  Effects connected with the world globalization affect also the financial
markets. On a way towards quantifying the related characteristics we study the
financial empirical correlation matrix of the 60 companies which both the
Deutsche Aktienindex (DAX) and the Dow Jones (DJ) industrial average comprised
during the years 1990-1999. The time-dependence of the underlying
cross-correlations is monitored using a time window of 60 trading days. Our
study shows that if the time-zone delays are properly accounted for the two
distant markets largely merge into one. This effect is particularly visible
during the last few years. It is however the Dow Jones which dictates the
trend.
