Highly luminous rapid flares are characteristic of processes around compact objects like white dwarfs, neutron stars or black holes. In the high energy regime of X- and gamma-rays, outbursts with variability time-scales of seconds and faster are routinely observed, e.g. in gamma-ray bursts or Soft Gamma Repeaters. In the optical, flaring activity on such time-scales has never been observed outside the prompt phase of GRBs. This is mostly due to the fact that outbursts with strong, fast flaring usually are discovered in the high-energy regime. Most optical follow-up observations of such transients employ instruments with integration times exceeding tens of seconds, which are therefore unable to resolve fast variability. Here we show the observation of extremely bright and rapid optical flaring in the galactic transient SWIFT J195509.6+261406. Flaring of this kind has never previously been reported. Our optical light-curves are phenomenologically similar to high energy light-curves of Soft Gamma Repeaters and Anomalous X-ray Pulsars, which are thought to be neutron stars with extremely high magnetic fields (magnetars). This suggests similar emission processes may be at work, but in contrast to the other known magnetars with strong emission in the optical.

8 pages, 3 figures. A substantially revised version of this manuscript was published in Nature. Due to license issues, the accepted manuscript will only be put on astro-ph as v2 6 months after this version