There has been quite a frequent debate surrounding correlations between markets. When you look at end-of-day quotes, the correlation has certainly gone up. But what about intra-day? Well most days actually you can't spot the difference between markets.
Here you see the intra-day chart for Stockholm, Helsinki, Copenhagen and Oslo. It's not the entire business day but the message is clear...
There must certainly be a number of HFT robots keeping these markets in line. Sure, some stocks and business have similarities, and yes there all Nordic region, but this has nothing to do with what you are actually buying or selling. It's just a spread game... or something.
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