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We present a framework for understanding the dynamical and spectral properties of X‐ray binaries, where the presence of an organized large‐scale magnetic field plays a major role. Such a field is threading the whole accretion disc with an amplitude measured by the disc magnetization  μ( r ,  t ) = B  2   z  /(μ o  P  tot ) , where   P  tot   is the total, gas and radiation, pressure. Below a transition radius   r  J  , a jet emitting disc (JED) is settled and drives self‐collimated non‐relativistic jets. Beyond   r  J  , no jet is produced despite the presence of the magnetic field and a standard accretion disc (SAD) is established. The radial distribution of the disc magnetization μ adjusts itself to any change in the disc accretion rate , thereby modifying the transition radius   r  J  .  We propose that a SAD‐to‐JED transition occurs locally, at a given radius, in a SAD when  μ=μ max ≃ 1  while the reverse transition occurs in a JED only when  μ=μ min ≃ 0.1 . This bimodal behaviour of the accretion disc provides a promising way to explain the hysteresis cycles followed by X‐ray binaries during outbursts.

The role of the disc magnetization on the hysteresis behaviour of X‐ray binaries