remains largely unexplored, particularly in multilingual settings. We experiment with various deep learning models using the Multilingual CORE corpora, newly introduced in this article, which includes 16 languages annotated with a detailed, hierarchical taxonomy of 25 registers designed to cover the entire web. Our classifiers achieve state-of-the-art results using a multi-label approach, demonstrating that competitive performance is possible using a relatively complex register taxonomy. However, all models hit a performance ceiling at approximately 80% F1 score, which we attribute to the non-discrete nature of web registers and the inherent uncertainty in labeling some documents. By pruning ambiguous examples, we enhance model performance to over 90%. Additionally, multilingual models consistently outperform monolingual ones, especially benefiting languages with fewer training examples and smaller registers. Although a zero-shot setting reduces performance by an average of 7%, these drops are not correlated with specific registers or languages. Instead, we find that registers are surprisingly similar across languages.

Cross-lingual open information extraction aims to extract structured information from raw text across multiple languages. Previous work uses a shared cross-lingual pre-trained model to handle the different languages but underuses the potential of the language-specific representation. In this paper, we propose an effective multi-stage tuning framework called MT4CrossIE, designed for enhancing cross-lingual open information extraction by injecting language-specific knowledge into the shared model. Specifically, the cross-lingual pre-trained model is first tuned in a shared semantic space (e.g., embedding matrix) in the fixed encoder and then other components are optimized in the second stage. After enough training, we freeze the pre-trained model and tune the multiple extra low-rank language-specific modules using mixture-of-LoRAs for model-based cross-lingual transfer. In addition, we leverage two-stage prompting to encourage the large language model (LLM) to annotate the multi-lingual raw data for data-based cross-lingual transfer. The model is trained with multi-lingual objectives on our proposed dataset OpenIE4++ by combing the model-based and data-based transfer techniques. Experimental results on various benchmarks emphasize the importance of aggregating multiple plug-in-and-play language-specific modules and demonstrate the effectiveness of MT4CrossIE in cross-lingual OIE\url{https://github.com/CSJianYang/Multilingual-Multimodal-NLP}.

Natural language processing (NLP) has witnessed a profound impact of large language models (LLMs) that excel in a multitude of tasks. However, the limitation of LLMs in multilingual settings, particularly in underrepresented languages, remains a significant hurdle. This thesis aims to bridge the gap in NLP research and development by focusing on underrepresented languages. A comprehensive evaluation of LLMs is conducted to assess their capabilities in these languages, revealing the challenges of multilingual and multicultural generalization. Addressing the multilingual generalization gap, this thesis proposes data-and-compute-efficient methods to mitigate the disparity in LLM ability in underrepresented languages, allowing better generalization on underrepresented languages without the loss of task generalization ability. The proposed solutions cover cross-lingual continual instruction tuning, retrieval-based cross-lingual in-context learning, and in-context query alignment. Furthermore, a novel method to measure cultural values alignment between LLMs operating in different languages is proposed, ensuring cultural sensitivity and inclusivity. These contributions aim to enhance the multilingual and multicultural alignment of LLMs in underrepresented languages, ultimately advancing the NLP field toward greater equality and inclusiveness.

The performance differential of large language models (LLM) between languages hinders their effective deployment in many regions, inhibiting the potential economic and societal value of generative AI tools in many communities. However, the development of functional LLMs in many languages (\ie, multilingual LLMs) is bottlenecked by the lack of high-quality evaluation resources in languages other than English. Moreover, current practices in multilingual benchmark construction often translate English resources, ignoring the regional and cultural knowledge of the environments in which multilingual systems would be used. In this work, we construct an evaluation suite of 197,243 QA pairs from local exam sources to measure the capabilities of multilingual LLMs in a variety of regional contexts. Our novel resource, INCLUDE, is a comprehensive knowledge- and reasoning-centric benchmark across 44 written languages that evaluates multilingual LLMs for performance in the actual language environments where they would be deployed.

