Currently available information on fast variability of the X-ray emission from accreting collapsed objects constitutes a complex phenomenology which is difficult to interpret. We review the current observational standpoint for black-hole binaries and survey models that have been proposed to interpret it. Despite the complex structure of the accretion flow, key observational diagnostics have been identified which can provide direct access to the dynamics of matter motions in the close vicinity of black holes and thus to the some of fundamental properties of curved spacetimes, where strong-field general relativistic effects can be observed.
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