Liquid markets and market liquids - Collective and single-asset dynamics in financial markets

Research output: Contribution to journalResearch articleContributedpeer-review


  • G. Cuniberti - , Max-Planck-Institute for the Physics of Complex Systems (Author)
  • L. Matassini - , Max-Planck-Institute for the Physics of Complex Systems (Author)


We characterize the collective phenomena of a liquid market. By interpreting the behavior of a no-arbitrage N asset market in terms of a particle system scenario, (thermo)dynamical-like properties can be extracted from the asset kinetics. In this scheme the mechanisms of the particle interaction can be widely investigated. We test the verisimilitude of our construction on two-decade stock market daily data (DAX30) and show the result obtained for the interaction potential among asset pairs.


Original languageEnglish
Pages (from-to)561-564
Number of pages4
JournalThe European physical journal. B, Condensed matter and complex systems
Issue number4
Publication statusPublished - Apr 2001
Externally publishedYes

External IDs

Scopus 0000560796



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