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Europe's bourses were rocked, and shareholders realized more than ever that bad governance costs them money.
But the reforms will transform India's exchanges from bazaars to modern bourses .
And a deal signed in June by the Malaysian and Singaporean bourses will make it easier for portfolio investors from either side of the border to trade stocks in both countries.
One strategy authorities are pursuing to strengthen Chinese bourses is to allow in foreign investors.
Not all emerging-market bourses did badly in the last year.
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