Before revision:  We propose a new wavelet-based estimator of quadratic covariation that is able to disentangle the continuous part of quadratic covariation from co-jumps  .
After revision:  We propose a new wavelet-based estimator of quadratic covariation that is able to disentangle the continuous part of quadratic covariation from co-jumps , and study the influence of co-jumps on correlations, we propose a new wavelet-based estimator .