Code-switching, or alternating between languages within a single conversation, presents challenges for multilingual language models on NLP tasks. This research investigates if pre-training Multilingual BERT (mBERT) on code-switched datasets improves the model's performance on critical NLP tasks such as part of speech tagging, sentiment analysis, named entity recognition, and language identification. We use a dataset of Spanglish tweets for pre-training and evaluate the pre-trained model against a baseline model. Our findings show that our pre-trained mBERT model outperforms or matches the baseline model in the given tasks, with the most significant improvements seen for parts of speech tagging. Additionally, our latent analysis uncovers more homogenous English and Spanish embeddings for language identification tasks, providing insights for future modeling work. This research highlights potential for adapting multilingual LMs for code-switched input data in order for advanced utility in globalized and multilingual contexts. Future work includes extending experiments to other language pairs, incorporating multiform data, and exploring methods for better understanding context-dependent code-switches.

Reward models (RMs) have driven the state-of-the-art performance of LLMs today by enabling the integration of human feedback into the language modeling process. However, RMs are primarily trained and evaluated in English, and their capabilities in multilingual settings remain largely understudied. In this work, we conduct a systematic evaluation of several reward models in multilingual settings. We first construct the first-of-its-kind multilingual RM evaluation benchmark, M-RewardBench, consisting of 2.87k preference instances for 23 typologically diverse languages, that tests the chat, safety, reasoning, and translation capabilities of RMs. We then rigorously evaluate a wide range of reward models on M-RewardBench, offering fresh insights into their performance across diverse languages. We identify a significant gap in RMs' performances between English and non-English languages and show that RM preferences can change substantially from one language to another. We also present several findings on how different multilingual aspects impact RM performance. Specifically, we show that the performance of RMs is improved with improved translation quality. Similarly, we demonstrate that the models exhibit better performance for high-resource languages. We release M-RewardBench dataset and the codebase in this study to facilitate a better understanding of RM evaluation in multilingual settings.

Terms and conditions for online shopping websites often contain terms that can have significant financial consequences for customers. Despite their impact, there is currently no comprehensive understanding of the types and potential risks associated with unfavorable financial terms. Furthermore, there are no publicly available detection systems or datasets to systematically identify or mitigate these terms. In this paper, we take the first steps toward solving this problem with three key contributions. First, we introduce TermMiner, an automated data collection and topic modeling pipeline to understand the landscape of unfavorable financial terms. Second, we create ShopTC-100K, a dataset of terms and conditions from shopping websites in the Tranco top 100K list, comprising 1.8 million terms from 8,251 websites. Consequently, we develop a taxonomy of 22 types from 4 categories of unfavorable financial terms -- spanning purchase, post-purchase, account termination, and legal aspects. Third, we build TermLens, an automated detector that uses Large Language Models (LLMs) to identify unfavorable financial terms. Fine-tuned on an annotated dataset, TermLens achieves an F1 score of 94.6\% and a false positive rate of 2.3\% using GPT-4o. When applied to shopping websites from the Tranco top 100K, we find that 42.06\% of these sites contain at least one unfavorable financial term, with such terms being more prevalent on less popular websites. Case studies further highlight the financial risks and customer dissatisfaction associated with unfavorable financial terms, as well as the limitations of existing ecosystem defenses.

Large language models show promise for financial decision-making, yet deploying them as autonomous trading agents raises fundamental challenges: how to adapt instructions when rewards arrive late and obscured by market noise, how to synthesize heterogeneous information streams into coherent decisions, and how to bridge the gap between model outputs and executable market actions. We present ATLAS (Adaptive Trading with LLM AgentS), a unified multi-agent framework that integrates structured information from markets, news, and corporate fundamentals to support robust trading decisions. Within ATLAS, the central trading agent operates in an order-aware action space, ensuring that outputs correspond to executable market orders rather than abstract signals. The agent can incorporate feedback while trading using Adaptive-OPRO, a novel prompt-optimization technique that dynamically adapts the prompt by incorporating real-time, stochastic feedback, leading to increasing performance over time. Across regime-specific equity studies and multiple LLM families, Adaptive-OPRO consistently outperforms fixed prompts, while reflection-based feedback fails to provide systematic gains.

