  Financial markets are a classical example of complex systems as they comprise
many interacting stocks. As such, we can obtain a surprisingly good description
of their structure by making the rough simplification of binary daily returns.
Spin glass models have been applied and gave some valuable results but at the
price of restrictive assumptions on the market dynamics or others are
agent-based models with rules designed in order to recover some empirical
behaviours. Here we show that the pairwise model is actually a statistically
consistent model with observed first and second moments of the stocks
orientation without making such restrictive assumptions. This is done with an
approach based only on empirical data of price returns. Our data analysis of
six major indices suggests that the actual interaction structure may be thought
as an Ising model on a complex network with interaction strengths scaling as
the inverse of the system size. This has potentially important implications
since many properties of such a model are already known and some techniques of
the spin glass theory can be straightforwardly applied. Typical behaviours, as
multiple equilibria or metastable states, different characteristic time scales,
spatial patterns, order-disorder, could find an explanation in this picture.
