Dear Prof. Kamel,

                               If you take a look at my joint research paper on mathematical statistical pricing in emerging stock markets on my RG page you will see that I have developed an experimental method of portfolio pricing Quantitative Finance technique which using a space time factorisation and Dbranes String perturbation factorisation later on published in my paper on String Theory of Stock Markets, also listed on my RG page,conclusively proved that Indian Stock Markets can be industrially and over time integrated to give rise to a successful banking sector for e.g.. This develops the modular form of stock exchanges which can be engineered elsewhere by checking the conditions genetically, somekind of space flow as in astrophysics because it is systems integrated. So stock market segementation can be in sync with industrial segentation but if the systemic conditions are not right then the Arrow of Time will cause systems failure more than rarely often. This work had been primrily sponsored by the NSEIL and the Planning Commission of India. Sandipan Mallick, Nick Hamburger and I have also physically chemically worked on this model using nanomaterial networks in Hilbert Spaces and convergence in Lie Algebra Groups. Earl Chair Prof. Dr. SKM QC EPS Fellow (In) MES MRES MAICTE

I like professor Malick's approach to this question.  You should definitely look at his study carefully first.