2026-07-072026-07-07http://salesiana.dossiersoluciones.com/handle/123456789/208753We proposed a market simulation model (micro model) which displays multifractality and reproduces many important stylized facts of speculative markets. From this model we analytically extracted the MMAR model (Multifractal Model of Asset Returns) for the macroscopic limit.6 pages,8 figures,The Nikkei Symposium on Application of EconophysicsStatistical MechanicsTrading and Market Microstructuretext