Reflecting these trends, the share of India in global foreign exchange market turnover trebled from 0.3 per cent in April 2004 to 0.9 per cent in April 2007. In view of the above, comments that are often made regarding missing financial markets are rather misleading. Moreover, empirical evidence points towards greater market  12  BIS Review 145/2007  integration (Mohan, 2007c).
We need efficient and coordinated financial markets and reliable and compatible clearing and settlement arrangements between our countries. The SADC finance and investment sector is convinced that it has already laid the foundation for macroeconomic convergence and integration.