These include systems to promote uniform trade and data flows, which would seem obvious candidates for official help. Since private firms should supply these services if demand exists, perhaps the best government can do is to allow or encourage the private sector to take the initiative. It may be easier, at least in certain circumstances, for the government to create a competing exchange than to urge exchanges to integrate. This occurred in one case, with some success so far. The following points emerge that can help guide policy toward developing stock markets in a region, whether of contiguous countries or within a country.
Many barriers impede integration of stock markets in a region.
Many barriers are official. Removing these creates an opportunity to integrate. Many other barriers are found in market practices, imposed by the players. Some market barriers result from monopolistic or oligopolistic practices. Removing these also creates an opportunity to integrate, but does not necessarily lead to fully integrated markets.