This paper explores cost-efficient methods to adapt pretrained Large Language Models (LLMs) to new lower-resource languages, with a specific focus on Estonian. Leveraging the Llama 2 model, we investigate the impact of combining cross-lingual instruction-tuning with additional monolingual pretraining. Our results demonstrate that even a relatively small amount of additional monolingual pretraining followed by cross-lingual instruction-tuning significantly enhances results on Estonian. Furthermore, we showcase cross-lingual knowledge transfer from high-quality English instructions to Estonian, resulting in improvements in commonsense reasoning and multi-turn conversation capabilities. Our best model, named Llammas, represents the first open-source instruction-following LLM for Estonian. Additionally, we publish Alpaca-est, the first general task instruction dataset for Estonia. These contributions mark the initial progress in the direction of developing open-source LLMs for Estonian.

Language technologies contribute to promoting multilingualism and linguistic diversity around the world. However, only a very small number of the over 7000 languages of the world are represented in the rapidly evolving language technologies and applications. In this paper we look at the relation between the types of languages, resources, and their representation in NLP conferences to understand the trajectory that different languages have followed over time. Our quantitative investigation underlines the disparity between languages, especially in terms of their resources, and calls into question the "language agnostic" status of current models and systems. Through this paper, we attempt to convince the ACL community to prioritise the resolution of the predicaments highlighted here, so that no language is left behind.

This paper introduces a novel approach to financial risk analysis that does not rely on traditional price and market data, instead using market news to model assets as distributions over a metric space of risk factors. By representing asset returns as integrals over the scalar field of these risk factors, we derive the covariance structure between asset returns. Utilizing encoder-only language models to embed this news data, we explore the relationships between asset return distributions through the concept of Energy Distance, establishing connections between distributional differences and excess returns co-movements. This data-agnostic approach provides new insights into portfolio diversification, risk management, and the construction of hedging strategies. Our findings have significant implications for both theoretical finance and practical risk management, offering a more robust framework for modelling complex financial systems without depending on conventional market data.

Significant progress has been made in automated problem-solving using societies of agents powered by large language models (LLMs). In finance, efforts have largely focused on single-agent systems handling specific tasks or multi-agent frameworks independently gathering data. However, the multi-agent systems' potential to replicate real-world trading firms' collaborative dynamics remains underexplored. TradingAgents proposes a novel stock trading framework inspired by trading firms, featuring LLM-powered agents in specialized roles such as fundamental analysts, sentiment analysts, technical analysts, and traders with varied risk profiles. The framework includes Bull and Bear researcher agents assessing market conditions, a risk management team monitoring exposure, and traders synthesizing insights from debates and historical data to make informed decisions. By simulating a dynamic, collaborative trading environment, this framework aims to improve trading performance. Detailed architecture and extensive experiments reveal its superiority over baseline models, with notable improvements in cumulative returns, Sharpe ratio, and maximum drawdown, highlighting the potential of multi-agent LLM frameworks in financial trading. TradingAgents is available at https://github.com/TauricResearch/TradingAgents.

