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. In 1976, the SEC made the NYSE and AMEX end their rules against the trading of their listed stock on the other exchange. Cross-listing had not taken place despite the end of rules that segmented the markets. Some market barriers result from market structure or dynamics that government action may not readily or perhaps appropriately change. Perhaps the SEC cannot identify the way to determine the best price.