**5. Conclusion**

To sum up, this study illustrates that; firstly, there are spillovers that happen across, in-between and within bonds, commodities, equities and real estate indices. Secondly, sometimes the illiquid indices contribute more to volatility spillovers than liquid indices. Thirdly, expected durations of illiquid indices have shorter time spans than liquid indices. Fourth, in most cases, the volatility spillovers patterns during the out-sample period are similar to ones emanating during the in-sample period. Finally, periodical movement patterns vary across, in-between and within bonds, commodities, equities and real estate indices.

The implications from this study as follows. Firstly, similar governmental formations should be encouraged throughout the world provided that there economic benefits associated with those formations. Secondly, investing in different indices should be encouraged-diversification pays. Thirdly, there are risk management strategies that one can design based on volatility spillovers across, in-between and within bonds, commodities, equities and real estate indices. Fourth, the BRICS formation has indirectly influenced how capital markets (i.e. bonds, commodities, equities and real estate indices) behave. Finally, there are numerous investment strategies that investment managers can build based on volatility spills.