Large language models (LLMs) have become powerful tools for advancing natural language processing applications in the financial industry. However, existing financial LLMs often face challenges such as hallucinations or superficial parameter training, resulting in suboptimal performance, particularly in financial computing and machine reading comprehension (MRC). To address these issues, we propose a novel large language model specifically designed for the Chinese financial domain, named SNFinLLM. SNFinLLM excels in domain-specific tasks such as answering questions, summarizing financial research reports, analyzing sentiment, and executing financial calculations. We then perform the supervised fine-tuning (SFT) to enhance the model's proficiency across various financial domains. Specifically, we gather extensive financial data and create a high-quality instruction dataset composed of news articles, professional papers, and research reports of finance domain. Utilizing both domain-specific and general datasets, we proceed with continuous pre-training on an established open-source base model, resulting in SNFinLLM-base. Following this, we engage in supervised fine-tuning (SFT) to bolster the model's capability across multiple financial tasks. Crucially, we employ a straightforward Direct Preference Optimization (DPO) method to better align the model with human preferences. Extensive experiments conducted on finance benchmarks and our evaluation dataset demonstrate that SNFinLLM markedly outperforms other state-of-the-art financial language models. For more details, check out our demo video here: https://www.youtube.com/watch?v=GYT-65HZwus.

Dialect differences caused by regional, social, and economic factors cause performance discrepancies for many groups of language technology users. Inclusive and equitable language technology must critically be dialect invariant, meaning that performance remains constant over dialectal shifts. Current systems often fall short of this ideal since they are designed and tested on a single dialect: Standard American English (SAE). We introduce a suite of resources for evaluating and achieving English dialect invariance. The resource is called Multi-VALUE, a controllable rule-based translation system spanning 50 English dialects and 189 unique linguistic features. Multi-VALUE maps SAE to synthetic forms of each dialect. First, we use this system to stress tests question answering, machine translation, and semantic parsing. Stress tests reveal significant performance disparities for leading models on non-standard dialects. Second, we use this system as a data augmentation technique to improve the dialect robustness of existing systems. Finally, we partner with native speakers of Chicano and Indian English to release new gold-standard variants of the popular CoQA task. To execute the transformation code, run model checkpoints, and download both synthetic and gold-standard dialectal benchmark datasets, see http://value-nlp.org.

In this work, we explore a cost-effective framework for multilingual image generation. We find that, unlike models tuned on high-quality images with multilingual annotations, leveraging text encoders pre-trained on widely available, noisy Internet image-text pairs significantly enhances data efficiency in text-to-image (T2I) generation across multiple languages. Based on this insight, we introduce MuLan, Multi-Language adapter, a lightweight language adapter with fewer than 20M parameters, trained alongside a frozen text encoder and image diffusion model. Compared to previous multilingual T2I models, this framework offers: (1) Cost efficiency. Using readily accessible English data and off-the-shelf multilingual text encoders minimizes the training cost; (2) High performance. Achieving comparable generation capabilities in over 110 languages with CLIP similarity scores nearly matching those in English (38.61 for English vs. 37.61 for other languages); and (3) Broad applicability. Seamlessly integrating with compatible community tools like LoRA, LCM, ControlNet, and IP-Adapter, expanding its potential use cases.

In this work, we provide a systematic and comprehensive empirical comparison of pretrained multilingual language models versus their monolingual counterparts with regard to their monolingual task performance. We study a set of nine typologically diverse languages with readily available pretrained monolingual models on a set of five diverse monolingual downstream tasks. We first aim to establish, via fair and controlled comparisons, if a gap between the multilingual and the corresponding monolingual representation of that language exists, and subsequently investigate the reason for any performance difference. To disentangle conflating factors, we train new monolingual models on the same data, with monolingually and multilingually trained tokenizers. We find that while the pretraining data size is an important factor, a designated monolingual tokenizer plays an equally important role in the downstream performance. Our results show that languages that are adequately represented in the multilingual model's vocabulary exhibit negligible performance decreases over their monolingual counterparts. We further find that replacing the original multilingual tokenizer with the specialized monolingual tokenizer improves the downstream performance of the multilingual model for almost every task and language.

