Before revision:  The method  is tested on  synthetic correlated time-series and noisy synthetic data-sets with built-in cluster structure to demonstrate that the algorithm produces meaningful non-trivial results.
After revision:  The method replaces the optimized genetic algorithm based approach (f-SPC) with an agglomerative recursive merging framework inspired by previous work in Econophysics and Community Detection. The method is tested on synthetic correlated time-series and noisy synthetic data-sets with built-in cluster structure to demonstrate that the algorithm produces meaningful non-trivial results.