RX J0042.3+4115: A stellar mass black hole binary identified in M 31

Four XMM-Newton X-ray observations of the central region of the Andromeda Galaxy (M 31) have revealed an X-ray source that varies in luminosity over ~ 1-3*10^38 erg s ^-1 between observations and also displays significant variability over timescales of a few hundred seconds. The power density spectra of lightcurves obtained in the 0.3-10 keV energy band from the three EPIC instruments on board XMM-Newton are typical of disc-accreting X-ray binaries at low accretion rates, observed in neutron star binaries only at much lower luminosities (~ 10^36 erg s^ -1). However X-ray binaries with massive black hole primaries have exhibited such power spectra for luminosities >10^ 38 erg s^ -1. We discuss alternative possibilities where RX J0042.3+4115 may be a background AGN or foreground object in the field of view, but conclude that it is located within M 31 and hence use the observed power spectra and X-ray luminosities to identify the primary as a black hole candidate.