Rapid X-ray Variability of Seyfert 1 Galaxies
  The rapid and seemingly random fluctuations in X-ray luminosity of Seyfert galaxies provided early support for the standard model in which Seyferts are powered by a supermassive black hole fed from an accretion disc. However, since EXOSAT there has been little opportunity to advance our understanding of the most rapid X-ray variability. Observations with XMM-Newton have changed this. We discuss some recent results obtained from XMM-Newton observations of Seyfert 1 galaxies. Particular attention will be given to the remarkable similarity found between the timing properties of Seyferts and black hole X-ray binaries, including the power spectrum and the cross spectrum (time delays and coherence), and their implications for the physical processes at work in Seyferts. 
S. Vaughan (1), A. C. Fabian (2), K. Iwasawa (2), ((1) University of   Leicester, (2) IoA, Cambridge)