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arXiv · 2607.23311

Emergent Behaviour in Financial Markets

Omar Inverso·Emilio Tuosto·Dragisa Zunic
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Abstract

Some properties of so-called complex or collective systems can be observed to emerge from the interactions of elementary agents. This phenomenon, known as emergent behaviour, has long since been studied in the most diverse disciplines, with recent growing awareness from the formal methods community about the opportunity of opening up to seemingly distant disciplines with appropriate technology for computer-aided reasoning. Different peculiar elements of complexity make automated reasoning on these systems particularly challenging. We consider electronic financial markets to drive our discussion. We identify and structure the sources of complexity to tackle in order to provide computational support for the analysis of emergent phenomena. We refrain from evaluating the suitability of specific technical solutions or frameworks of preference, which would as usual require simplifying assumptions and divert from the actual phenomenon of interest. Rather, we elaborate on possible alternatives to handle some of the main technical aspects involved in automated analysis, while retaining a solid and concrete interpretation of the domain, and in doing so outline a more systematic research program for the formal specification and analysis of market mechanisms.

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Omar Inverso, Emilio Tuosto, Dragisa Zunic. 2026-07-25. Emergent Behaviour in Financial Markets. https://arxiv.org/abs/2607.23311

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