“…through return spillover and volatility spillover. This approach has been applied in other markets like cryptocurrency (Ji et al, 2019), financial and macroeconomic sectors (Cotter et al, 2017; Diebold & Yilmaz, 2015a), manufacturing and industrial sector (Bilgin & Yilmaz, 2018), financial and real sectors (Uluceviz & Yilmaz, 2018), global banking sector (Demirer et al, 2018), global credit risk sector (Bostanci & Yilmaz, 2015), global business cycle (Diebold & Yilmaz, 2015b), etc. Notwithstanding, the network models used to study the ECN system are discussed in detail.…”