摘要
arXiv:2606.29771v1 Announce Type: new Abstract: LLM agents are increasingly cast as autonomous portfolio managers, and benchmarks have moved from financial question-answering to sequential trading. Yet most still rank agents by returns over a fixed window -- a weak proxy, since a period's return is dominated by the market path and apparent alpha can dissolve once look-ahead leakage is controlled. Such a ranking certifies neither sound reasoning, nor a consistent strategy, nor a durable edge. We introduce CLQT, which reframes closed-loop trading evaluation as diagnosis rather than ranking: an instrument that localizes where and why an agent's process succeeds or fails. CLQT is a fully closed-loop, cost-aware, strategy-consistent, temporally-gated environment whose agents run a five-stage cycle: gather, synthesize, allocate, execute, reflect. Each round emits a complete DecisionRound sealed into a recompute-verifiable hash chain, so every metric is reconstructable from the trail.