Data quality is a critical driver of large language model performance, yet existing model-based selection methods focus almost exclusively on English. We introduce MuRating, a scalable framework that transfers high-quality English data-quality signals into a single rater for 17 target languages. MuRating aggregates multiple English "raters" via pairwise comparisons to learn unified document-quality scores,then projects these judgments through translation to train a multilingual evaluator on monolingual, cross-lingual, and parallel text pairs. Applied to web data, MuRating selects balanced subsets of English and multilingual content to pretrain a 1.2 B-parameter LLaMA model. Compared to strong baselines, including QuRater, AskLLM, DCLM and so on, our approach boosts average accuracy on both English benchmarks and multilingual evaluations, with especially large gains on knowledge-intensive tasks. We further analyze translation fidelity, selection biases, and underrepresentation of narrative material, outlining directions for future work.

Recent advances in large language models (LLMs) have unlocked novel opportunities for machine learning applications in the financial domain. These models have demonstrated remarkable capabilities in understanding context, processing vast amounts of data, and generating human-preferred contents. In this survey, we explore the application of LLMs on various financial tasks, focusing on their potential to transform traditional practices and drive innovation. We provide a discussion of the progress and advantages of LLMs in financial contexts, analyzing their advanced technologies as well as prospective capabilities in contextual understanding, transfer learning flexibility, complex emotion detection, etc. We then highlight this survey for categorizing the existing literature into key application areas, including linguistic tasks, sentiment analysis, financial time series, financial reasoning, agent-based modeling, and other applications. For each application area, we delve into specific methodologies, such as textual analysis, knowledge-based analysis, forecasting, data augmentation, planning, decision support, and simulations. Furthermore, a comprehensive collection of datasets, model assets, and useful codes associated with mainstream applications are presented as resources for the researchers and practitioners. Finally, we outline the challenges and opportunities for future research, particularly emphasizing a number of distinctive aspects in this field. We hope our work can help facilitate the adoption and further development of LLMs in the financial sector.

As retrieval-augmented generation prevails in large language models, embedding models are becoming increasingly crucial. Despite the growing number of general embedding models, prior work often overlooks the critical role of training data quality. In this work, we introduce KaLM-Embedding, a general multilingual embedding model that leverages a large quantity of cleaner, more diverse, and domain-specific training data. Our model has been trained with key techniques proven to enhance performance: (1) persona-based synthetic data to create diversified examples distilled from LLMs, (2) ranking consistency filtering to remove less informative samples, and (3) semi-homogeneous task batch sampling to improve training efficacy. Departing from traditional BERT-like architectures, we adopt Qwen2-0.5B as the pre-trained model, facilitating the adaptation of auto-regressive language models for general embedding tasks. Extensive evaluations of the MTEB benchmark across multiple languages show that our model outperforms others of comparable size, setting a new standard for multilingual embedding models with <1B parameters.

Although large language models (LLMs) has shown great performance on natural language processing (NLP) in the financial domain, there are no publicly available financial tailtored LLMs, instruction tuning datasets, and evaluation benchmarks, which is critical for continually pushing forward the open-source development of financial artificial intelligence (AI). This paper introduces PIXIU, a comprehensive framework including the first financial LLM based on fine-tuning LLaMA with instruction data, the first instruction data with 136K data samples to support the fine-tuning, and an evaluation benchmark with 5 tasks and 9 datasets. We first construct the large-scale multi-task instruction data considering a variety of financial tasks, financial document types, and financial data modalities. We then propose a financial LLM called FinMA by fine-tuning LLaMA with the constructed dataset to be able to follow instructions for various financial tasks. To support the evaluation of financial LLMs, we propose a standardized benchmark that covers a set of critical financial tasks, including five financial NLP tasks and one financial prediction task. With this benchmark, we conduct a detailed analysis of FinMA and several existing LLMs, uncovering their strengths and weaknesses in handling critical financial tasks. The model, datasets, benchmark, and experimental results are open-sourced to facilitate future research in financial AI.

