Abstract
This study proposes a regime-based fractal framework for exploring the global equity-system interdependencies under seven clearly-defined market functional role segments- global benchmark, US liquidity, Japanese export-industrial, European banking-fragility, Chinese state-guided, Indian market-oriented growth, Brazilian commodity-sensitive regimes. We employ a 3025 matched daily observation from 11th April 2011 to 30th March 2026, with data processed with detrended fluctuation analysis (DFA), multifractal detrended fluctuation analysis (MF-DFA), multifractal detrended cross-correlation analysis (MF-DCCA), and rolling 252-day correlation robustness check. We conclude that global equity regime is not efficient systems with homogenous random walks, and there is significant heterogenity. DFA reveals that market memory is almost efficient but heterogenous. While US liquidity regime presents the best effiency(H=0.5036), Brazil commodity-sensitive regime exhibits the strongest memory persistence(H=0.5548). MF-DFA highlights significant multifractality within equity regimes. Brazilian commodity-sensitive and Chinese state-guided markets exhibit the largest(Delta alpha=0.6572) and smallest (Delta alpha=0.4457) spectrum width, respectively.MF-DCCA indicate that global benchmark to US liquidity link serves as the most effective fractal transfer channel(avg rho =0.9583), whilst banking-fragility to state-guided Chinese markets have the least coupling(avg rho =0.2154).Rolling correlation confirm the robustness of dominant linkage pair but exhibits weaker conventional dependencies for state-guided and commodity-sensitive regimes.This work is a contribution in that it replaces geographic-based market grouping with a functional regime architecture which ties memory, multifractality, and transmission together within a single scale-aware framework.