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A World of Regional Stock Exchanges

The purpose of this paper is to examine the major issues associated with regional integration of stock exchanges. This paper focuses upon multi-country integration of stock exchanges (as opposed to singlecountry integration of exchanges). In particular, impediments to regional integration are assessed. Desired initial conditions are evaluated in relation to the regional stock exchange integrationprocess. Finally, successful and not so successful regional integration of stock exchanges is considered, and lessons for the future.