Multilingual pre-trained models (mPLMs) have shown impressive performance on cross-lingual transfer tasks. However, the transfer performance is often hindered when a low-resource target language is written in a different script than the high-resource source language, even though the two languages may be related or share parts of their vocabularies. Inspired by recent work that uses transliteration to address this problem, our paper proposes a transliteration-based post-pretraining alignment (PPA) method aiming to improve the cross-lingual alignment between languages using diverse scripts. We select two areal language groups, Mediterranean-Amharic-Farsi and South+East Asian Languages, wherein the languages are mutually influenced but use different scripts. We apply our method to these language groups and conduct extensive experiments on a spectrum of downstream tasks. The results show that after PPA, models consistently outperform the original model (up to 50% for some tasks) in English-centric transfer. In addition, when we use languages other than English as sources in transfer, our method obtains even larger improvements. We will make our code and models publicly available at https://github.com/cisnlp/Transliteration-PPA.

The paper introduces methods of adaptation of multilingual masked language models for a specific language. Pre-trained bidirectional language models show state-of-the-art performance on a wide range of tasks including reading comprehension, natural language inference, and sentiment analysis. At the moment there are two alternative approaches to train such models: monolingual and multilingual. While language specific models show superior performance, multilingual models allow to perform a transfer from one language to another and solve tasks for different languages simultaneously. This work shows that transfer learning from a multilingual model to monolingual model results in significant growth of performance on such tasks as reading comprehension, paraphrase detection, and sentiment analysis. Furthermore, multilingual initialization of monolingual model substantially reduces training time. Pre-trained models for the Russian language are open sourced.

Large language models (LLMs) remain unreliable for global enterprise applications due to substantial performance gaps between high-resource and mid/low-resource languages, driven by English-centric pretraining and internal reasoning biases. This inconsistency undermines customer experience and operational reliability in multilingual settings such as customer support, content moderation, and information retrieval. Even with advanced Retrieval-Augmented Generation (RAG) systems, we observe up to an 29% accuracy drop in non-English languages compared to English. We propose a practical, batch-wise alignment strategy for fine-tuning LLMs, leveraging semantically equivalent multilingual data in each training batch to directly align model outputs across languages. This approach improves non-English accuracy by up to 23.9\% without compromising English performance, model reasoning, or retrieval quality. Our method is simple to implement, scalable, and integrates seamlessly with existing LLM training \& deployment pipelines, enabling more robust and equitable multilingual AI solutions in industry.

Multilingual transformer-based models demonstrate remarkable zero and few-shot transfer across languages by learning and reusing language-agnostic features. However, as a fixed-size model acquires more languages, its performance across all languages degrades, a phenomenon termed interference. Often attributed to limited model capacity, interference is commonly addressed by adding additional parameters despite evidence that transformer-based models are overparameterized. In this work, we show that it is possible to reduce interference by instead identifying and pruning language-specific parameters. First, we use Shapley Values, a credit allocation metric from coalitional game theory, to identify attention heads that introduce interference. Then, we show that removing identified attention heads from a fixed model improves performance for a target language on both sentence classification and structural prediction, seeing gains as large as 24.7\%. Finally, we provide insights on language-agnostic and language-specific attention heads using attention visualization.

Multilingual translation stands as a challenging task for large language models (LLMs) to handle intricate language patterns and stilted translations that arise in automated translations. In this paper, we introduce Seed-X, a family of open-source LLMs comprising instruct and reasoning models, pushing the limits of translation capability with 7B parameter size. The base model is pre-trained on a diverse, high-quality dataset encompassing both monolingual and bilingual content across 28 languages, harnessing the full potential of multilingual data. The instruct model is then finetuned to translate by Chain-of-Thought (CoT) reasoning and further enhanced through reinforcement learning (RL) to achieve better generalization across diverse language pairs. Seed-X achieves performance comparable to leading closed-source models, including Gemini-2.5 and GPT-4o, across 28 languages, and significantly outperforms larger open-source models in both automatic metrics and human evaluations. We share the best practices through our optimization process, and make the parameter public available for advancing translation research and applications.