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In this paper, we provide a simple, ``generic'' interpretation ofmultifractal scaling laws and multiplicative cascade process paradigms in termsof volatility correlations. We show that in this context 1/f power spectra, asobserved recently by Bonanno et al., naturally emerge. We then propose a simplesolvable ``stochastic volatility'' model for return fluctuations. This model isable to reproduce most of recent empirical findings concerning financial timeseries: no correlation between price variations, long-range volatilitycorrelations and multifractal statistics. Moreover, its extension to amultivariate context, in order to model portfolio behavior, is very natural.Comparisons to real data and other models proposed elsewhere are provided.Comment: 21 pages, 5 figure

Modelling fluctuations of financial time series: from cascade process to stochastic volatility model