PACS. 75.50Lk -Spin glasses and other random magnets. PACS. 75.10Nr -Spin-glass and other random models. PACS. 75.70Pa -Giant magnetoresistance.Abstract. -The RKKY interaction between well-separated magnetic particles in a nonmagnetic metallic matrix is calculated. It turns out that the net interaction can be mapped onto an RKKY interaction between two point-like effective moments. The effective moments exhibit a strongly oscillating dependence on the particle's size, shape, and orientation, but their magnitudes are governed by scaling laws. As a rule, magnetostatic interactions tend to suppress the RKKY effect in particles larger than about 1 nm. Surface roughness leaves the effective-moment picture unaltered but tends to yield a moderate reduction of the effective moments. The results are discussed in the context of magnetic recording, spin-glass magnetism, and cluster physics.Introduction. -Interactions between small magnetic particles embedded in a nonmagnetic metallic matrix have attracted much attention during the past few years. This refers in particular to the Ruderman-Kittel-Kasuya-Yosida (RKKY) interaction, which is important for the understanding of the giant magnetoresistance of granular magnetic materials. This refers, in particular, to the magnetoresistance of granular nanostructures such as Co/Ag and Co/Cu [1-3], where there is a competition between interparticle and Zeeman interactions. A related problem is the nature of spin-glass interactions between nanoclusters [4][5][6][7].The RKKY mechanism describes the interaction of two local magnetic moments (spins) in a sea of free electrons. Due to exchange, itinerant electrons are subject to a spin-dependent local potential, and in second-order perturbation theory the energy of the electron gas depends on whether the two localised spins are parallel or antiparallel. RKKY oscillations are akin to electron-density or Friedel oscillations caused by nonmagnetic impurities in metals and indicate that the spatial resolution of free-electron waves is of order 1/k F . (For typical noble-metal hosts, such as Cu and Ag, 1/k F is about 0.8Å.) Alternatively, the oscillations may be interpreted as rudimentary electron shells formed around impurities.In spite of its shortcomings [8], the RKKY theory is frequently used as a starting point to describe interactions between 3d moments in spin glasses, granular media, and multilayers. Advanced band structure calculations [9] are now able to extend the free-electron RKKY picture to complicated intermetallics and supercells containing hundreds of transition metal