Market structure explained by pairwise interactions

► No higher than pairwise interactions are involved in the interaction structure. ► Evidence of order-disorder is given and this is explained by the proposed model. ► The spectrum of the interaction matrix is related to the crashes. ► The remaining topology is, as expected, a scale-free structure, meaning a highly correlated state. ► It makes the link between, a priori, unconnected areas: finance, neurosciences and magnetic materials.